Published
FinancialLegal & RegulatorySports Betting

HKJC to pay football betting tax annually for next five years

The Hong Kong Jockey Club (HKJC) is required to pay an additional Special Football Betting Duty of HK$2.4bn (US$310m) per annum for the next five years.

jockey_club
Listen To Article

The football betting tax – which was outlined in the Hong Kong Special Administrative Region Government’s 2023-24 Budget – must be paid from 2023/24 to 2027/28. It amounts to an additional HK$12bn betting duty from the HKJC to the public purse.

The HKJC noted that during the Budget consultation, it expressed its views and strong reservation on any increase in betting duty rates, which it said are “already the highest in the world.”

It added that any permanent hike in betting duty rates will create structural problems that will irreversibly damage its integrated business model and continued competitiveness, with only illegal and offshore betting operators benefiting from the situation.

Moreover, the HKJC explained that the increase will adversely impact the group’s ability to contribute to the community through its donations to the Hong Kong Jockey Club Charities Trust on a sustainable basis.

“The Club reiterates the paramount need to maintain our global and sustainable competitiveness, to effectively combat illegal and offshore betting operators, and to seize the market opportunities through strategic investments in our IT systems and racing assets to strengthen our role as an international racing and wagering hub, similar to the role of Hong Kong being the country’s International Financial Centre,” a statement from the HKJC read.

“In this regard, we strongly appeal to the Government to critically review and reduce the betting duty rates on a long term basis, which are the highest in the world, in particular on horseracing which stand at 72.5% to 75%.”

Premium+ Connections
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...