Hong Kong Jockey Club
The Hong Kong Jockey Club (HKJC, 香港賽馬會) is a monopoly non-profit organisation in Hong Kong of parimutuel betting on horse racing, lotteries and fixed odds betting on soccer. It conducts nearly 700 horse races per year at two race tracks at Sha Tin and Happy Valley.The Hong Kong Jockey Club also provides dining, social and recreation facilities to approximately 20,000 members.
Founded in 1884 as an amateur racing body, its status changed to professional in 1971.
During the 2001/02 racing season, the HKJC licensed approximately 1,144 horse owners, 24 trainers and 35 jockeys and had 1,435 horses in training.
Revenue in 2002/03 was approximately USD 10 billion with gross betting profits of approximately USD 2 billion. Contributes approximately 10% of Hong Kong's tax revenue.
The HKJC's revenue has substantially declined since the United Kingdom handed sovereignty over Hong Kong to the People's Republic of China on July 1, 1997.
Instrumental in persuading the Hong Kong government to pass the Gambling (Amendment) Bill in 2002 which effectively made it a criminal offence for any person in Hong Kong to bet with anyone except the HKJC. The offence applies to all visitors as well as to residents of Hong Kong.
Also instrumental in persuading other members of the Asian Racing Federation to sign the Good Neighbour Policy on September 1, 2003 which is widely viewed as creating an international cartel to defend themselves against competition from commercial bookmakers and bet exchanges.
