Hong Kong suspends plans to legalise basketball betting amid concerns about prediction markets

Hong Kong has suspended plans to legalise basketball betting, citing concerns about the rapid growth of prediction markets in the gambling sector.

A basketball. Photo: Bogdan Krupin/Pexels.

The Home and Youth Affairs Bureau said in a email statement on Tuesday that legally introducing basketball betting at this time might fuel participation in prediction markets, which has soared in popularity. Betting on sports in prediction markets is considered illegal in Hong Kong, the bureau said.

It added that the trading volume of prediction markets reached US$64 billion in 2025, a threefold increase from the year before.

“Given these latest developments, as a responsible government, it is necessary to conduct a more in-depth study into the operations of these emerging models and platforms,” the bureau’s Chinese-language statement read.

The announcement came as the city was gearing up to launch basketball betting as early as September, to be run by the Hong Kong Jockey Club (HKJC). The introduction of basketball betting would have followed the 2003 legalisation of football betting, which the HKJC is also licensed to operate.

The city’s lawmakers passed a bill in September legalising basketball betting. The bill was not without controversy, with some lawmakers expressing concern that the move would promote gambling, especially among youth.

Hong Kong Jockey Club. File photo: Kyle Lam/HKFP.

The government, however, maintained that there was a need to regulate basketball betting. It said illegal basketball betting had been growing at an “alarming rate” amid technological advancements and the rising accessibility of gambling platforms, with the estimated annual illegal betting turnover in 2023 being as high as HK$34 billion.

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Writing a blog post shortly after the bill’s passage, HKJC CEO Winfried Engelbrecht-Bresges said the dangers “posed by illegal wagering operators cannot be underestimated.”

“This landmark moment is undoubtedly as important as the legalisation of football betting 22 years ago and will ultimately enhance Club contributions to Hong Kong’s society,” he said.

HKFP has reached out to the HKJC for comment.