Is it in Singapore’s Best Interest to Legalize Online Gambling?January 15, 2012 | Posted on
Is it in Singapore’s Best Interest to Legalize Online Gambling?
Based on Global Gaming Outlook information that was released by PricewaterhouseCoopers (PwC), the fastest growing casino gaming market over the next 5 years is expected to be the Asia Pacific Region. According to PwC, by 2015, this region’s gaming profits are to grow from $3.4 billion to an anticipated $79.3 billion.
Nevertheless, despite these projected numbers, currently online gambling is illegal in Singapore. A gaming analyst, Jonathan Galaviz, said that it would be in the country’s best interest to attempt to take part in this lucrative and expanding online gaming opportunity instead of letting it pass them by.
However, not everyone agrees, a casino consultant and senior partner at Platform Asia Management Services, Felix Ling, said that if online casinos were legalized in Singapore, the social impact would be devastating.
However, PwC said that many consumers of the country already engage in illegal online gambling, so it would be better to make it legal and tax it, rather than continue to allow unlicensed operators to profit.
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