Myanmar (until 1989 Burma) is one of the little-known countries of Southeast Asia. If earlier the state was almost closed to foreigners, in recent years the government has taken active steps in the field of tourism development and foreign investment. One of the stages of this work is the gambling industry legalization. Gambling in Myanmar, according to the state apparatus, will stimulate the development of the economic sphere and the tourism industry.
Myanmar is a country of contrasts and paradoxes. In this state, the ancient Buddhist places of interest, the scenic beaches, exotic tropical nature and the rudiments of modern infrastructure are combined in a wonderful manner.
One of the relatively new directions of development is the casino in Myanmar. Despite the restraining effect of the prohibitory law of 1986, both an Internet business and land gambling sites are presented within the state.
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In the land-based locations are presented:
Gambling platforms provide round-the-clock access to entertainment for money.
According to preliminary information, the Parliament of the country proposes new rules that expand opportunities for the gambling business. At the moment, the bill has been submitted for consideration. If the law is adopted, the building of new land-based areas will be allowed in May 2019. The state apparatus has already allocated a casino complex, which is planned to be opened in hotels of Mandalay and Yangon.
All aspects of the segment regulation, the industry functioning, the tax system and other rules will be included in the law as a form of secondary legislation. They will be finalized after the adoption of the main normative document. Nevertheless, it is already known that gambling in Myanmar will be available only for tourists — the local population is forbidden to visit the gambling sites of the country.
Gambling business in the country is expanding in another direction: the government is actively working to attract the audience to the state lottery. The initiative aims are to increase investment in the treasury to the level of 1 trillion kyats per year (about 655 million dollars).
For operators who wish to install slot machines within the territory of the country, are offered the following legal forms: sole proprietorship, partnership, limited liability companies, representative offices of foreign brands.
For local enterprises, the amount of the authorized capital is not prescribed, while for foreign investors the minimum share fund is clearly indicated:
In order to open a gambling business by foreign representatives, at least half of the reserve fund must be deposited into the account of one of the two largest banking institutions in Yangon (the former capital of the state).
Regulation of virtual platforms by the legislation of the country is not provided yet. There is no information about local operators, and online business in Myanmar is the sphere of interests of foreign companies only. This is a brand-new market.
Myanmar is a very promising fast-growing market, discovering completely new horizons. Almost a general lack of competition and favourable conditions for foreign investment created an ideal climate for the development of gambling.
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