A Global Betting and Gaming Consultant report has revealed that the total revenue from Chinese illegal gambling, has soared into a billion dollar landmark, according to the very latest China gambling news.
The illegal operators, based on the Chinese mainland are reportedly flouting Chinese gambling laws by a range of under the table operations, with illegal online gaming alone reported to be worth a staggering $562m, last year.
Lorien Pilling of the Global Betting and Gaming Consultants, was recently quoted saying: “this does not include the illegal land-based operations, which could be three to four times that figure in the underground casinos and gambling houses across the country. Bearing in mind that margins are very low from Asian handicap betting and the agent system, the $562.4m could equate to a turnover of around $15bn to $18bn.”
Casino gambling is currently only legal in Macau, which is rapidly becoming a challenger to Las Vegas’ throne, as gaming capital of the world. The only permitted licenses offered in China are for state lotteries, not online casinos. But it isn’t just the ability to play online casino illegally that has attracted mass profits for law-breaking operators.
According to Mr. Pilling, gamblers are also frequenting online sportsbooks to wager on football and basketball. He argues that internet betting on sports is so big, that if it was legalized, with carefully implemented government rules, advertising, local payment methods and bet types, that it would be a phenomenal success and generate several billions dollars worth of revenue for the country.
In Macau gambling revenue has reached epic proportions with over $188 billion being recorded just for 2011 alone, and a rise of some twenty two percent has been seen in February of 2012.
Though betting and gambling online in China is illegal, there has been little interference so far, and with a lot of the gambling accomplished by “remote gambling” over the phone, it is rumored that it will be some time yet, before the Chinese government makes a move to either reap in, or kill off the rewards of this billion dollar industry.