We are all existing in strange times because of the COVID-19 pandemic. The implications of lockdown measures are far-reaching and impacting every industry. Online gaming seems to be resilient so far and there has been no shortage of developments in the last week. Here are a few highlights.
Global online gaming marketplace expected to reach USD 95,023.13 million by 2025 end
Market research company ReportLinker published a report on the global online gambling marketplace, based on payment mode, device and game, providing a forecast for the next five years.
As per this report, the gambling market will see considerable growth over the next five years, from USD 53,686.56 million in 2019 to USD 95,023.13 million by 2025 end. The industry will witness this growth at a CAGR (Compound Annual Growth Rate) of 9.98%. The report divides the online gambling market into different categories and forecasts the revenues based on each one of them.
China working on a whistle-blower platform for online gambling
China is cracking down on online gaming companies despite the ongoing Coronavirus pandemic. Not just that, it is offering significant financial awards to people who rat-out the gambling operators.
The Ministry of Public Security recently released a notice on April 9, related to penalisation of online gambling operators outside of the country, who are offering their services to the Chinese citizens. The notice claimed that these operators have increased their efforts in providing services to Chinese people during the ongoing pandemic. This has forced the Ministry to take certain measures so as to safeguard the country’s social and economic order.
The notice is similar to one that was released six weeks earlier, calling for blacklisting of overseas tourist destinations, employees and people participating in such gambling activities. However, this new notice goes a step ahead and encourages citizens to report and expose all such online gambling activities.
Belgium’s online gaming operators challenge the € 500 per week deposit limit
Online gambling operators in Belgium are contemplating a legal challenge against the € 500 per person weekly deposit limit imposed by the BGC (Belgian Gambling Commission). The BAGO (Belgian Association of Gambling Operators) criticised this step which will impact the business of every Belgian-licensed gambling portal. The BGC defended the move stating that people required assistance in resisting gambling during the ongoing Covid-19 isolation period. BAGO members are planning to legally challenge the move.
The deposit limit can be decreased at the request of the customers. Additionally, there is no way for the operators to lift it under any circumstances. This even if the customer demonstrates financial ability to spend more.
To find out more about iGaming and online betting operations, contact Fast Offshore. We have worked in the industry for over two decades and can assist with company incorporation, licensing and other corporate matters. Get in touch today!
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