Hong Kong authorities have suspended plans to introduce legal basketball betting, pausing a project that had been expected to launch later this year through the Hong Kong Jockey Club. Officials said the fast expansion of prediction markets requires further study before any new betting products move forward.

The government had previously prepared to issue a basketball betting licence after lawmakers approved legislation in September 2025. The launch had been expected in time for the 2026-27 NBA season, with the Jockey Club positioned as the likely sole operator.

Officials have now told the club to halt preparations while authorities assess how prediction markets could affect Hong Kong’s gambling landscape.

Government Cites Prediction Market Growth

A spokesman for the Home Affairs and Youth Bureau said betting on sports through prediction markets is illegal in Hong Kong. Authorities warned that introducing basketball betting now could draw more public attention toward those platforms and increase participation in underground gambling activity.

“Given the latest developments, the government considered it necessary to study the emerging model and platform in greater depth,” he said.

“To protect public interest from harm, new betting projects should not proceed until conditions are mature.”

The bureau described prediction markets as platforms where users buy and sell contracts tied to future outcomes, with prices reflecting collective expectations of probability.

Officials pointed to rapid global expansion in the sector. Government figures said trading volume in prediction markets reached US$64 billion last year, up 300 per cent from US$16 billion in 2024. Monthly trading volume also rose from under US$100 million at the start of 2024 to more than US$13 billion by the end of last year.

Authorities added that projections suggest monthly trading volume could increase fivefold by 2030, with more than 40 per cent linked to sports.

A bureau statement also said: “Given these latest developments, as a responsible government, it is necessary to conduct a more in-depth study into the operations of these emerging models and platforms.”

Jockey Club Pauses Licence Push

In an internal notice seen by local media, the Hong Kong Jockey Club said it respected the government’s decision and would wait for further guidance regarding its licence application.

The club said it had already committed substantial investment and completed preparatory work aimed at launching basketball betting as early as late 2026.

“As such, the club has been carrying out essential preparatory work with substantial investment to ensure that we are ready to launch basketball betting as early as late 2026,” it said, as reported by the South China Morning Post.

The notice added that the strategy to build a new sports wagering platform remains in place. According to the club, a basketball product could still be ready within three to six months if licensing proceeds later.

The organisation also said illegal and offshore betting continues to create growing competitive pressure, making readiness important.

Reversal After Prior Push for Regulation

The decision marks a change from the government’s earlier position that basketball betting should be regulated to address illegal wagering demand. Officials previously told lawmakers that annual illegal basketball betting turnover in 2023 may have reached HK$34 billion.

A prior government letter stated that a basketball licence would be issued to the Jockey Club “to avoid leading to competition among operators and stimulating betting demand”.

After the law passed last year, Winfried Engelbrecht-Bresges said the risks tied to illegal operators were significant.

“This landmark moment is undoubtedly as important as the legalisation of football betting 22 years ago and will ultimately enhance Club contributions to Hong Kong’s society,” he said.

Hong Kong legalised football betting in 2003, with the Jockey Club also operating that market. The latest delay means basketball betting, once viewed as the next expansion of the city’s regulated betting model, now has no confirmed launch date.