Digital Transformation Slows Down the Global Economy
Online gambling in Asia Pacific- Facts
By Aarti Dhapte , 13 January, 2023
Gambling over cards was a known thing, but until the day cell phones came into the picture, the world was just a click away. The process of betting on sports activities or casinos on the internet is referred to as online gambling.
At present, the Asia-Pacific region is gaining hold of online gambling. After the pandemic hit the entire global market, online gambling has become a new trend. Technological advancements have changed the dynamics of Asia-Pacific online gambling market dynamics. Earlier, limited only to brick-and-mortar casinos, the internet has given immense growth to online gambling in Asia-Pacific.
According to the market overview 2023-2028, the Asia-Pacific online gambling market size reached USD 19.5 billion in 2022, and IMARC Group expects the market to reach USD 37.5 billion by 2028, along with a growth rate of (CAGR) of 11.39% during this period. The data collected so far cited by The Guardian says the UK is the largest online gambling market in the world. It surpasses even the United States.
Factors affecting online gaming can be –
- Mobile internet is the biggest factor contributing to the growth of the European companies’ gambling sector.
- Online networks are providing legalized platforms for gambling. Cricket in India is an excellent example of it, as the future of this segment is very strong in the market.
- Also, cashless transactions, customizable budgets, and electronic devices are primary factors to hike up the online gambling market.
Thus, as per the reports, sports betting covers the majority of the total market share in the Asia-Pacific online gambling market. Mobile dominates when it comes to devices for online gambling. Again, the key regions in the online gambling market are China, India, Japan, South Korea, Indonesia, and others. Online gaming is one of the fastest emerging sectors in India too. With Covid lockdowns imposed in the different regions of the country, this sector has seen robust growth. China remains the dominating country in the Asia-Pacific online gambling market.
Most Popular Online Gambling Activites (%)
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Aarti Dhapte
Team Lead - Research
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