Hong Kong is considering legalizing basketball betting to combat the significant amount of illegal wagers estimated at $10 billion. Spearheaded by the Hong Kong Jockey Club and the Betting and Lotteries Commission, this move aims to redirect the massive volume of underground bets into a regulated and taxable system.
Currently, Hong Kong’s gambling law only permits betting on football, horse racing, and the Mark Six Lottery, leaving basketball out of the legal gambling landscape. Despite this, illegal basketball betting has surged, with authorities struggling to control its rapid growth.
Illegal basketball betting handles in 2024 alone were estimated to be between $70 billion and $90 billion, encompassing bets on major events like March Madness and the NBA Finals. Winfried Engelbrecht-Bresges, CEO of HKJC, highlighted the potential to transition a significant portion of illegal bettors into legal channels.
The Hong Kong government recognizes the need to address the demand for regulating gambling activities to prevent illegal practices and associated social issues. Under the proposed changes, the HKJC would obtain a specific license to offer a platform for basketball betting, subject to strict regulatory guidelines.
These guidelines would prohibit bets on local basketball teams and restrict underage participation, aiming to ensure responsible gambling practices. With a substantial budget deficit, the legalization of basketball betting presents an opportunity for the government to generate additional tax revenues.
Considering the substantial betting duties paid from horse racing and football, the potential influx of taxable revenues from basketball betting is enticing. The government’s eagerness to curb illegal markets is evident, with the promise of consumer protections and responsible gambling measures appealing to residents.
In a bid to enhance the esports betting landscape, various platforms offer enticing bonuses to attract users responsibly. While the industry continues to evolve, the need for responsible gambling remains a key focus to ensure the sustainability and integrity of esports betting.