Hong Kong Weighs Legalizing Basketball Betting

Hong Kong's government is considering legalizing basketball betting to address a significant budget deficit and combat illegal gambling, potentially adding HK$2 billion in tax revenue annually. Financial Secretary Paul Chan has invited the Hong Kong Jockey Club (HKJC) to propose expanding sports gambling to include basketball, targeting illegal bets estimated at HK$70-90 billion annually. The initiative is supported by lawmakers citing the sport's popularity and potential to redirect illegal gambling to regulated channels, though concerns exist about normalizing gambling and its impact on youth. Consultations with the Betting and Lotteries Commission and the public will precede any legislative changes, initially focusing on international leagues like the NBA. The HKJC has expressed reservations about increased betting duties, fearing impacts on its business model and competitiveness. A public consultation lasting at least six months is planned to gauge community support.