Sports betting market in brief
Before looking into the popularity of online sports betting in Asia, perhaps it is best to look into the size of sports betting in general. However, it must be noted that the exact size of the market is difficult to estimate because of several nuances such as inconsistent recordkeeping. Nevertheless, the international sports market is said to have a capitalization market worth of $250 billion, with online sports betting accounting for ten percent of this total worth.
Fastest growing sports betting market
The sports betting market has continuously grown over the years, with the United States dubbed as the fastest growing sports betting market. From being valued at $20 billion in 2009, it has tripled its market capitalization worth in a decade. If the sports betting market in the US continues to grow at this pace, it will have a significant market share in the near future. This will greatly have an impact in the sports betting market of other regions in the world, such as in Asia. Additionally, this will also affect the online sports betting market as the industry continues to leverage on the advancements of modern technology.
Biggest sports betting market
With the US market holding the title of the fastest growing sports betting market, the Asia Pacific region, or APAC, still bears the biggest sports betting market. It is not necessarily surprising because the region holds a population of more than 40 billion people. Statistics show that 50% of the wagers placed on sports are done by people in the APAC region. The sports betting market in Asia shows no signs of dwindling down anytime soon. On the contrary, it is predicted to hold its stature of having the biggest market share, especially with the emergence of online sports betting.
Global sports betting market of eSports
eSports such as Starcraft and Player Unknown Battlegrounds, already infiltrated the sports betting market. These are multiplayer video game competitions, which are organized among professional video game players. In the last couple of years, eSports generated a revenue of over $650 million, which is predicted to triple in the next couple of years. With the growing popularity of eSports, it defined a significant role in the online sports betting market.
Role of the internet in the sports betting market
The internet paved the way for the continuous growth of the sports betting market. With digital connectivity, the sports betting market became available online. This even furthered the growth of the market in terms of capitalization and revenue.
Over the recent years, the internet providers in the APAC region delivered increasingly better services. Thus, with their infiltration in the market, more and more people in the region had access to a stable and reliable digital connection. A better connection paved the way for Asians to be well versed with the most recent updates in sports. As a result, it became easier for people to be sports fans and sports bettors because they are equipped with the latest information about sports on a regular basis. Thereby, statistics show that Asia’s sports betting market growth will continue to outweigh any region of the globe.
Several gambling operators also leveraged on the internet, hence, the emergence of various online betting platforms. These platforms offer anywhere from 4D lottery, horse racing, and sports betting among others. The rules of the game, together with the payout schedules, are usually displayed on these platforms, along with the bets placed.
Online sports betting and its level of popularity in Asia
The popularity of online sports betting varies in different countries in the Asian region. Probing in deeper, here are some of the places in the region where sports betting is considered as extremely popular in terms of online gambling.
Macau
At par with Vegas, Macau is one of the most popular gambling sites based on its annual revenue. This is probably because there are no laws and regulations marking gambling as illegal activities. This paved the way for several online gambling operators to set up and base their enterprises in Macau. There are also no regulations that prohibit its residents to utilize international gambling sites for online sports betting and casino plays. As a result, online sports betting is as significantly popular in Macau as with placing wagers in a traditional way.
Philippines
The Philippines is slowly opening its doors towards online gambling, in support of generating revenues through gambling taxes and tourism. However, only land-based casino operators have the licenses to allow online sports betting, which is limited to its residents. Nevertheless, the country acclaimed willingness to welcome international gambling operators who plan to set up their trades and businesses in the country, along with online sports betting. This move by the government increased the awareness and level of popularity of online sports betting, not only to the seasoned patrons, but also to novice online bettors.
Taiwan and Hong Kong
Both of these countries have standardized laws legalizing gambling, which includes sports lottery or horse racing. However, these countries still haven’t legalized online gambling. Thus, its residents find alternative ways to place sports bets online by using international gaming websites. This challenging feat merely increased the popularity of online sports betting in these countries.
Singapore and Malaysia
In these countries, most forms of gambling are prohibited. In Singapore, the laws are aggressively enforced and this also holds true for Malaysia. Nevertheless, residents of these countries are still able to place wagers and sports bets through international online platforms. In a similar manner such as in Taiwan and Hong Kong, this additional challenge sparks the interest of more and more residents, which increases the popularity of online sports betting even more in these countries.
