Hong Kong Offers Parimutuel Horse Betting
Just like other racetracks all over the world, the live betting in Hong Kong and at online racebooks is considered parimutuel wagering. This is a fancy way of saying that bettors are competing against each other. All the money wagered goes into a pool. The winners are paid from the pool after a takeout is withdrawn. The takeout pays for purses and is also used by the Hong Kong Jockey club to support various charities.
In a parimutuel system of horse race betting each dollar that is wagered on a horse affects its odds. The more money that has been bet on a horse, the lower the odds. This is because there are more potential winning bettors to share the pool when the horse wins. Horses with very little money bet on them are called longshots and offer higher odds.
This type of Hong Kong horse betting is very fair. The odds on each horse are a genuine representation of what the betting public thinks the horse’s chances are to win. Of course, the betting public is not always right. That is where you handicapping skills will come into play and help you make profits.
How Much Money is Bet on Hong Kong Horse Racing?
The betting handle at Hong Kong racetracks is one of the largest in the world. In 2015 alone more than HK$107 billion was passed through the betting windows and online racebooks. This is a staggering amount that dwarfs the amount of money that is routinely wagered each year in the US, Australia, and other countries. That is pretty impressive when you realize that there are just two racetracks in Hong Kong. Happy Valley is located on Hong Kong island, and Sha Tin is in the New Territories.
Every year horse betting has increased by an average of 5%. In 2013 all the race tracks in North America combined took in just $10 billion. So, why is it that the gambling handle from horse betting is so high in Hong Kong?
First of all the quality of horse racing in the region is very good. This attracts more fans and makes for more competitive racing. Another reason is that many horse racing syndicates call Hong Kong home. They pump millions of dollars into the races, and can even bet almost a million on a single race! These are the high rollers of horse betting.
Hong Kong is also an area that has become one of the world’s primary financial centers. A lot of money travels in and out of the region, and it is home to many wealthy locals as well as expats that make the local economy thrive.
When you consider that there are approximately 83 races each year that are contested in Hong Kong, the amount of money bet becomes even more impressive. Just 83. That is less than the number of races many tracks in America will run in a single race meeting.
Horse Betting Revenue in Hong Kong Supports Charity
One of the great things about all that money which is bet on horse racing in Hong Kong is how revenues are spent by the Hong Kong Jockey Club. This organization is ran as a non-profit which donates millions to various charities. Win or lose, you are helping to support these charities when you make a bet on a Hong Kong horse race.
The truth is that America could learn a thing or two about how to manage its own racing circuits. Perhaps if more money were donated to charities in the US there would be less negative attention focused on horse racing. Something good should come out of all that betting, and it does in Hong Kong.
The Richest Day of Horse Racing on Turf
In Hong Kong there is an event held each year which has been labeled the richest day of horse racing on turf in the world. It takes place at Sha Tin Racecourse and features multiple stakes events with purses of millions. The event is quite a spectacle that is attended by thousands of racing fans in the New Territories.
Trainers from all over the world will ship their horses to Hong Kong for major racing events like these because the purse money is so high. Only the best horses in the world would make the trip to the region to compete. Horses of a lower caliber just wouldn’t stand a chance against the horses that race in Hong Kong.
Can You Bet Hong Kong Races Online?
Some online racebooks are now offering Hong Kong racing to their betting customers. Through partnerships that have been created with the Hong Kong jockey club a bettor may now even be able to take advantage of rebates that are offered when a bettor loses a bet! There are so many advantages of betting Hong Kong racing online that it would be very hard to list them all. See our Bovada racebook review, Twinspires review or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!
One of our favorite advantages of online horse betting for real money is that you don’t even have to leave the comfort of your own home to make the bets. Just relax on your sofa with a cool beverage and your phone or tablet. There are no noisy crowds to deal with and no waiting in line at the betting windows.
We also like that online horse betting in Hong Kong offers the same betting menus that you would find on the live racetrack. This means access to exotic bets that are not available anywhere else in the world. Hong Kong has many types of wagers that are unique to the region and can be very profitable. Some types of bets there have even paid as much as $13 million for a single win!
Related Articles:
- Happy Valley Racecourse Hong Kong
- Emma Jayne-wilson : Hong Kong Jockey
- Horse Race Betting In Hong Kong
- The Hong Kong Jockey Club
- $1 Billion Dollar Man Of Hong Kong Horse Racing
- Sha Tin Racecourse Hong Kong
- Get Rebates On Hong Kong Racing Bets
- What Is A Griffin Race In Hong Kong Horse Racing?
- Hong Kong Horse Racing Bets
- Why Do Favorites Win Less in Hong Kong Horse Racing?
- No Race Horse Breeding in Hong Kong
- The Six Classes of Hong Kong Horse Races
- The Horse Winner App
