Japan looking to legalize gambling and onlines casinos
The ruling Democratic Party in Japan has opened lines of communication between itself and global gaming companies to discuss the gambling situation and online casinos in Japan.
Currently, many forms of gambling are banned in Japan, there are no land based casinos and no online casinos operated out of Japan, although the Japanese are one of the biggest markets for online casinos. The only legal form of gambling activities in Japan is the Pachinko Parlours. These parlours allow gamers to win small prizes in the form of trinkets which they can then redeem in a building next door.
The Japanese government has already begun talks with some of the world's biggest casino groups about the possibility of opening the casino market and online casinos market after 2010.
The population of Japan stands at over 128 million and many ordinary Japanese spend heavily in casinos in South Korea, Macau, and other Asian states. The Japanese government hopes that by legalizing land based casinos and online casinos, extra revenues will be generated and their flagging tourist industry will get a boost.
Both Singapore and Macau have experienced strong economic growth, skyrocketing revenues and tourists flushing in after major casino operators opened resorts there and online casinos were introduced. Japan is eyeing similar results to stimulate economy growth.
International casino industries believe that Japan has all the traits to make gambling and online casinos a success, not only that, the big population of Japan and its relatively wealthy gamblers might make Japan's gambling industry 3-5 times bigger than Macau. Despite its multiyears recession, Japan remains an affluent country, with one of the highest GDP per capita in Asia.
It is hoped that the legalization of casinos and online casinos in Japan can spur a new economic boom, and the younger Japanese generation who are so dented by the 'Lost Decades' can finally wake up.
China is an enormous untapped market and judging by the legislation in that country, the communist government has no interest in lifting gambling ban, since China is already booming and see no need for growth booster. China is also unlikely to pass laws that would affect or compete with the economy of Macau, which afterall is one of its territories.
Gambling is banned in Japan since 1882, Japanese traditional beliefs held that the ban would encourage a strong work ethic and protect a healthy sense of economy among the people. But the reality is that Japanese were taking their gambling to South Korea and other gambling destinations, with 1.68 million Japanese gambled in South Korea alone every year.
With the established success of gambling in Macau, and more recently Singapore, Japan is now seriously considering the best way to tap this lucrative market. The Japanese population appear eager to embrace legalized gambling in Japan. It seems that for the Japanese now economy triumphed traditional beliefs. "Without economy, any idelogies would be irrelevant."
The prospect that Japan may end its ban on casinos, has South Korea nervous and bracing for financial impact, The Korean Herald reported.
The 1.68 million Japanese people visit Korea's casinos every year spend $13 trillion Won. This is the entire GDP of some small countries, the report said.
Also, there is the likelihood that Koreans will in turn visit Japan's casinos, if the gambling ban is overturned and new casinos open in Japan, The Korean Herald noted.
Japan's position as world's third largest economy is solidified for now. It is currently not in any immediate danger of being surpassed by another country. India is scheduled to overtake Japan only around 2025-2030.
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