Thailand’s planned casino law, which requires people to have a $1.5 million bank deposit, raises questions about accessibility and investor interest in the gambling business.
Thailand has proposed stringent admission standards for local punters in casinos as part of its aspirations to develop a big gaming sector to encourage tourism, according to a new draft legislation that may discourage investors.
Thai residents must have at least 50 million baht (US$1.5 million) in fixed deposits for at least six months to be permitted to visit casinos, according to a draft released on Monday by the Office of the Council of State, which advises governments on legal problems, policy, and appointments.
The criteria, which include a 5,000 baht (US$150) membership fee, would essentially ban broad sections of the population, where per capita GDP is around US$7,300, according to official data. Most types of gambling are prohibited in Thailand; however, underground betting is common. Domestic casino players were viewed as a major pull for international investors, who are keenly monitoring the proposed law’s provisions, experts said.
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According to a Citi analysis published late last year, about half of Thais aged 20 and over may be casino gamblers, laying the groundwork for the country to become the world’s third-largest gambling destination.
According to Daniel Cheng, a gaming analyst based in Singapore, an entrance charge of up to 5,000 baht would prevent upper middle-class and wealthy Thai people from accessing the casino.
“An additional requirement for a bank deposit of 50 million baht would make Thai casinos no better than those in foreign-only countries like South Korea,” he claimed.
The updated draft law will be the subject of further public hearings from February 15 to March 1. Following their conclusion, the cabinet must approve the draft bill before it can be given to parliament for consideration.
Thailand permits gambling on several sports, including boxing, the lottery, and state-run horse racing.
Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/
