While many operators tend to focus on Europe and America, there is a huge, largely untapped potential in the world’s largest continent; Asia. The region is flourishing and the demand for good-quality online gambling sites and apps is increasing. To discover more about the opportunities in this region, Fast Offshore has all the information.
Continued growth of the Asian online gambling sector
Asia accounts for some 60% of the world’s population and is home to the two most populous countries; China and India. Indonesia, Pakistan and Bangladesh also have significantly large populations and therefore contribute to the area becoming a prime location for further growth. It is already one of the largest gambling markets in the world, and its growth trajectory is continuing to climb in terms of year-on-year revenue.
Estimates vary, but Transparency Market Research estimated the growth rate at around 14% until 2026. This impressive growth is fuelled by a new generation of middle-class citizens, decreasing poverty rates, more disposable income, easy access to mobile applications, better internet and a long-standing cultural history with gambling. Furthermore, a well-developed technology sector means that the population are largely tech-literate and keen to explore various types of online entertainment. More and more online gambling operators are entering the field and are keen to serve this new and enthusiastic demographic.
Opportunities for investment
For those that want to invest in the online gambling sector, the region offers a number of exciting avenues from iGaming sites, payments, crypto and blockchain, gaming studios and supporting infrastructure. While regulation is still tight in many jurisdictions, this does not stop operators from working with players in the region. IN particular, with blockchain and crypto, it is becoming very popular both in the region and the overall gambling sector. Therefore, it is definitely worth considering for those keen to enter or expand in the system.
What are the challenges?
There are still a few challenges in the region that need to be overcome. For example, there is a high level of fragmentation with some countries actively encouraging online gambling and others doing the opposite. Some have simply not regulated at all, while a handful have banned it completely. This situation is in a constant state of flux, and it is imperative that operators stay up-to-date with changes and are ready to respond. Compliance is becoming more and more important, particularly with a focus on protecting the safety and well-being of players.
Other challenges include tailoring offerings to suit local languages, tastes and customs which can vary from Western Europe and North America quite significantly. Being able to offer a portfolio of products which appeal to Asian players is imperative, as is keeping other audiences happy.
The Asian online gambling market has been piquing interest for some years now and that is likely to continue in the coming years. While it can be challenging for international operators that want to focus on the region, it is worth the effort and investment. As the sector continues to grow and regulations become more certain, competition will increase therefore those that were there first, will have the upper hand. Operators will need to focus on innovation-driven solutions, interactivity, strong data security, and a thorough understanding of the Asian client’s needs and expectations.
There are various jurisdictions that offer iGaming licenses which can enable you to offer gambling to clients throughout Asia. It is important to choose one that has a good reputation and a solid balance between protecting customers, preventing crime and nurtuing growth without bogging down operators with too much paperwork. At Fast Offshore, we work with a number of international clients which provide such licenses, including the Isle of Man, Malta, Kahnawake, and Curacao.
To find out more about exploring the Asian market, or to find out about starting an online gambling company in general, please contact a member of our team. We have 26 years of experience in the iGaming sector and have worked with countless bit and small names, helping them meet their business objectives. Our company provides a full A-Z service including incorporation, licensing, structuring, payments, compliance and ongoing maintenance. Partnering with us puts your business in the hands of the professionals, leaving you to focus on the fun parts of making your platform grow. Contact us today!