LONDON--(BUSINESS WIRE)--The gambling market in APAC is expected to grow by USD 98.23 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Governments in APAC have been relaxing the regulations on gambling to legalize gambling, to generate revenue. They offer licenses to gambling vendors to promote gambling activities. The revenue generated from gambling activities not only ensures funding for social welfare activities but also leads to new employment opportunities and increase in tax income. This has made the gambling industry a vital part of several economies as it contributes significantly to the country’s GDP. Thus, the liberalization of regulatory frameworks will boost the growth of the gambling market during the forecast period.
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As per Technavio, the popularity of online sports will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Gambling Market in APAC: Popularity of Online Sports
The growing popularity of web-based or online sports is creating new enthusiasts of online gambling as it eliminates the need for gamers to be physically present at the venue. Younger population extensively uses gambling platforms on computing and mobile devices. Gradually, economies are liberalizing online gambling as well by making amends to their existing laws. For instance, an Intranet-based sports lottery was introduced by the North Korean Ministry of Physical Culture and Sports in November 2018. This new online platform enables people to purchase horse racing and soccer lotteries. Thus, with the growing popularity of online sports, the market for gambling is expected to showcase a positive outlook during the forecast period.
“Use of bitcoins in gambling and adoption of AI in online gambling are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Gambling Market in APAC: Segmentation Analysis
This market research report segments the gambling market in APAC by type (lottery, betting and casino), platform (offline and online), and geographic segmentation (China, Singapore and Rest of APAC).
China led the gambling market in APAC in 2019, followed by Singapore and the Rest of APAC. During the forecast period, China is expected to register the highest incremental growth due to factors such as heavy investments in the opening of new casino resorts and relaunches along with increasing demand for sports betting and lottery in the region.
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Some of the key topics covered in the report include:
- Rest of APAC
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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