Hong Kong Moves to Legalize Basketball Betting to Tackle Black Market
Hong Kong is preparing to authorize betting on basketball games, but the primary motive isn't to boost the budget – it's to finally gain control over the rampant underground gambling market. The government has officially stated that legalization is part of a broader strategy to curb illegal betting, which has become increasingly widespread across Asia, particularly in Hong Kong.
Legalization with Strict Limits
The new policy is expected to permit wagers only on specific, pre-approved competitions. The list of eligible events will be determined in collaboration with the Hong Kong Jockey Club, the region's sole licensed betting operator. This measure aims to exclude unvetted leagues and reduce the likelihood of match-fixing and other manipulations.
Not for Taxes, but for Control
Although the bill includes a proposed tax of 50% on net profits from legal bets, authorities emphasize that this is not an attempt to profit from gamblers. The main objective is to bring the industry out of the shadows, reduce the influence of organized crime, and create a transparent, regulated environment for betting. This approach is designed to protect users from scams and enhance the overall safety of gambling entertainment.
Why Basketball?
Basketball was specifically chosen because of its immense popularity among young people and active bettors. According to analysts, basketball matches account for a significant portion of all illegal wagers in the region. Legalizing bets on these popular games is intended to draw the audience away from gray-market operators by offering a safe and legal alternative.
If the initiative proves successful, the list of available sports may be expanded in the future. However, officials promise to proceed gradually, carefully monitoring the reform's impact on society, especially on the youth, who are most vulnerable to the influence of illegal bookmakers.
celese Haha, classic! First they screwed over the players, then the license turned out to be fake, and now they’re trying to undo everything. A total circus. Yeah, everything will just get bought. They’ll pay whoever they need in Curaçao and get a new license. Money rules everything, especially in this industry.
Mangarin4ik The section about how casinos fire VPNs is a gun. I've never thought about WebRTC and the time zone. Author, thank you, you may have just saved my next deposit.
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A good step
Legalization = control. Smart move. If only our governments would learn from them.
Interesting how they plan to control all of this.
A 50% tax?