ASIA PACIFIC ONLINE GAMBLING MARKET
Online Gambling has been the recent trending technology considering the pandemic hitting the complete global levels of market, with this being in position online gambling has made its technological domination in the Asia Pacific region.
This has made the Asia Pacific Online Gambling Market important as part of revenue generation requirements and various industrial reforms to have a legalised approach within the nations in the region. This has also made the opinions of various stakeholders to change through technological advancement to have better earning prospects into a multi- billion dollar industry.
It is really difficult to precisely pinpoint the year when online gambling first originated. Many believe that it took off in the year 1994 when Antigua and Barbuda passed the Free Trade and Processing Act. Online gambling is pretty much active in Asia-pacific and especially in India as there are no specific laws pertaining to online gambling in the country.
Indians do not really have the provision to hit brick and mortar casinos to gamble. This is why they are turning to online casinos to indulge in their favourite games. The increasing number of people who use the Internet and the growing consumer confidence in conducting on-line financial transactions have led to a greater number of people who are willing to engage in Internet gambling. Although the phenomenon is difficult to measure, all observers agree that the growth is rapid.
Unlike most land-based casinos, the vast majority of Internet gambling sites are operated by small, virtually unknown companies. A land-based casino costs several hundred million dollars to build and operate and requires hundreds of employees, whereas an online casino is set up and operated by a handful of people for an initial investment of a few million dollars.
ONLINE GAMBLING MARKET DYNAMICS
Like all industries, the online gambling industry has changed dramatically over the years due to advances in technology. Online gambling sites offering an exciting live casino, bingo, betting, and slots gaming experience continue to grow in popularity year on year. This is due in no small part to the technology that powers today’s online casinos.
Asia is no doubt the largest gambling market in the world right now. You can attribute it to cheaper rates and a high population in comparison to European nations. This statement is currently valid only for brick-and-mortar casino establishments.
There is tremendous scope for the development of the online gambling market. Online gambling harnesses technological advancements to deliver success. There is also a need for clear rules and regulations. As the online gambling market is growing at an unprecedented rate, the future is simply bright.
The rapid adoption of mobile internet is a major contributor to the phenomenal growth of the online gambling segment. The growing popularity of bitcoins has also contributed to the growth of the industry in a certain way.
The massive development that took place in the gambling market of Asia Pacific sparked the potential legalization. Massive expansion operations in the Philippines and the development of integrated resorts in Japan further led to an increase in gambling activities in the region. Taiwan legalized gambling. India still doesn’t have a clear stance on legalizing gambling.
There are numerous gambling destinations in the Asia Pacific. These generate more revenue from gambling than the entire Las Vegas strip. Several nations in the region have given legal status to casino gambling after witnessing its success in their neighboring nations.
ONLINE GAMBLING MARKET SEGMENTATION
The Asia Pacific Online Gambling Market can be segmented into following categories for further analysis.
By Gaming Type
- Sports Betting
- Casino Betting
- Lottery Betting
- Bingo Betting
- Residential Application
- Commercial Application
By Integration / Structure Type
- Private Partnership Only
- Program / Game based Private Partnership
By End User Type
- Desktop Model
- Android / iOS Model
- Tablet Model
- Multi-Screen Operational Model
By Ownership Model Operation Type
- Self-Paying Individuals
- Commercial establishments
By Regional Classification
- Other Countries
RECENT MARKET TECHNOLOGICAL TRENDS IN ASIA ONLINE GAMBLING MARKET
The Recent IT Development and other software-based integrations have been seen within the computing and areas of gaming wherein the extensive use of these technologies has made the gaming experience much enthusiastic and informative. Online gambling has recently been integrated with various levels of technological developments throughout the system, which has brought upon better surveillance and identification of players of interest.
Online gambling sites use cloud technology to power their gaming platforms and support the ever-growing number of payers. Cloud computing technology provides a high-performance, scalable solution to gambling platforms that meet players’ demand for a seamless playing experience. The adoption of cloud technology allows online casinos to meet strict data management regulations while enhancing security, analytics and other technological aspects.
In the past, the online gambling industry was compromised by security issues and slow payments. Nowadays, the industry is making use of blockchain technology. This technology is used in authentication processes that allow for seamless payments and additional security layers
Although not yet mainstream in real-money online casinos, Virtual Reality (VR) is a trending technology in the gaming industry that is beginning to be adopted by the online gambling industry. VR and gambling are a combination to watch out for as they could become widespread in use over the next few years.
The Asia Pacific Market of Online Gambling has been the recent technological advancement in the online gambling market on a global scenario wherein the various stakeholders of international presence have started to invest upon the much-required technological presence and integration within the online gambling platforms.
The 888 Holding Plc has made a certain amount of technological interference and integration to its platform on online gaming and gambling by having unique technologies integrated at various levels. 888casino is of the world’s leading casino brands, with a multi-award-winning casino experience enjoyed by more than 25 million members.
888’s bingo brands each have engaging themes, a variety of games and a strong sense of community, replicating the experience of traditional bingo halls. The Group’s bingo brands also benefit from an extensive range of 888-developed slot games, casino games and scratch cards that are offered alongside traditional bingo formats.
Flutter Entertainment PLC operates as four divisions, which between them offer a best-in-class product offering and some of the most innovative brands in the sports betting and gaming industry. Flutter International operates in a number of territories around the world, led by its flagship brand, PokerStars, the world’s largest online poker site. The division also includes PokerStars Casino, PokerStars Sports, Betfair International, Adjarabet and Junglee Games.
- 888 Holdings Plc.
- Bet 365 Group Limited
- Flutter Entertainment
- Galaxy Entertainment
- Las Vegas Sands Corp.
- MGM Records International
- SJM Goldings Limited