Hong Kong Jockey Club shoots for basketball betting to be legalised by September

The Hong Kong Jockey Club is in discussion with authorities for basketball betting to be legalised as soon as September, so gamblers will be able to place bets on the next National Basketball Association (NBA) season, the Post has learned.

But it would take another three to four years before basketball betting could rake in HK$1.5 billion (US$192.9 million) in tax revenues per year, a source said, adding that gambling would only be available online and not at the club’s betting outlets.

The revelation came two days after Financial Secretary Paul Chan Mo-po announced in his budget speech that the government was considering legalising basketball betting to tackle illegal gambling, and the Jockey Club, which hosts betting on horse racing and football matches, said it would submit a proposal.

Hong Kong recorded a fiscal deficit of HK$87.2 billion for the 2024-25 financial year. The Jockey Club estimated that the turnover for illegal basketball betting reached HK$70 billion to HK$90 billion last year.

The insider said the club met government officials on Friday morning to discuss the issue of legalising basketball betting.

The source said that if the bill were to be passed before the Legislative Council’s term ended in September, residents would be able to place their first basketball bets for next year’s NBA season, which usually starts in October.