Jockey Club in Hong Kong ready to embrace NBA betting pending gov’t approval

Jenny Ortiz March 15, 2024

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Jockey Club in Hong Kong ready to embrace NBA betting pending gov’t approval

Winfried Engelbrecht-Bresges, the Chief Executive of the Hong Kong Jockey Club (HKJC), has expressed the club’s willingness to incorporate NBA betting into its offerings, provided it receives approval from the authorities.

In an interview with The Standard, Engelbrecht-Bresges outlined the potential benefits of legalizing NBA betting, suggesting that it could divert a substantial portion of the current illegal basketball betting market towards legal avenues.

He estimated that around 60 percent of the 150,000 punters engaged in illegal basketball betting could be redirected to legal channels.

Expansion of illegal betting market??

Engelbrecht-Bresges highlighted the rapid expansion of the illegal betting market, particularly in recent years, fueled by digitalization and the rise of cryptocurrency.

The COVID-19 pandemic further exacerbated this trend, with increased online activity driving more individuals towards illegal offshore accounts.

The utilisation of illegal bookmakers??

Engelbrecht-Bresges revealed that approximately 560,000 people in Hong Kong utilized illegal bookmakers last year, with 100,000 to 150,000 involved in basketball betting alone.

He emphasized the substantial turnover generated by illegal sports betting, estimated at HK$350 billion (€41.3 billion), with basketball contributing 15 percent to the total turnover.

Legalizing NBA betting could potentially generate a turnover of HK$52.5 billion (€6.15 billion), rivalling that of football betting within the club.

Significant investment required??

However, Engelbrecht-Bresges acknowledged the significant investment required to establish infrastructure for NBA betting, estimating costs between HK$1.5 billion (€176 million) and HK$2.5 billion (€293.7 million).

Additionally, he projected a legislative process of approximately one-and-a-half years to legalize NBA betting, drawing parallels with the timeline for football betting legislation.

Plan on enhancing the national equine industry in China??

In a separate discussion with the same newspaper, Engelbrecht-Bresges outlined the HKJC’s ambition to enhance the national equine industry in China, particularly in the Hong Kong and Greater Bay Area regions, aiming for a “world-class” standard.

The establishment of a facility in Conghua, Guangdong in 2018 serves as a key component in achieving this goal, acting as a hub for equestrian events and horse racing.

The HKJC has invested in infrastructure, including a quarantine station within the training center, to ensure strict biosecurity measures and maintain the health and integrity of the racing industry.??