The Hong Kong government has decided to halt the advancement of a basketball betting project, according to a report by Hong Kong Radio on April 17. According to BlockBeats, Secretary for Home and Youth Affairs, Mak Mei-juan, stated that the rapid development of the 'prediction market' in recent years has raised concerns. Monthly trading volumes have surged from less than $100 million two years ago to over $13 billion last year, with nearly 40% of transactions related to sports. Authorities worry that introducing a new betting project now could increase public interest and participation in illegal gambling within the 'prediction market.'

Mak emphasized that existing regulated betting projects have established mature monitoring and management systems, which help control risks. However, the uncertainty surrounding the 'prediction market' necessitates further research to understand its impact and prevalence in Hong Kong. The government maintains close contact with the Hong Kong Jockey Club, which has a stringent monitoring system for illegal gambling and employs experts to combat such activities. The government will collaborate with the Jockey Club to develop measures specifically targeting illegal gambling.

Mak reiterated the government's longstanding policy of discouraging gambling. She noted that betting on sports events within the 'prediction market' constitutes illegal gambling. The authorities plan to enhance public education and awareness campaigns to highlight the dangers of gambling and discourage participation in illegal activities.