Brazilian Racing Revenue Drops 80% Due To Pandemic

Rio Grande do Sul’s Jockey Club registered revenue falling by 80 percent during the first three months of the Brazilian pandemic. The Porto Alegre Hipódromo del Cristal halted all racing operations from March 19 through early May.

As Jockey Club President José Vecchio Filho explained, the new schedule includes fewer races that take place every two weeks at present. Bets are made entirely online which has caused traditional, older bettors to decrease in participation.

However, the president clarified that citizens can not enter the racecourse after the implementation of new sanitary protocols. This has been characterised by a drastic decrease in participation in the sport, he said.

“Our revenues have plummeted. We don’t have the usual flow of people that we used to and the physical agencies that offer betting, either. And our experience in the online gambling world is new as well. In 10 years we may get used to it, when land-based shops don’t exist anymore. However, this is a slow process,” said Vecchio Filho, according to Games Magazine Brasil.

There are 110 workers in the Rio Grande do Sul Jockey Club, 70 of whom are permanently employed, while the other 40 participate only on race days.

Operators have already committed not to cut jobs or make layoffs for the time being, as the government has contributed by suspending tax payments. Yet the industry is still concerned about the industry ‘s future.

The racecourse explained, after the reopening: “Without income, our alternative is to immediately pay only the professionals (trainers and riders), assume the operating expenses (television, employees, etc.) and credit the prizes in the owners’ accounts, postponing the payment as soon as our betting agencies start operating again.”