HK Financial Secretary dismisses idea of legalizing basketball betting

Paul Chan Mo-po, Hong Kong’s Financial Secretary, has reportedly rejected the idea of legalizing basketball betting in the area, according to the South China Morning Post.

Basketball betting has been suggested by a number of political groups as a means of reducing illegal gaming and boosting government revenue.

Speaking with reluctance, Chan said, “I’m reluctant to legalize more gaming to produce government money. He voiced concerns about the effect on youth and the notion that the government is desperate to make money from gaming but lacks resources.

The Hong Kong Jockey Club supported the proposal, pointing out that in order to compete with illegal bookmakers, there should be additional betting options.

Among the groups advocating for the legalization of basketball betting was the Democratic Alliance for the Betterment and Progress of Hong Kong. Party member Frankie Ngan Man-yu suggested adding basketball to the Jockey Club’s lineup of offerings. This would provide fans of the sport a legitimate avenue to wager on games and reduce their reliance on illegal gaming in a regulated manner.

In other Asian gaming news, gamers can now create and manage fantasy cricket teams, devise strategies, and compete for cash prizes with the launch of Jade Fantasy Cricket in Sri Lanka.

Original story by: Gambling Insider