Online Sports Betting Market Size in Singapore
Despite the government's strict approach towards sports betting online Singapore, the market has seen significant growth. The industry is expected to grow at a compound annual growth rate (CAGR) of 10% over the next five years. In fact, Asia Pacific is expected to lead the market with the largest revenue share in 2021.
In the past, Singapore's gambling options were limited to hundreds of web-based sportsbooks. After the Remote Gambling Act was signed into law, the country's gaming industry experienced an upswing. In the last two years, the number of gambling participants has increased by 15%.
However, in the aftermath of the Remote Gambling Act, several illegal betting websites were blocked. This prompted many Singaporeans to flock to local sports betting facilities. In the past, Singapore had a relatively strict approach to regulation.
The esports betting market has also grown. The World Cup will likely increase the amount of illegal wagers. The eSports market is estimated to grow at a rate of 14.8% over the next five years.
Football is the most watched live sporting event in Singapore. It is followed by basketball, rugby, and cricket. In the past, most betting was done on the lottery.
The market is forecast to reach $8.6 billion in 2025. In addition to soccer, basketball, and cricket, bettors have begun to wager on international events such as the FIFA World Cup.
The global sports betting industry is projected to double over the next five years. It will continue to increase because of the growing population of bettors and the proliferation of sports betting apps. In addition to being a fun and exciting pastime, sports betting online Singapore can help individuals earn extra income.