Hong Kong could rake in billions from basketball betting but experts have doubts
Hong Kong's government is considering legalizing basketball betting, a move that could generate an estimated HK$1.5 billion to HK$2 billion annually in duties. Financial Secretary Paul Chan Mo-po announced the proposal, inviting the Hong Kong Jockey Club to submit plans for expanding sports gambling options to include basketball, aiming to combat the prevalence of illegal betting activities.
The Hong Kong Jockey Club estimates that illegal basketball betting turnover reached between HK$70 billion and HK$90 billion last year. The club has expressed its intention to submit a detailed proposal soon and collaborate closely with the government for swift implementation. However, the timeline for legislation remains uncertain, pending public consultation and legislative processes, with potential concerns about promoting gambling and its impact on youth.
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Hong Kong's government is considering legalizing basketball betting, a move that could generate an estimated HK$1.5 billion to HK$2 billion annually in duties. Financial Secretary Paul Chan Mo-po announced the proposal, inviting the Hong Kong Jockey Club to submit plans for expanding sports gambling options to include basketball, aiming to combat the prevalence of illegal betting activities.
The Hong Kong Jockey Club estimates that illegal basketball betting turnover reached between HK$70 billion and HK$90 billion last year. The club has expressed its intention to submit a detailed proposal soon and collaborate closely with the government for swift implementation. However, the timeline for legislation remains uncertain, pending public consultation and legislative processes, with potential concerns about promoting gambling and its impact on youth.
via SCMP Full Text Feed
