The Hong Kong government has decided to suspend the launch of basketball betting originally scheduled for September. This decision comes in light of rising uncertainties surrounding crypto-based prediction markets, prompting lawmakers to reconsider the implications of legal betting. With a black market generating significant revenue, the government aims to ensure public interests are safeguarded.
The Hong Kong government has made a surprising decision to suspend the launch of legal basketball betting, which was set to begin in September. This pause comes amidst growing concerns about the implications of emerging crypto-based prediction markets.
These online platforms allow users to place bets on a variety of future events, including sports, financial markets, and even geopolitical situations. The rapid emergence of operators such as Kalshi and Polymarket has sparked a heated debate among lawmakers and regulators regarding whether these prediction markets fall under the category of illegal betting.
Earlier this year, Hong Kong passed legislation aimed at legalizing basketball betting as a means to combat rampant black market activities. In fact, in 2023, the underground betting industry in Hong Kong reportedly generated an astonishing turnover of HK$34 billion (approximately US$4.3 billion).
Alice Mak, the Secretary for Home and Youth Affairs, emphasized that the passage of the new law does not necessitate a fixed timeline for issuing licenses. She stated,
As a responsible government, we must make decisive decisions to protect the public interest. Blindly issuing a license simply because a bill was passed last year would be irresponsible.
Interestingly, members of the Hong Kong Jockey Club, the proposed operator for the betting scheme, were not informed of the suspension until Monday night. However, club management had prior knowledge of the delay, according to reports. An insider from the club questioned why such developments weren't anticipated sooner, hinting that there might be factors influencing the government's decision beyond their control.
Local media have speculated that Hong Kong, similar to Macau, is a special administrative region of China and is wary of crossing the central government, which maintains strict oversight over gambling activities. Under President Xi Jinping's leadership, Beijing has intensified its crackdown on cross-border gambling, associating it with money laundering and other illicit activities.
In a recent communication, the Hong Kong government pointed out that trading volumes for prediction markets surged dramatically in 2025, reaching a peak of US$64 billion—an increase of 200% from the previous year. Given these developments, the government stated that a more comprehensive study into the operations of these emerging platforms is necessary.
Adrian Pedro Ho, a member of Hong Kong’s Legislative Council, has expressed support for the decision to pause the betting launch, deeming it prudent in light of rapidly evolving technology. He remarked,
Since basketball betting has not yet launched, there is no need to introduce something new that could potentially encourage illegal gambling.
As of now, no further announcements have been made regarding the future rollout of legal basketball betting in Hong Kong.
Marjorie has been involved in the gaming industry since 2007 and has focused on Asian gaming markets since 2020. In her free time, she enjoys writing about travel and film and plays the drums.
Comments