Thailand may be on track to take a big gamble – legalizing online casinos and gambling. This move is one that could see the country measure up against some of the biggest gambling regions in the world, such as Las Vegas and Macau.
The move comes as the country intends to reinvigorate the tourism sector of the country, which has been hit hard ever since the pandemic.
Whilst some Thai gamblers have been using online casino sites to scratch their gambling itch by getting casino bonus codes like the ones you find at เบท365 รหัสโบนัส, it was only in January that lawmakers in Thailand approved what was seen as quite a controversial report – One that would make the possibility of building a casino resort complex in Bangkok very real.
This is a bold move since the country recently legalized cannabis which caused quite a stir in the population. But the general feeling is that Thailand felt like it was missing out on the significant investments other Asian countries have made in the gambling sector. It’s also felt that Thailand wants to diversify its tourism sector into more avenues – one of those being the billion-dollar gambling industry.
The Resorts Market in Asia
Asia itself has quite the burgeoning resort market – With Macau seen as the biggest hot spot. Chinese regulation though has seen the hotspot fall from grace, leaving a gap in the market which has led tourists to other destinations – one of those potentially being Thailand.
Gambling in Thailand – The History
The current law in Thailand regarding gambling came into effect in 1935. This forbids a majority of the different forms of betting you commonly see in many countries but does give the government power to issue certain licenses when it comes to specific venues and/or activities. This regulation has come under fire recently though, with one of the vice-chairmen on a government panel stating that by not allowing gambling, Thailand is missing out on around $11 billion in tax revenue.
The change in the law could possibly see many big names in the gambling world – such as the Genting Group or Caesars – invest in the area. This would be through strict licensing that would come into play, should the law change.
The closest example that can be seen in the change of gambling law would have to probably be Japan. They changed regulations around 6 years ago and have been a prime example of just how long and complicated nationwide regulation changes can be – and also just how profitable.
The Plans for Thailand
Up to five different casino resort sites have been deemed feasible around the nation. These include Greater Bangkok, Phang-nga, Phuket and Krabi are all potentials, as were Chiang Rai, Chiang Mai and Pattaya City.
Some people view five separate resorts as slightly excessive, but one is in the main tourist destination of the country and the other resorts would be in areas frequented by tourists often.
Phuket has been very vocal about joining in on the resort casino plan. The hotels association has stated that it believes Phuket would be a strong candidate for a resort, being a tourist hotspot. The revenue generated from the resort would also be invaluable when it comes to adding some of the much-needed financial support Phuket needs in its government infrastructure.
The Potential Risks of Gambling in Thailand
As with all big developments and changes in regulation in any nation, approving gambling and these casino resorts comes with its own risks.
A big risk currently is the amount of time it takes until the country will see revenue from the resorts. The changes in legislation don’t move very fast and it could be years – or even a decade – before the plans fully come to fruition. Even after the laws change, you have planning, permission, building and marketing campaigns that all need to be done.
The biggest risk though will be if the idea works. After everything is said and done, we still don’t know if tourists and avid gamblers will view Thailand as a viable destination for playing casino games. Only time will tell!