The chairman of the Legislative Council’s Finance Committee has argued that legalising betting on basketball would boost revenue.
Hong Kong.- The Hong Kong government is considering a proposal to legalise sports betting on basketball in a bid to generate more revenue. During discussions on the budget, Chan Chun-ying, chairman of the Legislative Council’s Finance Committee, said now was a moment to consider projects that would normally cause controversy due to the budget deficit.
Chen Zhenying said many illegal betting operations already exist for basketball, including for the NBA in the United States and the CBA in China, and suggested that a ban is unrealistic. According to Sing Tao Daily, Chen Zhenying said that, by integrating basketball betting into regulated offerings provided by entities like the Hong Kong Jockey Club (KJC), the government could generate over NT$1bn (US$30.5m) in annual gambling tax revenue.
Last year, Winfried Engelbrecht-Bresges, chief executive of the 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.
A report indicated that in 2023, approximately 560,000 people engaged in illegal gambling activities. That’s a five per cent increase compared to the previous year. The estimated losses attributed to illegal bookmakers reached HK$15bn (US$1.9bn).
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.
See also: Hong Kong football chief open to legalising gambling
The chairman of the Legislative Council’s Finance Committee has argued that legalising betting on basketball would boost revenue. Hong Kong.- The Hong Kong government is considering a proposal to legalise…
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