Hong Kong Considers Legalizing Basketball Betting
Hong Kong’s government is considering the legalization of basketball betting as a potential measure to increase public revenue. The proposal, if approved, would allow the Hong Kong Jockey Club (HKJC) to expand its betting offerings beyond football, which is currently the only legal form of sports wagering in the city.
Addressing Illegal Gambling
Basketball betting is already popular in Hong Kong, but much of it takes place through unregulated channels. The Hong Kong Jockey Club has previously highlighted the scale of illegal betting, estimating that between 100,000 and 150,000 individuals place bets through underground operators. By introducing a legal alternative, the government aims to bring these activities under regulation and capture tax revenue that is currently lost to the black market.
If basketball betting were subject to the same 50% tax rate as football wagering, it could generate substantial revenue for Hong Kong. Market estimates suggest that turnover could reach HK$52.5 billion (US$6.7 billion), providing a significant contribution to the government’s budget.
Policy and Regulatory Considerations
The introduction of basketball betting would require careful regulatory planning, including responsible gambling measures and oversight to prevent unintended consequences. As discussions continue, the proposal will be closely examined in the context of broader fiscal strategies and public policy concerns.