Following its Annual General Meeting (“AGM”) on 29 August, The Hong Kong Jockey Club (“the Club”) announced its results for the financial year ended 30 June 2025 (FY2024/25).
This year the Club celebrated its 140th anniversary with a showcase of world-class racing. Horse of the Year and the world’s top sprinter Ka Ying Rising scored a record-equalling eight wins in a season, including four Group 1s, to take the Hong Kong Speed Series.
Romantic Warrior’s two Group 1 victories in Hong Kong and Dubai and two close seconds in the Group 1 Saudi Cup and Dubai Turf made him the world’s highest-earning racehorse. And Voyage Bubble became only the second horse in Hong Kong racing history to claim the Triple Crown.
These, together with the performances of many other top thoroughbreds, captured the imagination of fans in Hong Kong and around the world, drawing record numbers of tourists to the racecourses to enjoy Hong Kong’s unique brand of racing, sport and entertainment.
The Club’s business results were no less impressive. Despite a challenging economic environment and the rising threat of illegal gambling, total wagering and lottery turnover for FY2024/25 was up 5.0% to HK$320.3 billion.
This generated wagering and lottery revenue of HK$43.8 billion, which combined with other revenue produced total revenue of HK$49.3 billion. Less operating costs of HK$14.0 billion, this produced an EBITDA of HK$35.3 billion, or 72% of total revenue, which is an excellent performance.
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As a result of this business performance, the Club contributed a record HK$28.8 billion in betting duty and profits tax to the HKSAR Government together with HK$1.3 billion to the Lotteries Fund.
Also in support of the community, the Club’s Charities Trust approved HK$9.0 billion in donations, the second highest in its history, with 202 charities and community projects benefiting. In total the Club contributed HK$39.1 billion to the betterment of society in FY2024/25.
Total racing wagering turnover for FY2024/25 was up 1.8% to HK$138.5 billion, and for the racing season up 3.0% to HK$138.9 billion. This partly reflected the Club’s success in stabilising turnover from local customers.
But the key driver was the Club’s success in globalising Hong Kong racing and wagering via commingling, with the Club having over 70 commingling partners in 26 countries and jurisdictions. As a result, commingled turnover for the season was up 10.1% to HK$31.8 billion – comprising 25.3% of Hong Kong racing wagering turnover for the season.
Building on this success, the Club is transforming Hong Kong into the global centre for horse racing wagering. Total turnover on simulcasting (including World Pool commingling) this season was up 2.3% to HK$13.1 billion.
With the HKSAR Government having approved additional simulcasts, the Club will soon be in a position to offer World Pool wagering on all of the LONGINES World’s Top 100 Group / Grade 1 Races.
Football betting turnover for FY2024/25 achieved a new record of HK$172.8 billion for FY2024/25, up 7.8%. Essential to this result was the HKSAR Government’s approval for more leagues and In-play bet types, which enabled the Club to further combat the illegal market.
Mark Six turnover for FY2024/25 was up 5.0% to HK$9.0 billion, thanks to additional Snowball draws with a larger First Division Prize fund.
Club Chairman Michael Lee said: “This year the Club celebrated its 140th anniversary with a truly world-class performance that reaffirmed, in every way, our commitment to the betterment of society.
Our champion horses set new records, putting the global spotlight firmly on Hong Kong. Our racecourses attracted record numbers of tourists, contributing to the tourist economy and international connectivity of our city.
In addition to a record HK$28.8 billion in betting duty and profits tax contributed to the HKSAR Government, we approved HK$9.0 billion in donations, including HK$1.4 billion to support youth development.
With the launch of racing at Conghua in October 2026, we look forward to a new era of world-class sport and entertainment and even more support for the community we serve.”
Club CEO Winfried Engelbrecht-Bresges said: “Given the challenging economy, and significant competition from illegal gambling operators, our results this year were nothing short of outstanding.
We owe our success to our long-term strategic focus on world-class racing and customer centricity, to an incredible team effort by all employees, and above all to a determination to fulfil our purpose: the betterment of society. To create even more value for our community our aspiration is to become a global racing, sports and entertainment brand, reaching out to even more fans across the world.
With the Year of the Horse upcoming, and the launch of world-class racing at Conghua Racecourse in October 2026, the prospects for the Club, and its commitment to the betterment of society, have never been better.”
Club celebrates 140th anniversary with showcase of world-class racing
The performances by Hong Kong’s trio of world-class horses – Ka Ying Rising, Romantic Warrior and Voyage Bubble – was the highlight of a season which brought outstanding sporting entertainment to Hong Kong.
Not least the city’s two flagship international race meetings, the LONGINES Hong Kong International Races and FWD Champions Day, saw Hong Kong horses win five out of seven Group 1 races against the strongest contingent of overseas runners in ten years.
In support of horse owners, the Club has introduced a number of incentives, including a freeze on livery fees, which successfully boosted the number of owners (up 8%) and horses (up 7.4%) this season, with field sizes also up. Building on this success, the Club will continue these incentives next season.
Conghua Racecourse continued to make a vital contribution, with 37% of runners this season having benefited from its facilities, which translates to HK$4.2 billion in racing betting duty.
Most importantly the additional stables capacity at Conghua has enabled the Club to expand its horse population while simultaneously undertaking a HK$2.4 billion refurbishment of Sha Tin stables – all with no disruption to racing operations.
Racecourses welcome record number of tourists
The Club is grateful for the HKSAR Government’s policy support for racing tourism, as underscored in the Chief Executive’s 2024 Policy Address. The Club also greatly appreciates the support of the Culture, Sports and Tourism Bureau and it is collaborating closely with the Hong Kong Tourism Board.
Through a new ground-breaking strategic partnership with China Travel Service, the Club is also promoting racing tourism in the Mainland. As a result, the Club was pleased to welcome a record 195,786 Mainland visitors – a 110% increase over the 2023/24 season – along with a greatly increased number of overseas tourists, including high-end tourists.
With the needs of both local racing fans and tourists in mind, the Club continues to invest strongly in the live racegoing experience. This includes revamping the successful Happy Wednesday brand and providing a full-day entertainment experience for major racedays, blending world-class racing, vibrant entertainment and big-name stars.
At Happy Valley, the opening of The Beat and Vantage this season pioneered a new digital racegoing experience for young professionals, while at Sha Tin the Champions Circle and Inner Circle were refreshed and reinvigorated. Next season will see the launch of new arrival experiences at Sha Tin for both public racegoers and members.
Maximising the Club’s community impact
The Club’s Charities Trust approved a total of HK$9.0 billion in donations in FY2024/25, the second highest in its history and once again far exceeding the HK$4.5 billion in annual donations the Club committed to when Special Football Betting Duty was introduced two years ago.
Following the HKSAR Government’s lead, the Trust placed increased emphasis on youth development, approving HK$1.4 billion to support five youth initiatives. These included a collaboration with the Home and Youth Affairs Bureau to help secondary school pupils realise their career and life goals by leveraging tools developed under the Club’s pioneering CLAP@JC initiative.
The Club also maintained its strong support for the HKSAR Government’s Strive and Rise Programme for underprivileged youngsters, including sponsoring a study tour to Hangzhou.
A constant focus is to maximise the Trust’s impact, including through piloting new service modes.
For example, addressing the end-of-life and palliative care needs for people with disabilities through the Jockey Club End-of-Life Community Care Project: Unison; helping underprivileged families in transitional and light public housing projects lift themselves out of poverty through JC PROJECT LIFT; providing free music and sports education to grassroots primary students through JC Project MuSE; and supporting high-risk carers through the Jockey Club Care Space Project.
Having completed a strategic review and with a new impact measurement framework in place, the Trust will progress to an impact-led approach for the coming triennium to 2027/28 covering five sectors (health, education, sports, culture, sustainability) and four expanded target beneficiaries and areas (children, youth in families; older adults; development of professionals; fairer opportunities).
Regulated basketball betting
To combat illegal betting on basketball, in February 2025 the HKSAR Government asked the Club to submit a proposal to implement regulated basketball betting. A public consultation has since been completed and relevant amendments to the Betting Duty Ordinance are currently in progress in the Legislative Council.
The Club operates a unique not-for-profit business model through which its world-class racing and responsible sports wagering generate significant community contributions. As a long-term partner of the HKSAR Government in combatting illegal gambling, the Club stands ready to implement the service as required.
Given the success of football betting since the Club was granted the sole operating licence in 2003, the Club believes it is ideally positioned to provide the service. Indeed, in July 2025 the HKSAR Government renewed the Club’s football betting operating licence for five years.
Preparations on track for racing at Conghua
In October 2026, the Club will launch regular racing at Conghua Racecourse in Guangzhou. Though there will be relatively few race meetings initially, the Club is planning a wide range of equine-related events and activities.
Ultimately the aim is to make Conghua a showcase for the world-class quality of the Club’s racing, equestrian sports and entertainment. Above all, through drawing the triangle of racecourses at Sha Tin, Happy Valley and Conghua together, the Club will promote the Greater Bay Area as a premier tourist destination and international demonstration zone for equine sports.
Preparations at Conghua are progressing smoothly, with construction of an iconic grandstand and visitor experience centre nearing completion. There will also be retail, dining and online experiences to engage visitors.
In support of the National Equine Industry Development Plan, the Club aims to develop the Greater Bay Area as a centre of excellence for equine sports. This includes the launch of racing and equine-related events at Conghua and support for vocational training, veterinary science development and integrity training.
The Club has acquired land for an equine transfer centre, which will facilitate the import of Club horses into the Mainland for retirement or breeding. It will also provide a gateway, in time, for Mainland-bred horses to achieve internationally recognised health status sufficient to participate in international sporting events.
Results summary – by financial year (1 July 2024 – 30 June 2025)
| 2024/25(HK$m) | 2023/24(HK$m) | % change | |
| Racing turnover* | 138,448 | 136,050 | + 1.8% |
| Football turnover | 172,820 | 160,272 | + 7.8% |
| Mark Six turnover | 8,993 | 8,562 | + 5.0% |
| Total turnover | 320,261 | 304,884 | + 5.0% |
| Total revenue | 49,295 | 48,369 | + 1.9% |
| Operating costs | 14,033 | 13,283 | + 5.6% |
| EBITDA | 35,262 | 35,086 | + 0.5% |
| EBITDA % of total revenue | 72% | 73% | |
* 88 race meetings in 2024/25 and 89 race meetings in 2023/24
Club contributions – by financial year (1 July 2024 – 30 June 2025)
| 2024/25(HK$m) | 2023/24(HK$m) | % change | |
| Racing betting duty | 12,888 | 13,127 | – 1.8% |
| Football betting duty | 10,937 | 10,541 | + 3.8% |
| Special Football betting duty | 2,400 | 2,400 | 0.0% |
| Lottery duty | 2,248 | 2,141 | + 5.0% |
| Profits tax | 282 | 345 | – 18.3% |
| Lotteries Fund | 1,349 | 1,284 | + 5.0% |
| (A) Government duty, tax &Lotteries Fund | 30,104 | 29,838 | + 0.9% |
| (B) Approved Charities Trust donations | 8,969 | 10,219* | – 12.2% |
| Total Club’s contribution (A+B) | 39,073 | 40,057 | – 2.5% |
* Including HK$3.5 billion special donation to the Institute of Philanthropy.
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