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Written by: Ouyang Dehao
2020-09-01 18:49
Last update date: 2020-09-01 18:49
The continued COVID-19 pandemic in Hong Kong, the cancellation of international football matches and Mark Six draws have affected the financial performance of the Hong Kong Jockey Club.
The Jockey Club announced today (1st) the results for the 2019/2020 fiscal year ending June 30, 2020.
According to statistics, the total betting amount was about 218.7 billion yuan, down 11.6% from last year by about 28.8 billion yuan.
Among them, horse racing betting has the least impact, falling only 3.2% to 121 billion yuan during the year.
However, due to the postponement or cancellation of 3,273 international football matches, Football Wisdom Lottery's betting volume fell 18.8% to 92.6 billion yuan; Mark Six lottery betting volume fell 39.0% to 5.1 billion yuan.
The Jockey Club stated that as no event was cancelled during the epidemic, horse racing betting dropped only 3.2% to 121 billion yuan during the year.
(Photo by Zhang Haowei)
Betting on horse racing dropped only 3.2% due to no cancellation
The Jockey Club stated that as of June 30, 2020, the total betting amount for 2019/2020 was about 218.7 billion yuan, a 11.6% drop of about 28.8 billion yuan from last year. Among them, horse racing betting dropped the lowest.
The Jockey Club pointed out that due to the fact that no races were cancelled during the epidemic and strict anti-epidemic measures were implemented, the horse racing betting amount fell by only 3.2% to 121 billion yuan during the year; calculated based on the horse season (September 1, 2019 to 2020) July 15), the gaming tax paid to the government reached 12.1 billion yuan.
Of this, 6.2 billion yuan contributed to the racecourse during the implementation of epidemic prevention measures.
The Jockey Club believes that if the event is cancelled, the betting tax paid to the government will be reduced.
The Jockey Club also pointed out that the "Convergence Pool", which transfers bets to the Hong Kong horse racing betting pool through overseas partners, has recorded an increase, with bets increasing by 25.3% to 23.6 billion yuan, accounting for nearly 20% of the total horse racing betting.
Among them, the "Royal Ascot Global Convergence Pool" opened by the Jockey Club and overseas partners, the betting volume increased by 33% to 1.4 billion yuan.
Football Lottery betting dropped by nearly 20%
Although horse racing betting fell slightly, the Jockey Club said that the epidemic has hit the football club’s revenue. A total of 3,273 international football matches were postponed or cancelled during the year, and betting fell 18.8% to 92.6 billion yuan.
Mark Six lottery bet amount plummeted by nearly 40%
As for the Mark Six lottery, as most customers will buy lottery tickets at off-site betting shops, the Jockey Club suspended the Mark Six lottery from February 2 to protect public health. As a result, the betting amount dropped by 39.0% to 5.1 billion yuan.
The Jockey Club continued that customers who currently place bets via online or mobile devices account for about 70% of the bet.
During the peak of the epidemic, most betting facilities were closed, and betting on digital platforms increased to 90%.
In order to protect public health, the Jockey Club suspended the Mark Six lottery draw from February 2nd. As a result, the betting amount dropped by 39.0% to 5.1 billion yuan.
(Photo by Yu Junliang)
Jockey Club pledged to donate nearly 340 million yuan to help communities fight the epidemic
In addition, the Jockey Club pledged to donate nearly 346 million yuan to support the community's response to the epidemic, including donating 14 million masks, donating about 500,000 "care kits", and providing free mobile data usage to more than 100,000 grassroots students. Support students to learn online during the suspension of classes; and set up a 100 million yuan "New Coronary Pneumonia Emergency Assistance Fund" to support disadvantaged groups.
As of June 30, 219 organizations have received funding to implement 241 projects.
But the Jockey Club confessed that support to the community depends on business performance.
However, the new crown epidemic has hit the financial situation of the Jockey Club.
The Jockey Club’s allocation to its charitable trust fund dropped from 4.3 billion yuan in 2018/2019 to 2.55 billion yuan in 2019/20.
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