Harry Lan, chief betting officer at Macau Slot Co. Ltd. (MacauSLOT), said the local sports betting business is unlikely to suffer any damage due to the legalization of basketball betting in the neighboring region of Hong Kong.
Lan addressed the issue when questioned by the media at a press conference unveiling the partnership between MacauSLOT, M Plus Sport Media, and Macau Cable TV to broadcast football matches on the local cable TV operator.
“As far as the coming possible Hong Kong legalizing these bets, from our standpoint, we don’t see an immediate impact on our business at the moment [this happens] as most of our [customers], I would say, 90% of our business comes from local customers, so we don’t foresee an immediate effect at this moment,” Lan said.
According to the same official, football dominates sports betting in Macau with a share of around 60% of the market, while basketball accounts for the remaining 40%.
It is known that the Hong Kong government has expressed the intention of legalizing sports betting for basketball to tackle illegal betting operations on this sport.
HK authorities are reportedly planning to negotiate with the Hong Kong Jockey Club (HKJC) to adjust the maximum betting limits for basketball, creating a regulated channel for the activity.
Secretary for Home and Youth Affairs Alice Mak said late last month that lawmakers had previously suggested the government review the maximum wagers for basketball as they scrutinized amendments to the Betting Duty Bill.
Mak also announced that the HKJC would become the sole licensed basketball betting operator.
As is currently the case for football, it is proposed that basketball betting be taxed at 50%.
The Hong Kong government estimates that illegal wagers on the sport amounted to as much as HKD90 billion last year, aiming to turn the illicit activity into taxable revenue.
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