Hong Kong Jockey Club Sees Slight Increase in Betting Amount, But Revenue Falls

Release date:​ 2024-09-06⁢ 18:25

The Hong Kong ​Jockey Club has⁢ reported a slight increase in the total betting amount for ⁣its three main gambling projects – horse racing, football, and Mark Six – in the 2023/24 fiscal year. The total betting amount reached nearly 304.9 billion yuan, a marginal increase from the ‍previous fiscal year.

However, the total gambling revenue fell by approximately 10% ​to 14.8 billion yuan. The Jockey Club attributed this decline to the additional football betting tax of ‌2.4 billion‌ yuan, which reduced the revenue received.

Despite this, the Jockey Club’s football betting project saw a record high of 160.3 billion yuan in betting amount. The CEO, Winfried Engelbrecht-Bresges, highlighted the need to introduce new gambling projects to‍ offset the decline in revenue.

In the Jockey Club’s latest annual report, Engelbrecht-Bresges pointed out that the ⁢substantial growth in peripheral gambling of certain sports activities not currently included ⁢in Hong Kong’s legal gambling projects warrants the inclusion of other ​sports in the legal framework. Basketball betting, in particular, is being considered.

Engelbrecht-Bresges estimated that between 100,000 to 150,000 people in Hong Kong participate‍ in peripheral⁢ basketball betting, with a⁣ total betting‌ amount of over 50 billion yuan‌ per year. The⁢ Jockey ⁣Club believes that bringing these bets into the legal channel could benefit society.

The Jockey Club emphasized that any new ‌sports betting‌ projects would be subject to government approval and ​would continue to provide the‍ government with comprehensive reports on the scope and scale of illegal gambling.