The Chinese government is pressing the gambling industry as much as possible. Some state-owned firms have made staff sign a pledge to abstain from gambling. The navy has warned sailors that online betting will end in addiction, a fate akin to being “possessed by demons”. However,it seems like it is not working, because there exists high demand. When they suppress demand in one place, it tends to emerge in another.
Macau remains a big hub for gambling gambling providing 85 percent of state inflows and employs one out of five workers. Macau, the former Portuguese colony and the China south coast, earned $ 35 billion in 2019, about three times the amount in Las Vegas, United States. Chineses government has implemented restrictions on moving the capital to Macau. They are concerned that casinos are being used to move capital out of China and launder illegal profits. Regulators have tightened capital controls and restricted operators that help large investors circumvent currency restrictions.The Chinese government authorities were even after individual exchangers who carry currency by hand. However, all this is not seeming much effective. Despite all of this, Macau still seems like a sure bet. Its economy is forecast to grow this year by 11%. It means the money is still pouring in the territory. Macua is not the only problem, new betting spot is created. Casinos are also popping up across South-East Asia, especially in Cambodia and the Philippines, as budget-savvy travellers look for alternatives to Australia and Singapore.
Source: Economist
