A Macau-based law firm has urged the city’s gaming authorities to assess the Macau’s online gambling regulations.
Macau-based lawyers Pedro Cortés and Manuel Moita Júnior of Rato,Ling,Lei and Cortés law firm has published a paper published by the International Law Office. The paper states the argument that Macau’s city government should reconsider and assess the current regulations of online gambling.
Online Gambling to Revitalize Macau’s Gambling Industry
There are a number of online gambling regulations in Macau’s framework of rules but doesn’t prove relevant in today’s online gambling industry. Macau’s gambling industry is emerging from the ashes after 2 years of tight gambling moderation of the Chinese government. Lawyers Pedro Cortés and Manuel Moita Júnior has emphasized that opening the Macau market to offshore online gambling could revitalize the recovering gambling industry
“It is clear that no licences are available to enable operators to offer remote gambling services in Macau, even though authorisations have been granted for the Macau Jockey Club (horse racing), Macao Yat Yuen (greyhound racing) and Macau Slot (sports betting) to accept online bets – which are presently the only legal options for online gaming in Macau,” wrote the lawyers in their paper.
Macau has experience an increase in profit margins in Q3. An online gambling introduction can complement the momentum that Macau received from its VIP marketing. A relevant legislation was prepared to assess and regulate online gambling but wasn’t able to be reviewed by a legislative assembly.
Sports Betting Could Also Bring Revenues
The introduction of online gambling in Macau might also pave the way for another category in fantasy sports betting. Sports betting products are available in Las Vegas casinos and sportsbooks. Sports betting is an unexplored product as well for Asia’s premier gambling destination.
UK-based Juniper Research reports that the estimated value of online gambling wagers will amount to US$550 billion this year to nearly US$950 billion by 2021. Juniper Research also stated that the increasing use of mobile devices and platforms will complement online gambling. Mobile marketing and digital platforms are seen to bring in more online gamblers from the millennial audiences as well.