Japan seriously considering Legal Casino Gambling
With the world’s third largest economy, Japan has always been perceived to be a very lucrative gambling market. And these perceptions could become reality since Japan lawmakers are making serious moves towards legalizing gambling.
Currently, the only form of legal gambling in Japan is Pachinko, which is a hybrid pinball/slot machine that awards various prizes. But there are no traditional casinos in the Land of the Rising Sun, which means no baccarat, blackjack, poker, roulette or slots.
However, Reuters has reported that Japan’s government wants to change the current situation by offering a gambling proposal this fall. Details are sketchy on what the proposal contains, but the main point is that certain lawmakers want to legalize Japanese gambling on a federal level. It’s been estimated that a federal gaming operation could bring in $10 billion annually for Japan.
Interest has always been high when it comes to casino gaming in this country. Major firms such as Las Vegas Sands and Genting Group have continually expressed interest in operating in Japan. Plus government officials have constantly brought up the idea since it could bring in a large amount of tax revenue.
However, there’s a division among lawmakers because some fear that legalized gaming could have negative social implications and create gambling addicts. Overall, Japan features a pretty traditional society, so overcoming these fears might prove difficult.
But on the other hand, the country has seen fellow Asian countries and territories feature exploding gaming markets. Macau pulls in around $33 billion annually from gambling revenue alone while the fairly new Singapore market is worth almost $6 billion. Japan, which features a population of 127.8 million, could definitely surpass Singapore within its initial years. However, the country will have to actually legalize casinos first.