⛔️Competition in Thailand 🇹🇭: Physical Casinos versus Online Gambling

⛔️Competition in Thailand 🇹🇭: Physical Casinos versus Online Gambling

During the vote in the House of Representatives, 253 out of 257 congressmen voted in favor of legalizing casinos in large entertainment complexes. They justify their decision with the need to attract more tourists to the country.

➡️ Currently, enthusiasts of live roulette place their bets in border casinos of neighboring countries such as: Cambodia🇰🇭, Vietnam🇻🇳, Myanmar🇲🇲 and Laos🇱🇦. From the regulator's point of view, this is not good, because 12 billion USD of the Thai budget is being lost.

➡️ The regulation implies the introduction of a 17% tax (one of the lowest tax regimes in the region). The license will be granted for 20 years, with the possibility of renewal every 5 years.

➡️ Giants in the industry such as MGM, Las Vegas Sands and Hard Rock Asia are expected to be present in the market.

This is what is happening with online casinos:

➡️ Since October 2023, 25,571 websites of online gambling operators have been blocked in Thailand. In addition to the blocked websites, the service of another 60,681 sites (including thousands of affiliates) was "suspended". Well, you could practically say that they were also blocked. For organizing online gambling, not only can you receive a fine, but also a sentence of up to 10 years.

➡️ Now, operations related to illegal gambling are classified as serious economic crimes. The government urges citizens to stay away from online gambling and to distrust tempting offers made by illegal operators. Interestingly, the regulator mainly associates financial crimes with online casinos... and not so much with physical ones.

➡️ It is notable that authorities show great tolerance towards cryptocurrencies — an equally "virtual" high-risk area.

There is a possibility that the extremes in state policy may eventually result in the establishment of a certain legal balance...

#news #gambling #Asia