The government of Hong Kong will review a submission to allow sports wagering on basketball, snooker, and tennis.
The proposal forms part of 19 recommendations submitted by the statutory advisory council of Heung Yee Kuk (HYK) for Financial Secretary Paul Chan Mo-po to review as a new inclusion in Hong Kong’s budget.
Established in 1926, HYK serves as the longest-standing policy advisory body for the governance of Hong Kong and the constitution of the New Territories.
The recommendation to expand sports wagering has been endorsed by HYK chair Kenneth Lau, who believes that the Hong Kong Treasury must adopt new measures to improve revenue generation for rural areas.
HYK’s proposal has sparked controversy, as Lau favours the establishment of a new state-owned sports betting franchise to expand wagering on a wider range of sports.
HYK’s proposal calls on the government to “invite public bidding for its franchise option” to create a new venture that could generate multi-billion-dollar additional state funding for Hong Kong and the New Territories.
Hong Kong’s gambling legislation is governed by The Gambling Ordinance of 1977, which established the charter for the Hong Kong Jockey Club (HKJC) to develop the Happy Valley Racecourse.
The Gambling Ordinance, which was revised in 1997, dictates that HKJC maintains monopoly privileges to offer betting on horseracing, football, and Mark-6 lottery draws.
HKJC has previously called on the government to expand its wagering privileges to a wider range of sports, citing a yearly revenue loss of HK$14 to HK$15 billion (€1.8bn to €2bn) to black market operators targeting Hong Kong consumers.
In 2025, HKJC will enter negotiations with the Hong Kong government regarding taxes generated from its wagering contracts, following tax hikes implemented by the former administration of Regina Ip.
For the financial year 2023/2024, HKJC contributed HK$40.1 billion (£3.9 billion) in tax revenue, despite its business being impacted by reduced turnover.
The board of HKJC maintains that no further tax increases should be applied to its services, which are already taxed at peak rates, including: Horseracing revenues at 75%, Football betting at 50% on net proceeds
and the Mark Six lottery at 25% of turnover
Further proposals by HYK include the development of the Northern Metropolis, specifically the construction of a racing circuit to host Formula One and other major racing events, aiming to attract foreign and mainland tourists.
Additionally, the plan includes establishing a tourism resource centre and recruiting villagers as tourism ambassadors to promote traditional village culture.
