Asia is currently witnessing a rise in online gambling, with the iGaming industry registering an impressive growth in income across major countries situated within it.
Let us embark on learning about online gambling in Asia and its different types. Live Casino Singapore offers an exhilarating online gaming experience, bringing the thrill of a real casino directly to your fingertips. Players can enjoy a wide array of classic table games such as blackjack, roulette, and baccarat, all streamed live with professional dealers.
What are Some of the Popular Gambling Types in Asia?
There are many options available at various sites of internet gaming such as online casinos, sports betting and lottery for money or fun.
These types of bets are expected to grow and reach $10 billion by 2023 (source: Statista.com).
Now, let’s take apart each one and see which factors contribute to this frenzy.
Asian Online Casinos and Sports Betting
Internet gambling houses offer a wide selection of gaming opportunities, including video slots, card games, and live casinos. Although slot machines have long been the most common option for users, live casino games have gained popularity because of their interactive design elements and opportunities for player interaction.
At present, however, revenues from Asian e-casinos still lag behind those from sports betting. In spite of that, the virtual casino market is developing steadily; hence by 2023 it will yield €2.89 billion with 7.50% CAGR annually.
Nevertheless, many Asian gamblers still prefer sports betting. The sports betting market is growing rapidly and expected to reach annual revenues of $6.74b by 2023 with an anticipated annual growth rate of 8.41% in that time.
Emerging Trends in Online Gambling in Asia
Therefore, let us dig into the planet of online gambling across Asia where there is a surge in online casinos as well as sports betting and lottery.
Classic slots and tabletop games such as poker or blackjack are some of the game options available at internet casinos. Although slots have dominated this industry for quite long, live casino games are on the rise due to their interactive nature and players’ involvement. However, regarding revenue projection, online casinos in Asia still come second to sports betting. By 2023, it is estimated that Asia’s online casinos will have generated €2.89b, growing at a CAGR of 7.50%.
At the same time, sports betting remains popular among many Asian gamblers who expect it to generate $6.74b by 2023 at a CAGR of 8.41%. As for the online lottery, it has gained popularity by providing an opportunity for players around the world to take part in international drawings from their homes without leaving them. Nonetheless, projected revenues for e-lottery may amount only to $0.68 billion by 2023 when compared with its substitutes like sports betting and e-casinos.
Exploring Thriving Online Gambling Markets in Asia
Come with us, let’s go into the busy world of online betting markets in Asia so that we can have a comparison.
Japan
There are some limited exceptions, which make gambling online illegal in Japan. Nonetheless, this has not stopped offshore casinos and sportsbooks from flourishing within this grey area. Therefore, Japan’s online gaming market is thriving, with estimated revenues set to hit around $5.49 billion by 2023.
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India
Gambling is illegal under the Public Gambling Act of 1867 in India. Conversely, individual states can legalize it or not if they wish. Some states have bought into it.
Curiously enough there is no law against online gambling hence foreign-based online casinos operate legally within India.
Consequently, It is expected that the projected revenue for the Indian online gambling market will reach US$2.90 billion. In addition to this,but apart from it,sports betting accounts for most of it while on-line casino gaming continues to grow exponentially as well.
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Thailand
For Thailand, it is a similar case to India on online gambling. Gambling is mostly illegal in the country except for lotteries run by the state and horse racing.
However, in Thailand, laws are more focused on casinos rather than individual players when it comes to online gambling. This has resulted in involvement of many Thai gamblers into offshore online casinos which have lesser dangers though they may come across fraud or lack player protection.
However, despite this legal ambiguity, Thailand’s online gambling market is projected to be worth around $546.20m in 2024.
Philippines
As long as there is proper licensing and regulation, gambling in the Philippines is legal. The government has an institution called PAGCOR which oversees gaming business as well as owns several casinos too.
However, Filipino casinos and sportsbooks cannot offer their services to residents of the Philippines in terms of online gambling. Though, Filipino players can legally gamble via offshore casinos.
The Asian gambling market is not the biggest in terms of its online presence, but it is on a steady increase. The future online gambling revenues for the Philippines could be valued at US$680.00 million.
Vietnam
It is strictly illegal to gamble in Vietnam. For instance, there are a few casinos in some major tourist destinations; however these can only accept foreigners.
Online gambling behaves like traditional gambling practices where there are strict regulations implemented. Even offshore internet casinos are no exception to this policy. Nonetheless, many Vietnamese use VPN to gamble online at their own peril.
Singapore
Just like Vietnam, Singapore has very strict laws against gambling. However, since 2014 when the Remote Gambling Act was enforced that changed.
Nonetheless gamblers from Singapore who employ VPNs into offshore internet casinos risk getting prosecuted for this action.
Final Thoughts
To conclude, there is a huge increase in Asian online gambling in spite of the ban on such activities due to various reasons.
The extraordinary progress of the industry across this region is attributable to the fact that some nations allow their nationals to participate in internet betting through international casinos.
This trend is likely to continue, and in certain cases, states might adjust their policies so as to favor these operations hence leading to more growth.