Delays in passing Thailand’s casino bill have left the market in limbo after Prime Minister Patongtarn Shinawatra previously stalled a final decision on some of the details of the regulation.
This comes after recent wrangling over various aspects of the bill, the most important of which was whether domestic gamblers would be allowed to access casinos.
The move was reported to be a 180-degree turn, moving the legislation away from effectively excluding the vast majority of Thai citizens from gambling.
The unexpected proposals also come after multiple warnings about the potential social impact of the bill, including from Chinese President Xi Jinping. This led to Thai officials introducing a rule requiring citizens to have at least $1.5 million in assets to access casinos in the country.
It was recently announced that these plans would be curtailed. Deputy Finance Minister Julapun Amornwiwat spoke to reporters about the importance of cracking down on the black market. However, it now appears the industry is waiting for the bill to be finalized, as it has been shelved to ensure an efficient and unhurried decision.
The value of the market will increase significantly if it includes domestic players rather than focusing solely on tourists.
Further highlighting the potential of the country’s gambling ecosystem, there has also been speculation about the future of online gaming in the region.
Former Prime Minister Thaksin Shinawatra has previously expressed interest in passing vertical legislation in Thailand, highlighting the major impact it could have on economic growth. He also emphasized the importance of cracking down on the black market, and highlighted the potential of redirecting users to a regulated market that is safer and also benefits the economy.
“Online gaming has two to four million Thai users with savings of 300 billion baht and profits and losses of around 500 billion a year,” the former prime minister said.
When discussing how much money the industry could generate, he stressed that “if we can tax it at 20%, we’ll get over 100 billion a year.”
Work on the new law continues amid growing appetite from operators to expand in Thailand. At an investor meeting in late 2024, Genting Malaysia said it could challenge rival subsidiary Genting Singapore for a presence in the region.
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