Taiwan Sports Gambling Lottery Seems Much Like Betting

Taiwan has launched their first sports lottery on Friday. The lottery is set up so that the proceeds will go towards improving the lives of the handicapped, and also developing sports in their country.

The lottery, upon further review, seems like legalized sports gambling. People can place bets on various sporting events, mainly basketball, soccer, and baseball.

Taipei Fubon Commercial Bank Co. won the rights to operate the lottery last September. They will retain those rights until 2013, when the contract can then be renegotiated.

The Bank will offer up to 6,000 games to be bet on a year. They need to hit that figure in order to reach the maximum profit. 150 lottery retailers will be offering the betting.

The times that are available for gambling under the rules that were adopted are from 10:00 A.M. to 10:00 P.M., gamblers will be able to make a bet up until one minute before the game starts. At 5:00 P.M. every day, betting odds will be updated.

Much money will be raised by the supposed lottery. The projections are that $354 million in revenue this year,. While it is not stated exactly where the proceeds will go, Richard Yang, Vice President of the Taipei Fubon Commercial Bank, claims the money will go towards social welfare.

May 5, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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