Peter Phillips hired to boost China horse racing

The son of the U.K.’s Princess Anne has been hired to help develop a horse racing industry in China amid speculation Beijing plans to allow gambling on the sport, according to U.K. media reports.
Phillips flew to Beijing last week for the official unveiling of the China Jockey Club, which will run the country’s nascent racing industry.
In exchange for his role as the China Jockey’s Club’s official global ambassador, Phillips is to be reimbursed with shares in the venture.
Horse racing on mainland China is currently limited to a handful of meetings a year, often held at decrepit tracks and are poorly attended. Relaxing a gambling ban is likely to create a highly lucrative industry, the reports said.