Hong Kong Jockey Club Approved for Basketball Betting
The legislature of Hong Kong has formally approved basketball as a new category of legal betting under the city's Gambling Ordinance. The decision, taken during deliberations on the 2025/2026 budget, marks the most significant expansion of regulated gambling in the territory since 1997, when soccer wagering was first legalized, giving the Hong Kong Jockey Club (HKJC) reason to celebrate.
LISTEN TO THIS ARTICLE:The measure was passed with 77 votes in favor, reflecting overwhelming support from lawmakers. Under the new law, profits from basketball betting will be taxed at a rate of 50%, with government projections estimating between HK$1.5 billion (US$195 million) and HK$2 billion (US$260 million) in additional tax revenues annually. Officials expect this income stream to help address Hong Kong's record HK$87 billion (US$11.31 billion) budget deficit.
Related: Basketball Betting Could Soon Become Legal in Hong KongFinance Secretary Paul Chan has identified gambling tax receipts as an important tool in narrowing the fiscal gap. The expansion of regulated betting is designed not only to raise revenue but also to enhance oversight of a market in which black-market operators have historically dominated basketball wagering.
Estimates suggest that illegal basketball betting turnover in Hong Kong is between HK$70 billion (US$9.1 billion) and HK$90 billion (US$11.7 billion) each year, involving as many as 430,000 local participants.
As with horse racing and football, the exclusive license to operate basketball betting will be granted to the HKJC. The organization, already the city's largest taxpayer, contributed HK$40.1 billion (US$5.21 billion) to the community in the 2023/24 financial year. That total included HK$29.9 billion (US$3.89 billion) paid through duty and profits tax, alongside HK$10.2 billion (US$1.33 billion) distributed in charitable donations.
More Regulation News
Basketball Betting to Provide New Revenue for the Government
The HKJC has consistently argued that extending regulated betting to basketball would provide a public benefit by reducing illegal gambling activity. The club maintains that unauthorized operators deprive the local economy of around HK$15 billion (US$1.95 billion) annually, while regulated betting ensures tax collection and supports charitable initiatives. It emphasized that the addition of basketball betting will sustain its ability to deliver significant financial contributions to the government and the community.
Alice Mak, Secretary for Home and Youth Affairs, defended the reform by stressing that the government's intention is not to promote gambling but to curb its illegal forms. She explained that efforts will also include educational campaigns and stricter enforcement actions aimed at protecting vulnerable groups, particularly young people.
Despite broad support, some legislators voiced concerns about the long-term implications of expanding the gambling market. Lawmaker Tik Chi-yuen, one of only two votes against the measure, warned that legalizing basketball betting increases society's dependence on gambling as a source of public funds. His remarks reflected unease among a minority of officials who question the social costs of a broader betting regime.
The passage of this law represents a pivotal development in Hong Kong's tightly controlled gambling industry. By granting HKJC the authority to manage basketball wagering, the government has expanded a sector already central to its fiscal framework while reinforcing its strategy of channeling gambling into regulated, tax-generating avenues.
RELATED TOPICS: Regulation
Review this New Post
Leave a Comment
User Comments
Comments for Hong Kong Jockey Club Approved for Basketball Betting