They point out that one cause of the new competition is that bookmakers were allowed to set up in Tattersalls, the big-money ring on courses, without serving an apprenticeship in the quids-and-dollars Silver Ring: when these neophytes come to a sticky end, competition will simmerdown.
Mr. Huang said the local markets were likely to rise further, citing expectations that the European debt crisis will simmerdown and China will ease its monetary policy in the near future.