In a bold assertion, former Prime Minister Thaksin Shinawatra has voiced his strong support for the legalization of online gambling in Thailand. Speaking from his influential position, despite lacking a formal governmental role, Thaksin posited that such a move could significantly bolster the nation’s economy. He estimates that legalized online gambling could generate up to 100 billion baht (approximately $2.89 billion) in annual revenue. This proposal comes at a time when the Thai cabinet has already taken steps toward legalizing casinos, demonstrating a shifting attitude toward gambling in the nation.
Thaksin’s argument is rooted in the reality that illegal gambling is deeply embedded in Thai culture, with millions participating in various forms despite the prohibitions. He suggests that by formalizing this sector, the government could not only reap substantial financial benefits but also create employment opportunities and enhance the tourism landscape. It’s a pragmatic approach that acknowledges the existing demand for online gambling while attempting to regulate and receive tax revenue from an industry that thrives in the shadows.
In his analysis, Thaksin elaborated on possible regulatory frameworks that the government could adopt to control online gambling operations. By implementing an identification system akin to a gambling passport, the Thai government could effectively monitor participants, ensuring that minors are restricted from access and enabling the identification of individuals prone to gambling addiction. This proactive approach prioritizes responsible gambling and consumer protection while turning a profit from a previously untapped revenue stream.
He suggested that with proper taxation, the government could gain considerable income from the estimated two to four million Thai users engaged in online gambling. This figure is bolstered by the immense savings and monetary activities surrounding gambling, indicating a significant economic footprint that remains largely unacknowledged due to its illegal status.
Beyond online gambling, Thaksin has also urged the Thai government to adopt a more progressive stance regarding cryptocurrencies. Drawing parallels with the incoming U.S. administration and its favorable approach to cryptocurrencies, he called for Thailand’s Securities and Exchange Commission (SEC) to embrace digital innovation. He argued that licensing and regulating transactions involving stablecoins—cryptocurrencies backed by tangible assets—could position Thailand at the forefront of a burgeoning global market.
The proposal to use cryptocurrency for transactions in tourist-centric regions like Phuket demonstrates a forward-thinking strategy to enhance the nation’s appeal to international tourists, many of whom favor digital transactions. Thaksin’s assertion that “there will be no risk” with such currencies suggests a transformative vision where digital assets are seamlessly integrated into legitimate economic frameworks.
As Thailand navigates its post-pandemic economic recovery, Thaksin Shinawatra’s suggestions to legalize online gambling and embrace cryptocurrencies present compelling arguments for strategic reforms. Such initiatives could not only enrich governmental coffers but also modernize Thailand’s financial and regulatory landscape. The successful implementation of these policies could represent a substantial shift towards a new economic paradigm, positioning Thailand as a progressive player in Southeast Asia’s evolving economic environment.