Japan in favour of legalising gambling market
06 May 2015
Many countries the world over in recent years have seen the incredible surge and rise to governments and legislation laws in favour of legalising gambling, as it is an exceptionally fast growing industry with revenue returns acutely favourable to sustainable growth. One such country in the focus lens at the moment is Japan. In recent weeks a bill was submitted to the Japanese Parliament to legalise the gambling market and opening of land-based integrated casino resorts.
The gambling bill submitted to government legislation has imminently been welcomed by political parties in Japan and has gained much support. The content of the bill and other grey areas around it will be discuss and deliberated, with anticipation to be passed through legislation by August 2015. Should the bill be approved later this year, it will open a lucrative and successful market and lead to the creation of the third largest gambling market after the United States and Macau.
The Prime Minister of Japan, Shinzo Abe, has given his backing and support for the gambling bill, as the projected generated revenue is estimated at $40 billion dollars (€35.6 billion euros) per annum, should gambling be legalised in Japan.
Online gaming operators such as 888Poker and PokerStars have not been short sighted by the legislative activities, as they have reason to see the Japanese potential online gaming market as a formidable force in the making. Japan has some of the most successful pro poker players in the world and have been fortunate to be signed to online gaming operator giants, 888Poker and PokerStars and been selected as brand ambassadors. With the gaming market in process of opening to the international market, other gaming operators are positioning themselves with large investment plans to secure their place in the market. Land-based casino entities such as MGM Resorts International and Las Vegas Sands have already keen interests and sights on the Japanese region, being a landmark destination attraction.
With all the political and industry support in play, strong criticism have come from members of the Buddhist Komeito party. Despite being seated in the governing coalition with Prime Minister Shinzo Abe’s Liberal Democratic Party, opposing views have been raised over the impact Integrated Resorts could sustain on the Japanese societies and the concern of gambling addiction.