Flutter Entertainment's Betfair Australia subsidiary is set to launch exchange betting on horse races taking place in Hong Kong, from the start of the island's racing season on 1 September.
“Our punters have been asking for hong kong racing for several years and we have been working on it for just as long,” Betfair Australia chief executive Tim Moore-Barton said. “Today I’m really excited to allow punters to legally bet against each other on some of the best horse racing in the world.”
Betfair will allow exchange punters to bet on meets at both of Hong Kong’s racecourses – Sha Tin and Happy Valley – from the start of the 2019-20 Hong Kong racing season.
It will offer a market base rate of 6% on races in Hong Kong, which the company said is in line with their cheapest Australian product.
In July, the Hong Kong Jockey Club announced a new record racing turnover of HK $124.82 billion for the 2018-19 season, up 0.4% from the prior year.