Asia Pacific Online Gambling Market size crossed USD 15 billion in 2019 and is anticipated to showcase around 18% growth rate between 2020 and 2026.
A rise in the number of internet users along with increased adoption of digital payments in Southeast Asia will drive the market growth. According to the e-Conomy Southeast Asia (SEA) 2020 report, around 40 million users from Malaysia, Vietnam, Singapore, the Philippines, Indonesia, and Thailand came online for the first time in 2020. This resulted in increasing the number of internet users to around 400 million, representing 70% of the region’s population. Similarly, digital payments in Southeast Asia are estimated to reach USD 1 trillion by 2025.
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The COVID-19 pandemic is projected to positively influence the Asia Pacific online gambling industry revenue. The pandemic has caused several countries to impose strict lockdowns, resulting in a large population to be confined in their homes. This has encouraged them to engage in several past time and recreational activities including games at online casino platforms.
In October 2020, YouTrip, a multi-currency mobile wallet platform in Singapore, reported a 260% increase in online transactions of games between January to September 2020 compared to the same period in 2019. The company also noticed a similar trend in users opting for more online purchases from gaming-related websites such as Steam, Nintendo, and Twitch.
The increasing popularity of gaming tournaments such as Rocket League Oceania, Philippine Collegiate Champions League & AORUS South Asia Cup due to their impressive international prize pools has created lucrative opportunities for the eSports segment. In January 2021, Valve Corporation reported that Dota 2 generated a pool prize of USD 34.4 million in the annual international esports tournament in 2019. These tournaments attract millions of fans to gamble on their favorite eSports teams. Major bookmakers, such as Bet365, Betfair, and Unibet, are witnessing an increase in bets on eSports tournaments.
The legalization of sports betting in Asia Pacific countries is contributing to a substantial rise in the online gambling market revenue. Online gambling handled & licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) is legal under Philippine law. The country holds the presence of several license online gambling operators including 22bet.com, 888Casino, Dream Vegas, and 1xbet. Furthermore, in December 2020, the Philippine government also allowed integrated resort casinos to offer online gambling amid the coronavirus pandemic. Similarly, Japan government permits online betting on several race categories including motorcycle, bicycle, horse, and motorboat.
The mobile device segment is estimated to hold a major revenue share in the market, attributed to the easy availability and accessibility of smartphones with online gambling applications. Smartphones allow an individual to conveniently participate in gambling activities such as sports betting or slot games. Several casino consumers use smartphones to play online games and earn real money encouraging smartphone manufacturers to include gambling apps in their play stores.
Prominent companies operating in the market include Omni Slots Play, King Billy Casino Play, Bet365 Sportsbook Play, 1xBET Sportsbook Play, Playamo, JokaRoom, Fair Go Casino, Joe Fortune, Uptown Pokies, Las Atlantis, Super Slots, MyBookie, BetNow, and Bovada. Players are incorporating innovative technologies, such as AI and Bluetooth, to differentiate their products and remain competitive in the market.