An employee guides a horse as it swims in an equine swimming pool at the Sha Tin Racecourse, operated by Hong Kong Jockey Club
The Hong Kong Jockey Club was celebrating this week after the New Year’s Day commingling numbers were ascertained, indicating better-than-expected results for the betting organization.
According to the South China Morning Post, on New Year’s Day the Jockey Club received a record-breaking HKD57.5 million from commingling activities, up 23 percent from the same day last year.
The biggest contributors came from gamers in Singapore and the U.S., which funded HKD22.9 million and HKD11.9 million, respectively. Trailing behind was Europe (HKD8.7 million), Australia and New Zealand (HKD8.5 million) and finally, Macau – which solely contributed HKD5.5million.
Commingling activities refer to the practice of merging wagers from abroad into a single betting pool that, according to betting agencies, results in greater stability on returns and potentially better dividends. Accordingly there seems to be a correlation between the size of the betting pool and the confidence of customers.
It is a practice that is proving gradually more popular in places like New Zealand, which has a relatively small betting market. “Kiwi” punters are able to combine their wagers with those of Australia, potentially offering better dividends.
The SCMP notes that the new commingling structures are relatively new and that the numbers recorded in Hong Kong are anything but spectacular.
Indeed the figures pale in comparison with Macau, which, even during the slump observed last year, took in an average of more than MOP600 million each day in gaming revenue.
However, the activities have the potential to grow in the near future, as they are becoming increasingly popular with overseas betters looking for better returns.
These sorts of activities contributed around HKD3 billion to the Hong Kong Jockey Club’s annual turnover last season. And if the results of Friday can be replicated at the season’s next 80-plus meetings, commingling could provide a good prospect for the horseracing organization to significantly buff its revenue.
The news also coincides with the arrival of the Jockey Club’s new commingling development director, George Irvine. The new director has been tasked with finding ways to grow the new side of the business, according to the SCMP, indicating that commingling may be the next big thing for the club in 2016. Staff reporter
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