Japan
In contrast to the other countries in Asia where gambling is either limited or totally prohibited, Japan is on the other end of the spectrum. In Japan, several forms of gambling are welcome in the society, and this includes online sports betting. Even if the country doesn’t allow operators to set up shop in the country, the residents place sports bets through several international online operators without inhibitions. This made online sports betting all the more popular in the country. But why is online sports betting so popular in Asia? Perhaps because of some significant factors such as:
Convenience
The emergence of online sports betting paved the way for a convenient means of placing wagers in support of your favorite teams. Traditionally, bettors need to get in touch with sports agents to place a bet before the start of each game. Specifically in most countries in Asia, bettors need to physically be in the game location, watching it live. With online sports betting, all the patrons need to do is log in and place a wager. Additionally, gambling patrons are given the ability to place their bets regardless of where they are, as long as they have a stable and reliable internet connection. This convenient process garnered the attention of several bettors, making online sports betting one of the most popular gambling forms in Asia.
Entertainment factor
Wager and bets on the line all the more make sports games exciting. This is also true for online sports betting wherein a wide variety of audiences from different locations are tuned in while the game progresses. Regardless of the region, the digital age made it possible for people from different parts of the globe to be updated with the status of the games in real time and monitor their bets. The international online platforms where sports bets can be placed allowed several Asians to integrate themselves with sports popular in other regions such as in the US and in Europe. This entertainment factor added excitement of the game, making online sports betting all the more popular, especially in Asia.
Security
As sports betting is already inculcated in the Asian culture, it is already popular even before the emergence of online gambling websites. However, the traditional form of sports betting was not a hundred percent secure because there were instances wherein the wagers paid were not actually placed on the teams, but was taken by the sports agents. With the payment methods in online sports betting, patrons are ensured that their bets are placed on the system and their earnings are paid diligently. Thus, more and more people prefer to place their bets online. As a result, online sports betting is increasingly more popular nowadays, especially in certain countries in Asia where scams are prevalent.
Characteristics of the best online sports betting sites
The characteristics of the online betting platforms greatly affect the popularity of online sports betting regardless of the region. This is because these online betting platforms are made available internationally, with the exception of a few sites being restricted in some countries.
Funding options
One of the most basic characteristics of an online betting platform is its capability to accommodate several forms of funding. While most Asian sports betting sites offer bank wires and credit card transactions as funding options, other platforms already integrated the utilization of cryptocurrencies. This flexibility in terms of putting money in play has a significant impact on which site bettors choose to place their wagers. Nevertheless, each Asian sports betting site vary in terms of their funding options and you will have to choose the platform that offers the most suitable for you.
User interface
The developers of online betting platforms take into consideration the usability and ease of navigation of the players on the site, along with the site’s layout and design. While different Asian betting platforms vary, all take into consideration a visually engaging user interface. This will keep the bettors comfortable in using the platform. The site that proves to be the most suitable for you will allow you to effortlessly place a wager and get paid out. It will also keep you informed with the status of the game while ensuring that you are entertained.
Variety of sports and bets
Online betting platforms offer different sports and bets and one of the characteristics of the best site is its ability to offer a variety of these. With several sports that you can wager on, you have the option of managing your wagers in several sports using a single platform. The best platform will also provide different types of bets along with the sports they offer.
Customer service
The best online sports betting sites have the best customer service. Asian sports betting sites even provide customer support in their native language. This makes it easier for patrons to raise the issues they encounter and understand what they need to do to get help as necessary. Apart from this, a quality customer service allows their clients to get in touch with them in several ways, such as a live chat, email, or even a phone service. Some online betting platforms also display their customer reviews, which are not limited on how the site performs, but as to how they provide customer service as well.
Responsible online sports betting
With the increasing popularity of online sports betting, responsible gambling is still encouraged. That being said, it is recommended to avoid keeping excess money in your accounts in the online platforms. Keeping only what you need for your typical wagers will help you avoid over betting. If for any reason that you no longer feel comfortable in using a certain online betting platform, you have the option of looking for another one that will most likely be able to fill in your needs and preferences.
In conclusion, the popularity of online sports betting is continuously growing over the years. Because of several conveniences it brings while elevating its entertainment factor, online sports betting gained the approval of several patrons young and old. Thanks to modernization, the future seems bright for the online sports betting industry.