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Hong Kong Suspends Basketball Betting Project Amid Concerns Over Prediction Markets and Illegal Gambling

GateNews

Prediction Market Regulation & Policy Enforcement Actions

2026-04-17 08:01:49

Gate News message, April 17 — Hong Kong’s government has decided to suspend its basketball betting project, citing concerns about the rapid growth of prediction markets and their connection to illegal gambling.

According to Rosanna Wong, Secretary for Home and Youth Affairs, prediction markets have expanded significantly in recent years, with monthly trading volumes surging from less than $100 million two years ago to over $13 billion last year. Approximately 40% of this activity is related to sports events, prompting authorities to worry that introducing a new betting product could encourage public participation in illegal gambling.

Wong reiterated that engaging in sports prediction market betting is illegal in Hong Kong. The government plans to strengthen public education and awareness campaigns, and will collaborate with the Hong Kong Jockey Club to research measures against illegal gambling.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

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