If true, it would represent a significant shift in stance by Chinese authorities
Bloomberg reports that China is drafting a proposal to allow gambling on Hainan Island, citing people familiar with the talks.
If they are really considering it, then it represents a significant change in the way they have been approaching gambling in the mainland and this could just be the start.
The people cited said that a reform group headed by president Xi Jinping is considering allowing online gambling as well as lottery or sports betting. It is said that this is part of a wider plan that includes relaxing visa rules and building a new airport to draw more tourists to Hainan.
This marks a drastic change as China bans gambling everywhere except for Macau and Hong Kong, and it's illegal to open casinos or set up online betting websites in the mainland.
The relaxing of the rules here could possibly see a threat towards Macau's casino industry - which is the world's largest - but I believe we will still be a long way to go from there. Though, this story's development may be one to watch out for in the future.
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