The Gambling Ordinance was enacted in 1977 to regulate gambling in Hong Kong.^[1] People are allowed gamble for leisure and entertainment within these regulations at a limited number of authorized outlets. Social gambling is still allowed.

Legality[edit]

Local businesses can establish casinos by paying taxes to the government. Collecting taxes for casinos will be included in the Union Tax Law which is written every year. “In the international community, such as in Singapore, the government targets foreigners and receives tax revenues from the casino as well as on each round of gambling.

• If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. If you didn’t give the payer your tax ID number, the withholding rate is also 24%. Withholding is required when the winnings, minus the bet, are: More than $5,000 from sweepstakes, wagering pools, lotteries.
• Gambling Tax Hk an unauthorised game or cash our early. Maximum cash out- know how much you can withdraw when using this casino bonus although the amount usually ranges from $50 with no upper limit. Size of bet- a casino Gambling Tax Hk bonus will most likely restrict the amount you can wager, such as you Gambling Tax Hk.
• Although gambling is illegal in mainland China, Macau is a gambling haven. 50% of Macau’s revenue is made up from gambling alone. In 2018 the city made almost $38 billion.
• Gambling tax in Australia doesn’t apply to winnings if they were made via an online casino or a land-based casino. Again, casino operators are obliged to pay license fees in addition to taxes on gambling although the exact numbers vary from state to state.

The government of Hong Kong restricts organized gambling to a few regulated outlets. The government enacted the Gambling Ordinance in 1977 to rein in excessive gambling while still providing gambling to the populace.^[2] Gambling involving a bookmaker is illegal in Hong Kong.^[2] Betting with a bookmaker and betting in a place other than a gambling establishment is illegal. The Hong Kong Jockey Club holds a government-granted monopoly on horse races, football matches, and lotteries. The revenue the club generates from various wagers makes it the largest taxpayer for the government.^[3]

Hong Kong generates the largest horse race gambling turnover in the world. The Hong Kong Jockey Club founded in 1884, holds a monopoly on horse racing wagers, lotteries and football betting and is the largest taxpayer to the government.^[3] In 2009, Hong Kong generated an average US$12.7 million in gambling turnover per race 6 times larger than its closest rival France at US$2 million while the United States only generated $250,000.^[4]

During the 2014-2015 racing season the Hong Kong Jockey Club attracted about HK$138.8 million (US$17.86 million) per race more that any other track in the world. Hong Kong Jockey Club broke its own record during the 2016-2017 season with a turnover of HK$216.5 billion and paid the government HK$21.7 billion in duty and profits tax, an all-time high.^[5]

Charities[edit]

Hong Kong has charities which have a goal to promoting responsible gambling practices among those who gamble and to minimizing the negative effects of problem gambling. Such charities also look for a balance between meeting the demand for gambling and maximizing the social and economic benefits of gambling for the community, while helping to minimize potential harm to individuals and the community.^[2]

Recent events[edit]

During the 2010 World Cup, police arrested 25 people for having an illegal gambling ring that took bets on World Cup matches worth more than 66 million Hong Kong dollars. Earlier in the year the Hong Kong police set up a task force to help stop illegal football gambling.^[6]

See also[edit]

References[edit]

1. ^Deans, R. (2001). Online gambling: changes to Hong Kong's gambling legislation. Gaming Law Review., 5(6), Retrieved from http://www.liebertonline.com/doi/abs/10.1089/109218801753336166?journalCode=glrdoi:10.1089/109218801753336166
2. ^ ^abc'Responsible gambling policy'. Hong Kong Jockey Club. Retrieved 24 May 2015.
3. ^ ^abBalfour, Fredrick (22 February 2016). 'Hong Kong Horse Racing Is Serious Business'. Bloomberg.com. Retrieved 7 March 2018.
4. ^'Hong Kong's hardcore gamblers'. CNNMoney. Retrieved 7 March 2018.
5. ^Mok, Danny (1 September 2017). 'Hong Kong Jockey Club has record-breaking year'. South China Morning Post. Retrieved 7 March 2018.
6. ^Hong Kong police smash illegal world cup betting ring. (2010, June 13). Asia Pacific News, Retrieved from http://www.channelnewsasia.com/stories/afp_asiapacific/view/1062884/1/.html

Gambling Tax Uk History

External links[edit]

Gambling Tax Deductions United States

• The Study on Hong Kong People's Participation in Gambling Activities, Hong Kong Polytechnic University, March 2012
• Tse, Samson; Yu, Alex C.H.; Rossen, Fiona; Wang, Chong-Wen (2010). 'Examination of Chinese Gambling Problems through a Socio-Historical-Cultural Perspective'. The Scientific World Journal. 10: 1694–1704. doi:10.1100/tsw.2010.167. ISSN1537-744X. OCLC48386834. PMC5763971. PMID20842314.