Asia, touted as the casino of the future, is slated to achieve a gambling industry volume of $2.48 billion by 2027. To tap into this lucrative market, online casino and sportsbook operators need to understand the nuances of each region. Slotegrator’s experts have cast a spotlight on several potent markets worth considering in 2023.
Japan, despite its current casino gaming ban, is a haven for betting and gambling enthusiasts. This appetite for risk has propelled offshore operators to seize opportunities in the Japanese market. IMARC Group has forecasted the online gambling market to surge to a staggering $10.1 billion by 2027, with a promising CAGR of 6.95%. In Osaka, the first integrated resort with a casino is expected to open its doors in 2029, further boosting tourism.
The Philippines, a region where gambling is ingrained into everyday life, has seen its casinos generate an impressive $3.3 billion in GGR in 2022. The last quarter alone witnessed casino GGR rise to about $934 million, marking a 95% YoY improvement, according to regulator PAGCOR.
India, buoyed by its enormous population, a burgeoning middle class, and an expanding communications infrastructure, is witnessing a significant boost in its iGaming market, estimated at $9 billion. 2023 heralded the launch of self-regulatory bodies, comprising online gambling businesses, which will ensure adherence to industry norms.
Diversifying our focus, we see South Korea, Vietnam, and Malaysia as emerging markets in the Asian iGaming scene.
South Korea’s love for video games, paired with the fastest mobile internet globally, makes it an enticing region despite its gambling restrictions. It’s estimated that the nation’s gambling revenues could soar up to $17.6 billion annually, given its citizens’ penchant for offshore sites.
Vietnam, with its thriving economy and a public warming up to gambling, holds great promise. Having initiated gambling legalization in 2018, it saw the GDP touch $366.1 billion in 2021. Despite full regulation not in the immediate future, the conversation around legalization often makes the rounds.
Despite its Muslim-majority population, Malaysia, one of Southeast Asia’s fastest-growing economies, is no stranger to the gambling industry. With the love for sports, Malaysians have a considerable interest in sports betting, irrespective of its legal status.
In 2022, Slotegrator produced an iGaming guide to navigate the complex landscape of the Asian gambling industry. Slotegrator’s team is set to participate in SiGMA World / Asia 2023, a platform offering innovative ideas to those looking to lead in the iGaming industry, in Manila from July 19th to 22nd.
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