Gambling laws in the U.S. are incredibly complex, those abroad have even more twists and loops. China, a country with strong anti-gambling sentiments, is beginning to crack down on many of its businesses. Namely, casinos.
China Plans On Casino Restrictions
Macau officials have recently announced plans to make legislative changes regarding gambling, including measures that would restrict access to gambling licenses and increase vetting for casino operators.
Additionally, the Macau government has announced that they want to increase local shareholdings in the casinos.
As of now, Macau is the only region in China eligible to host gambling operations and casino owners must already navigate the country’s strict laws. Even so, gambling has remained one of the main sources of revenue for the area.
What the Legislation Means For Macau
In light of China’s recent announcements, stock value for each of the city’s biggest casinos has plunged dramatically. Over $18 billion was lost in market value. The news of this massive sell-off has created a flurry of panic among investors and government officials in the area.
Macau has announced a 45-day public consultation in which new gambling regulations will be outlined and decided on. However, some fear that it could lead to an all-out collapse of China’s gambling industry.
While this action is being made in hopes of expanding non-gambling-related businesses, another restrictive ruling might hurt Macau more than it helps.
Frankly, Macau is already in a financially vulnerable position due to COVID lockdowns throughout the past year. Another hit to their economy could be devastating.
Even so, business analyst Vitaly Umansky assures that gamers should hold on to hope as these casinos are working together with government officials on this issue. He adds:
“Our view remains that the six operators here today will be here tomorrow.”
This public consultation period is set to begin on September 15th.
A Note of Caution For U.S. Bettors
These swift changes to gambling laws in China should serve as a lesson to every single gambler and bettor. Legislation is always subject to change. What might have been okay last month, might become completely illegal next week.
While the above statement may be considered an extreme way of putting it, the claim rings true. Domestic betting is beneficial in several ways. But offshore betting offers a sense of stability that can’t be promised by domestic operators.
With years of experience and minimal government intervention on their side, reputable offshore gambling is the most secure option for avid bettors. Our website offers dozens of resources for playing with legal online casinos.
Source: Forbes