Hong Kong legislators have paused the launch of legalised basketball betting through the Hong Kong Jockey Club (HKJC) due to the growth of prediction markets across the globe.
Last September, The Betting Duty (Amendment) Bill 2025 was passed to legalise betting on basketball via the HKJC.
Under the bill, the HKJC would be able to apply for a licence to offer basketball markets. The Club already offers markets on horseracing and football and runs the Mark 6 Lottery product.
However, per the South China Morning Post, plans have been halted over fears launching betting markets would raise awareness of prediction markets, which are currently illegal in Hong Kong.
A spokesperson for Hong Kong’s Home Affairs and Youth Bureau said: “Given the latest developments, the government considered it necessary to study the emerging model and platform in greater depth.
“To protect public interest from harm, new betting projects should not proceed until conditions are mature.”
The South China Morning Post added the Hong Kong government had pointed to the rapid rise of sports event contracts in the US, driven by Kalshi and Robinhood.
Polymarket also remains live outside of the US but is set to return to the States in due course after snapping up QCEX last summer.
Fears of cannibalisation across US sports betting due to the rise of prediction markets have been ripe.
Some stakeholders have suggested the product is propped up by operating in states without legalised sports betting, such as California and Texas.
Hong Kong holds the position that using prediction markets constitutes a form of unlicensed gambling.
Polymarket has more than 110 live markets related to Hong Kong, including what the highest temperature will be in the Special Administrative Region on a specific day.
Other markets include whether Jimmy Lai, a leading figure in Hong Kong’s pro-democracy movement and a staunch critic of China, will be released from prison by 30 June.
The HKJC, in an internal notice seen by EGR, said it “respected the government’s decision” and will wait for further advice from the government on its licence application.
It read: “The government has moved to conduct a review on the negative impact of prediction markets, including basketball betting.
“Prediction markets are gambling in nature, but packaged as financial investment and pose a threat to sports integrity, anti-money laundering policy and responsible gambling.”
The idea of legalising basketball betting was first raised in February 2025.
Upon the announcement of the Hong Kong Jockey Club’s gaining the basketball betting licence, it was suggested it would raise more than HK$26bn (£2.5bn) in revenue if it had a 50% duty – the same as football.
During its 2024 fiscal year presentation, CEO Winfried Engelbrecht-Bresges said expanding into basketball betting would help combat illegal operators.
The post Hong Kong puts the brakes on legal basketball betting launch first appeared on EGR Intel.
Home Affairs and Youth Bureau cites concerns around prediction markets growth which has reportedly stalled the legalisation of basketball betting via the Hong Kong Jockey Club
The post Hong Kong puts the brakes on legal basketball betting launch first appeared on EGR Intel.