| | |  | Last Updated: Tuesday, October 23, 2007 |  | | | China Loses Money to Online Gambling
- Friday, 4 Aug 2006
Following reports regarding online gambling in China, Chinese authorities are determined to halt online gambling in the country. Chinese police had recently swooped down several large online gambling rackets, in an effort to stop reported outflow of nearly 75 billion Dollars spent each year on online gambling activities outside of China. Chinese News Service reported 10 billion Euros which found its way to gambling companies world wide, 60 per cent of this sum derive from China and other Southeast Asian countries.
This report contradicts previous reports, indicating more conventional figures and estimating online gambling in China at 12 billion Dollars in revenues each year.
The report, made by Western research firms, also anticipated that this amount will double itself by the year 2010. Peking University's China Public Interest Lottery Research Institute revealed that online gambling activities are drawing around 600 billion Yuan out of China. That means, that the sum annually spent on online gambling, actually equals the total revenue of China's national tourism in 2004. Also revealed by the Peking University's China Public Interest Lottery Research Institute, that online gambling in China is worth 75 billion Dollars, 15 times the amount allocated by China Lottery and China Sports Lottery in the year 2003.
Since this operation to halt online gambling in China has began, local police had solved 15 football gambling cases, arrested 53 people and confiscated around 260,000 Yuan, in addition to 20 million Yuan which were frozen. There is no doubt the future of online gambling in China is at stake.
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