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HK Govt Halts Basketball Betting Over Concerns That 'Prediction Mkt' Could Fuel Illegal Gambling; HKJC Says It Respects Decision
2026-04-14 09:10:08 Regarding the Legislative Council's passage last year of amendments to the Betting Duty Ordinance and related subsidiary legislation to establish a regulatory framework for basketball betting activities, the Home and Youth Affairs Bureau stated that it is necessary to conduct more in-depth research into the operations of the emerging model and platforms of "prediction markets" in order to safeguard public interest from harm. The Bureau noted that the monthly transaction volume of "prediction markets" is estimated to spike fivefold again by 2030, with more than 40% related to sports. If individuals in Hong Kong place bets on sports events through "prediction markets", this would constitute illegal gambling. The authorities believed that new betting projects should be halted until all conditions are met. The Hong Kong Jockey Club stated that it respects the government's decision and is willing to cooperate with the relevant work. It will await further instructions from the government regarding the application for a basketball betting licence. ~ AASTOCKS Financial News Website: www.aastocks.com | |