Record Rise in Online Gambling in China

 

For Mr. Li, the penalty kick taken by Cristiano Ronaldo in the Euro 2016 groups match between Austria and Portugal was a huge moment. He could barely watch is since he has placed a bet on Portugal to win. Ronaldo hit the post and the game ended in a draw, leaving Li frustrated for losing his money. He had placed his bet using the WeChat app by Tencent Holdings Ltd.

This is a good example of the rising interest in the world soccer, and this has also increased the cases of illegal online gambling. This has seen the police crack the whip on betting rings and other gambling companies like Alibaba Group Holding Ltd and Tencent. Most of the internet gambling in China is illegal.

 

Chinese Tycoon Acquires English Soccer Club

Li placed his bet through the WeChat app, where most of the gamblers are friends. When you win, the prize money is shared through various channels like Alipay, WeChat, bank transfer or the red packets, which are envelopes that are loaded with cash.

The police record shows that there has been an upwelling in online gambling activity, which is illegal, especially due to the upcoming UEFA Football Championship in Paris. The Public Security Ministry has confirmed that across the four provinces, it has apprehended 236 people for illegal online gambling on UEFA games. To this effect, Tencent and Alibaba have set up anti-gambling systems.

According to Miranda Shek, a spokeswoman of Ant Financial said that they have been conducting serious checks and if any suspicious account is discovered, it will be frozen right away. Tencent has also confirmed that it is keeping a keen eye on any illegal gambling activities.

One of the reasons that have triggered the surge in soccer gambling is the soccer investment by the Chinese companies in overseas clubs. There has been an increase in the number of soccer stars who are moving to China. An assistant professor, Hu Naijun, from the University of Science and technology in Beijing, said that besides the European Cup, the soccer market in China has developed significantly. This has increased the interests in betting.

 

 

Reaching for the Gold

Mr. Bao is an organizer of a gambling group, and he confirmed that there is a jackpot of 5 million Yuan. This is causing millions of people to bet, hoping to win the cash prize. He said that this has become a lucrative business and for the final, they may even spend a week in the presidential suite in Hong King or Macau.

As for Li, he says that his money is, still, on Portugal, who has qualified for the Euro 2016 semifinals. He says he watches the game being nervous at every chance. When Cristiano missed the penalty, he almost fainted.

 

 

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The Top Products Chinese People Want

Chinese People Love Great Products

China is one of the most attractive export markets for products and services from different parts of the world. Its huge population and workforce, fast-growing middle class, accelerating consumption, as well as willingness to import are some of the factors that make China an attractive export destination.

To tap the might of consumers in the populous East Asian country, however, sellers and manufacturers first have to identify what the market wants. In light of this, we have compiled a list of the top products Chinese people desire to lighten your load along the way.

Clothing and Footwear

China’s large population makes it an attractive market for garments. An HKTDC Research article reveals that clothing market demand in China is high and keeps growing year after year. Experts predict that the industry, which was worth around RMB1,457.8 billion in 2017, would reach an estimated RMB1,592 by 2019.

The demand for clothing in China is so vast that shoppers are fast turning to online marketplaces to buy garments directly from overseas retailers and brands. Around 24% of consumers in China are expected to buy across borders this year alone, per figures released by eMarketers.

Similarly, there’s massive demand for footwear in China, with sneakers being one of the most demanded. Footwear sales figures for 2017 in mainland China was put at RMB381.9 billion. Of this, data show that women shoes brought in the most revenue, fetching around RMB184 (48%). Men’s shoes generated the second highest revenue at RMB144.2 billion (38%), while children’s shoes brought an estimated RMB53.2 billion (14%).

It is predicted that the footwear market in mainland China will be worth a whopping RMB487.4 billion by 2021.

Beauty and Personal Care

Driven by rising incomes and awareness, China’s beauty and personal care cosmetics market is one of the most attractive. The industry has been growing fast thanks to an increasing number of affluent consumers who are willing to splurge on quality beauty and personal care products that make them look younger and attractive.

The industry made an estimated RMB251.4 billion in domestic sales in 2017 alone. The world’s most populous nation is projected to become the largest market for personal care and cosmetic products in the next 5-10 years.

Vitamins and Supplements

As lifestyle gets busier, Chinese shoppers are becoming more and more health-conscious. Along with the demand for running shoes, there’s been a surge in the market for vitamins and supplements. For China, being one of the world’s fastest-growing economies came at a cost in the form of an overcrowded transportation system, gridlock traffic, severe air pollution, etc., all of which make the environment less healthy.

This, coupled with higher disposable incomes, caused Chinese consumers to turn to health and wellness products. In fact, consumers in the world’s fourth-largest have become so focused on health and fitness that the demand for vitamin and minerals outpaces GDP growth, according to a New Hope article.

Maternity and Baby Products

China’s relaxed family planning policy has increased demand for baby products such as infant formula. There’s been a boom in demand for maternity and baby products following the implementation of the new legislation which now allows a second child in the family.

A piece reveals that the Chinese baby product has grown more than 250% in five years, accounting for around $75 billion. With the plan now fully in place, the maternity and baby products sector is expected to surpass RMB3 trillion in 2018.

Food

Demand for food products like soybeans is high in China. The country is projected to become the largest food importer by 2018, importing around $79 billion worth of food items each year.

Other top products Chinese people want include jewelry, electronics, gadgets, and wine.

