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SBD Global/June 12, 2014/Finance

Hong Kong Jockey Club Announces 7% Increase In Stake Money For '14-15 Season

The Hong Kong Jockey Club "announced higher stake money across the board for next season to keep pace with its soaring betting turnover, maintaining its claim as the place with the world's highest prize money per race and setting the tone for future increases," according to Michael Cox of the SOUTH CHINA MORNING POST. Total stake money for the '14-15 season is up by 7% to more than HK$963M ($124M), "and the package includes big bonuses for horses winning the Triple Crown or the Hong Kong Speed Series." Jockey Club Exec Dir of Racing Bill Nader said, "The increases we announced today are in line with the boost we've seen in turnover -- which will top HK$100 billion for the first time this season, and we want to keep pace with that." Big-money trainer John Moore "smashed the prize-money record this season," earning nearly HK$130M ($17M) domestically, and he believes that "the increases should encourage owners to spend more in a European-tried horse market." Moore said, "We are very lucky, but these changes will hopefully give owners the incentive to go out there and spend more money. It's harder to buy quality horses at a decent price in Europe now, with the Australians also there trying to buy horses for the Cups" (SCMP, 6/10).

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