The Guangdong Club at Costa Rica in China is a famous online gambling platform. Hundreds of sessions for popular games as baccarat and blackjack, lotteries, and sports betting are offered here. A game of barely 30 seconds easily ropes in betting volumes around 75,000 yuan ($10,500) at any single baccarat table. The gambling out here has a digital twist in it as it allows the Chinese to bet without traveling to Macau or Las Vegas.
Gambling is an on growing trend in China. It seems the transactions are draining hundreds of millions of yuan from the country. Moreover betting is also considered as a tool that pumps in social unrest. However, Chinese law is against gambling and prohibits it on the mainland. Even online gambling has a strict no from the law. The Chinese government has issued many regulations for online gambling like telecommunication fraud and citizens being lured to work illegally in the Philippines.
But still the Chinese bettors somehow do manage to flock in to the digital gaming halls thereby fueling growth in Asia’s online gambling sector. According to market researcher Technavio, this year the sale is expected to reach $24 billion. The Chinese government is finding it hard to stop websites registered and operated abroad.
Several virtual casinos are operated out of Cambodia as well as other places licensed in the Philippines by the Guangdong Club. They host especially in countries where gambling sites like decasinos.de catering to international players are permitted. Costa Rica which seems to be the head office of the club however does not have an industry regulator or laws banning online casinos that provide gambling services overseas.
According to the club’s website, the gamblers can deposit money and receive their winnings via accounts at several Chinese banks such as Bank of China Ltd and Industrial & Commercial Bank of China Ltd as well as a few others. Some platforms do allow the gamblers to use popular online payment systems from Tencent Holdings Ltd and Ant Financial Services Group.
In this tough fight to restrict gambling portals from overseas China has managed to gain support from its neighbors. Cambodia has assured of not issuing any new online gambling licenses and also promises that they won’t renew existing ones when they expire. Philippines will also stop accepting applications for new licenses for some time.
3 Pieces of Advice OptionsSwing Inc. Wants to Share With Fellow Fin-Ed Entrepreneurs
Starting any type of business and seeing it grow and survive is hard. Entrepreneurs go into their ventures prepared to see them fail, even though they always have to give their all to stop that from happening. Saying that it’s a gamble would take it too far, but entrepreneurship is nevertheless a risky business.
Still, there are plenty of resources entrepreneurs can use to boost their business’s chances of succeeding. Experiences from their fellow enterprises who have been there, done that, and lived to tell the tale are invaluable.
For entrepreneurs looking to start a financial education company, here are three pieces of advice from the founders of OptionsSwing, the fin-ed company that’s the darling of Instagram users.
It could be argued that there’s never a better time than right now to get started on a substantial project. In this case, however, the “now” refers to an extremely specific time in the history of the world: the COVID-19 pandemic.
The full effects of the pandemic cannot be known while it’s still ongoing. It will probably take years and years after the world brings it under control until anyone will be able to even assess how much damage and suffering this virus has caused.
Some effects, however, are painfully obvious right now. One of them is that people are becoming either unemployed or underemployed. A number of them have been turning to the stock market in the hopes they’ll be able to use it as an additional revenue stream. Starting a digital subscription business at a time like that is great, but so is sharing the knowledge that can help people stay afloat.
In many cases, waiting for something to happen and then reacting to it is the best way to deal with challenges. When there are too many unknowns ahead, trying to cover them all can become impossible, impractical, or simply too distracting from whatever’s going on in the here and now.
Investing in expanding one’s problem-solving capacity is a whole different beast, though. Tech is a great example of it; investing in it early on means that entrepreneurs won’t have to scramble for resources when they desperately need them. The tech will be there, allowing them to focus on the problem they’re having.
Tech might be the most obvious example for laying the groundwork for future problem-solving capabilities, but the same advice can be extrapolated further. Investing in any resource that’s especially useful in critical times is a good use of money.
While it’s possible to see many one-person operations in the world of business, when it comes to scaling and growing, “the more, the merrier” is the correct motto. Talent procurement in startups is a big deal because, often enough, the quality of the talent has to compensate for the lack of resources.
Even entrepreneurs who believe in their singular vision and don’t want anyone to meddle with their ideas could use help now and again. Delegating work to other people and believing that they’ll do a good job might prove to be necessary for the business’s survival. At the very least, it will be a great way for the controlling entrepreneurs to learn to relax, better handle the uncertainty of someone else’s work, and build healthier relationships with the people around them. It’s a win on all fronts.
To keep up with OptionsSwing, follow them on Instagram at @optionsswing.
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