Illegal betting, outbound tourism sap 10% from Hong Kong racing turnover, Jockey Club says

Gambling operator reports total turnover of HK$304.9 billion and record HK$40.1 billion pumped back into community for financial year

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Jockeys gather before punters at the Sha Tin Racecourse. The Jockey Club said it faced significant external challenges during the financial year, including rising competition from Macau’s casinos. Photo: Kenneth Chan.

Published: 10:14pm, 4 Sep 2024Updated: 9:59am, 5 Sep 2024

The betting turnover of local races has dropped by nearly 10 per cent in the past year, with the Hong Kong Jockey Club attributing the decline to increased illegal gambling and residents spending outside the city.

The city’s sole authorised gambling operator, which announced its annual results on Wednesday, also said there was a strong case to support the extension of its licence to cover betting on other sports given the “rising and major threat” of illegal gambling.

The club said it faced significant external challenges during the 2023-24 financial year, including factors such as rising competition from Macau’s casinos.

“A fundamental post-pandemic shift in consumer behaviour in favour of new digital experiences and outbound travel impacted race-going and racing wagering,” the club said.

Betting turnover for local races for the season spanning September 10 last year to this past July 14 declined by 9.3 per cent, the organisation said.

Efforts to expand its global customer base were insufficient to offset the overall decline, with total horse racing bets dropping by 3.1 per cent to HK$136.1 billion (US$17.45 billion) in the financial year, it said.