This unprecedented step, as reported by local media, aims to bolster government revenues against a projected deficit of nearly HK$100 billion (MOP102.45 billion/US$12.87 billion), with as much as HK$1.5 billion in taxes expected from such betting activities.

An insider told the South China Morning Post that the Hong Kong Jockey Club could be allowed to broaden betting options to cover basketball games.

Under Hong Kong law, the currently legal gambling activities include horse racing, football betting, the Mark Six lottery, as well as licensed mahjong parlours.

According to HK01, there is a high likelihood that basketball betting will be given the green light this year.

Even if approved, it would take the Hong Kong Jockey Club several years to prepare for the launch of basketball betting.

Financial Secretary Paul Chan is due to deliver a new budget on Wednesday with a focus on fiscal consolidation strategies.

Chan has, on many previous occasions, expressed reservations about introducing basketball betting, saying doing so could encourage gambling among the younger generation – a message he would like to avoid.

Moreover, legalising such activities will help curb illegal betting, redirecting funds into legal and regulated channels. It is estimated that illegal bookmakers earn around HK$15 billion in profits.

In an interview with HK01, Hong Kong legislator Kenneth Fok said that 40 per cent of participants in illicit basketball betting were aged 30 or younger – estimated to be up to 60,000 gamblers.

He added that it had the potential to bring in HK$1.5 billion to HK$2 billion in public revenue.

Mainland China introduced basketball gambling in 2009, while Macau started such betting as early as 2000, he said, adding that strict regulations have since been implemented to reduce gambling addiction.

Fok said, “Under an agreement with Sands China, NBA games will return to Macau. It will intensify illegal basketball betting among Hong Kong residents, making the issue more urgent.”

The National Basketball Association has entered into a five-year partnership with the casino operator, with two pre-season games scheduled to take place annually.

Macau’s Gaming Inspection and Coordination Bureau reported MOP2.3 billion in basketball bets for 2024.