Hong Kong's Financial Secretary, Paul Chan Mo-po, is set to deliver the latest Budget on Wednesday (Feb. 26). Sources indicate that the government may announce plans to legalize basketball betting and provide details on the proposal.
According to sources, the Hong Kong Jockey Club could be permitted to introduce basketball betting later this year. The initiative aims to curb illegal offshore basketball gambling while generating an estimated HK$1.5 billion in annual gambling tax revenue for the government. The proposal is expected to be submitted to the Betting and Lotteries Commission for review in March.
However, sources also noted that the relevant authorities have long been cautious about expanding gambling options. The government is reportedly reluctant to open up betting solely to address fiscal challenges. Even if approved, the Jockey Club would require several years to prepare before launching basketball betting operations.
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