Hong Kong is one of the places where the standard and overall national economy are constantly growing. The officials within HK have used different resources to ensure a comfortable life for its residents. Yet, such an improvement must not stop ever, especially in moments when the entire world is dealing with an economic crisis. Because of that, the officials are regularly looking for new sources of revenue that will support the budget.
Fortunately, alternatives always exist. In the last couple of years, online gambling has positively impacted the HK economy in multiple ways. That impact would be even stronger, but the gambling laws within the province are pretty strict. Anyway, we would like to analyze that impact and help people understand the positive side of online gambling for the economy. After that, we will talk about the potential benefits that could come if Hong Kong officials decide to legalize online gambling completely. So, let’s go!
Hint: Gambling Laws in Hong Kong Are Strict
Before we move to the main point, we need to explain the legal aspects of online gambling in Hong Kong. Generally speaking, online gambling is mostly illegal in Hong Kong. You won’t find online casino operators registered in HK. There are certain exceptions, but they are all controlled and maintained by the government.
However, offshore online casinos can still offer their services to people living on the territory of Hong Kong. Currently, there are no restrictions that disallow foreign offshore online casinos to offer casino games to the residents of this province. We do not know for how long these gambling operators will operate in a grey zone. It may happen that online gambling becomes completely legal or that international casinos get banned in one moment.
The problem that average HK gamblers deal with is finding safe gambling platforms. Although available online casinos are not registered and regulated by HK authorities, they must have a license! The license confirms that the operator has passed all the necessary tests to confirm the platform's legacy and randomness. Finding the best options isn’t an easy task, especially if you are a complete newbie in the online gambling world. That is the reason why we recommend you check out iGaming educational websites like online-gambling.com where you can find more information about the safest and best offshore online casinos available in Hong Kong.
The purpose of this paragraph is to explain that you are not doing anything illegal. Now that we have explained the legal situation regarding online gambling, let’s move to the main point.
Online Gambling Supports HK Tourism
According to Statista.com, around 34 million people visited Hong Kong last year. These numbers were even bigger before 2020. During the pandemic, Hong Kong was completely locked down and isolated from foreign visitors. To encourage tourists to come again, officials in Hong Kong have used different resources to promote their residence as an amazing tourist attraction.
As we said in the previous article, online gambling is mostly illegal in Hong Kong. There are a few places where tourists can place a bet, but that’s a pretty limited number of options. It is not a secret that people want to experience different forms of entertainment when vacationing. Despite partying, going to restaurants and visiting different locations, many travelers want to test their luck online. Since offshore casinos are completely available, such an opportunity is perfectly suitable for foreign visitors. They can have fun and test their luck from any location if they ensure a decent internet connection.
We do not want to say that these online casinos are the main reason people come to Hong Kong. However, they do additionally convince travelers to come, especially those who check out every detail before booking a flight and a hotel.
New Employment Opportunities
This economic benefit is not as strong as the previous one. However, it does positively impact the economy of HK. International companies must hire people from HK to ensure that their work functions in the HK market. Customer support, for instance, is a very important job position for companies that offer their services in the international markets. Native speakers must be trained to offer professional assistance to people dealing with any kind of problem on the platform. They also need to find the best possible way to solve all doubts regarding safety, payouts, bonuses and other parameters. Logically, the number of employees in this section isn’t huge, but every new job opening counts!
Would the Impact Be Stronger If Online Gambling Become Legal?
Unfortunately, HK authorities are not even focused on the work of international casinos. Yet, we do believe that the market will eventually need to be completely regulated. There are two reasons for that - additional economic benefits and protection of the HK players. If offshore online casinos get official permission to offer their services here, the additional financial benefits for Hong Kong would be:
- Tax revenue
- A large number of new job opportunities
- Even stronger promotion of tourism
Let’s briefly explain each one.
Tax Revenue
If HK authorities decide to legalize offshore online gambling, they will have another source of revenue. Online casino taxation can ensure enough money to improve infrastructure, hospitals, education, etc.
A Large Number of New Job Opportunities
For now, people in Hong Kong can only get jobs in customer support. The legalization would open doors for offshore casinos to hire people for different job positions, such as web developers, cybersecurity experts, content writers, etc. Foreign companies would pay the salaries of these people, which would bring additional money for the HK authorities.
Even Stronger Promotion of Tourism
Currently, HK is not a casino attraction for travelers around the world. Yet, it could become if the offshore casinos become completely legal. Tourists would know that the entire market is regulated. Because of that, they would register on different casino platforms without worrying about their cybersecurity.
Conclusion
Generally speaking, online gambling already supports the economy of Hong Kong. The impact would be even stronger if the market becomes regulated. Plus, residents themselves would benefit from such a decision. They will have another source of fun in the online world. Also, they will get instructions on how to gamble responsibly and explanations on why gambling is not a method of making money. What do you think, will things change soon?