Hong Kong could be getting closer to legalizing betting on NBA games. If approved, fans might be able to place their bets just in time for the new season starting in October.
In his recent budget speech, Finance Secretary Paul Chan reportedly asked the Hong Kong Jockey Club to submit proposals for expanding sports gambling to include basketball, aiming to curb illegal betting.
Insiders say the transition could be as simple as swapping the word “football” for “basketball” in existing regulations. If all goes smoothly, the proposal will go through a three-month legislative review, followed by about a year of system development, just in time for the NBA pre-season in late September and the regular season in October.
According to the South China Morning Post, legalizing basketball betting could make a major dent in the underground market, which was worth an estimated HK$70 billion ($9 billion) to HK$90 billion ($11.6 billion) last year.
The government stands to gain HK$1.5 billion to HK$2 billion in annual tax revenue, though initial investments of HK$1 billion ($193 million) to HK$2 billion ($257 million) mean it might take about four years before those tax benefits fully kick in.
NBA betting criticized by Hong Kong rights groups
Not everyone is on board with Hong Kong’s push to legalize basketball betting. On Thursday (Feb. 27), the Hong Kong Committee on Children’s Rights strongly criticized the plan, calling it a “disastrous move” and warning that it could be the “first step towards broader legalization.”
The group stressed that gambling policy is a “sensitive issue” that needs to be approached carefully, arguing that the potential social costs, like gambling addiction and its impact on families, could outweigh any financial gains from lottery tax revenue.
The statement, which was posted on Facebook, added: “We must not take gambling problems too lightly and underestimate the bad effects of gambling on children and youngsters. Once the scope of legalized gambling is expanded, another wave of expansion will be inevitable.”
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