China loses 600 billion yuan every year to illegal betting

 Files Img 7146 China-(It)-Gambling-On-The-Web-(150-X-103) From

In recent years, illegal fever has gripped the Chinese people, who are drawn by the hope of easy and quick gains, but also enmeshed in a morbid passion. During the World Cup of football in Germany, the value of bets placed was estimated to be between 50 and 100 billion yuan, a sum that makes China the leader in a global turnover of around 70 billion US dollars.

According to a study by the University of Beijing, each year, more than 600 billion yuan (around 75.5 billion US dollars) leave China thanks to betting losses. Gambling has been illegal since 1949, except for that allowed in Hong Kong and Macao. But there are at least 330 Chinese websites for betting, especially on the results of football leagues in Italy, England and other nations. Overseas football games are transmitted live on television and newspapers follow the leagues. Betting money is channeled through financial businesses in Hong Kong and Macao. [Full Text]

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