{"id":6812,"date":"2024-09-11T10:36:49","date_gmt":"2024-09-11T09:36:49","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=6812"},"modified":"2024-09-11T10:36:53","modified_gmt":"2024-09-11T09:36:53","slug":"hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/","title":{"rendered":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty"},"content":{"rendered":"\n<p><strong>The Hong Kong Jockey Club<\/strong> reported a notable decline in its financial performance for FY2023\/24, with several external factors impacting overall racing wagering turnover.<\/p>\n\n\n\n<p>During its AGM, the Club reflected on the financial year ending<strong> June 30, 2024<\/strong>, highlighting the need for resilience amid challenges from a deteriorating macro-economic environment, the rise of illegal gambling, and increased competition from Macau casinos.<\/p>\n\n\n\n<p>The latest racing season saw local wagering turnover drop by <strong>9.3% year-on-year<\/strong>, attributed to a &#8220;fundamental post-pandemic shift&#8221; in consumer behavior, with digital wagering becoming the preferred choice for bettors.<\/p>\n\n\n\n<p>Despite this, the Club managed to mitigate some of the impact through a global expansion strategy aimed at growing its international customer base. This approach contributed approximately <strong>HK$28.8 billion (\u00a32.8 billion) <\/strong>in commingled turnover from Hong Kong racing, representing a<strong> 13.7% year-on-year increase<\/strong> and accounting for <strong>23.7% <\/strong>of the season&#8217;s local racing turnover.<\/p>\n\n\n\n<p>Additionally, the Club\u2019s World Pool initiative, designed to position Hong Kong as a leader in global race wagering via commingling and simulcasting, generated <strong>HK$12.8 billion<\/strong> &#8211; an<strong> 8.7% rise<\/strong> from the previous year.<\/p>\n\n\n\n<p>However, these efforts were insufficient to fully offset the decline in overall racing wagering turnover, which <strong>fell by 3.1%<\/strong> in FY2023\/24, amounting to <strong>HK$136.1 billion<\/strong>, compared to <strong>HK$140.3 billion<\/strong> in FY2022\/23.<\/p>\n\n\n\n<p><strong>Michael Lee<\/strong>, Chairman of the Club, commented: \u201cThe Club will continue to invest and, if necessary, make use of its reserves, both to ensure the Club\u2019s long-term future and to uphold our commitment to the community.\u201d<\/p>\n\n\n\n<p>There was a better performance seen across football turnover, with a \u2018record high\u2019 results of <strong>HK$160.3bn<\/strong> for FY 2023\/24, which represented a <strong>2%<\/strong> increase YoY.&nbsp;<\/p>\n\n\n\n<p>\u201cAdditional fixtures, the introduction of 24-hour operations, an increase in <strong>In Play<\/strong> offerings, as well as innovative new products like <strong>Same Game All Up and Early Settlement<\/strong>, all helped boost turnover and counter illegal markets,\u201d the Club stated.&nbsp;<\/p>\n\n\n\n<p>However, despite football turnover gains, income from football wagering went down <strong>16.6% to HK$8.1bn<\/strong> due to a surplus of <strong>HK$2.4bn per year<\/strong> that the Club now has to pay as a Special Football Betting Duty for a total of five years until April 2028.&nbsp;<\/p>\n\n\n\n<p>But despite all of these setbacks, the impact on the Club\u2019s total FY2023\/24 turnover was practically nonexistent, remaining flat at <strong>HK$304.9bn<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Club CEO <strong>Winfried Engelbrecht-Bresges<\/strong> added: \u201cLooking back over the past year I am once again struck by the enormous resilience of the Club. Having taken everything that the pandemic had to throw at us, we have had to contend with an extremely challenging macro-economic environment as well as significant changes in customer behaviour as they seek out new experiences online or in outbound destinations.&nbsp;<\/p>\n\n\n\n<p>\u201cDespite this, the Club has continued to deliver outstanding racing entertainment and the strongest support for our community.\u201d<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Jockey Club reported a notable decline in its financial performance for FY2023\/24, with several external factors impacting overall racing wagering turnover. During its AGM, the Club reflected on the financial year ending June 30, 2024, highlighting the need for resilience amid challenges from a deteriorating macro-economic environment, the rise of illegal gambling, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,1,12],"tags":[9731,9732,9733],"class_list":["post-6812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-news","category-sport","tag-michael-lee","tag-the-hong-kong-jockey-club","tag-winfried-engelbrecht-bresges"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"The Hong Kong Jockey Club reported a notable decline in its financial performance for FY2023\/24, with several external factors impacting overall racing wagering turnover. During its AGM, the Club reflected on the financial year ending June 30, 2024, highlighting the need for resilience amid challenges from a deteriorating macro-economic environment, the rise of illegal gambling, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"SBC EURASIA EN\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-11T09:36:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-11T09:36:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png\" \/>\n\t<meta property=\"og:image:width\" content=\"972\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"nika rostiashvili\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"nika rostiashvili\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\"},\"author\":{\"name\":\"nika