The gambling industry is among the fastest-growing sectors in the global economy. This industry is expected to hit $66.7 billion by the end of 2020, with Asia being one of the major contributors to the market. In Asia, mobile betting and sports betting contribute billions of dollars to the global market every year, with companies like Betway and other Asia bookies doing their best to tap the market.
This article gives you the latest sports betting trends in Asia while helping you understand what’s fueling the growth of their industry. But first, let’s look at how huge the sports betting market is in Asia.
How Huge is Asia’s Sports Betting Market?
For thousands of years, the Asians have been fond of betting and gambling. Today, Asia’s sports betting market is the largest in the world, with millions of punters. This betting market is not only huge because of the large number of active punters, but also the size of the stakes. As a result, Asia accounts for almost 40% of the global sports betting revenue.
With Asia accounting for about 60% of the world’s population, it shouldn’t come as a surprise that they command the biggest gambling market. According to market researchers and experts, Asia’s online betting market will hit $26.8 billion by the end of the year. That will account for about 37% of the global online betting market.
According to statistics, 40% of all the bets placed in the world are based in Asia, since a high population translates to a larger sports gambling community. However, it’s hard to approximate the exact value of Asia’s sports betting market, because of regulation inconsistencies in the region. Additionally, there is a lot of virtual gambling operated 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. Currently, the global sports market is worth about $250 billion, with 10% of that coming from online betting. As such, we can conclude that Asia’s online sports betting market is bigger than Europe and the US. This market is also expected to continue soaring in the coming years.
Here are all the latest trends fueling growth in Asia’s esports and traditional sports betting market.
- The big reach
Thanks to the number of punters in Asia, bookmakers in the region offer odds on almost every event, no matter how insignificant the league playing might be. The Asian Handicap is the main betting market available for small games, though it also makes sense. Nonetheless, Asia is growing in popularity, as most bookies in the region offer better odds than those in other continents.
In Asia, sports betting has become an integral part of the culture in many countries like the Philippines, China, and Indonesia, to mention a few. However, like in any other continent around the world, not all countries have embraced the betting market, imposing restrictions/ bans to regulate such activities. That includes countries like Pakistan, India, Bangladesh, and the UAE.
- Esports on the rise
As both an entertainment and sports event, the Asian eSports market has experienced tremendous growth over the last several years. Today, there are millions of gamers in the continent, and punters in the region can place their wagers with Betway mobile betting app and other leading bookmakers in the region.
China and South Korea are among Asia’s leading eSports markets, frequently hosting gaming events that attract thousands of fans and millions streaming live. Currently, China sits at the top in the global esports market, staying ahead of the game thanks to its cutting-edge esports venues and infrastructure.
In terms of esports revenue, China takes second place behind North America, accounting for over $150 million annually. Even better, China was the first country to create the world’s first eSports stadium opened in December 2017 in Chongqing.
- Mobile Betting has taken over land-based betting
In Asia, most people prefer wagering on their mobile phones through platforms like the Betway mobile betting app, instead of betting in land-based shops. As such, sports betting in Asia has become a multi-billion dollar industry, thanks to the internet and the development of mobile technology.
Over the last several years, the Asian market has strived to replicate Europe’s mobile gaming popularity, and they’ve finally succeeded. As a result, over 60% of the total revenue reported by bookies in the region came from mobile devices.
Like Europe, Asia’s mobile betting market will continue growing exponentially in the next several years. However, the figures are expected to match or overshadow the European betting markets. This opportunity seems too good to let it pass easily, though it might be a little hard if the authorities continue to regulate the betting market heavily.
- Thailand rise amid strict regulations
Thailand has some of the most strict gambling rules in the world. While all betting activities are banned, the government allows the locals to wager on horse racing or play the national lottery legally. Nonetheless, despite these strict regulations, gambling activities in the country are on the rise.
According to a 2019 market research, at least 57% of Thais were involved in betting activities within the last 12 months. That’s approximately 30.4 million Thais, which was a significant increase since 2017, where only 29 million people placed wagers throughout the year. Most of these wagers were placed through local agents and bookmakers who operate illegally.
- Varying regulations
As earlier mentioned, not all countries in Asia allow its people to place wagers legally in the country. For instance, Thailand frowns on all gambling activities, except for horse racing and the national lottery. Nonetheless, there are still countries where betting is legal, with bookies attracting people from countries where there are strict gambling laws.
For the best sports betting offers without strict regulations, Macau is your go-to destination. The gambling regulations are lenient, and most people in the region consider it an entertainment haven. You can also head into one or two luxury casinos in Macau or place your wager from the comfort of your house.
The Asian esports and traditional betting markets have gone a long way over the last decade, bringing good old betting to modern society. As a result, mobile betting is on the rise, and several countries like Singapore are starting to open up to the market by changing the way they treat gambling companies.