Latest news with #BettingDutyOrdinance
HKFP
4 days ago
- Business
- HKFP
Hong Kong hails ‘overwhelming support' for legalising basketball betting, proposes 50% levy on profits
The Hong Kong government has hailed 'overwhelming support' from scholars, athletes, and youth groups for its plan to legalise basketball betting in the city, following the conclusion of a one-month public consultation last month. Ninety-four per cent of the 1,063 submissions received by the government between April and May 'expressed support or positive views' on the proposal to regulate basketball betting under the Betting Duty Ordinance, according to a paper submitted by the Home and Youth Affairs Bureau to the Legislative Council on Thursday. Those who supported the legal amendment said public demand for basketball betting has 'increased significantly,' and a regulatory regime can protect bettors' rights and interests. The government proposed in April to amend the ordinance to grant the Secretary for Home and Youth Affairs the power to issue a basketball betting license to the Hong Kong Jockey Club (HKJC). The regulatory regime will mirror the existing one for football betting, the government said. In the paper released on Thursday, the government proposed imposing a 50 per cent levy on the net profits from basketball betting. Citing responses from supporters of the legislative proposal, the government said the HKJC may donate its additional revenue to welfare and charitable purposes. The tax revenue generated may also help the government allocate more resources on social welfare, supporters said, according to the government. Financial Secretary Paul Chan first unveiled the government's intention to regulate basketball betting during his 2025 budget speech in February. He said the legalisation could tackle illegal gambling and raise tax revenue amid the city's estimated deficit of HK$87.2 billion. The finance chief projected that regulating basketball betting could generate HK$1.5 billion to HK$2 billion in tax revenue. The government acknowledged on Thursday that 36 submissions – or 3.4 per cent of the responses collected – opposed the proposal. Those who objected raised concerns about the adverse impact of basketball betting on the youth, adding illegal gambling still existed after football betting was legalised. Responding to the concerns, the government said in the paper that the impact of betting activities on young people has been 'steady' in recent years. The proportion of bettors aged between 18 and 21 also 'consistently remained below two per cent,' the government said quoting the HKJC. Some suggested the government to prohibit individuals aged between 18 and 25 from placing bets online, while others proposed imposing restrictions on the amount and number of bets that can be placed by young people. The paper submitted on Thursday is set to be discussed by lawmakers on the Legislative Council's Panel on Home Affairs, Culture and Sports on Monday. 'Disastrous move' In February, the Hong Kong Committee on Children's Rights criticised the government's plan to regulate basketball betting, saying that giving a green light to basketball betting was a 'disastrous move.' The group said popularising sports betting could 'lure' young people to bet with their limited financial resources that should otherwise go to other needs. Gambling loss may also result in psychological pressure and guilt, which may deter individuals from seeking help, it said, warning that gamblers could enter a 'vicious cycle' where they turn to lending agencies or engage in criminal activities.
South China Morning Post
14-04-2025
- Business
- South China Morning Post
Use tax revenue from basketball betting to fund Hong Kong sports, lawmakers say
Hong Kong lawmakers have urged officials to use a projected HK$1.5 billion (US$193 million) in extra tax revenue from legalising basketball betting to develop local sports, as they gave an initial nod to a government plan to allow gambling on overseas games. Advertisement Home affairs minister Alice Mak Mei-kuen on Monday reiterated that the move was not to encourage gambling but rather to regulate basketball betting as a way to claw back up to HK$90 billion in turnover estimated to have been lost to illegal gambling operators. Mak told a Legislative Council panel meeting that her team was aware of the rising popularity of illegal basketball betting in recent years. 'To combat such illegal activities in an effective manner, we are exploring regulating basketball betting activities,' she said. 'The proposed regulatory regime for basketball betting will be modelled on the existing one for football betting.' Advertisement The government is seeking to amend the Betting Duty Ordinance to issue a licence to the Hong Kong Jockey Club, the city's sole betting operator, to manage basketball gambling.
