Research done by Mordor Intelligence predicted a steady growth of 6% for the APAC gambling market over the next five years, following industry shifts.
– APAC gambling market is expected to grow at a 6% CAGR from 2024 to 2029.
– Growth was driven by the resilience and market expansion in key regions.
– Key markets include Macau, Singapore, and the Philippines.
– The online gambling sector was boosted by mobile gaming and more internet accessibility.
The Asia-Pacific gambling market is projected to register a Compound Annual Growth Rate (CAGR) of over 6% by 2029, according to a recent consultancy report by Mordor Intelligence.
This growth highlights the market’s resilience and expanding opportunities within the region.
The report highlights several factors contributing to this steady growth, namely:
– Resilience and Recovery: Despite challenges posed by the pandemic, the APAC gambling market has shown significant stability, bouncing back with robust growth figures.
– Market Expansion: Key markets such as Macau, the Philippines, and Vietnam are leading this growth, driven by both local demand and international tourism.
– Technological Advancements: Innovations in gaming technology and online gambling platforms are also playing a critical role in market expansion.
The report estimated that the Asia-Pacific gambling market, which includes both online and offline gambling activities, generated a total of $2.02 billion in revenue in 2023. While the COVID-19 pandemic severely impacted land-based casinos, leading to closures and reduced operations, the online gambling sector benefited significantly.
The pandemic-induced shift towards online gambling resulted in increased engagement in mobile gaming, internet gambling, and online betting across the region. The report highlighted that online gambling services have become more accessible due to the boost of mobile phones, the Internet, and convenient online payment gateways. Notably, Asia leads in high-stakes online gambling, with 71.6% of players favouring mobile betting.
The Indian online gaming industry alone is projected to reach $4.6 billion by 2026. Regulatory changes across Asia-Pacific countries, which include legalising online gambling and ensuring player safety, are driving market growth further. Additionally, technological advancements such as Virtual Reality (VR) and Augmented Reality (AR) are enhancing the online gambling world, making it more immersive and appealing to players.
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Macau continues to be a pivotal player. The region’s well-established casino industry, coupled with recent regulatory changes and infrastructure developments, has positioned it as a cornerstone of APAC’s gambling sector. The introduction of multi-entry visas for Chinese tour groups is expected to further boost Macau’s tourism and gambling revenues.
Other emerging markets in the region, including the Philippines and Vietnam, are also showing strong potential. These countries are witnessing increased investments in the casino and entertainment sectors, driven by favourable regulatory environments and rising consumer interest. The growth in these markets is expected to contribute significantly to the overall expansion of the APAC gambling industry (AGBasi).
Despite the challenges faced by land-based casinos, the Asia-Pacific gambling market remains dynamic. The online sector, in particular, is emerging as a key driver of growth. The continued adoption of new technologies and favourable regulatory environments are expected to support this upward trend.
In conclusion, this market is set to grow steadily at an average annual rate of 6% until 2029, with significant contributions from both established markets like Macau and emerging markets such as the Philippines and India. This growth reflects the sector’s resilience and adaptability in the face of evolving market conditions.
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