The online gambling industry is on an all-time rise all over the world. Due to the COVID-19 pandemic, the whole world shut down, along with multiple businesses. The restrictions introduced led to the closure of several land-based casinos, and to date, many gambling establishments are still struggling to find a foothold. The pandemic was, however, good news for online gambling providers. People all around the world had to seek entertainment online.
Although online gambling is not considered legal in some countries, The United Kingdom, the United States, France, Canada, Italy and Germany remain home to some of the highest Gross Gambling Revenue (GGR) generated by online casinos. Asia is also not left out, as it plays an important role in the size and impact of the global gambling industry.
This article discusses the growth of the online casino industry in Asia and the role online gambling brands play. For an excellent example of this in action, readers can also check out and explore Jumpman Gaming’s reputable brand: Rainbow Spins,for some of the best online casino games.
Growth of the Online Casino Industry in Asia
Asia is indisputably the most populous continent, accounting for almost 60% of the world’s population. The continent also has several emerging and developing economies, such as Japan, Singapore, Vietnam, China, India and much more, that have the potential to become dominant in world trade. This large population provides one of the largest and most massive markets for online gambling, even though economies such as China have seen a slump in growth.
Reasons for Growth in the Online Casino Industry
There are several factors that, over the years, have contributed to the growth of Asian gambling.
- The increasing rate of internet penetration
Asia is enjoying a tremendous increase in the number of internet users, which is crucial to any market in this present age. Over forty million Indonesians, Thais, Filipinos, Vietnamese, Malaysians, and Singaporeans had access to the internet for the first time in 2020.
In Eastern Asia, over 1.2 billion people are actively using the internet. In Southern Asia, more than 1 billion have internet access. In Hongkong, the internet penetration rate peaked at 93% at the start of 2022. Malaysia has about 89.6%, the Philippines with the lowest at 68% and Singapore with 88.5%
- Rising use of portable mobile devices
Another key factor in the growth of the online casino industry is the increase in the number of users of mobile devices. Unlike in the past, internet-accessible devices were stationary and expensive. However, smartphones, PCs, and other smart devices are now very affordable.
Mobile devices are important to the success of online gambling as online casino operators now have a wider audience to market their services and offers, such as bonuses and perks reserved only for online gamblers, competitive rates, new products, better features, and innovative gameplay.
The Asian continent will certainly enjoy better growth than the rest of the world. With the recent acceptance of virtual currencies and tokens, such as Bitcoin, into online casinos, the industry will enjoy even more popularity. The increasing acceptance and the liberal approach towards gambling will also further strengthen the online casino industry in the conservative continent.