China Hong Kong: Betting on sports events in the "Prediction Market" is illegal gambling, and new gambling events should be stopped

According to Radio Television Hong Kong, the Hong Kong government has decided to stop promoting basketball betting. The Secretary for Home Affairs and Youth Affairs Miri-Kuen Mak said in an interview with this station that information collected by the authorities shows that the "forecast market" has developed rapidly in recent years. The monthly transaction volume has increased from less than US$100 million in the previous year to more than US$13 billion per month last year. Nearly 40% of the transactions are sports-related. The authorities are worried that if new gambling projects are promoted at this time, the public will be more concerned and even participate in illegal gambling in the "forecast market". Therefore, they believe that a study should be conducted first. Then decide on the next step and stop promoting new gambling projects for now.<br /> Mai Meijuan said that the current standardized gambling projects are believed to be able to manage risks because a relatively mature supervision and management system has been established. However, regarding the uncertainty of the "forecast market", as a responsible government, it is necessary to conduct research first to understand the impact of the "forecast market" and its rampant extent in Hong Kong. She added that the government has always had close ties with the Hong Kong Jockey Club. Because the Jockey Club has a strict monitoring system to monitor illegal gambling, and there are also some experts who specialize in combating illegal gambling, the government will cooperate with the Jockey Club and they will provide professional advice. Let the authorities launch measures specifically targeting illegal gambling.<br /> Mai Meijuan also reiterated that the government's consistent policy is not to encourage gambling, and betting on sports events participating in the "forecast market" is illegal gambling. The authorities will strengthen publicity and education to make the public understand the harms of gambling and not participate in illegal gambling.