The Macau gambling industry generated MOP$16.66 billion (US$2.06 billion) in gross gaming revenues in July 2023 to set the new post-pandemic monthly record of the region. The month of July thus exceeded the previously highest revenue level reached by the Macau gaming industry in June 2023 by 9.6 percent,as Inside Asian Gaming (IAG) reports.
Post-Pandemic Record:
The Gaming Inspection and Coordination Bureau (DICJ), the governmental body regulating the industry, has reportedly indicated that the July result represents the revenue growth of more than 4,000% when compared to the same period of 2022. At the same time, the July GGR level was 9.6% higher than MOP$15.21 billion (US$1.89 billion) achieved in June, which is now the second highest monthly result in the post-pandemic period of the region’s gaming industry.
Consecutive Growth:
As reported, the US$2.06 billion level hit in July 2023 still represents around 67 percent of the all-time high July 2019 when Macau casinos generated MOP$24.45 billion (US$3.03 billion) in gross gaming revenues. However, July 2023 is the third month in a row to see the highest monthly levels after the border restrictions were lifted on January 8, 2023, after the May 2023 figures had reportedly also arrived at a record of MOP$15.57 billion (US$1.93 billion) to be superseded by both June and July 2023.
According to IAG, Macau gaming industry aggregated around MOP$96.80 billion (US$12.0 billion) of gross gaming revenue for the first seven months of 2023. The seven-month total is reportedly 263 percent higher than the level reached over the same period in 2022, but still accounts for only 56 percent of the MOP$173.96 billion (US$21.6 billion) figure seen by the industry over the same period in 2019.
Growing Trend:
The figures showing the growing trend of the Macau gaming revenues, especially over the last three months resembling some pre-pandemic levels, testify that the period of recovery of the Macau gaming industry is no longer the question. As reported, the industry analysts have recently observed a strong improvement of the premium mass segment of the industry which coincided with the overall market improvement. For this reason, the market seems to have already recovered to now pose the question of time to return to 2019 levels.
Question of Time:
As reported by IAG, some market participants are incited by the present results to predict that the premium mass segment will return to the pre-COVID levels already in October 2023 to be set for the further growth and the extension beyond the 2019 figures. As this segment is currently driving the market, one may expect that its growth will be followed by the overall gaming industry of the region.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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