Asia’s turf clubs take steps to protect revenue as competition grows

    Published in: Latest IntelligenceAsia’s storied horse racing clubs, once the only legal means of gambling in many nations across the region, are taking steps to protect their revenue in the face of increasing competition, as casinos and other types of sports betting are legalized.The region’s clubs are also reporting a severe threat from the rise in illegal gambling, with black market operators able to offer a wider range of products and offer punters credit.The Hong Kong Jockey Club recently reported a record financial year, but was clear about the challenges, while both Singapore and Japan have reported a declining revenue trend.“Looking ahead, I am cautiously optimistic of seeing continued positive growth in our racing and betting operations, but competition in the leisure and entertainment business is growing all the time,” HKJC CEO Winfried Engelbrecht-Bresges said in the club’s annual report.In the 2013/2014 financial year, HKJC saw racing turnover rise...

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