HKJC proposes to introduce new betting options

To counter the growing influence of illegal bookmakers, the Hong Kong Jockey Club (HKJC) has suggested to the government of the Special Administrative Region (SAR) that it be permitted to include more betting options into its operations.

This proposal, which was filed before of Wednesday’s budget announcement, aims to increase the HKJC’s operational flexibility and competitiveness in response to the growing prevalence of illegal gambling in recent years.

The HKJC contends that offering additional betting options that shift demand from illegal off-course betting to legal channels is one efficient strategy for combating illicit gaming. The club believes that this would aid the government in trying to stop illegal gambling, which is said to bring in over HK$15 billion ($1.9 billion) annually from residents of Hong Kong for a range of sports, such as football, tennis, and basketball.

As a result, the Home and Youth Affairs Bureau acknowledged the necessity for gaming regulations in addition to tackling associated social issues, although it is against gambling. A decision about this recommendation, meanwhile, may not be made public at Wednesday’s budget release since the bureau needs time to examine and discuss the HKJC’s plan.

The HKJC had a record turnover of around HK$304.8 billion ($38.9 billion) during the 2022–2023 season. AGB reports that a politician from Hong Kong suggested last year adding new sports betting options to the SAR, such as the NBA and F1, increasing the number of football betting licenses, and raising the levy on the betting activities of the HKJC.

Original story by: Asia Gaming Brief