The rapid growth of the internet has brought the entire world together. It has provided us with instant access to entertainment, information, money-making, and a lot more. Whether we realize it or not it has certainly altered the way we experience life. It has also brought several reforms in every industry. It has also given the power to small business owners so that they can voice their opinions well.
We are now more than ever aware of the industries we never knew existed. One such revolutionary sector is the online gambling industry. Over a decade ago, people barely had faith in online gambling. The tremendous growth of internet usage transformed online gambling into a 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 don’t 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 favorite games.
Before delving into understanding the current state of online gambling in APAC countries, let us first take a look at the Asian markets. This is because traditional gambling has a legal status in most of the Asian nations. They have been registering phenomenal growth rate with each passing year.
Casinos in the Asia Pacific surpassing the charm of Las Vegas
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. Macau surpassed the revenue of Las Vegas back in 2006. It was 14 years ago and this created quite a buzz in the Asia Pacific nations. This move impacted the online gambling industry as well.
Macau gaining a prominent status was just the beginning. Many other nations have now surpassed Las Vegas as far as the gambling revenue is concerned. Singapore had just two land-based casinos in 2012. It surpassed Vegas strip revenue by the end of 2013. During 2006, the gambling market of China was valued at $0.5 billion. In 2018, the gambling market has hit $40 billion. This is 6x worth Las Vegas’s revenue.
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. This is because the deep-rooted culture is against gambling. However, still, the region contributes significantly to the revenue of online casinos operating out of the country. Legalizing online gambling will drive more revenue for the country. Two states and a union territory in the Indian subcontinent have been driving huge profits from legalizing gambling: Goa, Sikkim, and Daman. However, there are no stringent laws defining gambling and online casinos.
Online Gambling In Asia Pacific
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 global online gambling market has been projected to grow at a CAGR of 11 percent during the years 2018 to 2022. This can result in incremental growth of over $35 billion. About 44% of the growth is going to come from the APAC region. 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.
China
Although numerous forms of betting are popular in China, most of them are still illegal. This includes poker, mah-jongg, and sports betting. The online gambling segment has been categorized as illegal. The players from the country turn to internationally reputed and licensed online casinos to bet on their favorite games. Several players take a trip to Macau to indulge enjoy gambling activities.
Macau
Despite being a part of China, Macau has its own gambling laws governing land-based casinos. It is popularly known as Vegas on Steroids. The place runs land-based casinos and doesn’t acknowledge online gambling. Online gambling is illegal in Taiwan, Hong Kong, and China. This is the reason players from the region throng to Macau to have a great time.
Singapore
The nation has restricted offshore gambling websites in the country. It has clearly defined online gambling through unauthorized sites as a criminal offense. It passed the Remote Gambling Act recently. As per this law, remote gambling services, promotions, and advertisements are prohibited in the country. Only local non-profit operators can provide certain online gambling services in Singapore.
Japan
No form of gambling is approved in Japan. All gambling activities are controlled and restricted in the nation. The only legal activities are scratch cards, lottery, betting on soccer, powerboat racing, bicycle and motorcycle racing, and horse racing. The citizens of Japan do access foreign gambling sites to gamble on their favorite games. The government is having a hard time controlling online gambling. Official channels however do offer online betting services over public sports, football, and lottery.
Indonesia
As the nation is governed as per Islamic laws, all forms of gambling activities are strictly prohibited in the nation. The only legal form of gambling in Indonesia is a free licensed lottery. However, many citizens indulge in online gambling, table games, and sports betting on licensed international websites. There is still a lot to be done to clearly define the rules governing access to local and international gambling websites.
India
Despite earning the status as one of the fastest-growing economies in the world, India still doesn’t have clear laws on online gambling. The nation hasn’t restricted gambling and this is the reason why the online market segment in the country is growing at a rapid pace. The government has legalized online lottery and horse racing. However, there are no clear rules to cover online gambling status in the nation. Sikkim and Maharashtra are the two states in the country that have specific legislation pertaining to online gambling. Sikkim is issuing operational licenses. But Maharashtra has strictly prohibited any form of online gambling.
