Former Thai Prime Minister Thaksin Shinawatra has called for the legalization of online gambling in Thailand, projecting that it could generate up to 100 billion baht ($2.89 billion) annually for the government. His comments come as the Thai Cabinet approved a draft law to legalize casinos, signaling a potential shift in the country’s stance on gambling regulations.
Although Thaksin holds no official government position, the 75-year-old remains a significant political figure and is believed to be a key influence behind the leadership of his daughter, Prime Minister Paetongtarn Shinawatra, 38.
Speaking at an event in Bangkok on Monday, Thaksin said, “Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year. If we can tax 20 percent … we would get more than 100 billion per year.”
Regulating Online Gambling
While gambling is mostly illegal in Thailand, it is widely popular. Thaksin emphasized that legalizing and regulating online gambling could not only generate significant revenue but also address social concerns.
He revealed that the government is working on a system to regulate access to online gaming platforms, ensuring that underage users and gambling addicts are restricted. “We would have like a passport to control who can play,” he stated, without providing further details.
Thaksin’s remarks align with his long-standing belief that legalizing gambling can create jobs, boost tourism, and prevent money from flowing out of the country. Successive governments linked to him have previously advocated for similar measures.
Advocating for Cryptocurrency
In addition to online gambling, Thaksin voiced his support for integrating cryptocurrency into Thailand’s financial system. He highlighted the need for the Thai Securities and Exchange Commission (SEC) to adopt a more progressive stance, citing incoming US President Donald Trump’s pro-crypto policies.
“The Thai SEC needs to have a more digital approach, like allowing trade of stablecoin, or coin that are backed by assets,” Thaksin said.
He added that the Thai government is exploring the possibility of using cryptocurrency as a payment method, with Phuket potentially serving as a pilot site for the initiative. “There will be no risk, it is just another currency in the world,” he remarked.
Economic Potential
Thaksin’s proposal to legalize online gambling and embrace cryptocurrency reflects a broader strategy to modernize Thailand’s economy. By tapping into these sectors, the government could unlock substantial revenues while positioning Thailand as a forward-thinking player in the digital economy.
The proposed measures, however, are likely to spark debate among lawmakers and citizens as the country navigates the complexities of implementing such transformative policies.