‘All risks must be controlled,’ John Lee says as he defends basketball betting U-turn

Hong Kong leader John Lee defends sudden halt to basketball betting legalization, citing need to control risks from crypto prediction markets. | Contesto: cronaca

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• ‘All risks must be controlled,’ John Lee says as he defends basketball betting U-turn

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Hong Kong Chief Executive John Lee Ka-chiu defended his administration's abrupt reversal on legalizing basketball betting, stating the policy was never meant to encourage gambling and that "all risks must be controlled" before proceeding. Lee made the remarks on Tuesday, just days after the government's surprising announcement to halt the authorization process. The U-turn, which caught lawmakers and the public off guard, was directly attributed by officials to the rapid and largely unregulated rise of cryptocurrency-based prediction markets. The decision represents a significant shift from the government's previous stance, which had framed the legalization of basketball betting as a measure to combat illegal gambling and capture tax revenue. The proposed move would have expanded the legal betting options beyond the current monopoly held by the Hong Kong Jockey Club on horse racing, football, and the Mark Six lottery. The sudden pause leaves the future of this expansion in doubt and underscores the complex challenges regulators face in a digital age where new forms of wagering can emerge faster than laws can adapt. Central to the government's reasoning is the explosive growth of online prediction markets. These platforms, often built on blockchain technology, allow users to bet on a vast array of global events—from sports outcomes to political elections—using cryptocurrencies. Their decentralized and borderless nature makes them exceptionally difficult for any single jurisdiction to monitor or control. Officials expressed concern that introducing a new, government-sanctioned sports betting product could inadvertently fuel interest in these parallel, opaque crypto markets, potentially exacerbating problem gambling and financial risks for residents. Lee's emphasis on risk control highlights a deepening regulatory dilemma. While legalization was initially seen as a tool to channel gambling into a supervised, taxable environment, the state now perceives the external landscape as too volatile. The government's caution signals a recognition that a policy designed to curb illicit activity might lose its effectiveness or even backfire if it fails to account for the...

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Categoria: cronaca