rostiashvili\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0\"},\"headline\":\"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty\",\"datePublished\":\"2024-09-11T09:36:49+00:00\",\"dateModified\":\"2024-09-11T09:36:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\"},\"wordCount\":474,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png\",\"keywords\":[\"Michael Lee\",\"The Hong Kong Jockey Club\",\"Winfried Engelbrecht-Bresges\"],\"articleSection\":[\"Betting\",\"News\",\"Sport\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\",\"url\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\",\"name\":\"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png\",\"datePublished\":\"2024-09-11T09:36:49+00:00\",\"dateModified\":\"2024-09-11T09:36:53+00:00\",\"author\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0\"},\"breadcrumb\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage\",\"url\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png\",\"contentUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png\",\"width\":972,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/sbceurasia.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#website\",\"url\":\"https:\/\/sbceurasia.com\/en\/\",\"name\":\"SBC EURASIA EN\",\"description\":\"SBC EURASIA\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/sbceurasia.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0\",\"name\":\"nika rostiashvili\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6fc38973002f762373f92f910cfe28498ceddc953e76061e3ae8b8afd9144b4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6fc38973002f762373f92f910cfe28498ceddc953e76061e3ae8b8afd9144b4?s=96&d=mm&r=g\",\"caption\":\"nika rostiashvili\"},\"url\":\"https:\/\/sbceurasia.com\/en\/author\/nika\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/","og_locale":"en_GB","og_type":"article","og_title":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN","og_description":"The Hong Kong Jockey Club reported a notable decline in its financial performance for FY2023\/24, with several external factors impacting overall racing wagering turnover. During its AGM, the Club reflected on the financial year ending June 30, 2024, highlighting the need for resilience amid challenges from a deteriorating macro-economic environment, the rise of illegal gambling, [&hellip;]","og_url":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/","og_site_name":"SBC EURASIA EN","article_published_time":"2024-09-11T09:36:49+00:00","article_modified_time":"2024-09-11T09:36:53+00:00","og_image":[{"width":972,"height":600,"url":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png","type":"image\/png"}],"author":"nika rostiashvili","twitter_card":"summary_large_image","twitter_misc":{"Written by":"nika rostiashvili","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#article","isPartOf":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/"},"author":{"name":"nika rostiashvili","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0"},"headline":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty","datePublished":"2024-09-11T09:36:49+00:00","dateModified":"2024-09-11T09:36:53+00:00","mainEntityOfPage":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/"},"wordCount":474,"commentCount":0,"image":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png","keywords":["Michael Lee","The Hong Kong Jockey Club","Winfried Engelbrecht-Bresges"],"articleSection":["Betting","News","Sport"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/","url":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/","name":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty - SBC EURASIA EN","isPartOf":{"@id":"https:\/\/sbceurasia.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage"},"image":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png","datePublished":"2024-09-11T09:36:49+00:00","dateModified":"2024-09-11T09:36:53+00:00","author":{"@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0"},"breadcrumb":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#primaryimage","url":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png","contentUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/09\/HKJC.png","width":972,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/hong-kong-jockey-club-reports-3-turnover-decline-amid-global-uncertainty\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/sbceurasia.com\/en\/"},{"@type":"ListItem","position":2,"name":"Hong Kong Jockey Club Reports 3% Turnover Decline Amid Global Uncertainty"}]},{"@type":"WebSite","@id":"https:\/\/sbceurasia.com\/en\/#website","url":"https:\/\/sbceurasia.com\/en\/","name":"SBC EURASIA EN","description":"SBC EURASIA","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/sbceurasia.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0","name":"nika rostiashvili","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a6fc38973002f762373f92f910cfe28498ceddc953e76061e3ae8b8afd9144b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a6fc38973002f762373f92f910cfe28498ceddc953e76061e3ae8b8afd9144b4?s=96&d=mm&r=g","caption":"nika rostiashvili"},"url":"https:\/\/sbceurasia.com\/en\/author\/nika\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/6812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/comments?post=6812"}],"version-history":[{"count":1,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/6812\/revisions"}],"predecessor-version":[{"id":6814,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/6812\/revisions\/6814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/media\/6813"}],"wp:attachment":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/media?parent=6812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/categories?post=6812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/tags?post=6812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}