Hong Kong's legal betting operator and lawmakers were surprised by the government's sudden decision to halt the launch of legal basketball betting. The suspension is believed to align with broader efforts to regulate or curb gambling amid growth in cryptocurrency prediction markets.

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...