Hong Kong’s sole legal betting operator and lawmakers were caught off guard by the government’s abrupt decision to suspend the rollout of legal basketball betting, which some believe was intended to align with Beijing’s efforts to curb gambling amid a surge in prediction markets.
The government confirmed on Monday that it had suspended its plan to launch basketball betting, which had been scheduled for September. Officials cited the rise of prediction markets – cryptocurrency-based platforms that allow users to trade on future events – as a key reason for the pause.
Home and Youth Affairs Minister Alice Mak Mei-kuen stressed on Tuesday that the decision had been solely by the government after considering Hong Kong’s own circumstances, the prevailing trend of illegal betting and the rapidly evolving external environment.
“There is no need for excessive speculation,” Mak said.
She noted that the amendment to legalise basketball betting was intended to help curb illegal gambling but did not mean the government must immediately issue a licence regardless of changing conditions.
“As a responsible government, we believe we must make decisive decisions when protecting the public interest,” Mak said.
