Asia-Pacific Gambling Market Poised for Strong Growth, Fueled by Online Sector Surge

The Asia-Pacific gambling sector is projected to show strong resilience, with an anticipated Compound Annual Growth Rate (CAGR) surpassing 6 percent from 2024 to 2029, according to a recent report by Mordor Intelligence. The report highlights that this growth will predominantly be fueled by casinos across the region, particularly in Macau, Singapore, and the Philippines.

Taking into account revenues from both online and offline sources, including various popular casino games like Baccarat, poker, and slots, the Asia-Pacific gambling market raked in approximately $2.02 billion in revenue in 2023.

Despite challenges faced by land-based casinos, such as closures and reduced operations due to the COVID-19 pandemic, the online sector of the gambling market saw a notable uptick. Mordor Intelligence suggests that this surge was facilitated by increased engagement in mobile gaming, internet gambling, and online betting during the pandemic.

According to the report, the ease of access to online gambling services, thanks to widespread mobile phone usage, internet availability, and convenient online payment options, has contributed significantly to the market's growth. The report also highlights that Asia leads in high-stakes online gambling, with a substantial 71.6 percent of players favoring mobile betting.

The consultancy firm predicts significant growth in the Indian online gaming industry, estimating it could reach a staggering $4.6 billion by 2026. Regulatory changes across Asia-Pacific countries, aimed at legalizing online gambling and ensuring player safety, are expected to further propel market expansion. Additionally, advancements in technology, such as Virtual Reality (VR) and Augmented Reality (AR), are enhancing the online gambling experience.

Despite ongoing challenges, Mordor Intelligence views the Asia-Pacific casino gambling market as dynamic, with the online sector emerging as a key growth driver.

By fLEXI tEAM