The Hong Kong Jockey Club, an organisation permitted to offer limited forms of betting in that Chinese special administrative region (pictured), said on Wednesday it planned soon at the local government’s invitation, to submit a detailed proposal to regulate there wagering on basketball.
The Hong Kong government was looking at it, as part of efforts to combat illegal betting, said on Wednesday Financial Secretary Chan Mo-po, during the announcement of the city’s budget plan for fiscal year 2025 to 2026.
The official’s speech didn’t touch on the taxation contribution from regulation of betting on basketball. The budget plan did mention several policies aimed at increasing the local government’s revenues and curbing its spending. The Hong Kong authorities have estimated the government will face a consolidated deficit of HKD87.2 billion (US$11.2 billion) by the end of the current fiscal year on March 31.
Mr Chan mentioned in his speech that the Hong Kong Jockey Club estimated turnover for illegal basketball betting in Hong Kong reached “HKD70 billion to HKD90 billion” in 2024.
In its own Wednesday statement, the Hong Kong Jockey Club said it agreed that there is a “strong case” for implementing regulated basketball betting as an “effective means” to “combat and arrest the rising trend of illegal basketball betting”.
The Hong Kong Jockey Club currently hosts horse racing and betting, and betting on football matches. It also administer’s the city’s authorised Mark Six lottery.
Betting duty on horse races in Hong Kong is charged on net stake receipts at progressive rate from 72.5 percent to 75 percent, while that on football bets is charged at 50 percent.
“The extension of the regulated regime to basketball betting will not only support the HKSARG’s [Hong Kong Special Administrative Region Government] efforts and enhance its effectiveness in combatting illegal betting, but will also strengthen the sustainability of the [Hong Kong Jockey] Club’s contribution to the community through impactful charity donations and significant tax revenues” said the club’s statement.
“It is a matter of public interest,” it added.
The club also mentioned that in 2023/2024, it returned a total of HKD40.1 billion to Hong Kong’s community, including HKD29.9-billion to the government in duty, profits tax and Lotteries Fund contributions, and HKD10.2 billion in approved charity donations.
The Hong Kong government has intended to roll out a public consultation on the topic of legalisation of basketball betting within this year, reported on Wednesday the Hong Kong Free Press news outlet and the Chinese-language news outlet Ming Pao, respectively citing anonymous government sources.
