The most significant benefit of online casinos is the convenience it offers. Players can sign in from anywhere and enjoy all the casino games they can think of. With global gambling giants like LeoVegas emerging over the last decades, the industry’s next focus seems to be on the emerging markets as the conventional ones have started to become saturated.
Since online gambling laws vary from country to country, not all markets are created equally. Some countries, for example, have regulated online gambling entirely, with their authorities keeping a check on the operators. On the other side, some countries have outright banned online gambling.
The most interesting case currently, however, is the case of the unregulated iGaming markets like India, Brazil, and Japan.
In these countries, there are no laws that prohibit online gambling in these markets, but there are also no local regulations. Interestingly, the culture in these countries includes some form of socially acceptable gambling such as Diwali celebrations in India or Pachinko machines in Japan.
Online casino operators like LeoVegas have international licenses that allow them to operate in any international market as long it doesn’t break any local laws. This legal situation has led to online casinos entering these unregulated markets to capture the booming potential that’s to come.
The long-term potential of unregulated iGaming markets like Japan & India
In most unregulated markets, there are often none or very few local options for people to enjoy recreational gambling, like in India.
However, due to a young population in their prime working years and a massive smartphone userbase, several highly-rated online casinos are operating in India today.
Similarly, in Brazil, there are no local gambling companies within the borders of the country. Hence, international casinos face virtually zero competition in these huge markets.
Colombia is a case of an emerging market where gambling became legalized in 2016 with the eGaming Act. Since then, the online casino industry has contributed significantly to its GDP while allowing local operators to participate in the market.
The potential of unregulated iGaming markets is enormous due to low competition and the fact that unregulated markets always have the opportunity to become regulated if there are enough incentives for the government.
Going forward
The online casino industry is expected to grow steadily over the foreseeable future, and experts estimate that emerging markets’ growth will play a vital role in the expansion. On a cultural front, online gambling and iGaming have been steadily normalized over the last few years, with fantasy sports and other “real-money virtual games” becoming popular.
While nobody can genuinely predict the future, it seems like online gambling is poised to witness the next spike in its growth soon, with emerging markets slowly waking up.