The Hong Kong government has completed a public consultation on the legalization of basketball betting, with 94% of respondents supporting the introduction of the new betting option and proposing that 50% of net betting revenue be allocated as gambling tax.
Hong Kong Financial Secretary Paul Chan previously stated during his February budget proposal that, “To combat illegal basketball betting, the government will actively explore the authorization of basketball betting activities and will invite the Hong Kong Jockey Club to submit a proposal.”
Subsequently, the government conducted a public consultation on basketball betting activities in early April, which concluded in early May. The Hong Kong Home Affairs and Youth Bureau announced the consultation results on Thursday 6 June, stating that it had received 1,063 responses with 999 supporting and providing positive feedback. Basketball betting legalization was therefore supported by an overwhelming majority of those who submitted opinions.
The government noted that many participants in the consultation also believed that basketball betting should be implemented as soon as possible.
The Hong Kong Home Affairs and Youth Bureau submitted the consultation results to the Legislative Council for review, while also citing the SAR’s suggestion that basketball betting could reference the current regulatory framework for football betting to establish a regulatory framework for the new activities.
This includes adopting the current calculation and collection methods for football betting taxes, with 50% of the net betting proceeds (betting amounts minus payouts) collected from licensed operators as basketball betting tax.
Additionally, the government proposed that the Hong Kong Jockey Club be the sole licensed operator of basketball betting to avoid competition that could stimulate gambling demand. Bets on basketball matches involving Hong Kong teams or held in Hong Kong would not be permitted.
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