The Cambodian administration of Prime Minister Hun Sen has reportedly detailed that tax revenues will likely fall next year as a result of the nation’s decision to cease issuing or renewing online gambling licenses. Cambodia collected approximately $50 million from the licensing of gambling websites last year but that this cash is now in jeopardy as a result of Hun’s August decision to terminate such activities so as to safeguard the economy of his country from a recent rise in online and telephone fraud schemes aimed at ethnic Chinese consumers.
“We received considerable tax revenues from the casino industry. For instance, the ministry collected $50 million in 2018 and it is the same amount in 2019 but this will drop in 2020 because online gambling is banned.” Said the Prime Minister.
Cambodia’s decision to stop licensing online gambling websites, which is expected to come completely into force by the end of the year, has drawn praise from officials in China while, the government intends to formulate new policies to protect the gambling-dependent economy surrounding the seaside community of Sihanoukville.
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