| China's online casino dilemma
With the passing of the Unlawful Internet Gambling Enforcement Act the US has basically handed over its position as the number One global player in the online casino industry to the fast growing Asian market. And of course, the Asian Tiger per se is the vast Chinese market, where gambling and lottery has a long tradition and is enjoyed by millions. Online casino sites have taken advantage of the Chinese's fable for gambling, and are raking in billions of Yuan every year. The fun has just one little hang up: Online casino companies are illegal in China.
The situation is even more complicated. The Chinese government, fully aware of their citizen's hobby, has established a Chinese lottery that is earning very substantial tax payments for the government. With the rise of the online casino, however, more and more Chinese gamblers prefer the comfort and excitement of their favorite online casino as opposed to the state lottery. This not only means less income for the Chinese lottery, it means the Chinese government is loosing out on taxation on the fortunes that are being made by illegal online casino providers.
This is tricky, because in order to get to the money, the Chinese government has to legalize online casino sites first. The case is comparable to drug production in Columbia: tons of money to be made, just not legal, so the government never sees any of it. Luckily online casino businesses are not lethal, and simply a fun way to pass the time, so there is a good chance that the Chinese Leadership will find a compromise that will make both online casino players as well as the tax department happy. They're working hard on it, right now. The smell of money never fails to motivate. |  |
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