Thailand is edging closer to passing a bill that will usher in an era of regulated land-based gambling, with final details being hammered out and one particular development catching attention
Thailand’s Council of State has finalized its study of the amended entertainment complex bill, The Bangkok Post said on Monday, March 3, with the cabinet now up to review the findings at an upcoming meeting later this month.
Amended Gambling Bill to Outlaw Proxy Bet, But Possibly Let in Locals
Due to gather for a meeting on March 11, the cabinet will have to review, among other things, certain recommendations by the Council of State, as well as the amended bill’s new clauses, which were introduced after the bill was submitted for review.
Among those are proposals that directly prohibit “online gambling and live-streaming of gambling activities from the casino to prevent people outside the casino from participating.”
In other words, the government is keen to protect the integrity of what happens on casino floors and eliminate the chance of money-laundering through proxy betting, i.e. people betting outside of the casino and using hired people to place the wagers physically for them inside.
Not allowing live streaming could also be a way to curb any attempts to create secondary markets built around the regulated gambling in the country. Another notable point of discussion will be whether players should hold $1.5 million fixed deposits in their bank accounts to be able to access casino gaming floors. There are only 100,000 such accounts in the country at the present date.
This rule specifically applies to nationals and has been proposed by the reviewing body as a way to curb the harm that could stem from gambling proliferation in the country. However, the Bangkok Post has already suggested that the proposal faces somewhat stiff opposition, as lawmakers find this measure too restrictive to begin with.
Restricting Locals from Gambling Not Economically Viable
The Council of State was the originator of this measure, arguing that it would help keep people at risk away from casinos and only grant access to people with significant financial means, shielding the rest from harm. However, this logic is somewhat flawed, as many high-stakes gamblers have faced ruin despite their strong financials.
Besides, if you shutter the regulated market to the locals, a secondary black market is likely to sprout and serve demand. This view is espoused by deputy finance minister Julapun Amornvivat, who suggested as much in a recent public comment.
Another worry has to do with the fact that if you limit locals from playing, Thailand’s casinos may struggle to deliver on their promised economic boon, suppressing initial investment and thus becoming a self-fulfilling prophecy.
