Before the internet, gambling was a preserve of the few who had the membership to exclusive casinos. One had to carry around briefcases of cash, and of course with a large entourage of bodyguards, to access this market. With the internet being pervasive, anyone anywhere can indulge their gambling selves with simple touches of their smartphone. The smartphones and the internet have made online betting less challenging and, of course, easily accessible to whomever might want to play.
Asia is reaping the demographic dividend
Interestingly, there is nowhere on the earth where online gambling is growing at breakneck speed than in Asia. The continent has various advantages compared to the rest of the world especially in terms of demographics and a growing population of the nouveau riche.
As per the latest estimates by the United Nations, Asia’s population makes up about 60% of the world population. To be sure, over 4.4 billion people live in the continent with India and China leading the front. In other words, the continent has a huge potential in terms of demand for online betting services.
This is no wonder as why online betting firms are flocking the region in huge numbers. Given the fact that Asia has one of the highest penetration rates of smartphones and tablets globally, people can easily access iGaming platforms. Interestingly, 2015 statistics showed that the Asian iGaming market was just a little under $200 trillion. Compared to a global value of a little over $500 trillion, this makes the Asian market the largest in the world.
Philippines and Cambodia chasing the market giants
While China, Hong Kong, and Taiwan lead in terms of the amount of money changing hands due to gambling (online and in land-based casinos), other destinations like the Philippines are growing quite fast. To be sure, the Philippines is often touted as a very mature gambling market in terms of getting the license and accessing customers. Another area that is coming up real quick is Cambodia where sbobet88 is enjoying a market that is eager to be part of the global gambling community.
Unlike markets like China that are losing steam, Philippines and Cambodia are booming due to
the fact that many people are gaining their first exposure to the market. In fact, the Asia
Gambling Brief reported that the Philippines was the fastest growing gambling market in 2015
where it registered a little under $3 billion. The market is still growing exponentially as many
more people join the bandwagon due to an increasing rate of smartphone penetration.
The bottom line
The future of Asia as a continent is very bright in terms of economic growth. As such, many more people will join the ranks of the nouveau riche who can afford to wager with their money over online platforms. Further, the trend of smartphone penetration is positive which implies even many more Asians will have access to the internet. As a result, this could just be the beginning of the ascend of the continent as the global destination for companies like sbobet88.
