HKJC to increase overseas horseracing betting options
The HKJC has been allowed to increase the number of simulcast races per year.
Hong Kong.- The Hong Kong government has granted approval for the Hong Kong Jockey Club (HKJC) to expand its betting options. from December, it will be permitted to increase its simulcast races from 10 to 25 per year. The maximum number of races permitted on a simulcast day will be increased from nine to 12. This decision is expected to generate HK$279m (US$35.66m) in revenue.
The HKJC was previously limited to offering betting on 88 local race days, 10 simulcast races coinciding with local events and 37 simulcast days linked to non-local race meetings. It said the adjustment aims to better cater to the preferences of local horse racing enthusiasts. An approval granted in 2021 for simulcast days is said to have resulted in a decline in traffic to illegal horseracing gambling websites.
Addressing concerns that the move might worsen gambling issues among teenagers, the HKJC said a significant portion of its bettors are seasoned fans, with around 80 per cent of overseas race betting account holders being aged over 40.
See also: HKJC plans to expand World Pool
The HKJC posted record turnover of HK$304.8bn (US$38.87bn) for the 2022/23 financial year. Turnover on Hong Kong racing fell 1.3 per cent but was offset by turnover from overseas racing. Revenue from commingling on Hong Kong racing rose 3 per cent to HK$25.4bn, constituting 19.6 per cent of all turnover for the season.
