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Hong Kong bets on basketball to cut budget deficit
A special administrative region of China, Hong Kong, is reportedly considering legalizing bets on basketball, aiming to address the city’s budget deficit.
Hong Kong faces a major budget shortfall of HKD 100 billion ($12.9 million). To address this issue, Financial Secretary Paul Chan Mo-po is exploring new ways to generate funds and has come up with a proposal for basketball betting legalization.
Currently, the only legal operator for horse racing and soccer betting is the Hong Kong Jockey Club (HKJC). If the proposal passes. HKJC could also offer basketball bets, providing an additional revenue stream. Lawmakers believe this could make a real difference in tackling the deficit.
Hong Kong vs. illegal betting
Like many other places, Hong Kong struggles with illegal offshore betting. Experts estimate around 150,000 people in the city already bet on basketball through unlicensed operators. Basketball betting legalization is hoped to shift at least 60% of illegal bets to legal platforms.
HKJC CEO Winfried Engelbrecht-Bresges highlighted the scale of the issue, noting that almost $45 billion was bet in Hong Kong in 2023 and 15% was on basketball. He believes legalizing basketball wagers could generate about a third of what soccer betting brings in.
The betting market is expanding in Hong Kong
The discussion comes after broader talks about expanding Hong Kong’s betting market. Some officials have even suggested allowing bets on local soccer games, though Beijing’s strict stance on gambling makes the future of these proposals uncertain.
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