China betting online is considered the biggest untapped market, and as anyone who is familiar with Chinese culture knows, betting and gambling in general is widely considered to be an acceptable social pursuit in the country. Practically every household engages in some form of gambling or another, which makes for a tenuous state of affairs since gambling was essentially outlawed as far back as 1949. Chinese betting online is experiencing explosive growth in sports, poker, and gambling in general despite it’s current legal status, with more and more online betting sites accepting Chinese players and deposits all the time.
Legalities Of Chinese Betting Online
In recent years, the Chinese government has relaxed its ruling on land gambling and betting related activities somewhat, perhaps as a result of the realization that such activities could be a valuable source of much-needed revenues. Nevertheless, betting online remains illegal, although the casinos in Macau continue to do a flourishing business with the Chinese government largely leaving them alone. This does not stop players in China from betting online at sites that accept Chinese players and deposits.
Influential to the government’s decision to allow more access to gambling is the fact that millions of Chinese citizens flock to Macau every year, which counts casino gambling as one of its major industries. The Chinese government has no doubt realized the financial viability of legalizing gambling and online betting related activities, and it has taken steps to ensure that it profits from the Chinese love of betting online as well.
Future Of Chinese Betting Online
Today, there are only two government approved lotteries in the country, although an inordinately large amount of money changes hands illegally–as much as one trillion Yuan every year in fact. This figure is roughly equivalent to the revenue generated by the whole of Beijing for the same period, and it is a clear indicator of the viability of gambling and betting as revenue generating activities.
While the possibility of betting online becoming legal in China the future remains unclear–at least from the government’s standpoint–observers are generally in agreement as to its eventual liberalization. This development closely mirrors the trend of greater tolerance for “foreign” influences in the country, and online gambling and betting may well be some of the most lucrative industries in the country in the near future.
China Betting History
A form of lottery called Keno was actually played in China for thousands of years, when funds generated by such activities were used to build the Great Wall. The first recognized lottery in the country was recorded during the Tang Dynasty, and playing of the game continued in a limited fashion until 1886. This was when the government deemed that lotteries and other forms of betting were little more than outright robbery, and such activities were considered to be on the same level as prostitution.
While the banning of such activities was imposed throughout the country–particularly after the communists came to power in 1949–there were some pockets of quiet resistance here and there, and betting operators continued it ply their trade in a limited fashion. That being said, a number of casinos continued to do brisk business in the Treaty Ports areas as well as in the International Settlement in Shanghai.
Chinese betting on horse racing also had a fairly rocky history in the country, with conservative elements considering it unacceptably tied in with colonial ideals, having been introduced by the British in the 19th and early 20th century.