World Cup Bets Negatively Impact Macau Revenue
On the 12th of June, the FIFA World Cup kicked off in Brazil.
As a result, the gambling revenue in Macau experienced its first decline in four years dropping 3.7% in June on an annual basis to $3.4 billion.
Analysts have stated that heavy betters have now turned their attention to World Cup betting and they were expecting a decline of between 4 to 6% as a result of the soccer championship.
According to the Gaming Inspection and Coordination Bureau of Macau, the last time betting revenue in Macau declined was in 2009 where it fell by 17%.
It was also reported that on the 18th of June, 22 people were arrested in Macau for their involvement in an illicit soccer betting ring.
According to the Macau police, this betting ring had betting slips of over $645.19 million in one week while the daily average betting amount was more than HK$700 million.
Despite the decline in Macau gambling revenue in June, analysts have speculated that revenues will increase in the near future in response to the increased number of Chinese visitors to the region.
Analysts have also commented, however, that a smoking ban, which is due to come into effect in October, as well as restrictions on transit visas, could have an impact of the number of visitors to Macau in the future.