Hong Kong basketball betting pause costing Jockey Club dear

The HKJC is reported to have spent close to HK$1bn (US$127.7m) preparing for a launch.

Hong Kong.- The decision to suspend the rollout of regulated basketball betting in Hong Kong has reportedly caused uncertainty for the Hong Kong Jockey Club (HKJC). Asia Gaming Brief reports that the initiative has already cost it close to HK$1bn (US$127.7m) due to the cost of building a dedicated betting platform and supporting infrastructure.

Amendments to Hong Kong’s betting laws would have granted HKJC exclusive rights to operate basketball betting in a way similar to its existing monopoly over horse racing and football wagering. However, a suspension was announced on April 13 by the Home and Youth Affairs Bureau, which cited a need to review emerging risks linked to prediction market products. No timeline has been provided for when that review will be completed.

Preparations were already advanced for a possible launch within three to six months once approval was granted. The operator brought in around 180 dedicated staff, including pricing analysts, odds compilers and risk-management experts, along with technical staff, around half from international markets.

The Jockey Club had previously estimated that a regulated basketball betting channel could capture around 30 to 40 per cent of activity handled by illegal operators, a market estimated to be worth nearly HK$100bn (US$12.8bn) per year. That shift was expected to generate annual turnover of HK$30bn (US$3.8bn).

The HKJC said it respects the government’s decision and will cooperate fully with the review process. The operator said it plans to retain most of those recruited either by redeploying them within existing operations or keeping their positions open until further notice.

See also:

See also: Hong Kong Jockey Club kicks off “Racing with Rugby”

The HKJC is reported to have spent close to HK$1bn (US$127.7m) preparing for a launch. Hong Kong.- The decision to suspend the rollout of regulated basketball betting in Hong Kong has reportedly caused uncertainty for the Hong Kong Jockey Club (HKJC). Asia Gaming Brief reports that the initiative has already cost it close to HK$1bn…