Hong Kong Jockey Club posts record HK$40.1 billion community contribution despite wagering slump

The Hong Kong Jockey Club (HKJC) announced its results for the financial year ended 30 June 2024 at its Annual General Meeting on 4 September, revealing a record HK$40.1 billion (approximately £3.9 billion) contribution to the community despite a challenging trading environment.

The operator said local racing wagering turnover for the 2023/24 season fell 9.3%, blaming a difficult macroeconomic backdrop, competition from Macau casinos, growing illegal betting activity, and a post-pandemic shift towards digital entertainment and outbound travel. Overall racing wagering turnover for the season dropped 4.5% to HK$134.7 billion (£13.1 billion), with the full financial year down 3.1% to HK$136.1 billion (£13.3 billion).

International expansion offsets domestic decline

The decline in local racing income was partly cushioned by the Club’s push to build an international customer base. Commingled turnover on Hong Kong racing rose 13.7% to HK$28.8 billion (£2.8 billion), now accounting for nearly a quarter of local racing turnover. Turnover through its World Pool and simulcasting operations, which allow global wagering on top overseas races, climbed 8.7% to HK$12.8 billion (£1.2 billion) after 83 additional overseas races were added to the programme.

Football betting turnover reached a record HK$160.3 billion, up 2.2%, driven by expanded fixtures, 24-hour operations, increased in-play markets and new products including Same Game All Up and Early Settlement. However, football income fell 16.6% to HK$8.1 billion due to an additional HK$2.4 billion in Special Football Betting Duty introduced in April 2023, payable annually for five years. Mark Six lottery turnover rose 13.3% to HK$8.5 billion following changes to its jackpot reserve model.

Total turnover for the year was broadly flat at HK$304.9 billion (£29.8 billion), while net margin fell 10.5% to HK$14.8 billion, largely reflecting the football duty increase.

Record charity and tax contributions

Despite lower income, the Club’s total community contribution reached a record HK$40.1 billion, comprising HK$29.9 billion (£2.9 billion) in betting duty, profits tax and Lotteries Fund payments, and a record HK$10.2 billion (£996.2 million) in approved charitable donations supporting 173 projects, including initiatives for carers, low-income families and mental health.

Club Chairman Michael Lee said the organisation would continue investing, and draw on reserves if necessary, to protect its long-term future and community commitments. Chief Executive Winfried Engelbrecht-Bresges pointed to the Club’s resilience amid shifting consumer behaviour and economic pressures.

On the racing front, Hong Kong horses won three of four races at the Longines Hong Kong International Races and swept FWD Champions Day, alongside three Group 1 victories overseas, including wins in Dubai, Australia and Japan.

The Club also confirmed the re-election of four Stewards, including Michael T H Lee, who was re-elected Chairman for 2024/25, alongside plans to expand its World Pool technology, customer data platforms, and racecourse entertainment offerings, including a new sport-dine-play retail hub in Wanchai.