Further delays in Thailand have left the market in limbo after Prime Minister Paetongtarn Shinawatra put the brakes on the final decision surrounding the regulation’s fine print.
It comes after recent political back and forth over various issues in the bill, most significantly whether domestic players will have access to the casinos.
Most recently, a reported U-turn from officials in the country saw the legislation shift away from essentially excluding the vast majority of Thai citizens from gambling venues.
The surprising proposals had come after numerous warnings over the potential social impact of the bill, including from an unlikely source in Chinese President Xi Jinping.
It led to Thai officials implementing a rule that meant that citizens would need at least $1.5m in assets to access casinos in the country.
It was recently touted that these plans would be curbed however, as Deputy Finance Minister Julapun Amornvivat cited the importance of thwarting the black market when he spoke to reporters.
However, it now appears the industry awaits the fine tuning of the bill as it has been delayed with a view to ensure that the decision is taken effectively and not rushed.
The value of the market would be elevated significantly if it is to be inclusive of domestic players, rather than just being focused on tourists.
Further underlining the potential of the gambling ecosystem in the country, there has also been speculation over a future for iGaming in the region.
Former Prime Minister Thaksin Shinawatra previously expressed his appetite for legislation of the vertical in Thailand, as he emphasised the major impact it could have on the growth of the economy.
He also drew attention to the importance of combatting the black market, as he underpinned the potential of diverting the users towards a regulated market that is safer and also benefits the economy.
The former leader stated: “Online gambling has two to four million Thai users with savings of 300bn baht and gains and losses of about 500bn per year.”
Pontificating over just how much money the industry could generate, he emphasised that “if we can tax 20% we would get more than 100bn per year”.
It also comes as the desire from operators for expansion into Thailand is increasing, after it was reported on Genting Malaysia’s investor call at the end of the year that they could challenge rival subsidiary Genting Singapore for a footprint in the region.
