Horse Racing Bets Drop Amid Rising Illegal Gambling Concerns in Hong Kong

Economic Impact of Illegal Gambling on Horse Racing Bets

In Hong Kong, the betting turnover of horse racing has decreased by almost 10% over the past year. The Hong Kong Jockey Club attributes this decline to a surge in illegal gambling and a shift in consumer behavior towards digital experiences and travel. The club's financial report reveals that total horse racing bets fell by 3.1% to HK$136.1 billion (US$17.45 billion) in the last financial year.

Challenges and Opportunities for the Hong Kong Jockey Club

Despite facing intense competition from Macau's casinos, the Jockey Club noted a substantial increase of 2.2% in football betting turnover, reaching HK$160.3 billion. This growth was fueled by expanded operations and new betting products. Meanwhile, revenue from the Mark Six lottery rose by 13.3% to HK$8.5 billion, thanks to improved jackpot reserves. To combat illegal markets, the club emphasizes the urgency to extend its betting licence to cover more sports.

Community Support and Future Considerations

The Hong Kong Jockey Club reported a record HK$40.1 billion contributed to community causes. However, lawmakers, including Doreen Kong Yuk-foon, stress the need for justification in extending betting licenses, cautioning against promoting gambling during an economic downturn. Effective enforcement practices against illegal gambling are essential.