Thursday, May 23, 2024
HomeNewsMacauAsia-Pacific gambling market to see average 6% annual growth rate until 2029:...

Asia-Pacific gambling market to see average 6% annual growth rate until 2029: research

The Asia-Pacific gambling market has demonstrated resilience and is expected to register a Compound Annual Growth Rate (CAGR) exceeding 6 percent during the forecast period from 2024 to 2029, a recent consultancy report estimates.

The estimates, included in a report by Mordor Intelligence, state that this growth would be mainly driven by casinos in the Asia Pacific region, particularly in Macau, Singapore, and the Philippines.

The report took into consideration revenues generated in the Asia-Pacific gambling market, whether online or offline, including live casino, Baccarat, blackjack, poker, slots, and other casino games, having estimated that the sector witnessed a total of $2.02 billion in revenue in 2023.

The consultancy firm argued that, while land-based casinos were severely impacted, leading to closures or reduced operations, COVID-19 benefited the online sector of the casino gambling market.

This led to higher people’s engagement in mobile gaming, internet gambling, and online betting making the Asia-Pacific casino gambling market register growth in the online sector.

‘Online gambling services have become easily accessible due to the proliferation of mobile phones, the Internet, and convenient online payment gateways. Notably, Asia leads in high-stakes online gambling, with a substantial 71.6 percent of players favoring mobile betting,’ the report states.

As an example, the consultancy pointed out that just the Indian online gaming industry could reach as much as $4.6 billion by 2026.

‘Regulatory changes across Asia-Pacific countries, legalizing online gambling and ensuring player safety, further propel market growth. Technological advancements like Virtual Reality (VR) and Augmented Reality (AR) enhance the online gambling experience.’

Overall, despite challenges, the consultancy considered that the Asia-Pacific casino gambling market ‘remained dynamic’, with the online sector emerging as a key driver of growth.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.

MORE ARTICLES