Asian Internet Gambling Market Expanding
Asian countries have a centuries old gambling culture. In most Asian countries gambling is socially acceptable pastime and the popularity of gambling in Asia includes most age groups. Recently poker mogul and gambling expert Calvin Ayre said that Asia is a young and upcoming market for internet gambling. He also said that the Asian gambling market is stronger than the rest of the world combined. Ayre told gaming operators “if you don’t yet have a toehold in Asia, you have no business calling yourself an industry player.”
The latest review of the Asian gambling market by the prestigious firm of PriceWaterhouseCooper seems to confirm Ayre’s viewpoint. The PriceWaterhouseCooper’s Global Gaming Outlook report says that the Asian gambling market is growing fast and shows no signs of slowing. The report says that the gaming industry in the region will expand on many levels. Revenues from gambling in Asia are currently about $34.4 billion annually and the report suggests that this figure will grow to $79.3 billion by 2015. The report has resulted in calls by Asian politicians for a review of current laws to accommodate the predicted industry growth.
Gaming analyst Jonathan Galaviz said changes are needed and stated “There is a strong argument that, since consumers will engage in illegal online gaming anyway, it is better to license and tax it than to allow the revenues to go to unlicensed operators. It’s probably an appropriate time for governments to, at the minimum, seriously research the issue and get up to speed on the topic for thoughtful policy discussions.” Galaviz went on to discuss the futility of laws against internet gambling and said “tremendous growth in online gaming, especially in video poker. Singapore is an example of a country which is outlawed online gambling and has seen the popular past time surge by 49.7% in 2010. So it is suggested by detractors of the legalization of online gambling that “legalizing online gambling will likely cause a significant social impact. Mr. Felix Ling, who is a casino consultant and senior partner at Platform Asia Management Services, stated “Once you allow online gambling, you are indirectly encouraging more people to flock there.”
Many Asian economies, unlike stagnant western economies, are growing and putting more money into the hands of consumers and players. Most Asian countries already have the sophisticated infrastructure necessary to support internet gambling. Many gaming experts say that Asia offers the best opportunities for internet gambling operators.
