If one only took the time to look a little closer, a wealth of realisations become apparent in seemingly benign and unassuming processes, objects, concepts, actions, etc. In English, and to make a very specific example in reference, when someone like a wealthy businessman from China frequents the physical casino floors of one of any gambling establishments in Macao, there’s more to it than just relaxing and enjoying some down-time while trying their luck at expanding their wealth.
The same goes for those punters who seemingly enjoy placing bets on their favourite selection of online betting platforms, like some of those ranked to offer a range of the best slots. In many instances of this kind, it’s about the different ways people store and manage their wealth.
Cross-border capital transfer
A pretty sizeable proportion of the rich Chinese businessmen who jump on a boat and head to Macao look a little unhappier than you might expect of someone who is supposedly kicking back and enjoying some timeout in a casino. That’s because their trips to the island and special economic zone aren’t purely for leisure, if at all. It’s more about taking advantage of a legal loophole of sorts, to perhaps move some of their wealth offshore.
It would otherwise prove to be very expensive and nearly impossible to do the same thing through the regular channels, because of many politically-motivated regulations. Gambling is illegal on mainland China and so naturally the online iteration of that would also be illegal. So as much as there are many Chinese who head to Macao to enjoy the thrill that comes with being able to gamble, many who do head over do so to funnel their money and wealth out the country.
It’s perfectly legal and is done through funding a tab and paying a little bit of money for accommodation at the casino’s resort or hotel, comparatively speaking of course, placing a bet here and there from the tab, and then finally cashing out to a different source than that which they would have funded their tab with.
Banking free of service fees
Visit a physical casino and perhaps take a time-out in the in-house food court and what you might find hanging on the walls are what appear to be very expensive artworks. The price of those pieces of art might make your eyes pop out, especially if you consider their appearance, which may not quite be to your taste. Billionaires use art as currency, so they don’t need to worry about the often hefty bank fees that would otherwise be associated with managing their wealth for them.
Some wealthy folk spread their money across as many online casinos as they can, using those casino platforms as some kind of selection of banks. It’s give-or-take when it comes to placing bets, winning and losing, but over an extended period of time it all adds up to pretty much the same amount of money they would have started out with in making their initial deposits.
Make of this information what you will, but it definitely makes for some interesting reading, certainly from the point of view of someone like me who works with numbers, money and big accounts all the time.