Hong Kong’s 2024-25 budget, released 26 February, included a proposal for legal wagers on the sport.
A similar proposal failed to gain traction in the 2024 legislative session. But this year, the odds may be in its favour for financial reasons.
The Chinese special administrative region (SAR) faces a budget deficit of more than HK$100 billion (£102 million/€124 million/$128.6 million). That’s more than twice the shortfall projected at the start of 2024.
Hong Kong’s economy grew 2.5% in 2024, down from 3.2% in 2023. Trade tensions with the United States could deepen the SAR’s fiscal crisis. In response, the cash-strapped government is laying off tens of thousands of civil servants and searching for new sources of revenue. An expanded gaming industry could help.
Tapping a billion-dollar revenue stream
In his annual budget speech on 26 February, Hong Kong finance secretary Paul Chan said legal hoops betting could eventually add HK$1.5 billion per year to government coffers.
It would also “combat illegal betting activities in an effective manner”. Turnover for underground sportsbooks were estimated at HK$70 billion to HK$90 billion last year.
Hong Kong bettors may now legally wager on horse racing, football matches and public lotteries, all run by the Hong Kong Jockey Club. The HKJC will soon submit a proposal to add NBA betting.
The South China Morning Post reports that the deal could be done as early as September. The 2025-26 NBA season begins in mid-October.
Activist group: more sports betting “disastrous”
Critics of the plan are already warning about the potential risks of legal sports betting, especially the potential for addiction.
In a statement issued yesterday, the Hong Kong Committee on Children’s Rights called the government proposal a “disastrous move” that could glamourise sports betting and make it more accessible to vulnerable populations, including the young.
“We must not take gambling problems too lightly and underestimate the bad effects of gambling on children and youngsters,” the group wrote. “Once the scope of legalised gambling is expanded, another wave of expansion will be inevitable.”
According to the Hong Kong Free Press, the government will call for a public-comment period before legalising the bets. If the measure is approved, sports bettors would reportedly be restricted to online bets only.
Original article: https://igamingbusiness.com/esports/sports/hong-kong-could-legalise-hoops-betting-by-next-nba-season/
