The Gambling industry is one of the fastest growing sectors in the world economy. This industry is projected to reach $ 66.7 billion by the end of 2020, with Asia being a major contributor to the market. In Asia, mobile betting and sports betting add billions of dollars to the global market every year, with companies like Betway and other Asian bookmakers doing their best to enter the market.
This article will keep you updated on the latest sports betting trends in Asia and help you understand what is driving the growth of the industry. But first, let’s look at how big the sports betting market is in Asia.
How big is the Asian sports betting market?
Asians have enjoyed betting and gambling for thousands of years. Today, Asia’s sports betting market is the largest in the world with millions of players. This betting market is huge not only because of the large number of active players, but also because of the size of the stakes. As a result, Asia accounts for almost 40% of global sports betting revenue.
With Asia accounting for around 60% of the world’s population, it should come as no surprise that they dominate the largest gambling market. According to market researchers and experts, the Asian online betting market will reach $ 26.8 billion by the end of the year. This will account for about 37% of the global online betting market.
According to statistics, 40% of all bets placed worldwide are based on Asia, as a high population size leads to a larger community of sports gamers. However, due to inconsistencies in regulation in the region, it is difficult to estimate the exact value of the Asian sports betting market. In addition, a lot of virtual gambling is done through unofficial channels to avoid strict regulations in some countries.
To see how big the Asian betting market is, you should look at the industry as a whole. The global sports market is currently valued at around $ 250 billion, 10% of which comes from online betting. Hence, we can conclude that Asia’s online sports betting market is larger than Europe and the US. This market is expected to continue to grow in the years to come.
Here you will find the latest trends that are fueling the growth of the Asian sports and traditional sports betting market.
Thanks to the number of players in Asia, the bookmakers in the region offer odds on almost every event, no matter how insignificant the league game may be. The Asian Handicap is the most important betting market for small games, but it also makes sense. Nevertheless, Asia is enjoying growing popularity as most bookmakers in the region offer better odds than those on other continents.
In Asia, sports betting has become an integral part of the culture in many countries such as the Philippines, China and Indonesia, to name a few. However, like any other continent in the world, not all countries have embraced the betting market and introduced restrictions / bans on regulating such activities. This includes countries like Pakistan, India, Bangladesh, and the United Arab Emirates.
As an entertainment and sporting event, the Asian eSports market has seen tremendous growth in recent years. Today there are millions of gamblers on the continent and players in the region can place their bets Betway Mobile Betting App and other leading bookmakers in the region.
China and South Korea are among the leading esports markets in Asia and frequently host gaming events that draw thousands of fans and millions of live streams. Currently, China is at the forefront of the global esports market and always stays one step ahead thanks to its ultra-modern esports venues and infrastructure.
In terms of esports revenue, China ranks second behind North America, generating over $ 150 million annually. Even better, China was the first country to build the world’s first esports stadium, which opened in Chongqing in December 2017.
- Mobile betting has taken over land based betting
In Asia, most people prefer to bet on their mobile phones through platforms like the Betway mobile betting app rather than betting in stores on land. Sports betting in Asia has grown into a multi-billion dollar industry thanks to the internet and the development of mobile technologies.
In recent years, the Asian market has struggled to replicate the popularity of mobile gaming in Europe, and they finally succeeded. As a result, over 60% of total sales reported by bookmakers in the area came from mobile devices.
Like Europe, the Asian mobile betting market will continue to grow exponentially over the next few years. However, the numbers are expected to match or overshadow European betting markets. This opportunity seems too good to pass easily, although it could be a little tricky if the authorities continue to heavily regulate the betting market.
- Thailand is rising under strict regulations
Thailand has some of the strictest gambling rules in the world. While all betting activities are prohibited, the government allows locals to bet on horse races or legally participate in the national lottery. Despite these strict regulations, gambling activity is increasing in the country.
According to a 2019 market research, at least 57% of Thais have been involved in betting activity in the past 12 months. That’s roughly 30.4 million Thai people, a significant increase since 2017 when just 29 million people placed bets all year round. Most of these bets were made through local agents and bookmakers who operate illegally.
As mentioned earlier, not all countries in Asia allow their citizens to legally place bets in the country. For example, Thailand frowns at all gambling activities, with the exception of horse racing and the national lottery. That said, there are still countries where betting is legal and bookmakers attract people from countries that have strict gambling laws.
For the best sports betting offers without strict regulations, Macau is your destination. Gambling regulations are mild and most people in the area consider it an entertainment haven. You can also go to a luxury Macau casino or two or place your bet from the comfort of your own home.
The Asian esports and traditional betting markets have come a long way in the past decade, bringing good old bets to modern society. As a result, mobile betting is on the rise and several countries like Singapore are opening up to the market by changing the way they deal with gambling companies.
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