The HKJC achieves record turnover in 2020/21 on surge in football, racing betting

Diposting pada
0SHARES4VIEWS

The Hong Kong Jockey Club achieved record turnover in the 2020/21 season, rising 27.9% year-on-year to HK$279.70 billion (US$36.0 billion) on strong growth in both racing and football betting.

Despite the challenges presented by the COVID-19 pandemic, The HKJC saw racing turnover rise 12.5% year-on-year to HK$136.1 billion (US$17.5 billion), allowing betting duty of HK$13.7 billion (US$1.8 billion)be returned to the government.

Football wagering was even more impressive, growing 51.4% to HK$140.2 billion (US$18.0 billion)with football betting duty of HK$9.25 billion (US$1.2 billion).

The only segment to experience a decline was the Mark Six lottery which was suspended between February and mid-September 2020 for public health reasons and in parallel with the closure of Off-Course Betting Branches. As a result, turnover fell 34.3% to HK$3.4 billion (US$437.2 million), with lottery duty and Lotteries Fund contributions of HK$1.3 billion (US$167.2 million).

In total, HK$29.4 billion (US$3.8 billion)was returned to the community including a record HK$24.9 billion (US$3.2 billion)to the Government in duty, profits tax and Lotteries Fund contributions and HK$4.5 billion (US$578.6 million)in approved charity donations.

The HKJC remains the single largest tax payer in Hong Kong.

In 2020/2021, more than 90% of wagering turnover was generated via online and mobile channels, while commingling contributed 17% of overall racing turnover.

The Club has shown resilience and resourcefulness in maintaining its operations throughout a fast-changing public health situation, said Chairman Philip Chen. Most of all it has always made the right choice, which is to put the community first.