Hong Kong considers legalisation of sports betting

Heung Yee Kuk has suggested legalising betting on basketball, snooker and tennis.

Hong Kong.- The statutory advisory body Heung Yee Kuk (HYK) has recommended legalising sports betting in Hong Kong on basketball, snooker and tennis. The proposal forms part of 19 recommendations submitted to financial secretary Paul Chan Mo-po ahead of the upcoming budget.

According to local media, HYK’s chairman, Kenneth Lau Ip-keung, has proposed the establishment of a government-owned sports betting and investment company and public bidding for the franchise operation. Lau Ip-keung said this could generate stable betting tax revenues of several billion Hong Kong dollars each year. Betting would be allowed on international competitions like the National Basketball Association (NBA).

Last year, Winfried Engelbrecht-Bresges, chief executive of the Hong Kong Jockey Club (HKJC), said the club would be interested in incorporating NBA betting into its offerings if the government allowed it. He estimated that up to 60 per cent of the approximately 150,000 people engaging in illegal basketball betting could be redirected towards legal avenues.

The HKJC has previously put forward a proposal for an expansion of its betting operations. Engelbrecht-Bresges said illegal sports betting in Hong Kong, including horse racing, football, basketball, tennis and esports, is worth approximately HK$350bn (US$45bn) a year, with horse racing and football representing 75 per cent and basketball 15 per cent. However, Engelbrecht-Bresges estimated that an investment of HK$1.5bn (US$191.7m) to HK$2.5bn (US$319.6m) would be required in infrastructure.

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Heung Yee Kuk has suggested legalising betting on basketball, snooker and tennis. Hong Kong.- The statutory advisory body Heung Yee Kuk (HYK) has recommended legalising sports betting in Hong Kong…