Hong Kong Jockey Club supports bid to legalize online basketball betting
The sole sports betting operator in Hong Kong, Hong Kong Jockey Club, has expressed its support for the Hong Kong Special Administrative Region Government’s 2025 to 2026 budget.
On 24 February, the South China Morning Post revealed that Hong Kong’s Financial Secretary Paul Chan Mo-Po was considering legalizing online basketball sports betting to tackle the region’s HK$100 billion (US$12.9 billion)1 HKD = 0.1286 USD
2025-02-27Powered by CMG CurrenShift fiscal deficit.
The Hong Kong Jockey Club has since recognized the consideration and announced that it would submit a proposal to legalize the regulation of basketball betting.
The monopoly operator also cites the rise of illegal basketball betting, which contributes to social problems such as becoming indebted to loan sharks and underage gambling, as a reason for its support of providing legal basketball betting.
Financial problems are another concern, with the Hong Kong Jockey Club estimating around HK$70 billion (US$9.00 billion)1 HKD = 0.1286 USD
2025-02-27Powered by CMG CurrenShift and HK$90 billion (US$11.6 billion)1 HKD = 0.1286 USD
2025-02-27Powered by CMG CurrenShift is produced annually from illegal basketball wagers.
The Hong Kong Special Administrative Region Government believes this new revenue approach would significantly boost government revenue, especially if the current duty charge of 50% that applies to soccer betting would apply to basketball betting.
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.
Verticals:
Sectors:
Topics:
