Chief Executive of Hong Kong John Lee Ka-chiu said Hong Kong should not move ahead blindly with the planned introduction of regulated basketball betting, citing concerns over the rapid expansion of offshore prediction market platforms, according to local reports.
Speaking before an Executive Council meeting, Lee said the Government does not encourage gambling and must act prudently when risks emerge. He noted that prediction markets have grown sharply in the past two years, with monthly trading volumes surpassing US$13bn and continuing to accelerate. These platforms, he said, involve not only wagering elements but also virtual asset transactions, adding complexity to the regulatory landscape.
The Home Affairs and Youth Bureau recently announced that it would pause implementation of the basketball betting framework, even though lawmakers approved legalization seven months ago. Lee defended the decision, saying it was appropriate to reassess potential risks before proceeding.
Data shows that roughly 40% of prediction market transactions are tied to sports events, a development Lee described as worrying. He stressed that authorities must fully understand the impact of such trends on Hong Kong’s gambling environment before launching any new betting product.
The Hong Kong Jockey Club had been slated to operate the basketball betting market and previously estimated that it could generate HK$1.5bn in annual tax revenue. Lee acknowledged the Club’s strong track record in managing legal betting operations and contributing to community and charitable causes, expressing confidence that it will continue operating existing products effectively.
He reiterated that careful risk control and regulatory balance must guide any future decisions.
The proposed basketball betting market was projected to generate around HK$1.5bn (US$191.5m) in annual tax revenue
