Thailand is looking to better align its gambling culture with that of neighbouring countries in a bid to boost its economy.
While some forms of betting, such as on horse races and the lottery are permitted, gambling remains illegal in Thailand, a Buddhist society where the activity does not tie in with national values. But that prohibition has driven gambling underground, a situation that means the country does not benefit from the taxation or other revenues associated with what The Independent has called the “vast sums of money” that are exchanged on football betting and other gaming.
Banglamung officials raid illegal casino near #Pattaya. pic.twitter.com/LR6vbmO41y
— The Pattaya News Thailand (@The_PattayaNews) July 7, 2024
Previous administrations have attempted to rectify that situation, but have encountered resistance. Now, after public consultation revealed 80% of respondents were in favour of change, the government is progressing proposals to develop a new chain of entertainment venues that will host various casinos and other forms of leisure.
30-year licences renewable every 10 years
Explaining the proposed bill, Deputy Finance Minister Julapun Amornvivat said feedback from the public hearing would be worked into the plans under which limited or public limited companies with registered capital of at least 10 billion baht would be able to apply for licences from the Entertainment Complex Policy Committee. These will cost 5 billion baht, plus an annual payment of 1 billion baht.
Licences would have a lifespan of 30 years and would need to be renewed once a decade.
Attempt to encourage Thai gamblers to spend at home
The current leading party, Pheu Thai has managed to shift opinion after pointing out that Thailand lags behind other Southeast Asian nations, such as Cambodia, Singapore, Myanmar and the Philippines when it comes to gaming.
Lobbying has included arguments by Thaksin Shinawatra, the Prime Minister’s father and a billionaire, who has pointed to the economic boost that could stem from regulating the country’s dark economy, potentially bringing back Thai customers who go over the border on weekend gambling sprees. Indeed, it is anticipated that the venues will attract mainly Thai gamblers, with entrance fees for users set no higher than 5,000 baht per person.
1/ Thailand's Casino Push 🎰: Thailand is considering legalizing casinos to boost tourism and attract foreign investment, aiming to generate an estimated $12 billion annually. This move could be a game-changer for the economy. pic.twitter.com/5XiljZTWZk
— Paruey (@paruey) August 27, 2024
“Mega entertainment complex”
The moves towards what Julapun called a “mega entertainment complex” that would pave the way to the legalisation of gambling would now be adjusted ready to “discuss with our coalation partners before sending it to cabinet for approval” a press conference was told.
It remains to be seen how the Buddhist majority country will respond to the moves by Thaksin Shinawatra and his youngest daughter Paetongtarn Shinawatra, who only became premier a month ago after pro-gambling former PM, Srettha Thavisin, was removed from power by the courts.
