As the Lunar New year holiday continues, Macau, the gambling capital of the world is on the road to recovery. This is because they are seeing a major increase in visitors for the new year averaging over 60,000 visitors per day. In comparison to last year, the average visitor per day was 16,000. Therefore, gambling analysts, are becoming more optimistic for their 2023 Asian Online Gambling Market Forecast.
Of course, this is not just because of the gambling recovery signs coming out of Macau. It is also because last year, the Asia Pacific Online Gambling Market was worth $19.5 billion with a 13.9% CAGR. For those in the online casino and sports betting sector, they expect to see it reach $37.5 billion by 2028. In the meanwhile, the 2023 growth rate in the Asian market is well on its way to reach these numbers.
2023 Asian Online Gambling Market Forecast and Analysis
First off, Asia is home to the 2 most populous countries in the world. China leads the world with 1.412 billion while India is a close second with 1.408 billion. Furthermore, they are showing a steady growth in the mobile sector and make up almost half of the world population. At the moment, online gambling is not illegal in India while China is growing at a 7.4 CAGR.
Second, the driving factor behind the growth of the mobile industry in Asia is their increase in disposable income. Not counting that 42% of the world wealth is in Asia, 62% of the Asian population is online. Furthermore, the acceptance and growth of cashless and digital transactions like cryptocurrencies is also a big factor for its growth.
Despite the strict gambling regulations in many Asian countries, the offshore gambling market keeps increasing. Therefore, the online gambling market in Asia is currently booming and countries will have 2 choices to combat the problem.
The first option is to have stricter measures to fight it but historically, this has proven to be unsuccessful. The second way will be to regulate it like sports betting in Korea so governments can earn revenue from it.
Online Casino games and sports betting on horses and football have always been dominant in the Asian gaming market. However, gambling analysts are seeing growth in other sector like eSports, fantasy sports and live dealer casino games.
While China and India currently dominate the Asian gambling market, they are by no means the only one. In fact, Japan, South Korea, the Philippines and Singapore are also high growth market to watch out for.
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