The $50 billion black market bookmaker: how an illegal operator became one of the world's biggest

Turning for home, Mr Ascendency was perhaps a little wider than his supporters would have liked given the importance of a good track position at Sha Tin.

However, having been straightened, Mr Ascendency dug deep in the final two furlongs and, with 84,394 people roaring on from the packed grandstand, he charged past his opponents and crossed the line a length in front to collect the Chinese New Year Cup, the feature race at Sha Tin’s eponymous race for the public holiday.

It’s no wonder there was such a frenzied reaction. The January meeting is one of the most popular of the year for Hong Kong racing fans and punters, and approximately $260 million (£210m/€237m) had been wagered through the Hong Kong Jockey Club’s tote betting facility during the 11-race card – the highest turnover for 26 years, according to the HKJC.