In Asia, sportsbook betting Singapore is attracting more people each day. Even the countries in the Asia-Pacific region that have strict gambling policies before are opening their doors to online gambling.
Online gambling is probably one of the fastest-growing industries today. The recent global event is only partly responsible for its growth. The one that propels the development of online gambling is the continuous improvement of the technology behind it. According to Globe Newswire, at the end of the year 2020, online gambling may have grown into a $66.7 billion industry.
The Extent of Sportsbook Betting in Asia
The market researcher Technavio calculated that by the end of 2020, the online gambling industry in Asia would reach $26.8 billion. It is not surprising for Asia to have the biggest gambling market since the continent comprises 60% of the world’s population. Asia has dominated 37% of the world’s online market. Moreover, reports show that 40% of worldwide bets are placed in Asia.
However, it is hard to determine the exact figure of online sportsbook betting in Asia. The different Asian regions have different laws regarding online gambling. Also, virtual gamblers often use unofficial channels to place their bets.
Looking at the wider perspective, the international sports market’s current worth is $250 billion. 10% of this amount came from online sports betting. From the given data, it can be inferred that online sports betting in Asia is bigger than those found in Europe and the US. It is expected to grow even bigger in the years to come.
Reason Behind the Booming Online Sports Betting in Asia
More and more Asians are beginning to engage in various online gambling activities. Aside from the fact that the online gambling laws of the different Asian regions are becoming less rigid, the different sites that offer sportsbook betting make sure to offer something that will make their patrons come back for more. They work hard to create betting platforms that are convenient and easy to use.
One particular platform in Singapore, the K9win Sportsbook, only allows players from Vietnam, Cambodia, Indonesia, Thailand, Malaysia, and Singapore. The platform does not allow players from other countries other than the ones already mentioned.
Asian Countries Where Sportsbook Betting Is Popular
The total population in Asia is more than 4.6 billion. China, specifically Macau, tops the list of Asian countries that gamble the most. All forms of gambling, including online gambling, is illegal in China. However, state-run Sports Lottery and Welfare Lottery are allowed. Macau, on the other hand, follows different rules being a special administrative region like Hong Kong. Macau is the only part of China that allows legal operations of casinos and other forms of gambling.
Countries like Vietnam, Thailand, Japan, and Cambodia have some of the most active online sportsbook betting communities in Asia. The different sporting events include the common ones like football and horse racing, as well as sports such as cricket and golf.
Online sports betting continues to rise and even reach the places where gambling was once heavily regulated. Keep in mind that there are still rules to follow, and laws to abide by when gambling. It is also important to keep everything in moderation to avoid dealing with the unfavorable turn of events.