The sports betting industry in Asia is experiencing substantial growth, fueled by increasing interest in football and basketball, as detailed in a recent study by the International Betting Integrity Association (IBIA). This report, conducted by H2 Gambling Capital, offers in-depth insights into the market trends and projections that outline the potential trajectory of this sector through 2028.
Expanding market with promising forecasts:
The official report (pdf), supported by global partners including the Instituto Brasileiro de Jogo Responsável and the Canadian Gaming Association, predicts that the global sports betting market will generate around $94 billion in gross gaming revenue (GGR) by 2024. A significant portion of this revenue—65 percent or approximately $61 billion—is expected to come from online platforms. The trend towards digital betting is projected to increase, with online sports betting potentially reaching about $93 billion by 2028, making up over 70 percent of the market.
Football continues to be the dominant force in sports betting, with projections indicating it could generate $53 billion in GGR from an estimated $570 billion turnover in 2024. This represents more than 56 percent of the total regulated betting market’s gross win globally. Online platforms are expected to play a critical role, contributing nearly 65 percent of all football betting GGR. Europe and Asia are set to be the major contributors, accounting for 85 percent of all football betting revenue.
In addition to football, basketball is seeing significant growth, particularly in North America, which is forecasted to achieve a basketball GGR of about $5.4 billion by 2028. The global basketball betting market is expected to grow from $7.9 billion in 2024 to $11 billion by 2028, with Europe and Asia also showing strong growth potential.
Both China and India are witnessing a notable surge in both traditional and online betting, driven by the increasing popularity of sports such as football and cricket. These countries are becoming key players in the sports betting landscape, leveraging their large populations and growing internet penetrations to expand their markets. This rise is supported by a cultural affinity for sports and an increasing acceptance of betting as a form of entertainment.
Onshore vs. offshore betting dynamics:
According to the H2 Gambling Capital analysis, 2024 is expected to see 83 percent of all sports bets placed with licensed onshore operators, a substantial increase from 63 percent in 2018. Despite this growth, around 17 percent of bets will likely still be placed with licensed offshore operators, not accounting for the vast unregulated markets, particularly prevalent in Asia.
According to Asia Gaming Brief, the report discusses the challenges of offshore betting, noting, “Maximizing onshore channelization is key to addressing integrity issues and ensuring that Asia’s growing sports betting market remains sustainable.” It also highlights that restricting in-play betting in regulated markets could push consumers towards offshore alternatives, potentially decreasing onshore revenue and failing to meet bettor demand.
The analysis stresses the importance of robust regulatory frameworks to combat corruption and enhance consumer protection. It suggests that as more Asian jurisdictions move towards regulating online sports betting, there will be increased opportunities for economic growth and improved consumer safety. The report draws parallels with Brazil’s evolving sports betting landscape, offering insights that could guide Asian markets in structuring their regulatory frameworks to curb offshore betting challenges while boosting onshore revenues.
The continued expansion of the sports betting market in Asia presents both opportunities and challenges. With significant economic benefits on the horizon, stakeholders are encouraged to develop comprehensive regulatory measures that promote integrity and consumer safety.
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