Hong Kong authorities have put a plan to launch basketball betting on hold amid the rapid growth of the prediction market, seven months after lawmakers passed a bill to legalise the activity.
The Jockey Club, which had been expected to operate the new wagering, said in an internal notice it respected the government’s decision.
The club previously estimated that authorised basketball betting could generate HK$1.5 billion (US$191.5 million) in tax revenue annually, although a source said it could take three to four years to reach that level.
A spokesman for the Home Affairs and Youth Bureau said on Monday night that any betting on sports in prediction markets was illegal.
Launching basketball betting under the current circumstances would likely draw more attention to and participation in illegal prediction market gambling, indirectly fuelling underground activity, he said.
“Given the latest developments, the government considered it necessary to study the emerging model and platform in greater depth,” he said.
