Thailand’s government under Paetongtarn Shinawatra (pictured with her father Thaksin) is looking to legalize online gambling and introduce crypto payments. [Image: Shutterstock.com]

Government sees opportunity

Thailand is hoping to legalize online gambling in a bid to fill government coffers to the tune of THB100bn ($2.89bn) in annual revenue.

The announcement was made by Thaksin Shinawatra, 75, the former Thailand Prime Minister and alleged power behind the current PM, his daughter Paetongtarn. 

government can make more immediate revenue gains

While the gambling world is focused on Thailand’s race with Japan to open the region’s first integrated resort casino, the new government has seen it can make more immediate revenue gains. 

Reuters cited Shinawatra stating at a Bangkok event this week that Paetongtarn’s government was “coming up with ways to control access to, and tax revenue from, online gambling.”

Shinawatra also told attendees the government was looking to introduce crypto as a valid payment option, citing developments in the US driven by the imminent return of Donald Trump as a catalyst. 

Billions to be made

Thailand’s move to legalize online betting is practical given the vertical’s massively popularity with Thais despite the country’s ban on most forms of gambling. 

“Online gambling has two to four million Thai users with savings of THB300bn ($8.6bn) and gains and losses of about THB500bn ($14.3bn) billion per year,” Shinawatra explained.

“If we can tax 20%” Reuter’s reported the ex-PM as stating, the government could rake in $2.89bn annually.

Shinawatra said the government was working on an ID-based system to regulate access to online gaming while blocking underage users and monitoring problem gambling.  

Over in the US, the legal iGaming market is booming and as money pours into US state coffers, countries like Thailand, the second strongest economy in Southeast Asia, are quick to see the potential benefits back home.

Shinawatra this week also pushed for Thailand’s financial sector to embrace cryptocurrency, citing the pro-crypto stance of the incoming Trump administration. 

The former PM singled out Trump’s appointment of crypto deregulation advocate Paul Atkins as the US Securities and Exchange Commission head.

Inspired by US

In line with the US’s new political drive for crypto, Shinawatra stated Thailand’s SEC needs to expand on its digital strategy, and allow “trade of stablecoin, or coin” backed by assets.  

Since Rush Street Interactive CEO Richard Schwartz saluted Donald Trump as a catalyst for US iGaming expansion, business leaders and brands have moved fast to align themselves with his returning administration. On Monday, prediction market provider Kalshi appointed Donald Trump Jr. strategic advisor.

The father of the PM added Paetongtarn’s government was exploring introducing crypto as a valid payment option, a move that is expected to be trialled in Phuket.

With the Thai cabinet approving a draft to legalize gambling on Monday, the government that only came to power in August after the previous incumbent was forced out of office, is making rapid strides.