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...
A US soldier has been charged with using inside information to win US$400,000 in an online betting market on Venezuelan President Nicolas Maduro’s capture, federal officials announced on Thursday. Gannon Ken Van Dyk was part of the operation to capture Maduro in January and used his access to classified information to make money on the prediction market site Polymarket, the federal prosecutor’s office in New York said. Van Dyk was a senior enlisted soldier who was part of the special forces...
Hong Kong’s leader has defended the government’s decision to put the legalisation of basketball betting on hold, stressing the policy was never intended to encourage gambling and that all risks must be controlled before any further steps are taken. Chief Executive John Lee Ka-chiu made the remarks on Tuesday after the government’s surprising U-turn last week to halt the authorisation of basketball betting, citing the rapid growth of prediction markets – cryptocurrency-based platforms that allow...
Hong Kong authorities should consider the impact of technological developments when drafting policies, observers have said, noting the government’s decision to halt plans for basketball betting reflected a lack of thorough discussion. Their remarks on Tuesday followed the government announcing the suspension over concerns about new “prediction market” gambling while warning that it was illegal for Hongkongers to bet on sports events on such trading platforms. An amendment bill to the Betting...
Hong Kong’s sole legal betting operator and lawmakers were caught off guard by the government’s abrupt decision to suspend the rollout of legal basketball betting, which some believe was intended to align with Beijing’s efforts to curb gambling amid a surge in prediction markets. The government confirmed on Monday that it would suspend its plan to launch basketball betting, which had been scheduled for September. Officials cited the rise of prediction markets – cryptocurrency-based platforms...
Prediction markets are surging in popularity as cryptocurrency-based gambling platforms offering diverse gameplay and attractive odds, observers have said, warning against the risks of reneged payouts after the Hong Kong government halted plans for legalised basketball betting. They also warned on Tuesday that Hong Kong residents who participate in these platforms, which use cryptocurrency for transactions, could be breaking gambling laws while falling into unregulated contract disputes with the...
The gambling platforms have grown in popularity, with some users making bets on conflicts.