Thailand might be on track to take a major risk and legalize online gambling and casinos. The country might be able to compete with some of the greatest gambling hubs in the globe, including Las Vegas and Macau, if this initiative is successful.
The action is part of the nation’s plan to revive the country’s struggling tourism industry, which has been severely impacted since the pandemic.
Although some Thai gamblers have been using online casino sites to satisfy their urge to play by obtaining casino bonus codes similar to those found at 365, it wasn’t until January that Thai lawmakers approved a report that was widely regarded as being quite contentious and would make the possibility of constructing a casino resort complex in Bangkok very real.
This is a brave decision considering that the nation recently legalized cannabis, which created quite a stir among the populace. However, the perception is that Thailand felt like it was missing out on the huge investments that other Asian nations had made in the casino industry. It’s also believed that Thailand intends to expand the scope of its tourism economy, one of which is the multibillion dollar gaming sector.
Asia’s Market for Resorts
Asia as a whole has a thriving resort industry, with Macau being the greatest hotspot. But due to Chinese control, the hotspot has lost its appeal, creating a void in the market that has attracted travelers to other places, possibly including Thailand.
Thailand’s History of Gambling
Thailand’s current gaming regulations went into force in 1935. Most of the many types of betting that are frequently seen in many nations are prohibited under this, although it does provide the government the authority to grant special licenses for particular locations and/or activities. However, this rule has recently come under question, with one of the vice-chairmen of a government council claiming that by forbidding gambling, Thailand is losing out on about $11 billion in tax income.
Many well-known companies in the gaming industry, including Caesars and the Genting Group, may decide to invest in the region as a result of the legal change. Should the law change, this would be done through tight licensing that would go into effect.
The country nearest to us where the gaming laws have changed is certainly Japan. They altered the laws about six years ago, and since then, they have served as a shining example of how time-consuming, difficult, and lucrative it can be to modify all of the laws of a country.
Thailand’s Strategy
It has been determined that up to five potential casino resort locations across the country are possible. These prospective locations include Greater Bangkok, Phang-nga, Phuket, Krabi, Chiang Rai, Chiang Mai, and Pattaya City.
Some people think having five different resorts is a bit much, but one of them is in the biggest tourist destination of the nation, and the others are in places where travelers congregate quite a bit.
Phuket has been loud about wanting to participate in the resort casino scheme. Because Phuket is a popular tourist destination, the hotels association has stated that it thinks Phuket would make a strong contender for a resort. When it comes to providing part of the urgently required financial support for Phuket’s governmental infrastructure, the resort’s revenue will also be of immeasurable value.
Gambling in Thailand Could Be Risky
Approving gambling and large casino resorts carries hazards, just like any significant expansion or change in legislation in any country.
The length of time until the nation begins to get income from the resorts currently poses a significant risk. It may take years, or even a decade, before the ideas are fully realized because legislative changes don’t happen very quickly. You still need to plan, get authorization, construct, and run marketing campaigns even when the regulations change.
The largest danger, though, will be if the proposal is successful. We still don’t know, once everything is said and done, if tourists and serious gamblers would consider Thailand a desirable location for playing casino games. Time alone will tell!
