Hong Kong pauses basketball betting launch amid prediction market growth
Government delays legal wagering plans to further study the impact of illegal prediction markets
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Hong Kong authorities have suspended plans to launch legal basketball betting, citing concerns that the move could inadvertently boost illegal prediction market gambling.
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Warum es wichtig ist
Seven months ago, Hong Kong lawmakers passed legislation to legalize basketball betting, which was expected to be operated by the Jockey Club.
Hong Kong authorities have put a plan to launch basketball betting on hold amid the rapid growth of the prediction market, seven months after lawmakers passed a bill to legalise the activity.
The Jockey Club, which had been expected to operate the new wagering, said in an internal notice it respected the government’s decision.
The club previously estimated that authorised basketball betting could generate HK$1.5 billion (US$191.5 million) in tax revenue annually, although a source said it could take three to four years to reach that level.
A spokesman for the Home Affairs and Youth Bureau said on Monday night that any betting on sports in prediction markets was illegal.
Launching basketball betting under the current circumstances would likely draw more attention to and participation in illegal prediction market gambling, indirectly fuelling underground activity, he said.
“Given the latest developments, the government considered it necessary to study the emerging model and platform in greater depth,” he said.
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The government will conduct a formal review of prediction market platforms.
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Offene Fragen
- How long will the government's study of the prediction market take?
- Will the legalisation bill be amended or repealed?
