Hong Kong pools set to give South African racing a boost
Hong Kong punters are expected to wager hundreds of millions of rand on South African racing this weekend when the Metropolitan Stakes is run at Kenilworth Racecourse, highlighting the growing reliance of the country’s racing industry on overseas betting markets.
The meeting will be hosted into Hong Kong pools by the Hong Kong Jockey Club under an agreement with local operators and regulators, with turnover in Hong Kong alone forecast to reach between 300 million and 400 million rand.
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South Africa’s National Horseracing Authority said international wagering has become critical as domestic racing revenues continue to lag behind the wider gambling sector.
Horse racing now accounts for less than one per cent of total gambling turnover in South Africa, dwarfed by online sports betting and casino gaming.
In recent years, South Africa has regulated and upgraded gambling laws to allow online casinos, with this change expanding on the existing laws, which only allowed live casino gambling.
But this increased choice has lead to a decline in other forms of gambling, with horse racing one that has taken a major hit.
The Metropolitan Stakes provides a rare boost of global exposure and liquidity for an industry increasingly dependent on sponsorships and foreign bettors to remain viable.
