Our Hong Kong Foundation Wants to Fund Sports with Betting Money

The 22 recommendations have been based on consultations with over 50 sngakeholders and international studiesImage Source: Shutterstock.com

Our Hong Kong Foundation, a Hong Kong think tank focused on the city’s social and economic development, has encouraged the government to use the proceeds from betting to enhance the local sports sector.

The Think Tank Wants to Turn Hong Kong into a Mega Sports Events Capital

In its latest report, Our Hong Kong Foundation has laid down 22 recommendationsacross six focus areas to turn the city into a major sporting hub. Among other things, the think tank has proposed a certification system to fund innovative events and support for mega-events that would turn Hong Kong into a mega sports events capital.

The six focus areas of Our Hong Kong Foundation include:

• Developing industry data
• Active bidding for and the planning of events
• Enhancing infrastructure
• Nurturing talent
• Encouraging public and private funding
• Promoting “sportainment”

The 22 recommendations have been based on consultations with over 50 sngakeholders and international studies. The think tank’s conclusion was that attracting middle-aged or senior athletes with higher spending power can contribute to the local economy, but so can younger athletes who will likely bring their families and friends along.

The Think Tank Wants to Fuel Sports with Betting Money

Among other things, Our Hong Kong Foundation proposed allocating 2% of all net proceeds from soccer and basketball betting toward the sports sector. Per this proposal, Hong Kong will establish a new Sports Industry Development Fundthat will support a variety of sporting initiatives, such as the hosting of events and nurturing of promising athletes.

Our Hong Kong Foundation estimates that this measure would generate $55.3 millionfor the development of the local sports industry annually.

The report has furthermore encouraged Hong Kong’s Culture, Sports and Tourism Bureauto onboard statisticians and commission independent research into the overall Hong Kong sports industry. The foundation believes that this data will strengthen future initiatives by providing the government with important insights into the state of the sector.

In addition to that, Our Hong Kong Foundation promoted the subsidizing of internships at M-brand events and extended support for retired athletes, putting them in supporting roles at private organizations. Speaking of M-brand events, the foundation proposed increasing the frequency of meetings, seminars and workshops between sports associations and sponsors.