Safeguards can ensure legal basketball betting is the best result for all
The NBA finals, under way in the United States, are being closely followed by millions of basketball fans around the world. Many bets will be placed on the matches, including in Hong Kong. All wagers made in the city will be illegal. There is no lawful form of basketball betting, despite its soaring popularity. But that is about to change.
The government has released the results of a one-month public consultation on its proposal to legalise betting on the sport. It says 94 per cent of 1,063 respondents were in favour and only 3.4 per cent against. Given that this is a sensitive social issue, with concerns about problem gambling, the level of support is surprisingly high.
It is proposed that basketball betting be modelled on the one for football adopted in 2003. Lawful bets must be made with the sole authorised bookmaker, the Hong Kong Jockey Club. No credit will be given, juveniles will not be permitted to bet and there will be no gambling on matches involving local teams or staged in Hong Kong.
The move is intended to combat illegal betting on basketball, which is on the rise. The Jockey Club estimates syndicates enjoyed an astonishing turnover of up to HK$90 billion last year from the city on basketball alone.
Legalising gambling on the sport will also inject cash into government finances as it tackles a budget deficit of HK$87.2 billion. Betting duty will be 50 per cent of net stake receipts. In time, it is hoped the scheme will raise HK$1.5 billion a year.
If people must bet on basketball, it is better they use a lawful, well-regulated platform. Conditions can be imposed and funds pumped back into the community, through taxes and the Jockey Club's charitable donations. But there are also valid concerns the move might encourage problem gambling, especially among young people. These must be taken seriously.
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