WITH the government having approved in principle the draft Entertainment Complex Act today (Jan 13) and assigned the Council of State to review it, the next move is possibly bringing online gambling above ground as the Digital Economy and Society Ministry believes doing so would be good for the economy, Thai Rath newspaper said.
Prime Minister Paetongtarn Shinawatra said after the Cabinet meeting that the draft Entertainment Complex Act had been approved as proposed by the Finance Ministry with the Council of State to now review it.
This agency will study the details of the draft act including setting up a policy committee and an executive committee to oversee this complex as well as setting clear criteria for granting permission to operate it.
Meanwhile Digital Economy and Society Minister Prasert Jantararuangthong has revealed that his ministry is studying legalising online gambling as it will be good for both the economy and resolving social problems, Thai Rath Money said.
A securities analyst at Krungsri Securities Plc said he expects this issue to be tabled to the Cabinet for consideration this week.
This is so because the online gambling market in Thailand has a high growth rate with ICT and Digital Tech contractor stocks to benefit if it is legalised. His three picks are Samart Corporation Plc (SAMART), Berli Jucker Plc (BE8) and Bluebik Group Plc (BBIK).
According to data from the Statista Market Research Institute, last year Thailand’s online gambling market was worth over US$546 million or approximately 19.569 billion baht and has an average annual growth rate of 5.34%. It is expected that by 2028, it will expand to US$672 million or approximately 24.085 billion baht.
Krungsri Securities’ analyst said in legalising online gambling some secondary laws will have to be amended to prepare to issue a Royal Decree so as to skip the parliamentary process.
The analyst added that as this market tends to grow at 7.3% per year if such businesses are brought into the system it will have a positive effect on the overall economy.
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Top: A representative image of online gambling by Erik McLean on Unsplash
Front Page: A gambler at the table. Photo: Chris Liverani on Unsplash
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