Hong Kong plans basketball betting legalization, targets September rollout

The Hong Kong government has invited the Hong Kong Jockey Club (HKJC) to propose a plan for legalizing basketball betting, a move aimed at curbing illegal gambling which is estimated to have reached HK$70 billion to HK$90 billion last year. The proposed legislation could allow betting to commence as early as September, coinciding with the start of the NBA season, and is expected to generate up to HK$2 billion in annual tax revenue. The HKJC supports a regulatory framework similar to that of football betting, advocating for a 50% tax on net revenue to ensure responsible gambling practices. While the initiative could help address financial deficits and illegal activities, concerns about promoting gambling, especially among youth, have been raised. The HKJC plans to submit a detailed proposal soon and aims to expedite the legislative process to implement this policy effectively. This development marks a significant shift in Hong Kong's gambling landscape, aligning with broader efforts to mitigate illegal betting activities.