Thai residents have kicked against a government plan to legalize casinos and online gambling. According to recent reports, casinos and online gambling could be legalized and carried out using digital assets. The move, which the authorities claim will boost investment and tourism, is backed by the former Prime Minister of Thailand Thaksin Shinawatra.
According to the former PM, legalizing online gambling could turn out big for the country, with his estimates putting the country’s annual revenue from the activities at 100 million baht (approximately $2.89 billion). The country has also approved a draft law to that effect, trying to use the law to establish online gambling and casinos as powerhouses and revenue generators in the future.
For now, underground gaming and gambling will remain illegal and culprits will be prosecuted.
Thai residents oppose gambling legalization
The Thai government officially oversees state-controlled horse races and its lottery. However, soccer betting and other kinds of underground gambling are still rampant, an aspect that the country will be looking to benefit from. This is majorly because of the vast sums of money that exchange hands in the sector.
Meanwhile, in a poll launched by the National Institute of Development Administration, about 69% of the respondents were against legalizing online gambling, with about 59% strongly opposing entertainment complexes and casinos. 29% of the respondents favored both.
The poll was carried out on Monday and Tuesday, and about 1,310 respondents, both males and females, were interviewed.
There have been arguments concerning the draft law, with most proponents highlighting the benefits that it could bring to the country. Aside from the revenue generated by the country annually, there have also been arguments about boosting job creation and making these gambling locations easily accessible to tourists. There has also been the mention of using digital assets, which has also been boosted by Trump’s emergence as US president.
There has also been the issue of surrounding countries, including Cambodia, the Philippines, Myanmar, Singapore, and Laos having large casino complexes, ones that they have put to good use. The Thai government argues that opposing the bill will not only mean that the country is ignoring potential revenue, it also means it may not reach its potential as a tourist destination.
Former PM advocates for crypto and gambling
Former Thailand PM Thaksin Shinawatra is also a big crypto advocate, always highlighting the benefits it could have on the economy of Thailand. In a recent post, he urged Thai citizens to embrace the asset, noting that it has the potential to rise to $850,000 in the future. He also mentioned that a crypto sandbox will be launched in the country before the end of the year. This will enable tourists to spend more digital assets during their visits, which is a win for the country, according to Shinawatra.
Shinawatra mentioned in a recent statement that the country will try to create a system that will help to monitor and control the excesses of the industry. One feature he highlighted is creating a system that will prevent underage use while helping to monitor addicts.
While Thailand is currently struggling with crypto regulation, it is likely that once the draft law is officially passed, it could open up the country to look into crypto regulation, boosting global adoption.
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