According to reports, the government of Macau has renewed the long-standing license held by Macau Slot Company Limited, which grants the company the ability to continue operating local instant lottery and sports betting for an additional three years.
According to a report published by GGRAsia, the 36-month extension will come to an end in June of 2024. On the other hand, the company has been divested of a previously held monopoly, which meant that it was the only entity authorized to offer instant lotteries and betting on soccer and basketball matches to residents of Macau. According to the source, this latter provision marks a significant policy shift and could indicate that the jurisdiction is open to making such licenses available to other such providers. The source also mentioned that this shift could indicate that the jurisdiction is open to making such licenses available to other such providers.
According to reports, the local monopoly on soccer-related sports betting was awarded to Macau Slot Company Limited in the year 1998. Macau Slot Company Limited is the business name of Sociedade de Lotarias e Apostas Mutuas de Macau Lda. While the former company's scope of operations was expanded to include professional basketball around the turn of the millennium, the Macau Horse Racing Company Limited is rumored to hold a similar license for horserace wagering. This company is also responsible for the venue known as the Macau Jockey Club.
Inside Asian Gaming disclosed in its report on the matter that the new license for Macau Slot Company Limited is an extension to its 2016 authorization and that it may be further prolonged come mid-2024 provided that the city's government is in agreement. This information was provided by Inside Asian Gaming. However, according to this source, the permit might be instantly revoked by the Chief Executive of the former Portuguese enclave should the operator be unable to keep its workers. This requirement is understood to primarily pertain to the company's local employees.
Reportedly, Macau Slot Company Limited made a profit of $19.3 million for the entire year of 2019, which was a decrease of 30% year-on-year. However, the company's new license contains a clause that would allow it to "organize and operate other forms of lotteries or mutual betting," pending approval from the Gaming Inspection and Coordination Bureau regulator. This clause was included in the company's new license.
Even though Macau Slot Company Limited has maintained a license for a significant amount of time, reports have shown that the company's yearly gross gaming earnings have always represented a relatively insignificant portion of the city's total gambling receipts. GGRAsia cited information from the Gaming Inspection and Coordination Bureau when it disclosed that the company's tally for the whole of 2020 purportedly hit just $67.9 million, which represents a mere 0.89% of the combined total of approximately $7.6 billion. GGRAsia also stated that the company's tally for the whole of 2019 purportedly hit just $67.9 million.
According to Macau News Agency reports, well-respected gaming analyst David Green stated that the over 40 casinos in Macau could now potentially be offered the opportunity to diversify their offerings and sources of revenue by being allowed to join Macau Slot Company Limited in offering some form of sportsbetting. This would be a significant step forward for the gaming industry in Macau. According to what has been reported, a former executive who worked for Donaco International Limited, Silver Heritage Group Limited, and PricewaterhouseCoopers stated that allowing such venues to participate in sports wagering would 'have the benefit of encouraging people to stay longer' and would prompt bettors to 'find their way to casino games during extended breaks in play.' This statement was made in reference to the legalization of sports betting.
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