Report: Hong Kong considers legalising basketball betting to tackle debt crisis
Government estimates the vertical could raise more than HK$26bn in revenue if it were to follow the football betting model deployed by Hong Kong Jockey Club
The Hong Kong government is seriously considering legalising basketball betting in the market, according to a report from the South China Morning Post.
The new measure would see Hong Kong Jockey Club (HKJC) extend its sports betting offering to basketball. The club already operates horseracing, football and a lottery product, Mark Six.
The publication cited an unnamed insider who claimed the move could be included in the special administrative region’s new budget, which is set to be unveiled on Wednesday, 26 February.
This in turn would increase government revenue raised from betting duties which would help tackle the region’s reported HK$100bn (£10.2bn) fiscal deficit.
It is estimated basketball gambling could raise more than HK$26bn in revenue if it were to follow the 50% duty applied to football betting.
HKJC was hit with a special football betting duty of HK$2.4bn per year back in 2023, which is valid until 2028.
Company CEO Winfried Engelbrecht-Bresges has previously estimated that 100,000 to 150,000 bettors were using illegal bookmakers to bet on basketball every year.
He added that HKJC could pull in 60% of that audience into legal channels if given the chance.
The CEO claimed the money involved in illegal sports betting by Hong Kong residents reached close to HK$350bn in 2023, with basketball accounting for 15% of the total.
During the company’s fiscal year 2024 presentation, Engelbrecht-Bresges said “a strong case can be made to expand the club’s licence” to cover other sports, including basketball.
The International Betting Integrity Association’s (IBIA) annual report highlighted 40 suspicious betting alerts from Asia in 2024, with basketball accounting for two of them.