Macau Slot plays down potential impact of Hong Kong basketball betting
The operator said the legislation is unlikely to affect core operations in the short term.
Macau.- Macau Slot, the only licensed sports betting operator in Macau, says it does not expect Hong Kong’s move to regulate basketball betting to affect its business. Harry Lan, chief betting officer at Macau Slot, addressed the issue when questioned by the media at a press conference on a partnership with M Plus Sport Media and Macau Cable TV to broadcast football matches.
He said: “Concerning the possible basketball betting legalisation in Hong Kong, we do not foresee any immediate impact on our results.” He added, “Nearly 90 per cent of our business is generated by local customers, so the new law is unlikely to affect our core operations in the short term.”
He said football dominates sports betting in Macau with around 60 per cent of the market, while basketball accounts for the remaining 40 per cent.
If passed, the proposal to legalise sports betting on basketball in Hong Kong would amend the Betting Duty Ordinance (Cap. 108) and its subsidiary legislation to establish a legal structure for basketball betting. The secretary for home affairs and youth affairs would have the authority to issue basketball betting licences.
The document proposes a 50 per cent tax on net profits from basketball betting in a system similar to the existing model for football betting. The Hong Kong Jockey Club is expected to be the sole licensee, operating under conditions similar to those governing horse racing and football betting.
The Hong Kong Jockey Club estimates that, once the market matures, annual turnover from authorised basketball betting could reach HK$28bn (US$3.57bn), generating around HK$1.5bn (US$191m) in duty each year.
A survey conducted by the government found that 94 per cent of respondents were in favour of legalising sports betting on basketball while only 3.4 per cent were opposed.
