Macau May Legalize Online Gambling
As you know, the gambling industry is very strictly controlled in China. There is only one gambling zone in the country where casinos are allowed. We are talking about the SAR (Special Administrative Region) - Macau. Naturally, there is no point in even talking about online gambling in the Celestial Empire, since such things are strictly prohibited here. However, in recent days, some government agencies, including a number of deputies of the local legislative body, have proposed legalizing online gambling. In their opinion, this will help overcome the economic crisis that is raging in Macau due to the COVID19 pandemic.
Many are sure that the consequences of the coronavirus will be very serious. If measures are not taken in the near future to avoid major problems, then we can forget about normalizing the Macau economy for several years. It is definitely not worth talking about returning to normal life in the gambling industry in the next 3-5 years.
As is well known, in the only administrative region of China where gambling is permitted, online gambling is banned. The exception is the possibility of making limited bets on football and basketball, which are carried out with the participation of Macau Slot Co Ltd. This government position must be urgently revised, as the damage caused by the epidemic has already had a huge impact on the region's economy.
Some MPs are sure that it is necessary to adopt new laws that will allow establishing new rules in relation to online games. After that, a mechanism of supervision and control will be developed. This will help to boost the industry, as well as increase tax revenues from the gambling industry. It was also suggested to adopt the experience of European countries where online games are allowed. In particular, this concerns the UK, where online gambling has been available since 2005. In this country, quite a few companies related to iGaming have already entered the London Stock Exchange with their shares.
By the way, back in July of this year, some members of the Chinese government already proposed legalizing online gambling in China, since the development of this area of the gambling industry promises quite good prospects and profits for the state treasury.
