Hong Kong stocks drop against regional gains
The Hang Seng Index fell 127 points, or 0.55 percent, to 23,254 points at midday. SING TAO
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1880 Hong Kong members offered alternative club, but ‘not what we signed up for'
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Hong Kong proposes 50% duty on net profits from basketball betting
Hong Kong authorities have proposed a 50 per cent duty on the operators' net betting profits from basketball gambling, while a public consultation found that 94 per cent of respondents supported legalising such activities. In a paper submitted to the Legislative Council on Thursday, the government said that the existing calculation and collection methods for football betting tax could be adopted for basketball gambling as one of the amendments to the Betting Duty Ordinance. The duty on football betting is levied at 50 per cent of the net stake receipts. 'The government's policy is not to encourage gambling. We adopt a multipronged approach targeting illegal betting. Law enforcement and strengthening efforts in it are our foremost measures,' Secretary for Home and Youth Affairs Alice Mak Mei-kuen said. 'Another measure will be promotion, education and counselling services. The last resort is when illegal gambling activities have become rampant; we need a limited and legal channel to divert illegal gambling activities into legal betting.' The proposal will be discussed at a meeting of Legco's home affairs, culture and sports panel on Monday. Authorities earlier proposed establishing a regulatory regime for basketball betting by modelling it on the existing one for football wagering. The Hong Kong Jockey Club's latest assessment showed that illegal basketball betting turnover reached HK$70 billion to HK$90 billion last year.
