Put money on the ponies to help pay for Olympics

If the Chinese government has any trepidation about shouldering the projected $25 billion price tag for the 2022 Winter Olympics in Beijing and Zhangjiakou, legalized horse racing and sports betting could provide some respite.

An entertainment tax deducted from the billions of yuan wagered around the country would generate enormous revenues that could then be channeled directly into paying for the Games.

The prospect of legal horse racing and expanded sports lotteries received a big boost in April when the government announced the southern resort island of Hainan would become a free trade zone. According to a set of guidelines published by Xinhua, the island will "explore the development of sports lotteries on large-scale international competitions" and also look at bringing horse racing back to the mainland.