In Slotegrator’s comprehensive 2024 report on Asian gambling markets, we delve into the intricate landscapes of India and Singapore. Discover how regulatory shifts, cultural dynamics, and technological advancements shape these diverse markets, offering unique insights into their burgeoning gambling sectors.

The Asian Market: A Landscape of Growth and Opportunity

The Asian gambling market, known for its dynamic and enthusiastic stakeholders, is experiencing a strong recovery after the pandemic. According to the July 2023 report by ASEAN, the Asian economy is expected to grow by 5% in 2024, regaining its momentum. This revival is also visible in the online gambling sector, which is estimated to generate revenues of US $1.23 billion by 2024, according to Statista. Spotlight on Key Markets.

China: The Colossus with Constraints

Despite stringent legal restrictions, China continues to dominate the Asian gambling scene. Macau, often termed “the Las Vegas of Asia,” primarily attracts high-rollers, with revenues expected to exceed $26.8 billion in 2024. Meanwhile, Hong Kong’s Hong Kong Jockey Club maintains a gambling monopoly. However, the limitations in mainland China have fueled a rise in offshore online gambling, prompting regulatory responses.

Philippines: The Resilient Powerhouse

The Philippines stands out with its swift recovery post-COVID-19. PAGCOR forecasts a substantial increase in Gross Gaming Revenue (GGR) from PHP 285.27 billion in 2023 to PHP 336 billion in 2024, underscoring the country’s robust growth in the gaming sector.

Japan: The Emerging Giant

Japan, with its large economy and population, is making significant strides in the gambling industry. Japan’s gambling industry is on the verge of a bright future with the recent legalization of integrated resorts and the establishment of the Japan Casino Regulatory Commission. These positive developments are expected to improve the overall gambling ecosystem in the country. Osaka plans to open its first casino resort by 2030, signaling a new era of gambling in Japan.These developments are expected to contribute to the growth of the industry and attract both local and international players to the Japanese market.

South Korea: Strict but Steady

South Korea maintains a rigid stance on gambling, with online gambling banned and land-based casinos primarily catering to foreigners. The legal framework is clear-cut, and transgressions face severe penalties. Despite these restrictions, the market continues to attract international interest.

India: A Dynamic and Expanding Gambling Frontier

In 2024, India’s gambling market continues to be one of Asia’s most dynamically evolving sectors, poised to become one of the world’s largest markets with estimates projecting an annual value between $8-10 billion by 2028. This growth is fueled by a combination of increasing digital penetration, a burgeoning middle class, and a gradual shift in regulatory attitudes toward gambling.

Regulatory Evolution

• Federal Oversight: In 2023, the Ministry of Electronics and Information Technology (MeitY) amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021. The objective of these changes was to regulate digital media and ensure that ethical practices are followed in the dissemination of information. These changes aimed to modify the current rules and regulations concerning intermediary liability and digital media ethics. The purpose of these modifications was to ensure that the guidelines and code remain relevant and effective in the rapidly evolving digital landscape. The new guidelines are intended to regulate and monitor digital intermediaries and online content to ensure that ethical practices and accountability are maintained in the digital media industry. The modifications made were quite significant, marking a decisive shift from state-centric to federal-level regulation.
• Self-Regulatory Bodies: A novel framework emerged with the creation of self-regulatory bodies, comprising industry experts and representatives from various sectors, including education and mental health. These bodies are tasked with overseeing the operations of online gambling platforms, ensuring data and monetary security for players.
• Online Gambling Categories: Online gambling is divided into two main categories as per the regulations. The first category includes online games that do not involve real money and are considered permissible. The second category comprises online real-money games that must undergo verification by the self-regulatory body and are considered acceptable. It is important to note that the self-regulatory body ensures the fairness and safety of online gambling activities.
• Taxation Framework: The introduction of a flat 28% Goods and Services Taxes (GST) on online gambling, casinos, and horse race betting in 2023 marked a significant move towards a uniform tax structure across the gambling sector.

