The rising popularity of online casinos is a well-known phenomenon worldwide. The digital formats of the casinos offer a number of advantages over their physical counterparts and hence, people cutting across demographics are flocking online gaming sites to enjoy and, more importunately, make money. Looking at the growth figures of online gambling, we find that the numbers are particularly impressive in the Asia Pacific region.
Asia-Pacific: Fueling Growth of Online Gambling
The passion for gambling originated in the west and then slowly and steadily spread to other parts of the world. The primary reason behind the impressive growth of online gambling in Asian countries is their large population and affordable rates. Take, for instance, the case of China, where people are very much inclined to bet online even as gambling is illegal in the country. What attracts Chinese people to take the plunge are affordable rates and a large number of options that are available online. Going one step further, the Philippines has now started licensing the online Casino through its special economic zone provision. In fact, the country is home to the biggest online Casino operations running under the name of Philippine Offshore Gaming Operators (POGO), which is posting staggering growth and revenue figures from its online operations.
The growth of Online Casino Malaysia is equally impressive, although, like China, there are restrictions from the government and various legal authorities on operations of casinos. India, home to the world’s second-largest population base, has also witnessed tremendous growth in the fortunes of online casinos. Although gambling in India is illegal, there are few states in the country that have made provisions to get gambling under a legal framework. Growing IT infrastructure with more number of users getting access to devices like mobile, tablets, and computer is also helping the fortunes of online gambling. Other countries like Singapore, Vietnam, and Thailand in Asia are also adopting progressive outlook towards online gambling even as various legislative and statutory requirements related to gambling differ in these countries.
Role of Cryptocurrency
One of the primary issues related to online gambling is the deposit and withdrawal of the currency, which is quite a hectic process. Especially in the regulatory framework where online gambling is illegal, it becomes difficult for the players to deal with money-related issues. This is exactly where the significance of cryptocurrency comes into the picture. Digital coins operate on the principle of decentralized technology and thanks to no third-party interference; these are out of the jurisdiction of governments and central banks.
While transacting using the digital coins, there is no interference of the banks or financial institutions, which makes then absolutely suitable for online gambling. Keeping these characteristics in mind, most of the online casinos today have the option of digital currency payment on their menu and it goes without saying that this option is emerging as one of the most popular options among online gamers. The selection of payment by Digital currency also makes sure that you don’t face any legal repercussions.
Cryptocurrencies are playing an important role in fuelling the growth of online casinos around the globe. The contribution of digital currency in making casino popular in the Asia Pacific region is specifically worth mentioning. The changing scenario and evolving viewpoint of the Government and legal Agencies towards the overall concept of gambling is expected to make things easy for gamers in the coming years. Yes, the process will take its own sweet time, but until then, the support of crypto is expected to keep online gambling afloat.
Article written by Edna Boykin