According to information coming from Hong Kong, local authorities are considering legalizing sports betting on basketball games. The movement would be backed by an effort to raise extra revenue for the government.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, is expected to deliver the 2025-26 budget this Wednesday (26). According to local media, with the legalization of basketball betting, government revenue would increase.
In this way, the measure could give a breather to the local balance, which today has to deal with a deficit of almost HK$100 billion (US$12.9 billion) converted into local currency.
The legalization of the sport would allow the Hong Kong Jockey Club (HKJC) to achieve a monopoly on betting in the region. Currently, your sports betting options are football and horse racing, as well as betting on the Mark Six lottery.
Hong Kong authorities tried to legalize basketball betting last year
The proposal was already on the agenda in Hong Kong, and legalization was unsuccessful. Including, by Chan himself, at the same time last year. According to local media, with the minister suggesting that legalization could send the wrong message, encouraging young people to gamble.
At the time, several political parties called for basketball betting to be legalized. The argument was that it would be an effort to combat illegal gambling and help increase public revenue.
In view of this, the government would make clear the current need to introduce new betting options to combat illegal betting shops.