Thailand’s gambling industry is strictly regulated and only a state-licensed lottery and horse race gambling are permitted. However, illegal gambling is still commonplace despite harsh penalties.
Despite regulatory restrictions, online betting falls into a legal grey area, and this means Thai betting sites can provide consumers with a variety of gambling markets, including Sports betting, to explore.
iGaming expert Narathip reviews the top sports betting sites, explaining that current regulations do not explicitly reference some online gambling markets.
Sports Betting Regulations in Thailand
Gambling in Thailand is regulated by the Gambling Act of 1935, and updates to keep up with developing markets have not been as quick as they could be. Gamblers in Thailand face strict penalties with fines of up to ฿1000 and jail terms of up to 1 year.
In recent years, attempts have been made to update legislation to allow betting markets that could significantly benefit the country’s economy. Most recently, attempts to legalize casino gambling in Thailand have been met with some support, with projections that casino resorts could improve tourism and generate as much as $12 billion.
Prime Minister Srettha Thavisin has put his support behind the efforts with job creation another benefit that it would bring.
Online gambling operations are not permitted in Thailand, but offshore betting sites provide a way for Thai bettors to enjoy a variety of sports betting markets.
Thailand’s Sports Betting Market
Thailand’s online sports betting market is expected to grow by approximately 5.62% per year and could be worth $320 million by 2028 with 1.2 million regular users.
Thailand’s Most Popular Spectator Sports
Thailand is a country that is passionate about its sport and there are several spectator sports that capture the imagination of the country’s inhabitants more than others.
Muay Thai
Muay Thai is the national sport of Thailand and originated in the country in the 13th century. It is a martial art fighting style that is known for its 8 points of contact, earning the nickname of the “Art of 8 Limbs”.
The sport attracts large crowds to live events and strong viewing figures for events that are broadcast.
There are lots of betting markets available to Muay Thai fans including the outright winner of a bout, the round a fight will finish, how a fight will end, and whether there will be a knockout.
Online Muay Thai betting allows consumers to enjoy live betting which sees the betting market fluctuate depending on the action.
Football
Football betting is the most popular sports betting market around the world, accounting for around 70% of all sports bets. Football betting markets are also extremely popular in Thailand, with consumers able to back their favorite teams in the Thai League, international fixtures and tournaments, and other league football matches and tournaments.
The Thailand national team has been close to qualifying for the World Cup on two occasions, in 2002 and 2018, and its best finish at the AFC Asian Cup came in 1972 when they finished third.
European football attracts a lot of attention from bettors with the Champions League and its new format set to start soon.
Football fans have a great selection of betting markets to choose from including individual match betting, outright league or cup results, player performance propositions including goalscoring, bookings, and many more.
Live betting during football has become popular with more fans than ever able to tune into their favorite leagues and stream the action. This makes it easier for betting operators to appeal to consumers who might want to predict their team’s fortune, or see how a game is going and recognize a good betting opportunity.
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Boxing
While Muay Thai is by far the favorite combat sport in the country, boxing is also popular. Regular boxing events are held around the country with fans enjoying the more disciplined approach that only allows the use of fists, compared to Muay Thai.
Famous Thai boxers include Kaeo Pongprayoon who won an Olympic silver medal in 2012, Worapoj Petchkoom who also won an Olympic silver medal in 2004, and Sudaporn Seesondee a bronze medalist at the 2020 Olympics.
Like Muay Thai, betting markets for boxing focus on the outcomes of bouts between fighters with round betting and method of victory among the most popular.
Volleyball
Volleyball has achieved great support in Thailand thanks to its exciting, fast-paced action and energy that keeps crowds enthralled.
As with any team sport, fans will be able to back their teams in individual matches or tournaments and can also choose more specialist markets including correct scores, total points, and set betting.
If one team is the overwhelming favorite for a tie, betting odds will be heavily slanted in their favor. However, handicap betting events are for consumers who can find better odds by betting on teams minus points.
Evidence of volleyball’s popularity in Thailand can be seen with 2024’s highest viewing figures for a sports audience coming during Channel 7’s live coverage of Thailand versus China, with an average of 3.7 million tuning in and a peak of 4.6 million.
Badminton
The success of Thai stars like Dechapol Puavaranukroh and Ratchanok Intanon has helped the popularity of Badminton grow in recent years. Exciting rallies and thrilling match play make it a great spectator sport and perfect for gambling.
Betting opportunities including over and under-point markets, outright match betting, and handicap betting ensure fans enjoy every aspect of the game.
Conclusion
The limited nature of Thailand’s betting industry has resulted in many consumers making the most of crypto gambling and offshore betting sites. This has been made possible with the development of mobile technology and improving connectivity.
Moves to legalize casinos in the country could have a positive long-term effect on the country’s gambling industry, and lead to further legislative changes.
The benefits of legalizing popular markets like sports betting include job creation, lucrative revenue streams, and the ability to have greater control to protect consumers.
Photo by Virgil Cayasa on Unsplash
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