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Why The Bitcoin Market Is Hitting All-Time Highs

The Bitcoin market has never been stronger and despite pressures from a number of countries like Russia and the US to strictly regulate and refuse to recognize the cryptocurrency, Bitcoin’s value has soared. In fact, the Bitcoin price soared to a record high of $1,800 earlier this month, although some reports are suggesting that it is beginning to slip slightly. People are beginning to worry about the blockchain disrupting trade finance, but with the rise in value we could see Bitcoin becoming a more stable digital currency. With Bitcoin prices having increased by around 81% since the start of 2017 the market is showing some serious strength. Here, we’re taking a look at why the Bitcoin market is reaching such an extensive high.

Comments From The Minneapolis Federal Reserve President

One of the main factors behind the sudden surge in price on Tuesday 9th May was the comments made from the President of the Minneapolis Federal Reserve, Neel Kashkari, about the blockchain technology as a whole. He stated that the technology is more interesting and has more potential than Bitcoin itself. His comments are beginning to be a pinnacle in the industry and is marking yet another influential policy maker who is warming up to the technology. After his comments, the Bitcoin actually rose by 6%.

Availability Of Information

The internet is a huge source of information on a number of topics, but very slowly a number of major news sources and social media channels are beginning to focus on the Bitcoin currency. This has led to a growing interest in the digital currency, as people are able to understand more about how the Bitcoin can benefit them. This is not only through general information, but also with informative sites like Bitcoin Casino Pro who provide in-depth reviews on Bitcoin casinos – which are one of the main things that people spend their Bitcoins on due to their anonymity and fast transaction speeds. The more people understand the value of the Bitcoin and what they are used for, the more people will turn to invest in the digital currency, further boosting its market value.

China’s Currency Devaluation In 2015

Back in November 2015, there was a surge in the value of the Bitcoin which was influenced largely due to China’s currency devaluation. The devaluation took place in order to help mitigate any inevitable capital outflows and stabilize the economy. While China generally ban the Bitcoin currency, all it would take was a number of Chinese citizens to invest in the Bitcoin, even by just a small fraction for the crypto currency to bubble into another all-time high. Speculation of this was quickly confirmed when reports suggested that Bitcoin price was influenced mainly by Chinese exchanges back in 2015 and this could have had an impact in the rise in the Bitcoin value that we have seen throughout 2017 too.

However, China has also begun to clamp down on the Bitcoin, and looking to ban or at the very least strictly regulate the currency – both for trading and the exchanges themselves. In fact, China’s Central Bank has even warned investors against looking to the currency. While at first glance this may seem like a negative suggestion, the scrutiny that China is putting on the crypto currency (which is similar to Russia’s current stance) could lead to stricter regulations, further helping to steady the market. A more stable Bitcoin market means a potential gateway for investments which will ultimately boost the value of the Bitcoin.

Legalisation Of Bitcoin In Japan

A major influential factor was the recent decision by the Japanese government to legalize the cryptocurrency, and recognize it as a payment method. This led to more Bitcoins being purchased with yen which has led to a major support network for the cryptocurrency. Alongside the legalization of the Bitcoin in the country, a number of regulations are set to be implemented in order to provide users with a lot more security when it comes to using the technology. This is generally due to the concerns about illegal activities using the pseudo-anonymous crypto currency such as money laundering.

However, amendments to the Banking Act and the addition of section 3, which is tentatively being referred to as the ‘Virtual Currency Act, it is highly likely to see a number of regulations. For example, Bitcoin is classified as an asset, and so any profits from Bitcoin trading will be subject to capital gains tax in the country, but will no longer be subject to consumption tax, which lies at 8 per cent in Japan. Digital exchanges in the country will also have a number of required regulations, including the minimum capital that they need to hold being 10 million yen.

According to the new law, the exchanges will also need to possess an IT system management program which is sufficient enough to protect against issues such as leakage, or loss and damage to any personal funds which the exchanges may hold. In order to protect the users of the exchanges even more, exchanges must also disclose trading name and address, registration number, transaction content, and all fees and costs to their users, showing just how much more secure the Bitcoin and digital currency exchanges are set to be for their users.

This legalisation alone has led to a surge in interest in the crypto currency, with more people seeing Bitcoin as a reliable and regulated digital currency, causing asset managers to jump into the market.

Internal Developments

With the rise in value of the Bitcoin and the increased investor attention, there have been a number of internal developments that are in the process of being carried out in order to help ensure that the Bitcoin maintains its promises of flawless security and usage. One of the initial developments that could potentially be carried out include a way to scale up the system in order to allow it to handle many more transactions. The implementation of the Segregated Witness (SegWit) on the Bitcoin clone currency LiteCoin is an initial step towards this development, meaning we could see much more improvement in the future. If this can be successfully deployed, we are likely to see a huge increase in the value of the Bitcoin in the near future. While there are a number of pros and cons of the Bitcoin, these internal developments could prove a vital step towards market stabilisation.

Winklevoss Proposal

Back in March, The US Securities and Exchange Commission rejected a proposal from the Winklevoss twins, who were looking at a Bitcoin exchange traded fund. Nevertheless, the SEC are considering reviewing this rejection, which could see a further interest from investors in the near future as more developments begin to come to light with the crypto currency. With figures like the Winklevoss twins looking to push Bitcoin into the mainstream, we may see that the rise in value of the Bitcoin isn’t just a temporary thing, and we may begin to see the generally rocky market begin to stabilize with more regulation.