Summary
- Hong Kong has taken the exciting step of legalizing basketball sports betting.
- The Hong Kong Jockey Club, as the exclusive licensed operator, will oversee the activity.
- The net profit from this venture will be subject to a hefty 50% tax, yet the black market operations continue to flourish with increasing momentum.
After much debate, Hong Kong has finally embraced the legalization of basketball sports betting. Concerned about the rampant black-market operations, the Special Administrative Region has taken a decisive step by crafting a law that incorporates this activity into its existing regulations. With the passing of the Betting Duty Bill 2025, Hong Kong's Legislative Council voted in favor on Thursday, a move that resonated with the overwhelming public support—a remarkable 94% of residents stood behind this measure.
Basketball betting is at long last legal in Hong Kong
With resounding approval, the bill passed, securing 77 votes for and only two against, alongside two abstentions. Reflecting on the groundbreaking move to legalize basketball betting, Secretary for Home and Youth Affairs, Alice Mak, expressed optimism: We believe that legalizing basketball betting will redirect traffic from illegal sites and stem the tide of unlawful gambling revenues. As we look ahead, this new venture will face a 50% tax on its net profits, mirroring the regulation of soccer in Hong Kong. The lingering question remains—will this strategy effectively undermine the pervasive black market's influence? In 2024, estimates reveal an astounding $9 to $11.5 billion wagered on illegal gaming websites, signaling a robust appetite for competitive alternatives. With such a hefty tax, it's uncertain if legalization will truly yield positive changes for Hong Kong. Even within regulated European territories, offshore and underground operators often command over half of all gambling activities, underscoring the challenge that lies ahead.
Steep tax and an even steeper reach of the illegal gambling market
According to a statement made earlier this year by the Hong Kong Jockey Club, expanding the regulated framework to include basketball betting is crucial. They believe it will not only bolster efforts against illegal betting but also enhance the Club's ability to give back to the community through significant charitable donations and tax contributions. It's a cause that serves the public interest. Now poised to become the sole licensed provider of basketball betting within the SAR, the Hong Kong Jockey Club is leading the charge for legalizing basketball betting.
