The Asia Pacific gambling market is set to grow at compound annual growth rate (CAGR) of 7.31% between 2017 and 2021 on the back of increased disposable income in developing Southeast Asian nations, according to a new report by global market research firm Research and Markets.
Titled “Gambling Market in APAC 2017-2021”, the report says that a rise in spending capability as well as the number of double income households in countries like Indonesia, Vietnam and Malaysia will be a major driver as citizens increasingly spend on entertainment.
“This has led to a boost in the affordability of high-end products and spending capability of individuals, especially in developed countries,” it says. “The increase in disposable incomes of the South Asian countries … is expected to play a considerable role in propelling the market growth during the forecast period.”
The report also points to the implementation of cash alternatives, particularly in regards to player rewards, as the latest trend gaining momentum in the online space.
“In the global gambling market, money does not have to be the only reward,” it says. “It can also be given in the form of physical goods along with monetary benefits.
“A major trend in the market is the use of cash alternatives such as virtual money. In Australia, the online gambling market lets the players use virtual money, which has reduced the risks related to cash. Payment options required for online cash transactions and virtual money are implemented by various gambling vendors.”
“Gambling Market in APAC 2017-2021” was compiled via in-depth market research with input from industry experts and takes into account revenue from the sales of lottery tickets, various betting games and casino games.
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