The Reasons Behind the Growth of the Online Casino Industry in Asia
According to the latest reports on the highest gross gambling revenues collected by online casinos, the United States, Canada, Germany, France, Italy, and the United Kingdom are homes to the most profitable iGaming industries. In terms of the popularity of online casinos, Asian countries are also there. In Asia, online casinos are top-rated in Vietnam, Malaysia, Singapore, the Philippines, Macau, and Hong Kong.
This should not come as a surprise because these areas have some of the most luxurious, fully integrated casino and hotel resorts. Asia, in general, has so much to offer to both foreigners and visitors who want to enjoy some gambling fun.
At the same time, land-based gambling fun is not for everyone, and land-based gambling can turn into a costly experience. This is where online casinos come as a fantastic option. In the following sections, we take a look at the most significant reasons behind the tremendous growth of the Asian online casino industry.
The Growth of the iGaming Industry in Asia
The growth of the iGaming industry in Asia has been driven by several important factors. Even though this trend can be observed in other gaming markets, the development of the iGaming scene in Asia has been particularly noticeable, especially in Hong Kong. Speaking of Hong Kong and its thriving iGaming scene, HK online casinos have it all, according to Chen Ziqiang.
The global iGaming industry has never been so profitable and successful as it is today. According to this report published by Grand View Research, the global gaming market was valued at over $57 billion back at the end of 2021. The global iGaming industry’s value is also expected to increase at a yearly rate of around 11.7% seven years from now. Expanding the internet penetration rate in crucial markets is fueling the growth of the global iGaming scene. The increasing use of portable devices is yet another essential factor, as well as more significant legal and cultural approval, greater accessibility, and a higher number of celebrity endorsements.
As for the Asian gaming scene, things are looking great as well. According to the latest reports on the growth of the Asian online casino industry, the entire sector is expected to grow at an annual rate of around 18% in the years to come. Another report suggests that the Asian casino gaming sector will reach gross revenues of over $1,8 billion by the end of 2022. Now, onto the significant factors that are fueling the tremendous growth of the online casino industry in Asia.
Rising Internet Penetration Rates
One of the most significant factors contributing to the growing popularity of online casino gaming in Asia is most definitely a massive surge in the number of internet users in key Asian vital markets. According to some of the latest reports, over forty million Indonesians, Thais, Filipinos, Vietnamese, Malaysians, and Singaporeans went online in 2020 for the first time.
The total number of active internet users in Eastern Asia reached 1.2 billion. The total number of internet users in Southern Asia reached 1 billion, according to the latest reports. Essentially, the region’s internet penetration rate stands at around 64% in 2022.
In Hong Kong, the internet penetration rate stands at around 93%, while the internet penetration rate in Malaysia stands at about 89.6%. As estimated at the beginning of 2022, the internet penetration rate in the Philippines stands at around 68%, while the internet penetration rate in Singapore stands at approximately 88.5%.
Needless to say, increasing internet penetration rates in key Asian iGaming markets led to a significant surge in the number of active online casino players. Hence, rising internet penetration rates remain one of the major driving factors behind the tremendous growth of the Asian online casino market.
Technological Advancements and Mobile Devices
When discussing the major factors contributing to the growing popularity of online casino gambling in Asia, we have to mention the rise in mobile device usage. Thanks to remarkable technological developments, mobile devices are now not only very affordable but also readily available. Enjoying online casino gaming sessions on the go made the whole gambling scene easily accessible to everyone, and Asian gamblers are not different.
Essentially, the rise in usage of smartphones remains one of the biggest driving factors behind the tremendous growth of the Asian iGaming scene. Thanks to mobile technological advancements, online casinos operating in Asia can present their services and products to a greater audience, which is what they do.
With more Asian players choosing to play on the go, online casinos operating in Asia started offering mobile-specific bonuses and other perks and benefits that specifically cater to mobile gamblers.
In response, online casino developers are also forced to get more competitive, and one of the significant ways of staying relevant is by offering new exciting products. This is why new online casino gamers emerge daily offering better winning opportunities. New gaming products with more innovative features and better winning opportunities also ensure that the audience’s attention persists in the long run.
The increasing adoption of virtual currencies by Asian online casinos is also one of the driving forces behind the growing popularity of iGaming. All in all, the Asian gaming scene is expected to grow in the years to come at a rapid pace, and for gamblers residing in the area, this brings better, more innovative, and more rewarding gaming products.