Hong Kong puts launch of basketball betting on hold

AdvertisementHong Kong societyHong KongSocietyHong Kong puts launch of basketball betting on holdHome Affairs and Youth Bureau concerned over effects of rapidly growing prediction market, with Jockey Club saying it respects government’s move2-MIN READ2-MIN ListenMatthew ChengandDanny MokPublished: 11:53pm, 13 Apr 2026Hong 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.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.Advertisement“Given the latest developments, the government considered it necessary to study the emerging model and platform in greater depth,” he said.“To protect public interest from harm, new betting projects should not proceed until conditions are mature.”AdvertisementThe bureau pointed to data showing that the trading volume of prediction markets hit US$64 billion last year, a 300 per cent increase from US$16 billion in 2024.AdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x