PUBLISHER: Bonafide Research | PRODUCT CODE: 1254599
PUBLISHER: Bonafide Research | PRODUCT CODE: 1254599
The future of the Asia-Pacific online gambling market appears to be brighter. The COVID-19 pandemic and the imposed lockdowns have benefited the region's gambling industry. Engagement in mobile gaming, internet gambling, and sports betting increased dramatically, and digital entertainment became one of the few available options during the lockdown. The number of internet users in the region is rapidly increasing. Rising internet penetration and increased use of mobile phones by users to play online games from their homes and public places are driving the market. Factors such as easy access to online gambling, legality and societal acceptance, corporate sponsorships, and celebrity endorsements are also propelling market growth. Market expansion is expected to be aided by the increasing availability of low-cost mobile applications around the region.
According to the research report, "Asia-Pacific Online Gambling Market Outlook, 2028" published by Bonafide Research, the market is expected to grow at a 12.24% CAGR between 2023-2028. More people in the region are gaining access to online gambling platforms as mobile devices and the internet become more popular. This has resulted in an increase in the number of players as well as the industry's overall revenue. People's rising disposable income in the Asia-Pacific region has also aided the growth of the online gambling market. People with more disposable income have more money to spend on leisure activities such as online gambling. Gambling has long been a part of the culture in many Asia-Pacific countries. Gambling is even considered a significant contributor to the economy in some countries, such as Macau. Because of this cultural acceptance, there is a thriving gambling industry both online and offline. Some of the region's countries, such as the Philippines, have created a favourable regulatory environment for online gambling. This has resulted in the expansion of licenced and regulated online gambling platforms, which has increased consumer trust and contributed to the growth of the industry.
The fastest broadband cellular network available is 5G technology. Gamers will be able to enjoy online games on a faster network with a faster internet connection. In order to serve this emerging market, online gambling sites are staying ahead of the competition by incorporating AI, Bluetooth, and other cutting-edge technologies. 5G networks offer faster internet speeds than 4G networks, allowing online gambling platforms to provide more immersive and high-quality gaming experiences. This is especially important for live dealer games, which require real-time interaction. 5G networks provide better connectivity, with lower latency and greater bandwidth. This means that players will have a more fluid and seamless gaming experience with fewer interruptions or lags. 5G networks are expected to have greater coverage than previous generations of wireless technology, allowing more people to access online gambling platforms. This is especially important for countries with large rural populations, like India and China.
Based on the report, the market is divided into various gaming type, sports betting, casinos, poker, bingo, and lottery. Among them the sports betting and casinos gained the market share of n=more than 70% and expected to dominate during the forecast period as well. Sports are a significant part of the culture in many countries in the Asia-Pacific region, with events such as the Olympics, football, cricket, and basketball attracting huge audiences. Online sports betting allows fans to place bets on their favourite teams and players, adding an extra level of excitement and engagement to the sporting event. Online sports betting platforms offer a wide variety of betting options, from traditional bets such as match winners and point spreads to more exotic bets such as player props and live betting. This variety of options allows users to tailor their betting strategies to their preferences and increase their chances of winning. A Based on device type, the market is segmented in mobile devices (phones and tablets) and desktop. The mobile device is dominating the market in 2022 and is expected to dominate during the forecast period.
Considered in this report
Aspects covered in this report:
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The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Online Gambling industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.