Call for task force as prediction-market bets spike

With the World Cup drawing massive global attention and fuelling a spike in online prediction-market activity, lawmaker Johnny Ng is calling on the government to take immediate action – both by restricting access to unregulated overseas platforms and forming a cross-agency task force to bolster safeguards for the public.

Ng, who partnered with the youth organisation Hong Kong Youth Synergy on a public opinion survey examining prediction markets and gambling culture, said the poll findings reveal a troubling lack of public awareness.

According to the survey, 70 percent of respondents do not understand how prediction markets operate, leaving them vulnerable to financial losses and at risk of unwittingly breaking the law.

Even more concerning, Ng noted, is that over 60 percent mistakenly believed that using such platforms in Hong Kong does not violate the city’s Gambling Ordinance.

That misconception, he said, highlights just how easily individuals can fall afoul of regulations without realising it.

To address the issue, Ng urged authorities to begin by banning all unregulated prediction markets that are already illegal under Hong Kong law.

He pointed to a patchwork of international approaches, with some countries moving towards outright bans and others introducing regulatory frameworks.

"The message is clear that there is a growing chance of those prediction markets [being banned or regulated]," Ng said, as their activities extend well beyond sports to include cryptocurrency price changes, political issues and even weather forecasts.

"In Hong Kong, we need to review whether our strategies have the consensus of the public, whether [it would be easier to just] ban all of them, or just ... make sure [Hong Kong] is regulated and safe and responsible to all citizens."

Beyond immediate restrictions, Ng proposed the creation of an interdisciplinary task force comprising law enforcement agencies and youth experts.

The group, he said, would help clarify Hong Kong’s stance on rapidly evolving technologies and overseas prediction-market trends, while determining whether new rules or outright bans are the most appropriate response.

Ng also stressed the importance of ramping up public education efforts, urging the government to expand resources and embrace modern communication channels like social media and short-form video.

These platforms, he said, could be used to clearly communicate to young people that prediction markets are not safe investment tools, but rather illegal gambling operations.

He warned that such markets are highly sophisticated and easily manipulated, leaving users with zero consumer protections if something goes wrong.

"Keep your passions for sport on the pitch and keep your hard-earned capital safe within Hong Kong's legal compliance, regulated financial ecosystems," he said.

Edited by Thomas McAlinden ...