China Worried Over Outflow Of Betting Money

CHINA WORRIED OVER OUTFLOW OF BETTING MONEY

08th July, 2014 at 04:27:56
Source: http://www.azonlinecasinos.com

Sports betting is attracting massive wagers, especially on international football competitions.

China's state regulator for lotteries and ancillary sports betting facilities is concerned about the flow of cash out of the country as sports-mad punters use online and mobile facilities to bet on international competitions like the football World Cup currently unfolding in Brazil.

The Bloomberg news agency reported Tuesday on official Chinese figures that indicate after just three weeks of the World Cup that Chinese punters have already legally bet $642 million - twice that wagered on the 2010 World Cup.

And, Bloomberg points out, that is just the tip of the iceberg, because illegal gambling offers are also pulling in the Chinese gamblers, with online and mobile technology making it ever more accessible to the man in the street.

Last month China's state news agency Xinhua estimated that offshore online gaming accounts for as much as $161 billion in capital flight annually...equal to roughly 2% of GDP (see previous report).

So prevalent has Chinese football betting become in this World Cup year, that Macau regulators have attributed it to the unusual 3.7% decline in its land-based casino revenues last month - the first such decline in the last five years.

Related News Tags: ,



« News index »



BLITZ ON THE WAY FOR CHINESE ONLINE GAMBLING

29th March, 2017 at 08:27:22
Government plans to crack down hard on online casinos and foreign land operators targeting Chinese high rollers.

NEVADA GAMBLING REVENUES FOR FEBRUARY RELEASED

28th March, 2017 at 19:47:54
Not the best February - 4.5 percent down year-on-year.

OURGAME LOOKS TO GLOBAL EXPANSION

27th March, 2017 at 13:46:09
Particularly within social casino and eSports sectors.

CODERE CHOOSES EVOLUTION GAMING FOR MEXICAN MARKET

21st March, 2017 at 23:23:12
Live casino provider expands into LatAm market.

EGT INTERACTIVE IN CONTENT SUPPLY DEAL WITH OEG

21st March, 2017 at 23:23:12
Busy month for Bulgarian online gaming provider.