The gaming regulatory authority of the United Arab Emirates (UAE) has granted a license to operate the first authorized lottery in the country to The Game LLC, based in Abu Dhabi. This is a company specialized in game development, contest operations, and related content. This decision could mark a transformative shift in the UAE's approach to gambling.
Operating under the banner of "UAE Lottery", the company will offer lottery games, as well as other modalities designed to cater to the variety of interests and financial preferences of players. The authorities have also developed a framework aimed at protecting consumers and the legitimate interests of all stakeholders.
The General Regulatory Authority for Commercial Gaming (GCGRA) of the UAE has taken a significant step towards the legalization of casinos and other forms of gambling by granting its first lottery license. This historic decision could mark a transformative change in the country's approach to gambling in general.
Although the GCGRA has not specified when the lottery would begin 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 "crucial event" in the regulator's statement. He emphasized that this step "marks the establishment of a world-class disciplined regulatory framework for lottery activities, but also underscores our commitment to nurturing a safe and enriched commercial gaming environment in the United Arab Emirates".
The introduction of gambling would be a significant change for the United Arab Emirates, where Islamic law, or Sharia, constitutes the basis of legislation and prohibits such practices. However, last year, the United Arab Emirates took steps to regulate gaming at the federal level. This follows the announcement by Wynn Resorts of a $3.9 billion gaming resort in Ras al-Khaimah, with expectations of obtaining a gaming license soon.
Legalizing gambling could attract more tourists and investments, mainly from China, and generate gaming revenue equivalent to 1.3% of the United Arab Emirates' gross domestic product.
According to Bloomberg Intelligence, this could amount to approximately $6.6 billion, surpassing the gaming revenue of Singapore.
Source: GMB / Turkiye Today
