Hong Kong gamblers ride to the rescue of a South African racing industry in trouble
The prestigious Metropolitan Stakes takes place in Cape Town this weekend and fans in Hong Kong are expected to bet millions on the outcome
Hong Kong racegoers are doing more than pumping cash into the local economy, they are also helping to prop up an industry that is struggling to survive elsewhere in the world.
Nowhere will that be more evident than in Cape Town this weekend, when one of South Africa’s premier meets, the Metropolitan Stakes, takes place at Kenilworth Racecourse.
Against a backdrop of spiralling revenue and a heavy reliance on sponsors to keep racing afloat in the country, Hong Kong punters are expected to contribute hundreds of millions of dollars to the cause by betting on races streamed live to the city.
“All our races are broadcast internationally because both our products and our regulatory framework meet world-class standards,” Vee Moodley, CEO of the National Horseracing Authority (NHA), said.
“For the Met on Saturday, the Hong Kong Jockey Club will host the pools under an agreement with the operator Race Coast WC and the NHA.
“This meeting will generate between 300 million and 400 million rand in turnover in Hong Kong alone on South African racing.”