Taiwan Gambling License & Online Casinos
Taiwan is a small island country located in East Asia, famous for its natural beauty, bustling cities, and delicious food. While Taiwan has a thriving gambling industry, online gambling is currently illegal, with no legal framework for licensing or regulating online casinos. However, in recent years, there has been a growing interest in legalizing and regulating online gambling in Taiwan. In this article, we’ll take a closer look at the current state of gambling and casino licenses in Taiwan.
As mentioned earlier, online gambling is currently illegal in Taiwan. There are no legal online casinos operating within the country, and Taiwanese citizens are not allowed to access foreign online casinos. However, there is a growing interest in legalizing and regulating online gambling in Taiwan. The government has considered legalizing online gambling, but there are currently no concrete plans to do so.
Application process in Taiwan
Since online gambling is illegal in Taiwan, there is no application process for online casino licenses.
Cost of the license in Taiwan
As there is no legal framework for online casinos in Taiwan, there are no costs associated with obtaining an online casino license.
Types of gambling allowed in Taiwan
While online gambling is illegal in Taiwan, there are several types of gambling that are legal and regulated in the country. These include lottery games, sports betting, and traditional casino games such as baccarat, blackjack, and roulette. There are six legal casinos operating in Taiwan, and they are all located on offshore islands.
Taxation in Taiwan
Gambling in Taiwan is subject to a 20% tax on gross revenue. This tax applies to both land-based and online gambling if it were to be legalized in the future.
Compliance requirements in Taiwan
Since there are no legal online casinos in Taiwan, there are currently no compliance requirements.
Market size and growth potential in Taiwan
The Taiwanese gambling market is relatively small compared to other Asian countries such as Macau, Singapore, and the Philippines. However, the market has been steadily growing in recent years. According to a report by the Taiwan Lottery and Gaming Corporation, the country’s legal gambling revenue reached $8.4 billion in 2019, an increase of 17% from the previous year.
Challenges and opportunities in Taiwan
The main challenge facing the Taiwanese gambling industry is the government’s stance on online gambling. While there is growing interest in legalizing and regulating online gambling, there are no concrete plans to do so. However, the legalization of online gambling could present a significant opportunity for the Taiwanese gambling industry, as it would open up a new and potentially lucrative revenue stream.
Local laws and regulations in Taiwan
As previously mentioned, online gambling is currently illegal in Taiwan. The government has taken a hard line on illegal gambling, and those caught participating in illegal gambling activities can face fines and imprisonment.
Payment processing in Taiwan
Since online gambling is illegal in Taiwan, there are no legal payment processing options for online casinos. However, Taiwanese citizens can use offshore payment processors to access foreign online casinos.
Gambling addiction resources in Taiwan
The Taiwanese government has implemented several measures to combat gambling addiction in the country. These include a self-exclusion program for problem gamblers, counseling services for those struggling with addiction, and regulations requiring casinos to provide information on responsible gambling.