The Government confirmed the move during its 2025-26 Budget announcement today (Wednesday). The proposed development would generate much-needed funds for Hong Kong, which will record a deficit of more than HK$87bn ($11bn) for the fiscal year ending in March, according to Finance Secretary Paul Chan – a third consecutive year of shortfalls.
It is thought that regulating betting on basketball – a hugely popular sport in China and Hong Kong – could generate an estimated HK$1.5-2bn in annual tax revenue.
‘Important step’
Currently, betting in Hong Kong is only allowed on horse racing and football.
“The Club agrees that there is a strong case for taking this important step as an effective means to combat and arrest the rising trend of illegal basketball betting, which leads to numerous social problems, such as loan sharking and underage gambling,” the HKJC said in a statement.
According to HKJC estimates, illegal betting on basketball was worth HK$70-90bn over the previous year.
‘Trusted partner’
The HKJC added that it had “for decades been the trusted partner” of the Government.
“The Club’s unique integrated business model has proven itself time and again to be the best and most effective way of combatting illegal betting,” the HKJC stated.
“The extension of the regulated regime to basketball betting will not only support the HKSARG’s efforts and enhance its effectiveness in combatting illegal betting, but will also strengthen the sustainability of the Club’s contribution to the community through impactful charity donations and significant tax revenues to the HKSARG. It is a matter of public interest.”
Proposal
The HKJC said it will submit a detailed proposal to the HKSARG “shortly”.
The Club added: “We look forward to working closely with the HKSARG to implement this important policy initiative as soon as possible.”
