Hong Kong Suspends Progress on Basketball Betting Project; Mandy Mak Cites Risk of Illegal Gambling via “Prediction Markets”
According to RTHK, the Hong Kong government has decided to halt the advancement of its basketball betting project. Secretary for Home and Youth Affairs Alice Mak stated that “prediction markets” have experienced rapid growth in recent years, with monthly trading volume increasing from less than USD 100 million two years ago to over USD 13 billion last year—nearly 40% of which relates to sports events. The authorities are concerned that launching a new betting project at this time could further draw public attention to—and even participation in—illegal gambling activities; therefore, they believe it is necessary first to conduct research before deciding on next steps.
She reiterated that placing bets on sports-related prediction market products constitutes illegal gambling, and the authorities will strengthen public education and awareness efforts, as well as collaborate with the Hong Kong Jockey Club to study measures targeting illegal gambling.
