In the latest in horse racing news, the Macau government announces the end of horse racing and effectively, betting on horse racing, in Macau. They are also terminating their contract with the Macau Jockey Club. The termination of the contract between the parties involved is mutual, and will take into effect on April 1. As Macau shuts down horse racing, there are a lot of options overseas.
In fact, it is very easy to open a racebook and offer racing events from all over the world. However, we will no longer be seeing races hosted in Macau. This has been somehow expected by industry insiders, as the Macau Horse Racing Company, the firm that runs the Macau Jockey Club, has been experiencing financial problems since the pandemic. Last year, they requested to dissolve their contract.
Macau Shuts Down Horse Racing
There are also a lot of factors that affected this. Horse racing and betting has somehow slowed down in Macau- for locals and tourists both. The government did their research, and ultimately agreed to end their contract with the Macau Horse Race Company. The large property that the club uses will now be returned to the government. Online gaming has the advantage here, as one can simply learn what is a bookie, build an online gaming site, and offer racing products.
The government, however has no plans of offering horse racing in the future as well, and is in line with the government’s ideas on betting on horse racing. With the low demand, it seems fitting. But if you do own a sportsbook using a pay per head software, you can offer horse racing with very minimal cost, so it will be easy to earn from horse racing.
Given the large property and the labor problems this will cause, the government will be researching options for the facilities. Previously, lawmakers have discussed the possibility of transforming the track into a stadium that can accommodate international sports events. Should this happen, the investment could pay off as hosting events can generate millions in revenue not just from ticket sales and contracts, but from a labor and tourism standpoint as well.