The Hong Kong Jockey Club will pay the government around HK$1.5 billion in basketball betting duty per year if the turnover for basketball betting reaches around HK$28 billion a year, the government said in a paper tabled at the Legislative Council.
The government stated that while the legalization of basketball betting in the city is not intended to generate government revenue, it is expected that the move will increase betting turnover and generate additional betting duties.
"The HKJC anticipates that it will take a few years to successfully divert a portion of the basketball betting demand to the regulated market," the government wrote.
The amendment bill will also increase the maximum number of non-local races being simulcast on local race days per season from the existing 25 to 40 races for the 2025/26 racing season and from 40 to 55 races from the 2026/27 racing season.
It will also increase the maximum number of non-local races being simulcast on non-local race days from the existing 37 to 53 days for the 2025/26 racing season, and from 53 to 70 days from the 2026/27 racing season.
The government said the increase in simulcast race days will generate around HK$1.82 billion on additional betting duty in total from 2025/26 to 2028/29 racing season.
"On economic implications, the proposals will help divert some basketball and non-local horse racing betting activities from illegal bookmakers to the authorized channels," the government said.
"This may help lower the economic costs associated with problem gambling, increase employment opportunities at HKJC and bring in additional fiscal resources to benefit the community at large," it added.
The government will gazette the amendment bill on Friday (Jun 20) and begin its first and second reading at the Legislative Council on July 2.
