Which Asian Markets Should You Bet on in 2024?
According to ASEAN's annual report, issued in July 2023, the Asian economy is fully back on track — it was expected to expand by 4.7% in 2023, and is predicted to expand 5% in 2024
Asian markets are famed for their vitality and the enthusiasm of their players. The post-pandemic rebound is in full swing across the region, and here Slotegrator shares an overview of Asian markets in 2024.
According to ASEAN's annual report, issued in July 2023, the Asian economy is fully back on track — it was expected to expand by 4.7% in 2023, and is predicted to expand 5% in 2024. As is so often the case, it seems that a rising tide lifts all boats; research from Statista indicates that the Southeast Asian online gambling market is expected to grow, with revenues set to reach US $1.23 billion in 2024.
The regional numbers are impressive. Let’s take a look at the individual Asian markets that Slotegrator experts recommend keeping a close eye on.
China is one of the giants of the Asian casino industry, despite the fact that gambling here is, for the most part, illegal.
Chinese nationals can only gamble in two special administrative regions, Macau and Hong Kong. Macau is often called “the Las Vegas of Asia,” but unlike Vegas, Macanese establishments focus on attracting high-stakes professional gamblers rather than casual players. In 2024, Macau is predicted to generate revenues upwards of $26.8 billion.
Hong Kong is known for the Hong Kong Jockey Club, which has a monopoly on gambling on the island.
Mainland China offers a national lottery, as well as some sports betting, but the unfavorable odds and limited offering frequently drive players towards offshore platforms. In an effort to curb illegal online gambling, China has already begun implementing regulations.
The Philippine gaming industry has had one of the fastest recoveries from the COVID-19 pandemic in Asia.
According to Philippine gaming regulator PAGCOR, in 2023, the Philippines generated a record PHP 285.27 billion in GGR. PAGCOR predicts that in 2024, that number will rise to PHP 336 billion.
Japan is seen as a promising market for gaming. It is the world's third-largest economy, and has a population of around 126 million.
Currently, gambling is prohibited in Japan, but that might change in the future.
Things began to change in 2018, when the country legalized casinos in the form of “integrated resorts”. In 2021, the newly-formed Japan Casino Regulatory Commission published regulations enforcing the Specified Integrated Resort Area Development Law, providing rules and criteria for establishing casinos.
In 2023, it was announced that the first gambling resort should open in Osaka by 2030.
Experts estimate that the Indian gaming market could be worth $8-10 billion annually by 2028, making it one of the biggest gambling markets in the world. The rising popularity of gambling in India has spurred liberalization in some corners and resistance in others.
As India has a federal system of government, gambling regulations used to be completely in the hands of individual states. The result was that some states regulated all or some forms of gambling while others banned it completely.
However, 2023 brought some significant changes to this system when the Ministry of Electronics and Information Technology (MeitY) amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021, introduced a new Finance Bill, and created a legal framework for “self-regulatory bodies.” The self-regulatory bodies consisted of companies with domain expertise and representatives in the fields of education, mental health, and the protection of child rights.
This step is a big change in the Indian gambling market — it is the first federal-level regulation that aims to provide players with data and money security by defining two types of allowed gambling operations: online games for prizes, but not real money (permissible online games) and online games for real money that have to be verified by the self-regulatory body (permissible online real-money games).
In 2023, GST (India’s Goods and Council Tax Council) announced a flat 28% turnover tax for online gambling, casino and horse race betting.
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