Hong Kong authorities are considering the legalisation of basketball betting, according to a report in the South China Morning Post. Citing an unnamed “insider,” the Post said that the move could be made under the city’s new budget, which is due to be unveiled on Wednesday.
If confirmed, the legalisation of basketball betting would be carried out under the auspices of the Hong Kong Jockey Club (HKJC), which already handles betting on horse races, football and the local lottery known as the Mark Six.
In an interview with the Standard newspaper last March, the HKJC’s chief executive Winfried Engelbrecht-Bresges said up to 150,000 punters in Hong Kong were estimated to be using illegal bookmakers to bet on basketball, and that around 60 percent of them could be persuaded into using legal channels if they were available.
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He said the total market from illicit sports betting was around HK$350 billion a year and that legalising it could generate more than HK$52 billion in turnover annually – about a third of the club’s soccer betting turnover.
The extra tax revenue to be generated from widening sports betting would be attractive to the Hong Kong government, which is grappling with a deficit of almost HK$100 billion. In recent days, a senior Hong Kong legislator and banker, Ronick Chan, has spoken out to local media about the benefits of legalising bets on basketball.
Interest in basketball has exploded across Asia in recent years and the region is seen as offering huge potential for the sport’s growth. Earlier this month, reports suggested that Macao was among the locations being considered for a new US$5 billion basketball league to be set up with backing from top investors, including Macao casino operator Galaxy Entertainment, Saudi Arabia’s sovereign wealth fund
