Hong Kong's Jockey Club sees jump in betting revenue

Business News

Aug 1, 2008, 8:09 GMT

Hong Kong - The Jockey Club, which controls all legalized betting in Hong Kong, saw revenue surge in two of its three core businesses, it said Friday. The rise came despite the threat from illegal operators and increasing deregulation in other parts of Asia, including Macau, where there has been a boom in the gaming industry after the government opened the sector in 2002. The club said betting revenue from horse racing climbed 5.8 per cent last season, which ended in July, from the previous season, hitting nearly 67.7 billion Hong Kong dollars (8.68 billion dollars) Revenue from football betting surged more than 14 per cent to 34.5 billion Hong Kong dollars. But turnover from its Mark Six lottery operation dropped 3 per cent to 6.4 billion Hong Kong dollars. As a result of this revenue increase, the club maintained its position as one of Hong Kong's leading corporate taxpayers after it paid 13 billion Hong Kong dollars in betting duty and tax, the highest figure in a decade.

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