LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the gambling market in APAC to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the gambling market in APAC for 2017-2021. The report also lists casinos, betting, and lottery as the three major product segments. The casino segment dominated the market with 36% of the market share in 2016. This segment is heavily influenced by the affluent population and tourists.
“The regulations on gambling across APAC are evolving, with countries legalizing various forms of gambling. Online gambling has made gambling more accessible to a wider community, making gambling one of the major sources of revenue for governments all over APAC,” says Ujjwal Doshi, a lead analyst at Technavio for gaming research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the gambling market in APAC:
- Rise in spending capability
- Increased reach of online gambling
- Revenue contribution in the form of tax
Rise in spending capability
The rise in the number of households with double income sources has led to a boost in the affordability of high-end products and spending capability of individuals. The increase in disposable incomes of the South Asian countries, such as Indonesia, Vietnam, and Malaysia, is expected to play a considerable role in propelling the market growth during the forecast period.
The number of working women across the world has also increased considerably. In 2016, over 65% of the women were working in China. The increased overall income of the individual has enabled them to spend more on leisure activities, which include sports betting. Sports betting on horse racing is considered to be a status symbol among the high-income population. The demand for sports betting has increased over the past few years due to the growing variety of games.
Increased reach of online gambling
Online gambling allows a higher reach among the vendors, and the gamers do not have to be physically present at the venue for web-based gambling, making it more convenient for the gamers. Gambling on computing and mobile devices has increased the awareness and reach of the games among the younger population.
Mobile advertising, which is considered to be one of the best mediums for advertising, reaches out to the untapped group of the population, who refrain from going to the betting venue. This encourages them to try the game online. In 2016, the average age of user for online sports was around 38 years, but for a land-based sports gambler, it was 45 years. Online gambling is expected to further expand its reach among the APAC population during the forecast period.
Revenue contribution in the form of tax
Gambling is legal in many countries in APAC such as Singapore and Philippines. The major factor for governments encouraging gambling activities is to earn premium tax amounts from the player's prize money. The gambling market in APAC has a huge customer base, who regularly gamble, bet, or buy lotteries in the hope of earning easy money.
“As the amount spent on gambling is a part of an individual’s disposable income post taxes, the prize money distributed becomes taxable income as it was earned through the means of entertainment. This converts the disposable income into taxable income, which is further used by governments for various developmental and social activities,” says Ujjwal.
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