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Hong Kong officials say that prediction market trading volume is increasing and classify sports-related betting as illegal gambling.
ME News message: On April 17 (UTC+8), Mak Mei-kuen, Secretary for Home Affairs and Youth Affairs of Hong Kong, said that prediction markets have developed rapidly in recent years. Monthly trading volume has increased from less than $100 million in the previous year to more than $13 billion last year, with nearly 40% of trades related to sports. She said that, given the uncertainty surrounding prediction markets, the government needs to conduct research first to understand their impact and how prevalent they are in Hong Kong. Mak Mei-kuen also said that the government’s consistent policy is not to encourage gambling, and that betting on sports events through prediction markets constitutes illegal gambling. The authorities will strengthen publicity and education to help residents understand the harms of gambling and not participate in illegal gambling. (Source: MLion)