Despite being illegal in the country, gambling and iGaming activities are incredibly popular within Thailand with a vast majority of the country’s population said to have participated in online wagering.
The country allows residents to place wagers on things such as the national lottery and horse racing, however they have outlawed other forms of gambling, including online casinos, bingo, poker, and sports betting.
Nonetheless, it is understood that around 70% of the adult population within the country continues to gamble regularly, with it thought that around €5.5 billion is being generated in annual revenues. This is perhaps not a surprise given the number of people that are continually looking for the best reviews of online casinos in Thailand that they can use safely and securely.
However, finding how big the iGaming market is in the country and how much it is worth is something that appears hard to work out, although it would seem that there are signs it will be worth a pretty penny.
Thailand could be about to act
There have been recent reports that highlight that there is a major problem within the country in regard to the illegal gambling to be enjoyed, with a number of arrests having been made recently due to illicit activities.
Nonetheless, it would seem the Asian country could be about to make a number of huge changes to the current iGaming laws that are in place, which could then help the market and even Thailand to thrive in the future.
The House of Representatives have recently decided to vote in favor of setting up a 60-seat committee that will consider whether to make casinos legal within the country. A total of 310 MPS had voted in favor for the committee, whereas just nine had been opposed and a further 10 had abstained from the voting process.
Indeed, current Prime Minister General Prayut Chan-o-cha has mentioned that this year could be the time to try and finally solve the problem that has been experienced across Thailand for a number of years and has suggested that the legalisation of casinos could be a way to help them regulate it.
iGaming also seen as a way to bring needed income
To further highlight how big the iGaming market may be within Thailand, it would seem that the government is looking at it as a potential way in which they can generate new channels of revenue that can help them to rebuild.
Prior to the devastating pandemic that ripped through the world, Thailand was enjoying numbers of around 40 million tourists per year and despite there being a population of 70 million, the Asian nation has been heavily reliant on tourism for a number of years.
Indeed, tourism has helped to provide the levels of tax income experienced by the government, but with the lack of tourists in recent years, it is hardly a surprise the country is considering new avenues.
Additionally, there is every chance that higher levels of tourism can be enjoyed in the future if Thailand legalizes casinos, especially as a number of people travel to destinations to enjoy a gambling vacation.