The Government today welcomed the Legislative Council’s passage of the Betting Duty (Amendment) Bill 2023.

The bill gives effect to a proposal that imposes an annual special football betting duty (SFBD) of $2.4 billion on the football betting conductor for five years from 2023-24 to 2027-28.

The levying of the SFBD was proposed in the 2023-24 Budget.

Secretary for Financial Services & the Treasury Christopher Hui said 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.

He added that the Government has taken into consideration a number of factors, including the affordability of the Jockey Club, which is the parent entity of the incumbent football betting conductor, and the external competition faced by the local football betting business.

The Jockey Club has also undertaken that it would not reduce its commitment to local charities.

Being deemed to have come into operation on April 1 this year, the bill provides for matters relating to the charging of the SFBD, including the amount of the duty, the payment day, and other relevant administrative arrangements.

Additionally, the current betting duty rates will be maintained.