appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

appConfig

filter

json

liveArticle

Easy money or risky business? What can Hong Kong do as prediction markets boom?

A bigger pie for pet-friendly restaurants would be nice

Illegal gambling in Hong Kong

University town framework unlikely to be unveiled before five-year plan released

Hong Kong society

Photo: Getty Images

News

Hong Kong

Society

‘Harder to quit than drugs’: illegal online gambling fuels Hongkongers’ growing addiction

 Illustration: Lau Ka-kuen

The Hong Kong Jockey Club is the city’s sole authorised betting operator. Photo: Jonathan Wong

Crystal Leung, officer-in-charge at Sunshine Lutheran Centre, says the number of clients it saw under the age of 30 had risen in recent years, with more young gamblers wagering on illegal platforms. Photo: Dickson Lee

A number of illegal online betting sites offer rebates to players who lose money – an insidious way to keep them gambling. Photo: Getty Images

Leon Xiao, an assistant professor at City University, has called for better education, saying regulation alone is not enough to protect young people from the risks of gambling. Photo: Elson Li

Ken Chan, pictured here at Kwong Fuk Road in Tai Po, has sought counselling for his gambling addiction but admits recovery has been difficult. Photo: Jelly Tse

With easy access to illegal websites, chat groups and social media ads offering ‘rebates’, young gamblers face a slew of temptation and instigation.


 Illustration: Henry Wong

As of mid-June, more than US$2.4 billion had been wagered on who will win the World Cup on the prediction market platform Polymarket. Photo: AP

Kalshi co-founder Tarek Mansour, pictured here at the 2021 Web Summit at the Altice Arena in Lisbon, Portugal. Photo: Getty Images

Some prediction market platforms allow users to wager on the rising or falling value of bitcoin. Photo: Shutterstock

Two Israelis were indicted earlier this year for allegedly using classified information to place bets on Polymarket about the timing of military strikes against Iran in the 12-day war last year. Photo: Reuters

Despite official warnings ahead of World Cup, Polymarket and Kalshi remain popular with residents who bet on everything from politics to weather.


With this year’s Fifa World Cup set to become the biggest gambling event in history, the South China Morning Post traces new trends in illegal betting in Hong Kong and the growing popularity of prediction markets in this two-part series.


Series