With the development of technology comes the emergence of online entertainment. And the sector of online sports betting is not an exemption to the widening impact of the internet and digitization. The industry of online sports betting had been opened to a broader market, bringing more opportunities to the sportsbook and bettors.
Sports betting refers to the activity of foretelling sports results and providing a wager. Most of the traditional bookmakers and sportsbook have discovered the potential of technology, which led them to create websites and bring their game into the internet. Online sports betting started in 1996 during which Intertops launched their online sportsbook. The first online sports wager took place during the FA Cup replay between soccer teams Tottenham Hotspur and Hereford United.
The market has been increasing and getting more substantial because of the advantages it poses. One such benefit is the convenience of being able to bet anytime and anywhere. Users who want to engage in this activity needs to set up their account, log into the betting site and finance their accounts. To play, simply login into your account from your internet-enabled mobile device or computer. Betting slot online, e-games and lottery, among others, are also available at these sites. Safety might be another concern, but you need not worry. Various sites have implemented safety parameters and are regulated by licensing authorities.
The Asia Pacific (APAC) region occupies a vital market share in the online sports betting industry. With the APAC region considered to hold 60 percent of the world’s population or 4.3 billion people, it’s no wonder that this region is home to an estimated 45% share of the world’s betting audience. In 2017, the APAC region was the second largest online gambling market in Europe taking the lead.
The credit for the rise of online sports betting in Asia can be attributed to the numerous countries in the region where gambling is acknowledged and legal.
- Hong Kong and Macau are the only places in China that allow gambling, aside from lotteries managed by the state.
- In Japan, a recent bill was passed to legalize gambling in selected resorts. Although gambling is controlled, lotteries and sports betting are legal.
- The Philippine Amusement and Gaming Corporation (PAGCOR) is responsible for licensing casinos and gambling activities in the Philippines. Special economic zones are also home to the betting industry.
- The countries of Malaysia, Vietnam and Cambodia generally allows only foreign nationals to participate in betting. However, recent discussions and actions were filed to legalize betting as illegal gambling is widespread.
- Sports betting in Taiwan is allowed, which includes both land-based and online sports betting. However, poker, casinos and online casino games are forbidden.
- For South Koreans, there is only one casino where they are allowed to gamble. Other casinos in the area cater to foreigners.
- Singapore is home to only two casinos, but has been positioned in the top ten worldwide for gambling revenue. Organizations are also assigned to control sports betting.
- Although selected provinces in India acknowledge the legality of gambling, a couple of debates are in place to legalize betting, including online sports betting.
The fact that several APAC countries have legalized gambling and are in a continued quest to authorize betting guarantees the rise of online sports betting in this region. Online sports betting, in particular, has been gaining popularity in Asia due to the development of the internet and in the numerous apps and websites that offer sports betting.