Hong Kong authorities have proposed a 50 per cent duty on the operators’ net betting profits from basketball gambling, while a public consultation found that 94 per cent of respondents supported legalising such activities. In a paper submitted to the Legislative Council on Thursday, the government said that the existing calculation and collection methods for…
Nestled among shops selling furniture and traditional Chinese medicine in Vancouver’s Chinatown is a curious-looking storefront on Main Street. The shop sign reads “Happy Valley Turf Club”, calling to mind the Hong Kong neighbourhood of the same name that is known for its racecourse. The shop, as it turns out, is not a shop at…
Hong Kong lawmakers have urged officials to use a projected HK$1.5 billion (US$193 million) in extra tax revenue from legalising basketball betting to develop local sports, as they gave an initial nod to a government plan to allow gambling on overseas games. Home affairs minister Alice Mak Mei-kuen on Monday reiterated that the move was…
Hong Kong lawmakers have urged officials to use a projected HK$1.5 billion (US$193 million) in extra tax revenue from legalising basketball betting to develop local sports, as they gave an initial nod to a government plan to allow gambling on overseas games. Home affairs minister Alice Mak Mei-kuen on Monday reiterated that the move was…
Hong Kong authorities should use revenue from the legalisation of basketball betting to set up a fund for sports development and boost counselling services for gambling addicts, a leading think tank and an NGO have proposed. The city’s largest think tank Our Hong Kong Foundation on Friday urged the government to inject earnings from basketball…
If you build it, they will come – to paraphrase the iconic line from the film Field of Dreams. That may have worked for Ray Kinsella, played by Kevin Costner, but Hong Kong has a bigger dream and a far greater opportunity with the launch of Kai Tak Sports Park. This landmark sports and entertainment…
The arguments for allowing legal betting on basketball are much the same as those for legalising football betting in 2003. Then, expansion of legal gambling beyond horse racing and Mark Six was justified to combat thriving illegal operations, which is now the case with rogue betting on basketball. The latter now turns over up to…
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Legalising basketball betting could add HK$2 billion (US$257.2 million) in duties to government coffers annually, Hong Kong’s finance chief has said, although observers have raised concerns about the promotion of gambling and related youth problems. Financial Secretary Paul Chan Mo-po revealed in his annual budget speech on Wednesday that the government had invited the Hong…
Hong Kong bettors already wager a huge amount on basketball with illegal sportsbooks. The Chinese SAR is reportedly considering legalising the bets to help plug a budget shortfall. An “insider” last week told the South China Morning Post that Hong Kong’s 2024-25 budget, to be released tomorrow (26 February), may include a plan for legal…