Politicians in Japan are reportedly moving closer toward legalizing land based gambling within its borders, bringing the possibility of future legalized online betting to the Asian island country.
The shift in attitude toward legalized gambling is being reported by new agency Reuters, who claims that politicians in the Liberal Democratic Party could help get the bill off the ground.
If gambling is legalized in the country of 127 million, Japan could potentially become the second largest gambling market in the world.
It is being reported that a potential gambling structure would be modeled after Las Vegas or Singapore, where an independent gaming regulator serves as the basis for overseeing the market. Firms wishing to operate within Japan would be required to provide ten years worth of business records.
A policy plan published by Reuters regarding casino regulation in Japan reads: “The hurdles to enter the business should be set high. It should not be easy for anyone to get a license and participate in the industry. With proper regulation and enforcement of the law, there is absolutely no reason for casinos to become hotbeds of criminal activity.”
The bill is likely to be introduced by the end of this year, with passage expected to happen in the first part of 2014. The government would then have up to two years to implement the requirements set forth in the law.
It is thought that if a legalized gambling bill is passed relatively soon that casino resorts could open in time for the Summer Olympics, which Japan is hosting in 2020.