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Day: September 5, 2021

Malaysia Online Gambling: Market, Future and Scope

Malaysia Online Gambling: Market, Future and Scope

Gambling in simple terms is, the betting or staking of something of value, with the mindset of having high risk and chance of gaining out of it, it’s basically on the outcome of a game, contest, or any other uncertain event. It can be done where the result can be determined by chance, by accident.

Any sought of Gambling done on the internet is termed as Online Gambling.

There are many types of Online Gambling among which these are at the top: –

  • Poker
  • Casino
  • Sports betting

It’s up to you whether you are willing to take chance by bearing high risk or not, it’s purely done for fun, these games played just for fun under boredom can give you huge returns and can put you in debt too.

Is Online Gambling Legal?

In most of the countries like Bangladesh, Taiwan, UAE, India except (Sikkim and Goa) it is considered illegal, on the other hand In countries like Germany, Australia, New Zealand, France, Spain, Switzerland, Italy, etc.

Market Overview

It currently captures the global market with $64.13 Billion annually as per various estimates. And is Compounding with 12.3% (CAGR).

  • The market consists of revenue which is generated by online gaming activities by using the internet on desktop and mobile devices. The Market includes establishments and developing online sports such as betting in sports, casinos, lotteries, bingos and poker games, etc.
  • During the Covid19 pandemic, people have shifted a lot towards Online platforms for almost everything whether it is for financial purpose, social purpose, or Education. Several restrictions on Offline sports due to viruses have also attracted people towards malaysia online gambling.
  • Online betting is emerging to be the fastest-growing segment during this period. Machines and artificial intelligence have captured a huge market in this forecast period. With the rise in the number of women gamblers as it is more convenient for them to bid online rather than physically visiting Casinos, payment is also made simple in the form of digital money.

Future of Online Gambling

Undoubtedly it’s emerging as one of the most popular industries in the world.

  • It will continue to thrive because of advancing technologies and the availability of these gadgets to the masses is rapidly increasing around the globe. Due to advancements in sophisticated technologies Casinos are looking forward to releasing mobile-friendly platforms to expand their market and make it easily accessible for people.
  • The pandemic impacted the closure of the various gambling establishments like land-based casinos, Lottery outlets, etc. this has eventually led many gamblers to shift and adopt Digital platforms for gambling.

Scope

According to Statista, it is estimated that the global market for Online Gambling will be worth $100 billion by 2023.