Hong Kong Jockey Club: Welcome the government to study regulating basketball betting, and will submit detailed proposals in the near term.

Hong Kong Financial Secretary Paul Chan Mo-po proposed in a new budget that it is actively exploring regulating basketball betting activities to combat illegal gambling activities, and will invite the Hong Kong Jockey Club to submit proposals. The Club welcomes this and will submit detailed proposals to the Hong Kong government in the short term, with hopes to implement the policy as soon as possible. The Hong Kong Jockey Club pointed out that illegal basketball gambling leads to serious social issues such as loan-sharking and enticing minors to gamble. According to the Club's assessment, the amount of illegal basketball gambling bets last year reached approximately HK$70-90 billion. Regulating basketball betting will effectively curb the growth trend of illegal gambling, support the government's efforts to combat illegal gambling, and also help the Club provide important charitable donations, continue to give back to society, and bring in important tax revenue for the government, in line with the public interest. In addition, Hong Kong legislator Holden Chow from the sports, entertainment, culture, and publishing sectors stated that there is a huge demand for basketball betting activities among citizens, which can currently only be met through illegal channels. It is necessary to regulate basketball betting, combat illegal offshore gambling, and bring gambling revenue back into the legal market. He estimates that this could bring in at least an additional HK$1.5-2 billion in annual gambling tax revenue for the government. The Jockey Club can submit proposal plans in the short term and hopes that the Hong Kong government will start public consultations and legislative procedures soon, with confidence that relevant gambling projects can be launched before the start of the NBA season next year.