HKJC calls for 50 pc basketball betting duty, aims for legislation by Sep: sources

The Hong Kong Jockey Club (HKJC) has expressed support for the regulation of basketball betting and is pushing for legislation to be modeled after football betting, with hopes for a Third Reading by September, according to sources.

Following the recent budget announcement, which included plans to explore the regulation of basketball betting, the HKJC was invited to submit their suggestions on the matter. 

Sources have stated that the club today had already communicated with the Home and Youth Affairs Bureau, which formulates gambling policies, endorsing the government's approach and suggesting a 50 percent tax rate on net betting revenue, similar to that for football.

Sources also added that preliminary discussions between the government and the HKJC have taken place to align views on this matter. 

The sources added that since the legalization of football betting in 2003, this model has been effective and well-received, leading to suggestions that a similar framework could be applied to basketball. 

The HKJC is aiming to finalize the legislation within this legislative year, with the initiation of basketball betting targeted for September contingent on the setup of a new computer system and other necessary infrastructure, according to sources.

Sources also highlighted the urgency of passing the legislation within the year to prevent delays that could affect the sports season and slow tax revenue, which could help alleviate the government's financial pressures.

The sources pointed out that only after receiving approval from the Executive Council will it then be presented in the Legislative Council for amendments and ultimately for securing a license that details the events and betting practices, allowing the club to start their work on the matter.

The HKJC, in line with government plans and aware of various external betting options, prioritizes public interest and intends to maintain responsible gambling practices akin to those used in football betting, the sources added.