The Hong Kong Jockey Club (HKJC) posted another record performance in its most recent fiscal year thanks to a double-digit rise in sports betting revenue.
Last week, the HKJC turned in its fiscal 2015-16 report card, covering the 12 months ending June 30, aka “another outstanding year.” Turnover was up nearly 6% to HKD 202.7b (US $26.1b) while the Hong Kong government took home a record sum of HKD 20.9b in duty and profits tax.
Counting a further HKD 1.3b payment to the Lotteries Fund and HKD 3.9b in charitable contributions – double the sum from just three years ago – the HKJC’s total return to the community was up 4% year-on-year to HKD 26.1b.
Racing remains the HKJC’s bread and butter, and racing turnover was up 1.8% to HKD 107b in 2015-16. But football betting posted the biggest gain, as turnover jumped 10.9% to HKD 86.8b. HKJC CEO Winfried Engelbrecht-Bresges called football “undoubtedly our key revenue driver,” adding that the vertical “contributed very significantly to our operating surplus.”