In what could be considered an important development in Thailand, a politician has been pushing for legalizing gambling. It could be translated into an attractive opportunity for the casino industry given the government approves the suggestion. More importantly, it will be a win-win condition for all the stakeholders, including the government, to benefit from additional tax revenue from the gambling industry.
Finer Details
The legislator, Mongkolkit Suksintharanon, has emphasized on opening the economy for gambling. He says that the government committee should accept the proposal of opening entertainment complexes in the country, that should be conceptualized to host different recreational activities, including gambling. The legislator also proposed that these complexes come in popular tourist destinations, including Bangkok, Rayong, Nakhon Ratchasima, and Phuket.
Financial Sense
Stressing on the earning potential from online casinos, Suksintharanon says that many foreign casinos are operational in the country, but the government earns no tax revenue from them. He stresses that there is a need to change the official stance, and legalizing the country’s gambling activity will definitely benefit the establishment. According to the legislator’s estimate, the Thai government can earn up to 6 billion baht per year from the casinos’ taxes.
Conclusion
This emphasis on making gambling legal has come in the backdrop of a downturn in Thailand’s economy. Its primary source of revenue is tourism, and due to the COVID-19 restriction, there is a record drop in the number of people visiting the country. It will be interesting to witness how the Thailand government will respond to the legislator’s suggestion as the pressure on the establishment to spur the economy is immense. Undoubtedly, legalizing the gambling activity can help bring extra tax revenue to the government which can ease the pressure on lawmakers and people of the country.
