After winning legislative backing for the Hong Kong Jockey Club to offer basketball betting – an initiative aimed at drawing punters away from illegal online bookmakers and capturing additional tax revenue – the government has now paused the roll-out. Officials say the rise of prediction markets has altered the landscape and warrants closer examination. So, what is it about prediction markets that unsettles officials? Prediction markets are online platforms where the menu stretches far beyond...
Gannon Ken Van Dyke allegedly made trades on Polymarket on the basis of classified information, the justice department says.
The suspect, 38-year-old Gannon Ken Van Dyke, allegedly made $400,000 from insider knowledge of the Venezuela attack.
Hong Kong authorities have put a plan to launch basketball betting on hold amid the rapid growth of the prediction market, seven months after lawmakers passed a bill to legalise the activity. A spokesman for the Home Affairs and Youth Bureau said on Monday night that any betting on sports in prediction markets was illegal. Launching basketball betting under the current circumstances would likely draw more attention to and participation in illegal prediction market gambling, indirectly fuelling...