The online gambling industry is one of the rising industries in this pandemic-stricken era. With a lot of people stuck indoors, many people turned into different forms of entertainment to get by. One of these forms of entertainment is online gambling.
These rising demand for online gambling has been attributed to the improvements in technology being used in gambling. The improvements to the worldwide interest contributed to the improvements of wagering in countries with stricter gambling laws.
The nations of Asia have a lot of improving to do when it comes to many facets of living but it is good to know that we are getting there. A continent so diverse is filled with complicated laws and regulations, especially in the Asia-Pacific.
We will discuss in this piece the current status of the sports betting market in Asia.
The State of Gambling in Asia
Half of the world’s population is in Asia, it is no surprise to know that it also has the biggest sports betting market in the world. According to statistics, the Asian gambling market is expected to rise by $26.8 billion by the end of 2020. This could also mean that a high percentage of wagering in Asia is also attributed to the high population rate of the continent.
The exact figure of how big is the online sports betting market in the region because of differing laws in between territories is hard to determine. This is because the laws in some countries in Asia are inconsistent and underground gambling in bookmakers is still occurring.
So, to get a sense of how big online sports betting is in Asia, we need to take a step back and look at it from a different angle. The global sports betting market is estimated to be worth $250 billion, with online sports betting accounting for 10% of that total.
As a result, we may deduce that Asian online sports betting is larger than that of the United States and Europe and that it is only set to grow even greater in the future.
The Rising of Sports Gambling in Asia
As gambling regulations and legislation in the region loosen, more members of the Asian community are engaging in various gaming activities. In reality, Macau recently received two pieces of the immensely popular Fortune Cup horse racing machines, which are essentially the casino version of horse racing sports betting.
The ease and convenience of online sports betting in Asia have contributed to its success. Even in countries with tight gambling laws, such as Indonesia or Malaysia, using a VPN allows you to access worldwide sports betting services in sg88win.
This is why, amid censorship and prohibitions on sports betting platforms, the Asian market may still watch the experience freely.
Status of Sports Betting by Nation
Asia is home to the 4.6 billion of earth’s population, and different regions also have different laws and views about gambling. Each nation in Asia has its views and regulations regarding the gambling method of sports betting.
In some countries like Japan, Cambodia, and Vietnam, have a very lively community of online sports bettors. This encompasses sports from the most common ones like daily mail football and horse racing to less common like cricket and golf.
Some countries like Malaysia and Indonesia have forbidden gambling in general because these countries have strict laws based on religion. Other countries like Singapore have strict policies regarding local gambling but have fewer regulations for foreigners. One country in particular like the Philippines has an advanced policy regarding casino gambling and sports betting and allowed much of it.
Truly, Asia is a diverse region in the world and sometimes has contrasting natures about online sports betting. However, given enough time, the gambling market in Asia will sky-rocket once these restrictions are eased.