Hong Kong Official: 'Predictive Market' Sports Project Betting Deemed Illegal Gambling, New Gambling Projects Should Cease

BlockBeats News, April 17th. According to Radio Television Hong Kong, the Hong Kong government has decided to halt the advancement of a basketball betting project. Secretary for Home Affairs Caspar Tsui was interviewed by our station and mentioned that based on the information gathered by the authorities, the "prediction market" has seen rapid development in recent years. The monthly trading volume has increased from less than $100 million two years ago to over $13 billion per month last year. Nearly 40% of these transactions are related to sports events. The government is concerned that promoting a new betting project at this time would draw more attention from the public and might even lead to participation in illegal gambling through the "prediction market." Therefore, it is believed that further research should be conducted before deciding on the next steps, and for now, the promotion of new betting projects should be suspended.

Caspar Tsui stated that for existing regulated betting projects, a mature monitoring and management system has been established, allowing risks to be controlled. However, due to the uncertainties surrounding the "prediction market," as a responsible government, it is necessary to conduct research first to understand the impact and prevalence of the "prediction market" in Hong Kong. He also mentioned that the government has always maintained a close relationship with the Hong Kong Jockey Club, which has a rigorous monitoring system to oversee instances of illegal gambling. The Jockey Club also has experts specifically dedicated to combating illegal gambling activities. The government will collaborate with the Jockey Club to seek their professional advice in order to introduce measures targeting illegal gambling.

Caspar Tsui reiterated that the government's consistent policy is to discourage gambling, and participating in sports betting through the "prediction market" constitutes illegal gambling. The authorities will enhance public education to ensure that citizens understand the harms of gambling and refrain from engaging in illegal gambling activities.