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Thailand has very strict gambling regulations. At present, only two types of gambling activities are legal in the country. One of them is horseracing, which is a traditional form of betting Thailand. The other one is the government-sponsored national lottery.
The prohibition of gambling in Thailand dates back to 1935 when the Thai Gambling Act was introduced. Since then, the legislation has not been modernized, so online gambling is also outlawed within the country. Besides, there is the Playing Cards Act, which prohibits owning more than 120 playing cards.
The reasons for the stringent gambling legislation are strongly connected to Buddhism. Thai society has long ago viewed wagering as one of the four vices that can lead you to the “Portal of Hell.”
That said, Thais do regard gambling as a fun social activity. They often wager when participating in various social events like traditional ceremonies and festivities, for instance. On top of that, the prevention and treatment of gambling addiction in Thailand are insufficient.
Despite its rigorous gambling regulation, the state seems unable to impose the necessary measures to limit wagering. The country is home to many illegal offline and online casinos. Some experts argue that Thailand’s strict gambling laws are failing to fulfil their purpose and are actually creating a dangerous, criminally-oriented gambling environment.
There are plenty of cryptocurrency exchanges in Thailand. The most popular ones include Bitkub.com, Zipmex, Coinbase, Binance, and Kucoin. Please bear in mind that different exchanges have different trading fees. They also vary in terms of the available coins, trading limits, and the rates for conversion into fiat currencies.
Thailand is very strict in its attempts to limit crime. Therefore, crypto exchanges are required to comply with the rigorous regulations of the Anti-Money Laundering and Financing Terrorism Act. Therefore, if you decide to trade on a crypto exchange, you will have to undergo a strict Know Your Customer procedure. In other words, you cannot remain anonymous when creating an account at a locally-operating crypto exchange. You will have to verify your identity with a valid government-issued ID.
What is more, a few months ago, the state decided that people would need to be physically present to open a new crypto exchange account. On top of that, any transaction above the equivalent of $58,000 would have to be reported. Last but not least, if you are an individual residing in Thailand, you have to pay a 35 % capital gains tax on your crypto.
Gambling is not new to Thai society at all. On the contrary – the Siamese were known for their passion for betting. History records show that they played well over 100 gambling games and betted on cockfights, bullfights, and boat races.
As if this was not enough, the late 19th century saw a massive rise in wagering activities. The flow of foreigners to Siam brought a new variety of gambling games. Punting became a widely-enjoyed social activity.
At first, the government was lenient towards this trend. Gambling establishments were allowed to operate for decades. However, as gambling became more popular, its darker side effects started to grow as well. Many adjacent criminal activities became severely exacerbated. The government had no choice but to act.
The last gambling dens in the country closed in 1917. However, it was not until 1930 that official legislative moves were made on gambling. The first laws took several amendments to adjust to the negative public opinion on gambling. At one point, there was an attempt to legalize betting in one of Thailand’s provinces, but the civic backlash was huge. That is why the state abandoned the initiative. This is how the current rigorous regulation was cemented.
As already stated above, gambling is presently illegal in Thailand with two exceptions. These are horseracing and the state-owned lottery. However, Thai society favours social gambling activities.
Unfortunately, the strict gambling laws have accomplished the opposite effect of limiting wagering-related problems. Illegal casinos and betting establishments are now flourishing, and so are the criminal activities related to them. Therefore, it is becoming more and more evident that the current laws are hardly applicable in modern society.
With that said, experts have come to agree that Thailand is soon about to see its first legal casino. The online gambling business is also expected to become legalized. This is especially probable given the wide penetration of cryptocurrencies and the blockchain, which makes Internet wagering much safer and transparent.
Despite gambling being illegal, Thai society boasts a diverse wagering taste. The reason is that in the past, fortune-based games were widely spread and have become a traditional part of many festivities, ceremonies, and traditions.
So, what are Thailand’s favourite games? First and foremost, we should mention horserace betting and playing the state lottery. After all, these are the only permitted gambling formats, so local players who wish to gamble legally have no choice but to engage in them.
That said, sports betting is on the rise thanks to the spread of modern technology. Thailand is a technologically-advanced country, where almost everyone has access to some sort of mobile or desktop device.
The most preferred choice of sport to bet on is football. As sports gambling is illegal in the country, thousands of Thai punters were charged with criminal offences during the recent World Cup.
Online gambling is also very popular right now. While it is outlawed locally, many offshore Internet gambling sites have been able to bypass the acting legislation and offer online casino games to Thai players. The latter enjoy slot games, poker, roulette, blackjack, and live games the most.
Again, when we talk about bonuses, it should be clear that gambling is largely illegal in Thailand. Therefore, there is not much of a choice to enjoy wagering deals and promotions lawfully.
However, offshore online casino sites that have managed to circumvent the law are furiously competing for a fair share of the huge Thai market. That is why they provide mouthwatering bonuses with lots of extra cash, free spins, and other perks.
Here and there, Thai players can even find a decent no deposit bonus. Bonuses with no wagering requirements are also a thing. However, you always need to be careful with offshore gambling sites and read the deal’s terms before accepting it.
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