Hong Kong could rake in billions from basketball betting but experts have doubts. Government has invited the Hong Kong Jockey Club to submit a proposal on expanding its sports gambling options to include basketball. Legalising basketball betting could add HK$2 billion (US$257.2 million) in duties to government coffers annually, Hong Kong’s finance chief has said, although observers have raised concerns about the promotion of gambling and related youth problems. Financial Secretary Paul Chan Mo-po revealed in his annual budget speech on Wednesday that the government had invited the Hong Kong Jockey Club to submit a proposal on expanding its sports gambling options to include basketball to 'combat illegal betting activities in an effective manner'. He said the club had estimated illegal basketball betting turnover had reached HK$70 billion to HK$90 billion last year, while duties could allow the government to earn between HK$1.5 billion and HK$2 billion every year. The club said it would submit a detailed proposal shortly and looked forward to working closely with the government to 'implement this important policy initiative as soon as possible'. At a press briefing following his budget address, Chan did not respond to a question on when the administration planned to legislate basketball betting. An insider said it was too early to offer a time frame for implementation as the government would launch a public consultation and it would also involve the legislative process if the community supported the measure.

Hong Kong could rake in billions from basketball betting but experts have doubts

The Hong Kong government has invited the Hong Kong Jockey Club to submit a proposal for expanding sports gambling options to include basketball. Financial Secretary Paul Chan Mo-po stated that legalizing basketball betting could add HK$2 billion (US$257.2 million) in annual duties to the government. However, experts have raised concerns about the promotion of gambling and related youth issues. The Jockey Club is expected to submit a detailed proposal soon.