China Worried Over Outflow Of Betting Money

Sports betting is attracting massive wagers, especially on international football competitions

China's state regulator for lotteries and ancillary sports betting facilities is concerned about the flow of cash out of the country as sports-mad punters use online and mobile facilities to bet on international competitions like the football World Cup currently unfolding in Brazil.

The Bloomberg news agency reported Tuesday on official Chinese figures that indicate after just three weeks of the World Cup that Chinese punters have already legally bet $642 million – twice that wagered on the 2010 World Cup.

And, Bloomberg points out, that is just the tip of the iceberg, because illegal gambling offers are also pulling in the Chinese gamblers, with online and mobile technology making it ever more accessible to the man in the street.

Last month China's state news agency Xinhua estimated that offshore online gaming accounts for as much as $161 billion in capital flight annually… equal to roughly 2 percent of GDP (see previous InfoPowa report).

So prevalent has Chinese football betting become in this World Cup year, that Macau regulators have attributed it to the unusual 3.7 percent decline in its land-based casino revenues last month – the first such decline in the last five years.

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.

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