{"id":10777,"date":"2025-09-15T09:12:26","date_gmt":"2025-09-15T08:12:26","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=10777"},"modified":"2025-09-15T09:12:34","modified_gmt":"2025-09-15T08:12:34","slug":"hkjc-has-added-basketball-to-its-betting-portfolio","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2025\/09\/15\/hkjc-has-added-basketball-to-its-betting-portfolio\/","title":{"rendered":"HKJC Has Added Basketball to Its Betting Portfolio"},"content":{"rendered":"\n<p>The government of Hong Kong has authorised basketball to become a new betting event permitted by the laws of the <strong>HK Gambling Ordinance.<\/strong><strong><br><\/strong><strong><br><\/strong>Yesterday, the legislature took a vote on the measure proposed by policy advisors of the \u2018special administrative region\u2019 as a proposal for the 2025\/2026 budget.<br><br>Securing 77 votes in favour, the proposal was unanimously approved, passing the biggest revision of the gambling ordinance since 1997, which allowed for wagering on Football.<\/p>\n\n\n\n<p>Under the new law, basketball betting will be subject to a 50% duty on net profits, with the government forecasting HK$1.5bn\u2013HK$2bn ($190m\u2014$255m) in annual tax receipts.&nbsp;<\/p>\n\n\n\n<p>The reform arrives as Hong Kong battles a record HK$87bn ($11.1bn) budget deficit, with Finance Secretary <strong>Paul Chan<\/strong> banking on gambling taxes to provide a meaningful boost.<\/p>\n\n\n\n<p>As with football and horse racing, the exclusive licence will sit with the <strong>Hong Kong Jockey Club (HKJC).<\/strong> The city\u2019s biggest taxpayer, HKJC returned HK$40.1bn ($5.1bn) to the community in 2023\/24, including HK$29.9bn($3.8bn) in duty and profits tax and HK$10.2bn($1.3bn) in charitable donations.<\/p>\n\n\n\n<p>The Jockey Club has long warned of the dangers of unchecked black-market betting, which it claims drains HK$15bn ($1.9bn) annually from local consumers. For basketball alone, the illegal turnover is estimated at HK$70bn\u2013HK$90bn ($8,9bn\u2014$11,5 bn) each year, with as many as 430,000 residents participating.<\/p>\n\n\n\n<p>In a statement, the club said: \u201cThe extension of the regulated regime to basketball betting will not only support the government\u2019s efforts to curb illegal betting, but also strengthen the sustainability of the Club\u2019s contributions to the community through impactful charity donations and significant tax revenues. It is a matter of public interest.\u201d<\/p>\n\n\n\n<p><strong>Alice Mak<\/strong>, Secretary for Home and Youth Affairs, defended the legislation, emphasising that the government is not seeking to promote gambling.&nbsp;<\/p>\n\n\n\n<p>\u201cWe will not stop here. To combat illegal gambling, we will continue educational and promotional efforts, as well as tough enforcement actions,\u201d she told reporters.<\/p>\n\n\n\n<p>Authorities confirmed that new responsible gambling measures will include a youth centre dedicated to anti-excessive gambling education, although no launch date has been given.<\/p>\n\n\n\n<p>Still, dissenting lawmakers warned the reform risks deepening Hong Kong\u2019s reliance on gambling. \u201cLegalising basketball betting, to put it bluntly, is simply opening one more avenue for gambling,\u201d said <strong>Tik Chi-yuen<\/strong>, one of two legislators to vote against the bill.<\/p>\n\n\n\n<p>With the new framework now in place, Hong Kong has added a lucrative new chapter to its tightly regulated gambling market, strengthening the HKJC\u2019s grip while underscoring the city\u2019s pragmatic use of wagering revenues to balance its books.<\/p>\n\n\n\n<p>Don\u2019t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of Hong Kong has authorised basketball to become a new betting event permitted by the laws of the HK Gambling Ordinance.Yesterday, the legislature took a vote on the measure proposed by policy advisors of the \u2018special administrative region\u2019 as a proposal for the 2025\/2026 budget.Securing 77 votes in favour, the proposal was unanimously [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":10778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[14,4,1,12],"tags":[13950,1107,52,2157,1967,46,9630,11703,401,369,13947,160,13948],"class_list":["post-10777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basketball","category-betting","category-news","category-sport","tag-alice-mak","tag-basketball","tag-betting","tag-budget","tag-economy","tag-gambling","tag-hkjc","tag-hong-kong","tag-law","tag-legalization","tag-paul-chan","tag-taxes","tag-tik-chi-yuen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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