Market Trends and Player Behavior

• Rapid Digital Adoption: In recent years, India has experienced a rapid expansion in its digital infrastructure, paving the way for the emergence of numerous online gambling platforms. In recent years, online betting and gaming platforms have gained significant popularity in India. These platforms offer Indian users many options and experiences to indulge in, making it a convenient and exciting way to engage in betting and gaming activities. With the ease of access and wide range of options available, it’s no surprise that more and more Indians are turning to online platforms for their betting and gaming needs.
• Cultural Factors: Gambling, deeply rooted in social and cultural practices, sees heightened activity during festivals like Diwali, reflecting a cultural normalization of betting activities.
• Youth Demographic: A young, tech-savvy population drives the demand for innovative and engaging gambling experiences.

Singapore: The Regulated Haven of Gambling

Singapore’s gambling market in 2024 remains a study in controlled liberalization. The government’s approach carefully balances allowing limited gambling opportunities and implementing stringent regulations to mitigate social risks.

Regulatory Landscape

• Limited Casino Licenses: Marina Bay Sands Casino and Resorts World Sentosa Casino are restricted with the number of licenses they hold in Singapore. This strategy aims to regulate the impact on society while maximizing the economic advantages.
• Entry Levies: It is worth noting that the local casinos may require an entry fee that is associated with the vehicle’s license plate number. This measure may be seen as a step towards responsible gambling practices, as it aims to discourage problem gambling by imposing a certain level of deterrence.
• Public Operator Dominance: Online gambling is restricted mainly to state-run entities like Singapore Pools and the Singapore Turf Club, with these organizations monopolizing lottery-type games and horse racing betting.

Online Gambling and Enforcement

• Prohibition and Penalties: Despite banning private online gambling platforms, Singaporeans often use VPNs to gamble at foreign casino operators sites. This practice underscores the challenge of enforcing online gambling restrictions in the digital age.
• Stringent Penalties: The legal framework imposes heavy fines and prison sentences for illegal gambling activities, reflecting the government’s firm stance against unregulated gambling.

Future Prospects and Challenges

• Growing Tourism and Integrated Resorts: The limited but high-quality casino offerings continue to attract tourists, contributing significantly to Singapore’s strong economy.
• Debate over Regulations: Discussions continue about the balance between economic benefits and social risks, particularly in the context of online gambling and the effectiveness of existing regulatory measures.

Vietnam and Malaysia: The DiveIndia’saths

Vietnam, which once wholly banned gambling, is gradually opening up with regulations allowing foreign passport holders in casinos and a pilot project for local participation. Contrastingly, Malaysia, primarily an Islamic nation, maintains a strict prohibition on gambling, with limited exceptions.

The Role of Slotegrator in the Asian Market

Slotegrator, since its inception in 2012, has been pivotal in shaping the iGaming industry. SpeSingapore’sn software development and supporting online casino platforms integrate game content and payment systems, providing comprehensive solutions to operators. Slotegrator’s expertise extends to consulting services for gambling license acquisition and business incorporation, making it an indispensable ally in navigating the complex Asian gambling market.

Read more about Slotegrator’s global expansion in this extended report. 

Navigating the Future

The Asian gambling market is in a state of constant evolution, offering both challenges and opportunities. Due to the varying regulations and market dynamics in countries such as China, the Philippines, Japan, South Korea, India, Singapore, Vietnam, and Malaysia, the industry is multifaceted in nature. Stakeholders and investors must remain informed and adaptable to take advantage of this growth and navigate the inherent regulatory complexities in these promising markets.

Slotegrator’s iGaming Report for 2024: Predictions and Trends for a Dynamic Industry.

Slotegrator, a well-known provider of software and business solutions in the iGaming industry, has recently published an informative report highlighting the trends in iGaming that are expected to emerge by 2024. The report intends to assist operators and B2B service providers by offering insights from a survey of online casino operators and gaming content developers. This survey provides a valuable glimpse into the future of the gambling market.