Operating under the banner of the ‘UAE Lottery’, the firm will offer lottery games as well as other modalities designed to cater to players’ variety of interests and financial preferences. The authorities also developed a framework aimed towards protecting consumers and the legitimate interests of all stakeholders.
The UAE’s General Commercial Gaming Regulatory Authority (GCGRA) has taken a significant step toward legalizing casinos and other forms of gambling by awarding its first lottery license. This landmark decision could mark a transformative shift in the country’s approach to gambling in general.
While the GCGRA did not specify when the lottery would commence or its format, The Game LLC, based in Abu Dhabi, has yet to comment on the development.
Jim Murren, chairman of the GCGRA, hailed the move as a “pivotal event” in the regulator’s statement. He emphasized that this step “marks the establishment of a disciplined world-class regulatory framework for lottery activities but also underscores our commitment to nurturing a secure and enriched commercial gaming environment in the UAE.”
Introducing gambling would be a significant departure for the UAE, where Islamic, or Shariah law, forms the foundation of legislation and prohibits such practices. However, over the past year, the UAE has taken steps to regulate gaming at the federal level. This follows Wynn Resorts’ announcement of a US$3.9 billion gaming resort in Ras al-Khaimah, with expectations of obtaining a gaming license soon.
Legalizing gambling could attract more tourists and investment, particularly from China, and generate gaming revenue equivalent to 1.3% of the UAE’s gross domestic product.
According to Bloomberg Intelligence, this could amount to approximately US$6.6 billion, surpassing Singapore’s gaming revenue.
Source: GMB / Turkiye Today
