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Chinese Uni says Chinese online gambling alone is worth $75 billion annually
Creating an at times heated debate among industry observers this week was an article in Global Gaming News.com and other online publications suggesting that China loses US$ 75 billion annually to online gambling.
This substantially exceeds the more conventional estimates of respected Western research firms like Christiansen Capital Advisers, whose latest figures indicate an industry currently worth some $12 billion a year in revenues, with the potential to rise to twice that by the year 2010.
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Quoting sources in Beijing, the report reveals that online gambling, though illegal, has become such a fad in China that authorities have been forced to launch repeated crackdowns to stem the outflow of nearly US$ 75 billion in such activities every year.
Every year, about 600 billion yuan (US$ 75 billion) is drawn out of the country through various online gambling activities, Peking University's China Public Interest Lottery Research Institute has found.
The sum is 15 times the amount issued by the China Lottery and the China Sports Lottery in 2003, and equalling the total amount of national tourist revenue in 2004.
The Ministry of Public Security says since online gambling usually involves large sums of money, it can easily develop into criminal activities and be an even greater security threat.
When the World Cup was held in Germany, as many as 10 billion Euros were put in the gambling companies around the world, 60 per cent of them from China and Southeast Asian countries, the China News Service reported.
During this period, police in Guangzhou, Shenzhen, Dongguan, and Zhaoqing had swooped down in some big online gambling rackets.
In Shenzhen, local police had cracked 15 football gambling cases, arrested 53 people and confiscated 260,000 yuan of gambling fund and equipment. In addition, 20 million yuan of such funds were frozen.
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