Asia encompasses 60% of the global population, so it seems to be the largest market for every other industry. As far as the gambling industry is concerned, it’s different from other industries, and the dynamics of this industry depend on a lot of factors.
Among the Asian countries, China and India are the most extensive and furnished markets for gambling! There has been a great revolution in the Asian casino market ever since the COVID-19 pandemic hit the world! With the lockdown measures and quarantine practices, people were left with no option other than to spend time in the digital world. Also, during this course, many people lost their jobs, businesses came towards a halt, so a lot of people perceived digital gambling as a pass-time activity and a way to earn money. As a result, a record-breaking number of new online casinos like Simple Casino came into existence to cater to the growing demand for online gambling.
This blog post is about all the factors and aspects that have contributed to the growth of the Asian casino market.
Asian Culture Encourages Gambling
There is a wide scope of generating an audience for casino gaming and gambling in societies where betting is already favored and encouraged. This is exactly why the casino industry witnessed a boom in Asia! The stereotype that Asian society is more prone to gambling than any other society holds some truth! Gambling has been found as a part of ancient history in various Asian cultures, so society possesses no stigma against betting.
When kids are growing up, they are taught various betting games, and thus, their training begins from their own households. The matters of probability, wagering, and ethical gambling are disclosed to them in the very early stage of maturity. Besides, activities at school and during outings are also somehow linked to gambling. Moreover, the cultural believes of this continent revolve around the concepts of chance, fate, luck, and numerology.
What are the Opportunities for Growth of the Casino Industry in Asia?
China, which is the hub of gambling and casinos, hasn’t legalized gambling yet. But, it is not every form of gambling has been declared illegal. Different minor forms of gambling are legalized in China, which involve lottery, board games, etc. However, for other physical gambling activities, Macau and Hong Kong are the major places. It sounds strange, but it is a fact that the Chinese government has declared Macau and Hong Kong as places for casinos and gambling. Investors are facilitated to such an extent that if they set up the casinos, gamblers are being directed and facilitated by the government, mostly in the form of tourists. However, the locals are also a significant part of the gambling audience!
Macau is, in fact, the headquarter of casinos in Asia. Most tourists go there to enjoy all kinds of gambling activities like board games, gaming machines, lotteries, and even sports betting. Macau is known as the Asian Las Vegas as it has more than 30 casinos! As for the revenue, more than $30 billion are being generated annually, which is a few more times than what the Las Vegas casinos generate. Besides, even more growth and progress are predicted, and it has been estimated that Macau would be able to generate up to $53 billion by 2022.
How Has COVID-19 Impacted the Asian Casino Industry?
The COVID-19 pandemic enhanced the reliance on electronic devices and eventually on the internet. These aspects have propelled the growth of the digital gambling market in the Asia Pacific region. With that, the legalization of d gambling has also played a vital role in influencing individuals and developing an audience for online casino gaming, sports betting, or any other desired form of gambling. The lockdown restrictions increased the number of visitors to casino websites and strengthened their link with the industry for a longer-term. The casino market is expected to gain more strength during the forecast period from 2021 – 2026.
Which Countries are Contributing towards the Growth and Expansion of Casino Industry in Asia?
China
The status and conduct of gambling in China have already been discussed. Despite the restrictions, people are still hooked to the different forms of digital gambling and gaming like Mahjong, poker, casino games, sports betting, etc. But, people trust globally certified sites only for this purpose as non-approved websites are strictly prohibited.
Hong Kong
Certain types of games are allowed for gambling by the government-sponsored Hong Kong Jockey Club (HKKC), including horse races, soccer lottery, matches, etc. Mahjong is also permitted in the region. However, poker is being played by secret means.
Taiwan
There are strict measures to regulate betting in Taiwan. The only betting that is permitted here I’d Taiwan Sports Lottery. Due to this, people are tempted towards digital gambling sites to play Mahjong, baccarat, slots, Chinese sports, casino, and in-play gaming. There is a massive audience of Taiwanese players over global gambling sites.
Philippines
This one’s an extensive and mature marketplace that is contributing widely to the Asian casino industry. The Philippines offer a potential market to developers for setting up a gaming business. The digital casinos have been ensured safe for players.
Vietnam
Digital gaming, including all types of games except lottery, are illegal in Vietnam. Strict penalties are there for people participating in betting or other types of digital gaming.
But, all these strict limitations have flourished illegal gaming in Vietnam and have gained a massive fan base for casino games, lotteries, online poker, and digital sports gaming.
India
India is a growing marketplace for the gambling industry, which contributes positively to the progress of the Asian gambling industry. Horse racing and lotteries are the most common and legalized forms of gambling prevailing in India for ages. With time, digital gambling is also getting refined!
The entire scenario of COVID-19 accelerated the extension of the Asian casino market. It aided the influx of gazillion new players in the industry and hence the revenue generation.
