South China Morning Post interviewed Mr Gordon Chan about the rise of Polymarket and its legality in Hong Kong.
In an interview with the South China Morning Post, Mr Gordon Chan discussed the rise of online betting platforms that utilised novel blockchain technology and the potential legal issues in Hong Kong under the Gambling Ordinance (Cap 148).
Prediction markets such as Polymarket have emerged in recent years and are gaining traction. Hong Kong’s Home Affairs and Youth Bureau put a pause on legalising basketball betting in Hong Kong, citing concerns over the effect of these platforms.
It is not entirely clear whether these platforms fall under the legal definition of bookmakers under the Gambling Ordinance. These prediction markets may not fit traditional bookmaking definitions, as they often operate like peer-to-peer derivative exchanges on blockchain without a central bookmaker holding funds.
However, Hong Kong had strict control over gambling, while “Betting with a Bookmaker” is an offence under section 8 of the Ordinance, whether online or offshore. It is risky to participate in these prediction markets when the legal ramifications are uncertain.
One must exercise extreme caution and be aware of the risks in participating in illegal gambling on these predictive market platforms.
Gordon Chan, Esq
Barrister-at-law, Archbold Hong Kong Editor on Public Health, and Member of the Bar Association's Committee on Criminal Law and Procedure. Specialised in medical, technology and criminal law.
