Hong Kong authorities have suspended plans to launch legal basketball betting, citing concerns about the rapid growth and prevalence of illegal prediction market gambling. Officials stated that engaging in sports betting through these prediction markets remains illegal.

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.....