Hong Kong approves special football betting duty

Hong Kong’s Legislative Council has approved legislation that imposes an annual special football betting duty of HK$2.4 billion on the Hong Kong Jockey Club (HKJC).

The Betting Duty (Amendment) Bill 2023 was passed last week and gives effect to a proposal in the 2023-24 Budget, which imposes an annual special football betting duty (SFBD) of $2.4 billion for five years from 2023-24 to 2027-28. The current betting duty rates will be maintained.

“The proposal helps increase government revenue in the short term by bringing about a total receipt of $12 billion of the SFBD for five years,” said Secretary for Financial Services and the Treasury, Christopher Hui. “In proposing to levy the SFBD, we have taken into consideration a number of factors, including the affordability of the Hong Kong Jockey Club (HKJC), which is the parent entity of the incumbent football betting conductor, and the external competition faced by the local football betting business. The HKJC has also undertaken that it would not reduce its commitment to local charities.”

The HKJC agreed to pay the betting duty in February of this year, having previously argued against the duty, warning that any permanent hike would damage the competitiveness of the club and benefit illegal offshore betting operators.

The bill is deemed to have come into operation on 1 April of this year.