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The Hong Kong Jockey Club declares record turnover of HK$290 billion in 2021/22 season

September 12, 2022 Emerging MarketsIndustry Updates

The Hong Kong Jockey Club announced yet another record season in 2021/22, with turnover reaching an all-time high of HK$290 billion (US$36.9 billion) for the year ended 30 June 2022.

The massive result saw The HKJC – already renowned as the single largest tax paying entity in Hong Kong – return a record HK$33.6 billion (US$4.3 billion) to the community, including HK$27.0 billion (US$3.4 billion) to the government in betting and lottery duty, profits tax and Lotteries Fund contributions, and approved charity donations of HK$6.6 billion (US$841 million). Of this, HK$1.4 billion (US$178 million) was specifically donated to fight the COVID-19 pandemic.

In announcing its 2021/22 results, The HKJC noted that not a single race day was missed during the season with investment in world-class technology meaning that 90% of turnover now via online and mobile channels.

Commingling markets also climbed to comprise 18.3% of total racing turnover. This additional revenue was responsible for the Club’s record results and enabled the Club to strengthen its support for the community, it said.

Racing turnover for 2021/22 was up 3.1% to HK$140.4 billion (US$17.9 billion) and while racing betting duty returned to the HKSAR Government grew by 2.9% to HK$14.1 billion (US$1.8 billion).

With racing turnover from Hong Kong customers slightly down due to the temporary closure of Off Course Betting Branches, the main driver of growth was commingling – up 11.1% to HK$25.7 billion (US$3.3 billion).

Simulcasting, meanwhile, increased by 47.9% to HK$9.4 billion (US$1.2 billion) thanks to the government’s decision to increase simulcast days to 37 per year.

Football betting also saw turnover up 2.6% to HK$143.8 billion (US$18.3 billion), exceeding last year’s record turnover, with football betting duty growing by 6.5% to HK$9.8 billion(US$1.2 billion).

Mark Six turnover was up 72.6% to HK$5.8 billion (US$739 million), generating lottery duty and Lotteries Fund contributions of HK$2.4 billion (US$306 million).

“The Club’s achievement this year, as throughout the pandemic, is the product of the Club’s long-term strategic investment in racing, technology and people,” said CEO Winfried Engelbrecht-Bresges.

“Without this we would not have had the resilience to keep racing going, or the means to stay connected with our customers. We also owe an enormous debt of gratitude to our horse owners, trainers and jockeys for their support and most especially to our staff. My sincere and deepest thanks to them all.”

Source: https://www.asgam.com/index.php/2022/09/12/the-hong-kong-jockey-club-declares-record-turnover-of-hk290-billion-in-2021-22-season/
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