Sports – 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..

January 21, 2025

Casinos, pro sports team can create meaningful synergy

In Washington DC or downtown Phoenix, sports fans can get a double whammy – go to a game and visit a casino. In Dallas, Miriam Adelson and Mark Cuban are hoping to create the same sort of destination. The model is good for both parties, said speakers at an ICE panel on Monday (20 January).

Adam Sachs, counsel and senior policy advisor for Dentons, joined Brendan Bussmann of B Global Advisors to discuss the issue. The panel was entitled ‘From Sin City to Sport Central: Creating an Intercommercial Gaming Ecosystem’.

“Having a casino connected with professional sports… I think we all help each other,” said Sachs, whose law firm works with professional sports teams and gambling companies. “It’s all fan engagement or consumer engagement. We tend to bring each other to a destination. It’s also good for the economies.”

Sachs maintained that he believes that more is better. While it might seem like having a casino or sportsbook in or next to a sports venue could be at cross purposes, the ..

December 3, 2024

Experts: Legal obstacles stifle Vietnam sports betting

Vietnamese sports bettors gamble billions of dollars a year, but most of the revenue goes to overseas operators. Experts say the market is ripe for development if the government amends a 2017 decree.

Vietnam could grow a lucrative sports betting industry, given more favourable regulations. That was the consensus of business and financial experts at a 28 November seminar, hosted by The Investor and Vietnam’s Association of Foreign Invested Enterprises (VAFIE).

Decree 6: Cumbersome, unclear and ineffective

According to the Tuoi Tre News, the conversation centred on Decree 6, implemented in Vietnam in 2017. The legislation ostensibly opened the door to legal betting on horse races, greyhound races and international football. It also laid out a framework for sports betting operators.

But speakers at the Hanoi seminar said the rules are vague, prohibitive and out of step with the times.

For gamblers, Decree 6 limits legal gambling to 20 pilot jurisdictions in Vietnam and caps bets at ..

October 31, 2024

This weekend’s Breeder’s Cup truly a global event; Japan enters a record 19 horses

In the mid-1980s, Kentucky horseman John Gaines established the Breeder’s Cup as an international thoroughbred race. More than 40 years later, the event is living up to the vision.

Horses from nine countries and five continents will compete in the Breeder’s Cup, 1-2 November, at Del Mar in California. Horses and trainers from Argentina, Canada, Chile, France, Ireland, Japan, the UK and US all return. South Africa will compete for the first time.

But Japan dominates the field, with a total of 19 entrants. Forever Young from Hokkaido’s Northern Farm is among the contenders to win Saturday’s $7 million (£5.4 million/€6.4 million) Longines Classic, along with Irish-trained City of Troy and US favourites Fierceness and Next.

Japan contingent “exceeded expectations”

In 2021, Japan sent eight horses to Del Mar and came away with two trophies: Loves Only You in the Filly & Mare Turf and Marche Lorraine in the Distaff. That momentum is now a tsunami.

The volume and diversity of Japanese en..

September 12, 2024

Chinese Football Association bans 43 players, officials for match-fixing

The Chinese Football Association (CFA) has imposed lifetime bans on 38 soccer players and five club bosses accused of gambling and match-fixing. A two-year probe found that 120 matches were compromised.
In comments on Tuesday (10 September), Zhang Xiaopeng of the Chinese ministry for public security said the investigation “uncovered a series of online gambling, match-fixing and bribery cases”. They involved 128 suspects and 41 clubs.

Who’s involved?

Among those banned for life are midfielder Jin Jingdao, forward Guo Tianyu and goalkeeper Gu Chao, all of China. They can no longer take part in football or football-related activities. Seventeen others received five-year bans.

In a press conference on Wednesday, South Korea’s Son Jun-Ho protested his innocence. A tearful Son said he was “dumbfounded” by the “ridiculous charges”.

“They threatened that if I didn’t admit to the charges, my wife would be arrested,” he declared. “I said I hadn’t done anything like that.”

China targets spor..

April 12, 2024

Feds say Ohtani “considered a victim” and interpreter stole $16m from star for gambling debts

In an affidavit filed in the US District Court for the Central District of California on Thursday (11 April), IRS criminal investigator Chris Seymour revealed that baseball star Shohei Ohtani's former interpreter Ippei Mizuhara fraudulently transferred $16m from the baseball player's account to an illegal bookmaker over the span of 26 months.

According to the affidavit, Mizuhara texted the bookmaker, “Technically I did steal from him. It’s all over for me,” on the day the story first broke.

According to the New York Times, Mizuhara is negotiating for a plea deal.

Throughout the affidavit, Ohtani is referred to as “Victim A” and, in a press conference, US Attorney Martin Estrada said “Mr Ohtani is considered a victim in this case.” Major League Baseball released a statement saying that it “will wait until resolution of the criminal proceeding to determine whether further investigation is warranted”.

Since the story broke 20 March, Ohtani, the two-way Japanese baseball sta..

November 11, 2022

The US midterms and what they mean for the industry

This year’s US midterm elections have plenty riding on them for the industry.

iGB has put together a panel of experts to discuss the fallout for US sports betting, online casino and land-based gaming.

California dreaming

A clash of the titans in California looks set to end in disappointment for both sides. There’s still much to discuss, namely whether an immovable force and an unstoppable object can reconcile after a bruising campaign. And more importantly, when will legal betting actually come to the Golden State?

State elections to watch

Developments in several state legislatures could also have a game-changing impact for US gaming regulation. Sports betting and casino hangs in the balance in Georgia, while Minnesota candidate Scott Jensen has voiced support for legal wagering.

Then in Oklahoma, governor Kevin Stitt may have his second term denied by disputes over tribal gaming.

That’s not even mentioning potential developments in Kentucky, Missouri and Virginia. In a number o..

November 2, 2022

BetDex launches first regulated blockchain betting exchange

The BetDex Exchange – created by FanDuel founder Nigel Eccles – has announced that it has been licensed and regulated by the Isle of Man Gambling Supervision Commission, making it the first regulated blockchain betting exchange.

The operator has received licensed approval for all kinds of online gaming, including online sports betting, under the Isle of Man Online Gambling Regulation Act.

Former FanDuel executives Varun Sudhakar, Stuart Tonner and Nigel Eccles serve as CEO, CTO and chairman of the new business, which they founded just over a year ago. Soon after founding, BetDex announced an initial investment round, raising $21m.

Varun Sudhakar, CEO and co-founder of BetDex said: “Today’s news is an exciting step forward for the BetDex Exchange. With the licensing and regulatory approval, BetDex now boasts the first fully-regulated sports betting platform in the Web3 space, and we’re excited to welcome bettors from approved regions.”

Abby Kimber, head of egaming with the Isle of M..

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Tag: Sports