TechFlow News: On April 17, according to RTHK, the Hong Kong government has decided to halt progress on its basketball betting initiative. Secretary for Home and Youth Affairs Alice Mak stated that “prediction markets” have grown rapidly in recent years, with monthly trading volume rising from less than $100 million two years ago to over $13 billion last year—nearly 40% of which relates to sports events. Authorities are concerned that launching a new betting project at this time could heighten public attention toward—and even participation in—illegal gambling; thus, they believe further research must be conducted before deciding on next steps.
She reiterated that placing bets on sports-related prediction market products constitutes illegal gambling. The authorities will strengthen public education and awareness efforts and collaborate with the Hong Kong Jockey Club to study measures targeting illegal gambling.
