i-Gaming Industry Set for Transformation with Focus on Asia

The gambling industry is a constantly evolving beast and today its attention is increasingly drawn to Asia. By the fall of 2023, there have been several important transformations in this sphere, so it is important for major software providers, game developers and online casino operators to keep abreast. Let’s break down what to expect from the online gambling industry after 2023. Let’s find out where Asian “tigers” in i-Gaming come from and should we bet on them?

Upcoming Trends in iGaming

It is predicted that by 2024, the iGaming industry will reach a value of $94 billion worldwide. The development of this industry is driven by significant technological breakthroughs: the introduction of virtual and augmented reality, the use of artificial intelligence and the expansion of internet access.

What the iGaming universe revolves around today:

  • VR and AR technologies — the compound annual growth rate (CAGR) for VR gaming will be 30.2% from 2020 to 2027
  • Blockchain technologies — more and more iGaming platforms are accepting cryptocurrencies
  • Regulation and legislation — the global online gambling market is projected to reach $158 billion by 2028, with regulated markets accounting for 87% of the total volume
  • Social gaming trend — they are at the top, as the social media audience already exceeds 3.07 billion users
  • eSports is a fast-growing industry sector, with total bets aiming for $14 billion compared to $7 billion in 2020.

The launch of casino mobile versions and sports betting on smartwatches is also expected to engage new audiences looking for quick access to online gambling features. Operators will continue to look for off-the-shelf software, API integration offering real-time access to clear and transparent data about their projects.

What’s Happening in i-Gaming Right Now

Tier-1 countries continue to be attractive to users due to high stakes. Tier-2 and Tier-3 countries also offer prospects for webmasters: India and Latin America suddenly became the leaders in gambling & betting and still hold that title. In addition, there is a sharp reorientation of arbitrageurs from the CIS to these countries.

Asia remains the largest region in the world with an audience of about 5 billion people. Dozens of countries with different living standards and needs are located here. It is Asia that sets trends: those who are ready to invest large sums pay attention to it. Special attention should be paid to the Indian market, which is successfully monetized. The interest of local users in cricket is gradually changing to classic gambling entertainment.

Asian Expansion: How i-Gaming Companies Capture the Market?

Asia’s gaming landscape is attracting online casino operators from all over the world. China, Japan, South Korea and India are experiencing rapid economic growth, and operators are increasingly facing a growing demand for online gaming. Plus, many Asian countries are actively working to improve the regulatory environment for gambling. Who to watch out for?

Japan

The country with a strong economy has gathered real fans of casinos and betting. Many offshore operators are interested in it, and even while the current taboo on online casinos doesn’t upset enterprising Japanese. They bypass the restrictions with the help of indirect winnings payment. For them, they receive souvenirs, which they exchange for real money. Today, pathological gamblers among Japanese are >4% of the country’s population.

India

The demographic is crossing the 1.423 billion mark: with it, the middle class is growing and infrastructure is developing, India is experiencing a boom in gambling. The turnover of gambling games rushes to $10 billion a year, at the same time, the legal status of the country wasn’t unambiguous for a long time. Only in 2023 a new regulatory system was introduced, which implies the creation of self-regulatory bodies that include online gambling businesses.

South Korea

The technologically advanced country with the world’s fastest Internet shows a national passion for gaming. Koreans love to place sports bets, purchase lottery tickets and visit offshore gambling sites. Experts predict enormous revenues from 2023 to $17.5 billion per year.

Vietnam

The promising Asian market boasts a growing economy, loyal attitude of residents to any gambling type. Vietnam has something to offer investors in the i-Gaming industry. The process of legalizing gaming here started in 2018, allowing sports betting and casinos for foreigners, we can only wait for full regulation.

Malaysia

A similarly promising country with a fast-growing economy. It actively engages foreign investment due to its diverse population and technology development. The gambling industry here is one of the oldest: lotteries have been allowed since 1952, horse racing — since 1961.

Also, not to be overlooked is the Philippines, which has a huge turnover of more than $3 billion thanks to online casinos. In general, the Asian market has established itself as a place with great customer potential and a steadily growing economy. It is becoming a tidbit for most online casino operators.

Key Success Factor

To establish a platform in Asia, operators will require an international license. Many countries in the region are currently undergoing legislative changes that will soon bring the industry out of the grey zone. A similar situation is emerging in the cryptocurrency sector. The promising prospects for providers and entrepreneurs in Asia are driving increased demand in the online gambling market. Investing in and developing projects remotely in this market makes sense.

Financial consultants and experts of GamingLicensing offer a whole range of solutions in the offshore environment, including Asian jurisdiction. We help you to develop the optimal strategy for the business, choose the right partners, payment systems and game developers. Take advantage of our platform offerings with ready-made tools for launching and managing your business, licensing and consulting services. Penetrating the prosperous Asia is easy with us!

Sep 20, 2023
Igor Rumyantsev
Igor is the Head of Banking and Licensing Department at GamingLicensing who has over 15 years of experience in the industry. He is responsible for game and payment system integration, iGaming product licensing, and B2B certification. Igor is an expert in the gambling sector and game licensing. He keeps a close watch on industry trends and is always open to new ideas that can improve GamingLicensing’s services and help our clients.

Other news

Feb 9, 2024

The new generation gamblers: exploring the online casino player profile

With the development of online casinos, the field of iGaming has also changed completely. How do people and casinos interact today? Even a successfully launched online casino platform can fail if the communication with customers is not set up properly. And victory will be yours if you manage to precisely meet the needs of the target group, the platform developers, the providers, and the payment systems.
The online casino & betting sector is always a vibrant and high-growth landscape, attracted by innovative opportunities from VR technology to blockchain technology. Get ready for the iGaming market to be worth over $138 billion by 2028, with an audience of over 243 million players. It's up to you whether you stand on the sidelines observing progress or become the driving force behind it!
Jan 30, 2024

Why is a gambling business license necessary?

The iGaming industry is at its peak. Over 4.5 billion people worldwide engage in online gambling at least once a year, from sports betting to roulette and online poker. However, to meet the needs and goals of its customers, a company must operate legally and gain the trust of its customers. But that's not all! Want to start a successful iGaming business? Then choose the right jurisdiction and get a license.Let's find out with the example of five regions for gambling registration, what are the advantages of licensing in specific jurisdictions, and what happens if you ignore it.
Nov 30, 2023

Legalization of Casinos in Thailand: World Giants are Ready for a New Market!

Today the focus of attention of the iGaming industry is directed to the Asian market: Macau, Singapore, India. Thailand has also come under the spotlight as a super interesting GEO for the promotion of gambling offers. Multilingualism is prevalent here and there is no official online gambling legislation. It's a good start, but before you prepare your business for a new region, let's understand the nuances of launching an online casino in Thailand.
Nov 15, 2023

India's iGaming Industry: Huge Potential & Opportunities

From 2022 onwards, the global iGaming industry has witnessed the emergence of numerous partner programs and products. India, with its massive population is actively participating in this trend. Its market in the iGaming sector is gradually gaining the title of a tidbit for giant players and small startup projects. Its scale and prospects are truly bewildering.

You can always contact us through the form below