The first racecourse in Hong Kong – Happy Valley Racecourse – opened in 1845. The Hong Kong Jockey Club was then established in 1884, to formalize the administration of the territory’s racing. Horse racing in Hong Kong was turned into a professional sport while the HKJC progressed from an amateur to a professional horse racing organization in 1971. To cope with the growing needs of the sport, a second racecourse was opened in 1978 at Sha Tin. The Hong Kong Jockey Club is a company limited by guarantee with no shareholders and obtains its net earnings from racing and betting. HKJC is the largest donator by far, generating over HK$17.64 billion in 2012/13 for public funds. Racing, football betting and the Mark Six lottery are operated as separate entities.