HKJC Proposes Regulated Basketball Betting in Hong Kong
The Hong Kong Jockey Club (HKJC) has announced it is considering the legalization of basketball betting in the region. This comes after the government in Hong Kong asked the HKJC to come up with a proposal for regulated wagering on basketball to be introduced later this year.
LISTEN TO THIS ARTICLE:This announcement marks a significant step by the government in Hong Kong which has stated its aim is to increase the regulated gaming market within its jurisdiction. The Hong Kong government has expressed concerns that there is a large illegal betting market in basketball estimated to be worth around HK$30 billion each year, and it believes regulated basketball betting could take between 30 to 40% from the illegal market.
The HKJC is currently working with all gambling stakeholders in the jurisdiction and plans to formalize a comprehensive proposal which they hope to be able to put into legislation in September later this year. It estimates the cost of setting up a new regulated basketball wagering framework would be HK$1-2 billion and could be introduced by the middle of 2026.
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Economic Benefits of Basketball Betting
The proposal from the HKJC is to base basketball betting on the existing structure that exists for football betting which has been in place since 2003. This would see the Hong Kong government set up a gambling framework where they would place a levy on basketball wagering with a tax of 50% on net revenue betting. At this tax rate, it is estimated the authorities could enjoy a tax revenue of more than HK$1.5 billion combined over four years.
Additionally, the regulators in Hong Kong are keen to introduce a responsible gambling policy to protect individuals from gambling-related harm and have indicated they would also base this initiative on the football equivalent that is already in place.
Last year the HKGC expressed concerns over the rise of unregulated gambling style apps available in the region.
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