Chan is set to deliver his annual budget on Wednesday. He’s expected to strike a balance between boosting sluggish econmic growth and cutting spending to narrow a fiscal deficit just under HK$100 billion ($17.18 billion).
The coming budget “aims to maintain and improve people’s livelihood services while strictly controlling public expenditure; appropriately raising revenue while taking into account Hong Kong’s competitiveness”, Chan said in his blog over the weekend.
Authorities currently charge as much as 75% duty on the net proceeds from betting on horse races and 50% for football matches. The sports each generated nearly HK$13 billion in tax income last year, according to the Hong Kong Jockey Club, the city’s only gambling operator.
Winfried Engelbrecht-Bresges, CEO of HKJC, has advocated for legalising basketball betting. Such a move could potentially generate a turnover of HK$52.5 billion, he told the Standard newspaper last year.
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In comparison, football betting revenue totalled HK$160 billion in 2024.
