The Philippines horseracing industry expects sales to reach PHP3bn by the end of the year.
The Philippines.- Despite the Covid-19 pandemic, Philippine horseracing expects 2021 to be a good year for sales.
The Philippine Racing Commission (Philracom) said that although races were cancelled for almost all of 2020, this year the industry expects to see a recovery.
Reli de Leon, Philracom chairman, said this year’s sales have reached nearly PHP500m and could reach PHP3bn by the end of the year. He expects sales could reach around PHP5bn next year.
De Leon said that online betting on horseracing has grown from 3 per cent of total sales last year to 18 per cent.
However, he said the Philippines government should introduce some changes in taxes for the horseracing industry. Currently, Philippines horseracing pays a 29.5 per cent tax on total sales, the highest rate in Asia.
Horseracing will continue to be held without spectators for now, although people can watch races via various platforms.
Horseracing experiences a renaissance in Japan
Japan has also seen a rise in horseracing sales with proceeds increasing 30.1 per cent in the fiscal year 2020 to JPY912.29bn (US$8.4bn), the highest in nearly 30 years.
There are more than 21,000 horse races held each year in Japan. Due to the Covid-19 pandemic, races take place without spectators or, in some cases, with a limited number of people, which has led many fans to bet online.