October 11, 2016
Proxy Betting Banned in Macau Now On The Rise In Southeast Asia
by Muhammad Cohen
Itching to play baccarat but don’t want to draw attention to yourself in the midst of a corruption crackdown by visiting a casino or break local law by gambling online? Don’t worry, you can still get a casino gaming fix, live before your very eyes, completely under your control and totally legally, at least until authorities decide otherwise. It’s called proxy better and it’s an increasingly popular way for mainland China players to get action amid continued scrutiny of high rollers in Macau. The phenomenon poses new challenges to financial watchdogs hoping to stop money laundering and new opportunities for casino operators and junket promoters to engage their customers and expand their profits. Global Market Advisors estimates Macau’s proxy betting volume grew 15% last year, while overall VIP revenue fell 40%. Morgan Stanley estimates 8-10% of Macau’s VIP revenue came from proxy betting – before the government banned it in May.
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