Hong Kong Considers Legalizing Basketball Betting to Reduce Fiscal Deficit
Hong Kong’s finance chief is reportedly considering legalizing basketball betting to help address the city’s nearly HK$100 billion (US$12.9 billion) fiscal deficit. This move, aimed at boosting government revenue, comes ahead of Financial Secretary Paul Chan Mo-po’s budget speech.
The plan would expand the Hong Kong Jockey Club’s (HKJC) betting offerings, which currently include horse racing, football, and the Mark Six lottery. HKJC CEO Winfried Engelbrecht-Bresges claims that legalizing basketball betting could redirect up to 60% of the estimated 100,000-150,000 illegal bettors into legal channels, significantly increasing betting turnover.
In 2023, Hong Kong’s illegal sports betting market was worth around HK$350 billion, with basketball accounting for 15% of that. Legalization could bring an estimated HK$52.5 billion into the legal market, generating substantial tax revenue. However, setting up the infrastructure could cost between HK$1.5 billion (US$191.7 million) and HK$2.5 billion (US$319.6 million), with legislation taking up to 18 months to implement.
While proponents argue the move could help stabilize Hong Kong’s finances, the idea of solving budget issues through more gambling seems questionable at best. If the government truly wants to help its economy, it should explore better fiscal solutions rather than relying on betting expansion. This proposal feels like a desperate and flawed approach, much like trying to solve debt problems by gambling more.
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It’s always about money for the government. What about the social consequences of increased gambling addiction?
Why not invest in industries that create jobs instead of expanding betting? Feels like a band-aid on a bullet wound.
I get that illegal betting is a huge issue, but legalizing it doesn’t mean people will stop gambling on black markets.
This feels like a last-ditch effort rather than a real solution. Hong Kong should focus on better economic policies, not more gambling.