Hong Kong Jockey Club – FairOdds Network

March 3, 2025

Hong Kong could legalise hoops betting by next NBA season

The government of Hong Kong is inching closer to legal betting on NBA basketball. Punters may be able to bet on the upcoming season, which begins in October.

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 spe..

February 25, 2025

Faced with a huge budget deficit, Hong Kong may legalise basketball bets

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 wagers on basketball.

Support for legal hoops betting in Hong Kong is apparently on the rise as a way to generate tax revenue and also stamp out black-market operations.

The move would help the Chinese special administrative region (SAR) address a whopping budget deficit of more than HK$100 billion (£101.6 million/€122.5 million/$128.6 million) for the year. That’s more than twice the figure projected at the start of 2024.

PwC Hong Kong reports that the SAR government will have fiscal reserves of HK$639.8 billion at the end of March, enough to cover just 10 months of total government expenditures.

Reaping new revenue

Hong Kong bettors can alread..

July 18, 2023

HKJC betting turnover reaches HK$141.1bn in 2022-23 season

Turnover in the Hong Kong Jockey Club's 2022-23 season grew 0.5% year-on-year to HK141.10bn (£13.78bn/€16.03bn/US$18.05bn) as the contribution from international turnover and commingled pools offset local declines.

The Hong Kong Jockey Club’s (HKJC) 2022-23 campaign featured a total of 88 meetings and comprised 835 Hong Kong races and 299 overseas simulcast races.

The increase in turnover, HKJC said, was down to the rising popularity of simulcast races. Turnover from betting on simulcast events jumped 12.5% year-on-year to $11.80bn.

Most simulcast turnover came from customers in Hong Kong, with this rising by 11.3% to $10.50bn. Turnover from the HKJC’s World Pool overseas customers and partners was also up 23.0% to $1.30bn.

While local racing in Hong Kong remained by far the primary source of turnover, contributing $129.30bn, this was 0.5% lower than the previous season.

Of the local racing total, $104.00bn came from consumers in Hong Kong, while $25.39bn was generated by co..

January 27, 2023

HKJC blasts proposal to increase football betting duty to 80%

The Hong Kong Jockey Club (HKJC) has hit out at a proposal from the New People’s Party (NPP) to increase the region’s football betting duty by an additional 30%, saying the plan lacks “understanding”.

The current rate is set at 50% on net stake receipts, but the NPP proposal would increase this to 80%, which in turn would mean the HKJC would have to pay significantly more tax.

The HKJC estimated that if the duty change were to be approved, the amount it pays in tax would jump from the current HK$25.00bn (£2.58bn/€2.94bn/US$3.19bn) to HK$31.00bn, while revenue would fall from HK15.00bn to HK$9.00bn, a decline of 40%.

“It will result in a zero surplus at best or more likely a negative one, preventing the club from making necessary investments to secure its future and from contributing to the community,” the HKJC said.

“In reality, however, consumer behaviour can be highly dynamic. Any perturbation such as a tax increase, or simply the perception of such, could easily result in a dis..

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Tag: Hong Kong Jockey Club