The Hong Kong government’s public consultation on the regulation of basketball betting presents a critical opportunity to update gambling oversight and establish stronger protections for vulnerable populations.
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The consultation, which ends on May 2, comes at a time when illegal basketball betting has reached an alarming HK$90 billion in annual turnover. While legalising gambling on basketball could generate HK$2 billion in revenue, this consultation should open a much-needed dialogue on gambling.
Hong Kong last conducted a comprehensive public consultation on gambling activities in 2001, which led to the Betting Duty (Amendment) Bill in 2003 and the current regulatory framework for football betting.
In the intervening years, digital technology, the financial system and societal attitudes toward corporate responsibility and sustainability have evolved dramatically, while our gambling regulations have remained largely unchanged.
The government’s proposal to model basketball betting regulation on the existing football betting regime may provide consistency, but it also risks perpetuating outdated governance structures that fail to reflect contemporary standards on corporate accountability.
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The Hong Kong Jockey Club, which is in talks to take basketball bets, is in a privileged position as the sole operator of legal betting services in Hong Kong. This monopoly status confers not only substantial economic benefits but also great responsibility.