Online gambling’s growth was boosted by the lockdowns imposed to prevent the spread of the novel coronavirus. The search for online gambling platforms increased when the stay-at-home mandates of governments started.
Online gambling became the only source of revenue from the gambling industry.
The UK’s Gambling Act of 2005 paved the way for the regulation of its online gambling industry. The legislation has given the UK Gambling Commission the authority to supervise and review licenses of online gambling platforms. The law protected gamblers from crimes related to gambling and children from exploitation of the gambling operators. It was aimed at maintaining a fair gambling environment in the UK.
Asia’s online gambling
Asia is of the fastest growing online gambling markets in the world. The large population of countries in Asia and the affordable rates in the region contributed to the industry’s success. Online gambling became a habit despite the ban on gambling in China. Chinese people are attracted to the affordable rates and the wide variety of choices in the online gambling platforms.
Macau is the world’s biggest gambling hub.
The world’s second-largest population base, India, also projects massive growth of its online gambling industry. Some states in the country are now moving towards the legalization of their online gambling platforms. However, gambling is still illegal in India. Countries like Singapore, Vietnam, and Thailand have changed their outlook on online gambling.
Philippines’ online gambling fights for survival
The Philippines has just started its online gambling industry by licensing an online casino. The biggest online casino operations in the world operated in the country, the Philippine Offshore Gaming Operators (POGO). The launch of the POGO in the Philippines faced challenges as the opposition questions its necessity.
The country’s gambling industry is estimated at $8 billion.
The operations of the online casinos were shut down in mid-March, following the government’s mandate to halt operations of non-essential businesses. When the restrictions were lifted, the casinos in Manila started their operations a reduced capacity.
Ben Lee, a Macau-based managing partner at Asian gaming consultancy IGamiX, said the restrictions weigh on the operations of the online casinos.
The online gambling industry is at the borderline of survival and failure as challenges in its operations emerged, such as the threat of higher taxes, lawmakers’ calls for an outright gaming ban, and the tagging of the industry to crimes such as money laundering, human trafficking, and kidnapping.
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