Hong Kong has never realized the importance of horse racing as it is now, when other sports are not organized, causing the gambling industry of the Port of Thom to suffer heavy damage.
Jockey Club management in Hong Kong has said they lost more than HK $ 2 billion due to the loss of revenue from football betting. For nearly 2 months, the only bet on the racetrack is horse racing.
Since betting was legal in Hong Kong in 2003, football betting has been one of Jockey Club’s biggest recruits.
But since the countries were socially separated in mid-March, the important football competitions had to stop, so the Jockey Club got nothing.
It is known that in the 2018-19 season alone, the Jockey Club earned 15.3 billion Hong Kong dollars from the total revenue of 114.1 billion dollars of football betting. But this year, that number is expected to drop a lot.
The Hong Kong betting business is expecting big tournaments to come back soon like the Premier League, Serie A and La Liga.
Because in recent years, the revenue from football betting is equivalent to horse racing, Engelbrecht-Bresges now believes that COVID-19 has made the business community more aware of the importance of horse racing.
According to Engelbrecht-Bresges, it is true that football betting has lower operating costs than horse racing and has a more preferential tax rate, but he commented: “From the revenue side, we can say oh , football is more important because it makes more from the $ 100 bet”.
However, it cannot be seen as simply, even if the construction costs and taxes of horse racing are more expensive“.
More specifically, without the “burden team” horse racing, the betting companies in Hong Kong would probably have to close their stores due to COVID-19.