Alex Feshchenko, deputy CEO and CRO of sportsbook and iGaming provider GR8 Tech, envisions India, the Philippines, and South Korea as “high-potential” markets deserving deeper development.
In an interview with AGB, Feshchenko highlights Asia as the world’s largest and fastest-growing market, drawing significant attention and investment from numerous companies.
With its vast population base and steadily increasing per capita GDP, Asia has become essential for industries, particularly entertainment and gaming.
“For companies aiming for global dominance, focusing on the Asian market is practically unavoidable,” notes the executive.
“We have strategically chosen a few high-potential markets for deeper development within Asia. Currently, our key markets include India, the Philippines, Malaysia and South Korea.”
Feshchenko emphasizes that achieving success in any region requires focusing on key markets for initial breakthroughs rather than attempting comprehensive coverage.
He notes that GR8 Tech’s sports betting product has already attained high standards in India, capturing market share and establishing the nation as its primary market. Looking ahead, GR8 Tech aims to replicate this success in other targeted markets.
The company’s sports betting product for cricket is designed to handle the sport’s complexity and popularity. Utilizing an in-house developed model, it aims to provide accurate data and comprehensive coverage. The system integrates data from top providers with proprietary algorithms, managing risk and delivering dynamic odds and live updates.
This approach meets the specific demands of the cricket betting market, particularly in regions like India where cricket enjoys immense popularity. Covering local leagues and international tournaments, the cricket betting product offers a reliable platform for bettors, says the executive.
Feshchenko acknowledges that the Indian market requires robust risk management due to fraud prevalence. To address this, GR8 Tech offers flexibility with two risk management modes: full responsibility by the service provider or tools for operators to manage risk independently.
According to Statista, the online sports betting market in India is experiencing significant growth, projected to reach $1.97 billion in revenue by 2024. The market is expected to grow annually at a rate of 6.51 percent from 2024 to 2029, reaching a projected volume of $2.7 billion by 2029.
Southeast Asian markets
In the same interview, Feshchenko notes that Southeast Asian markets, including the Philippines, Malaysia, and Indonesia, boast large populations and significant market potential.
“These markets share some commonalities, but there are also subtle differences.”
Feshchenko observes: “the energy and vibrancy of the Philippine market are notable, but its structure is not fully developed yet, and there is no clear brand leader. This presents enormous opportunities for new players.”
Additionally, many Southeast Asian markets exhibit gambling habits similar to Western countries, and their high acceptance of English facilitates the spread of dynamic content.
Statistically, the Philippines’ iGaming revenue saw substantial growth in 2023, increasing by 92.3 percent compared to the PHP30.24 billion ($518 million) generated in 2022. This growth also surpassed the previous yearly high of PHP32.24 billion ($553 million) set in 2019 by 80.4 percent.
Regulated iGaming in the Philippines is overseen by the Philippine Amusement and Gaming Corporation (PAGCOR), covering online games, bingo, specialty games, and sports betting.
South Korea
South Korea is also drawing attention from market participants, as South Korean gamblers are increasingly influencing both online and land-based gaming markets in recent years. Despite its smaller population size (51 million) compared to China (1.4 billion), the market potential and spending power are significant and hard to ignore.
Feshchenko identifies South Korea as a promising market for sports betting, sharing similarities with Western markets in terms of high acceptance of dynamic content and preference for structured, technology-driven solutions.
South Korea’s well-developed infrastructure and tech-savvy population create an ideal environment for the adoption of innovative sports betting platforms. Despite these advantages, the market remains relatively untapped, offering substantial growth potential.
GR8 Tech aims to capitalize on these opportunities by offering tailored betting solutions that meet the specific preferences and regulatory requirements of South Korean bettors.
Overall, the Deputy CEO of GR8 Tech envisions significant changes in the Asian market in the coming years, driven by technological advancements and market maturation. The group anticipates new opportunities for players, leveraging their technological edge to handle large player volumes and bets, and providing various front-end solutions including native apps and web front-end technology.
