The idea of legalizing land-based and online casinos in Thailand is booming.Many Thai political parties have proposed amendments to the gambling law, which, if approved, will legalize land-based and online gambling.
According to the Bangkok Post, the Thai regional power party has led the legalization move. Formed 10 years ago, the political group is proposing to set up casinos in all four regions of Thailand.
Logically, the plan includes properties in the regions with the highest tourist traffic.The aim is to raise money after the COVID-19 blunder, when the country's economy is not yet recovering.
Need more revenue
Legalizing casinos will create jobs, revitalize the local economy and bring tax revenues to the government.Cobit Pangam of the Thai Local Power Party estimates that the casino will generate annual tax revenues of 4000-6000 billion baht (approximately US $ 116 billion-174 billion).
This means a fair amount of income, Cobit asserts.Combined with taxes, license fees and other financial resources, Thailand can generate revenues of THB 1 trillion (US $ 5 billion) in the online sector alone.
In December, the Thai Parliament set up a subcommittee to consider the possibility of legalizing casino gambling.Gambling other than horse racing and lottery is prohibited by the gambling law enacted in 12.
Kobito has stated that 10% of the tax revenue from license holders, including application fees, will be sent to the Treasury.The remaining 90% will be used for national welfare efforts such as student loans and debt relief, as well as financial support for the agricultural sector.
The gambling law amendment included player confirmation to prevent minors from using these services.It also includes measures to prosecute unlicensed platforms.
In addition to casinos, Kovit believes that underground lottery legalization should be considered.We believe this will generate more than THB 1,500 billion (US $ 43 billion) in revenue each year.
This financial forecast isn't impossible at all, but it's likely to be a little bloated.With a population of about 6,700 million and no history of games, it is difficult to make an accurate decision.
If recent rumors are true, political parties can expect the support of at least one major casino operator.Las Vegas Sands is said to be looking to new destinations in Asia, with Thailand being a candidate.
Thai lawmakers are ready for change
Thailand began seriously considering legalizing gambling last December.To explore that possibility, a special committee of 12 members was set up.This decision was controversial and controversial, but gained support at the business level.Legalization of gambling is an incentive for economic recovery after "COVID-60" and a strategy to attract tourists from all over the world across national borders.
Opposition to this initiative is moral and religious.Buddhists, who make up the majority of the country, like other religions, blame gambling.Even though Buddhism does not actively ban gambling.
At the same time, various citizen groups have voiced concerns that this type of initiative will have a negative impact on the communities in which it is set up.They also believe that casinos are just a hub for corruption and money laundering.
The areas that lawmakers have listed as attracting casinos are Chiang Mai and Chiang Rai in the north, Udon Thani and Ubon Ratchathani in the northeast, and Pattaya and Chonburi in the east.
Gambling opponents also argue that it is difficult to establish accurate rules regarding casino management and taxation.There may be some reason for that opinion.However, no industry can escape corruption, fraud and regulatory breaches.Still, control over underground industries is inferior to control over legalized alternatives.
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