09 Mar How is Gambling in Asian Countries Contributing to the Global Economy
The impact of gambling has always been a feet to watch since it manages to escalate to various levels. By going further, this particular impact has hit the global economy enacting multiple kinds of changes. Although the Asian market was not known for gambling, recent developments managed to make a shift in the matter. So how exactly did these changes come into the picture and how far has the level of contribution gone? Well, to understand that, you need to look into the complete set of analysis. So, here it goes.
Gambling and its Legality
The impact first started when laws began to change and promote gambling as a legal activity. One of the first countries to do so was China, and as a result, they received Macau. Apart from state-run lotteries, gambling in China is legal only in Hong Kong and Macau. Other countries like Japan and Singapore have legalised gambling on specific terms and conditions. In Japan, only three integrated resorts are allowed to gamble with lotteries and other activities coming under strict regulation. On the other hand, in Singapore, two casinos share a duo play, and two other organisations come forward to control such activities.
The Most Impactful Spots
By far, one of the most prominent spots for gambling in Asia has to be Macau in China. It is one of the only regions where gambling is legalised, and the modes of development have clicked well. Also known as the Vegas of the East and the World Capital of Gambling, Macau manages to bring in $28 Billion annually as revenue. The main reason behind the same is due to the no-tax policy on winnings promoting gamblers to have the right money.
Apart from Macau, gambling tends to form a different story in countries like Singapore and India. With nearly two large VIP casinos, gambling in Singapore seems to be on the rise. After two unsuccessful and a successful attempt, online gambling has also witnessed a new form of acceptance in Singapore. According to reports that emerged in 2004, nearly $7 Billion was spent on gambling. On the other hand, the gambling business in India is not entirely successful due to problems of legalisation. Only states like Goa and Sikkim and the district of Daman are legally allowed to gamble. Due to all that, reports suggest that a valid form of revenue could never be reached. As of August 2015, the value of the Indian gambling market was estimated to be around $75.7 million, whereas it has the potential to reach $10.2 billion. Hence when you consider all these points, it is quite clear that the global economy is most affected by Macau.