Hong Kong considers legalizing online basketball betting
The Financial Secretary of Hong Kong, Paul Chan Mo-po, is considering the legalization of online sports betting for basketball to tackle the region’s HK$100 billion (US$12.9 billion)1 HKD = 0.1286 USD
2025-02-25Powered by CMG CurrenShift fiscal deficit, according to the South China Morning Post.
Despite retail sports betting being illegal in the region, the Hong Kong Jockey Club operates as the exclusive provider of online sports betting in Hong Kong. Currently, bettors can only place wagers on horse racing and soccer.
The Chief Executive Officer of the Hong Kong Jockey Club, Winfried Engelbrecht-Bresges, commented on the increase in wagers placed on illegal bookmakers in an exclusive interview with The Standard in March 2024. He estimated that between 100,000 and 150,000 bettors were placing bets on basketball games.
The money generated by illegal sportsbooks reached HK$350 billion (US$45.0 billion)1 HKD = 0.1286 USD
2025-02-25Powered by CMG CurrenShift in 2023, with 15% of that estimate coming from revenue made on basketball wagers.
If legalized, basketball could generate a profit of up to HK$52.5 billion (US$6.75 billion)1 HKD = 0.1286 USD
2025-02-25Powered by CMG CurrenShift. Engelbrecht-Bresges noted that’s a third higher than the Hong Kong Jockey Club’s 2023 soccer turnover.
The Hong Kong Jockey Club imposes a 50% duty charge on sports betting net receipts derived from soccer matches. If the exact charge is levied on basketball matches, the Hong Kong government expects a significant boost in government revenue.
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
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