Thailand’s Online Gambling Industry Size in 2022
A survey released by the Casino Committee of Thailand has revealed overwhelming evidence that Thailand is in favour of a legal casino and entertainment complex in the country.
Almost 81% of 3,296 participants said they would welcome a legal casino and entertainment complex in Thailand.
Online gambling in Thailand is already a good part of the entertainment scene. It may not be the biggest industry in Asia, but it is an upcoming industry that has potential. The biggest reason why it is not as big is the strict regulations in the country. For a long time, online gambling alongside other forms of gambling has been illegal in Thailand.
The only form of gambling that is legal is the national lottery run by the government, and horse betting. Times have changed since then, and online gambling is slowly but surely making its way to the top in Thailand.
Despite these tough conditions, there have been positives that have helped online gambling in Thailand grow. These factors have been instrumental, without which the online gambling industry in Thailand would be almost inexistent.
Pichet Chuamuangphan, the second vice-chairman of a house committee which studies the legalisation of entertainment complexes, said that they have submitted their findings to the government for them to consider the establishment of legal casinos.
The Thai population is getting more used to online gambling, as they try out this new thing. For them, it is still new because of the past regulations that made it hard to try any form of online gambling.
You can try out casinos in Thailand by visiting TopAsia for reviews. A fair percentage of the Thai population of around 67 million people consists of the youth. This is a major boost because the younger people are the biggest consumers of online gambling.
With gambling currently being illegal in Thailand, there have been reports of numerous underground gambling dens in the country and the casinos in the border town of Poi Pet, Cambodia, is full of Thai patrons.
If you compare the numbers to other countries like China and India, the numbers are minuscule. However, this sometimes works in favor of the online gambling industry in Thailand.
Whenever there is a new game or market, it can be promoted quickly and the feedback will come back quickly. This way, the industry gets to know what the people do and don’t like. Also, with an average population, technological advancements are likely to reach most if not all interested people.
Given how important technology is in online gambling, that is a big advantage. The online gambling industry can therefore always implement changes as soon as they are available.
The industry size, net worth, and overview
The current size of the online gambling industry in Thailand matters. One of the ways the size of any industry is measured is through the net worth. The gambling industry as a whole in Thailand is worth between $9 billion and $12 billion.
There can only be estimates of what the online gambling industry contributes to this amount. Given the legal issues still surrounding online gambling, the exact figure cannot be narrowed down.
The most favored online gambling method in Thailand is sports betting. There are traditional sports that people like betting on, like animal fighting. The most popular betting sports are cock fighting and bull fighting. There are more underground gambling dens than there are online gambling sites.
It is no secret how strict the Thailand government has been on online gambling since before. The online gambling industry, therefore, had to find another way to reach the people. One of the ways to do it is through operators from foreign countries.
Since they operate from their own countries, like the Philippines, they are not breaking the law. The people in Thailand can then access these sites as foreign users, though they are local. This prevents online casinos and sports betting sites from breaking any laws but still operating in the country.
These operators have given a massive boost to the online gambling industry in Thailand, other than financial boosts. Thye have played a huge part in championing online gambling to be legalized in Thailand fully. Showing the impact online gambling has had though it is not fully supported could help change the mentality towards it.
Also, if these foreign operators weren’t available, the online gambling industry in Thailand would be significantly smaller.
In every industry, there are external factors that influence it. These are factors that are out of the industry’s control, like natural occurrences. A good example is the coronavirus pandemic. It is no news that everything came to a standstill when the virus was new. It directly affected the growth of online gambling in the whole world, even in Thailand.
Another external factor or influence is the growth of online gambling in the rest of Asia. Countries in Asia are generally known for their strictness towards the online gambling industry.
That is however changing, and the same countries have to adapt for social or economic reasons. Rules on gambling are getting softer, allowing online casinos to develop more in Asia. This has helped the size of online gambling in the continent multiply immensely.
Thailand has had to follow in the footsteps of neighboring counties, giving hope to online gambling. There is hope that soon, online gambling will be fully legal, making it bigger than it already is.
A Referendum on legalising casinos?
Former politician and massage parlour tycoon Chuwit Kamolvisit has thrown his support behind a move to legalise casinos, saying it would be a huge revenue raiser for the government and attract foreign visitors.
But if people are still divided on the legalisation of casinos, the government should step in and hold a referendum for people to vote on the matter, Mr Chuwit said.
”A referendum should be held because the issue involves everyone,” Mr Chuwit said, adding the government should also come up with measures to prevent young children from entering casinos by introducing membership systems.
Many Asian countries have already decriminalized casino gaming, like Singapore, Philippines, Cambodia end Malaysia, and trends suggest that Thailand may follow suit. Until then, Thai residents have to travel to countries that permit online gambling, like neighbouring Cambodia, or play online casino games on offshore casinos.