Thailand Alters Casino Bill, but Online Gambling Unlikely 

Legalized casino gambling is edging closer in Thailand after further amendments to the proposed legislation.

The Entertainment Complex Bill has now removed the controversial stipulation that only people with 50 million baht can enter a casino. This has been replaced with a requirement of proof of income tax filings for the last three years. The Thai government has emphasized that it is looking to balance responsible gambling with economic growth.

High Barriers to Casino Entry Are Dropped

Instead, the attitude seems to have swung toward creating a welcoming environment that curbs the growth of offshore operators, such as crypto casinos. The bill is backed by the Thai Prime Minister, Paetongtam Sinawatra. Overall, it has been suggested that it reflects a broader ambition to boost Thailand’s tourism sector, which already makes up about a fifth of the country’s GDP.

Thailand’s Ministry of Finance provided data that showed only 10,000 accounts in Thailand hold 50 million baht, so the previous entry requirement would have effectively banned locals from entering entertainment complexes.

It is suggested that the shift to a tax history-based criteria will still deliver an element of responsible gambling, as a more significant proportion of the population will have access, assuming they have a stable income source. By creating an environment in which more people have access to gambling, the government hopes to discourage gambling activity offshore.

Although the bill seeks to create physical casino locations, it also bans online gambling and live streaming from casino premises. The policy decision is driven by money laundering and proxy betting concerns. Proxy betting, by definition, is where one person places wagers on behalf of another person who is not present in the casino boundary, and is considered high risk in money laundering policy.

Macau banned proxy betting in 2016, and reports from the region suggest that illicit gambling activities have since moved to other countries in the SEA region.

According to a poll by the National Institute of Development Administration, 59 percent of those surveyed disapproved of entertainment complexes featuring casinos, while 29 percent supported the proposed developments.

There have also been several protests, with certain protest groups arguing that the legalization of casinos would exacerbate the country’s existing social issues.

Given the interest from international casino operators, the government is keen to press on with the bill. Proposals for integrated resorts in Bangkok, Chiang Mai, Pattaya, and Phuket are currently being considered. Reports suggest that each resort will require an investment of over 100 billion baht into the local economy.

A casino at an entertainment complex will only take up 3-5 percent of total space, with hotels, convention facilities, and amusement parks making up most of each resort.

Thailand Embraces Crypto, but iGaming a While Off

Although the prospect of crypto iGaming seems a million miles away, the country is becoming more crypto-friendly and savvy. The Securities and Exchange Commission of Thailand recently announced plans to launch a distributed ledger technology-based trading platform for securities firms to trade digital currency.

The Bangkok Post reported that token investments are gaining traction in the country, and the SEC will permit companies to trade digital tokens to “capitalize on their large investor bases.”

“The SEC is leveraging technology to enhance efficiency in the capital market by promoting an electronic securities ecosystem,” Jomkwan Kongsakul said, adding, “new regulations will be launched to facilitate the issuance of electronic securities and online purchases of debentures.”