In years gone by, Thailand was home to numerous gambling enterprises. These were operated locally, and people could bet on everything from card and casino games to horse racing. Foreign investors were also present in Thailand’s gambling sector, with millions of players across the country.
Early on, the Thai government promoted and legalized gambling, but criminal activity related to gambling began to rise and, because of this, the government gradually closed down gambling locations and outlawed the practise. Several attempts have been made to legalize gambling again, with little success. However, now there has been progress, with the Thai government approving a draft law to legalize gambling and casinos earlier this month.
Why is this Happening?
Thailand already has a thriving tourism ecosystem, with its beaches, cities, and islands as major attractions. Legalizing gambling further opens the country up to a new target market: high-profile individuals, affluent travelers, and tourists who are looking for more excitement. The increase in potential revenue will attract investors who are always looking for new markets and create local job opportunities.
Despite government efforts, gambling has existed underground in Thailand. However, this black market is also accompanied by crimes such as money laundering, scamming, and loan sharking. Introducing a bill to legalize gambling will help stamp out these illegal activities and associated criminality.
The Entertainment Complex Bill
Under the proposed bill, which is officially called the Entertainment Complex Bill, casinos will be permitted on the sites of integrated resorts, which include things like hotels, theme parks, water parks, and shopping malls. However, casinos must not take up more than 5% of a resort.
The revenue tax for these establishments will be an estimated 17%. The bill also states certain requirements be met, such as a licensing agreement that only permits companies incorporated in Thailand, and a minimum investment of $100 million.
What Does the Future Hold?
Before the Entertainment Complex Bill can come into effect, it must first pass through legislative processes in the Thai government. However, there are predicitions that it could pass by the summer of this year, meaning we could see a regulated Thailand gambling market far sooner than many might have expected.
As we touched on above, Thailand already boasts an impressive tourism industry. With the introduction of legalized gambling and casino resorts, these numbers will likely skyrocket. Gambling will also give local Thai economies a shot in the arm and will help generate job opportunities for residents.
Final Thoughts
It’s an exciting time to be involved in the world of gambling and iGaming. Countries across the globe are launching regulated markets, creating more opportunties for players and operators than ever before.
