Sources said the Hong Kong Jockey Club is hopeful that legislation clearing the way for basketball betting will be passed by lawmakers by September this year.

The government revealed in its latest budget that it is looking into regulating basketball betting, and will invite the Jockey Club to submit a proposal.

Sources said that the club has already submitted a proposal framework and met with government officials on Friday morning.

The Jockey Club has suggested that legalising basketball betting could take reference to football betting, which means it will charge a 50 percent duty from net betting revenue.

It is expected that after legalising basketball betting, the club could draw 30 to 40 percent of the city's illegal betting turnover to the tune of HK$30 billion a year.

Sources said that HK$1 billion to HK$2 billion has to be invested in infrastructure, such as the development of a new computer system that would be rolled out in 2026/27.

It's also expected that HK$1.5 billion in tax revenue could be generated for the government after four years.

Sources said the club will step up public education on basketball betting.

The club will contribute HK$50 million a year to the Ping Wo Fund that aims to help those with a gambling addiction.