The Hong Kong Jockey Club (HKJC) is hopeful that legislation to legalize basketball betting in the SAR could be passed as early as September of this year.
This comes after Hong Kong’s Financial Secretary expressed openness to pursuing the new revenue stream, aimed at propping up the city’s financials and addressing its growing fiscal deficit.
According to sources cited by RTHK, the HKJC has already submitted a proposal framework and met with government officials last Friday.
The expected framework for basketball betting would follow that of football betting that the HKJC already runs, involving a 50 percent duty from net betting revenue.
This could bring in as much as HK$30 billion ($3.86 billion) per year, by drawing away 30-40 percent of illegal betting turnover in the SAR.
Sources cited by the publication indicate that investment of HK$1 billion-HK$2 billion ($129 million-$257 million) would be required for infrastructure – including a new computer system that could be rolled out by 2026 or 2027.
The government could also generate as much as HK$1.5 billion ($193 million) in yearly tax revenue after four years.
