Amid a widening fiscal deficit, Hong Kong is looking to legalize more sports betting, and pro-legalization voices are getting louder. The government is reviewing a budget proposal that would broaden the already partially legalized domain of sports betting to also cover basketball, snooker, and tennis. This decision is made by policymakers to find new sources of funding for the city, which is facing financial problems and it is also to minimize gambling problems and social impact.
Nowadays, horse racing and football are the only sports that are legally betting on in Hong Kong, which is run by the Hong Kong Jockey Club. The likely extension of the market, besides being beneficial to the club’s new ways of generating more tax money, has actually opened up the market to other operators. Advocates claim that legalizing and monitoring these extra sports betting options will not only reduce the incidence of the illegal gambling market but will also bring economic growth to the city.
However, the motion has provoked a row between the lawmakers, the experts in the domain, and community groups. Supporters attest to the expansion of the city and the possibility of taking some blanks away from the informal sector as the main advantages of the proposal. Yet the other side, namely, the critics, argue that the new options will have a social cost that might include, for instance, addiction and will be a risk for the unprivileged.
The analysis of the government’s budget proposal is indicative of the increased interest of different countries in sports betting and internet gambling. The main current predicament is balancing the economic gain that comes along with it with the social aspects and technological control. The results of the debate on this topic will probably have enormous effects on the city’s financial policy and the future of sports betting future in the area.
