- January 11, 2024
2024 Overseas iGaming Market Forecast
In 2023, we have witnessed the vigorous development of the overseas gambling market and competition in the Red Sea market. Of particular note are the gambling markets of Brazil and Vietnam, which are still growing in popularity to this day. Although the two overseas gambling markets of Brazil and Vietnam are currently very popular, we are also starting to notice increased competition between these two markets, which is an inevitable phenomenon in any gambling market. After all, if there is no competition in a market, then our gambling lords need to be thoughtful when participating in it.
So, facing the arrival of 2024, how should we lay out the iGaming business in overseas markets? Should we continue to maintain the current operating methods and stick to the results we have achieved, or should we improve the competitiveness of our own gambling platform? Or should we turn to overseas gambling markets in other countries where there is potential? The world is so big, and new opportunities are everywhere. So, where will the next hot gambling market be in 2024?
These are questions we need to think deeply about. Today, the editor of TC-Gaming will discuss with you the development of the gambling market in 2024, as well as the analysis and prediction of the gambling market, in order to give you some gambling experts to deal with the challenges and opportunities that may arise.
Analysis of Vietnam and Brazil Gambling Market Trends in 2024
Vietnam Gambling Market in 2024
Vietnamese people are very fond of gambling. This is why the Vietnamese gambling market is the most popular, and the fundamental market has a bullish dimension. At the same time, the Vietnamese authorities have opened legal offline casinos. It also indirectly promotes the public’s understanding and concept of gambling. The same is true for gambling. iGaming platforms have some inherent advantages over physical casinos. It is convenient to recharge anytime, anywhere. The threshold for players to play the game is low. These are beyond the reach of land-based casinos as Chaonan expands the policy and economic direction of the development of smartphones and the Internet. It is natural for iGaming to enter the horizons of Vietnamese people. All of the above factors provide favorable innate conditions for the survival and development environment of iGaming. This is one of the reasons why Vietnam’s gambling market is booming now.But as more and more gambling platforms enter the Vietnamese gambling market, is this piece of cake still enough? Will competition be greater? Will you be left behind by your opponents when competing with peers?
In fact, the editor of TC-Gaming believes that due to the government’s open attitude towards offline casinos and the enthusiasm of local people for gambling, it is expected that the Vietnamese gambling market will still have some room for growth in 2024. Although the number of gambling platforms in the Vietnamese gambling market is increasing over time, don’t forget that the number of gambling players is also increasing. Competition in any industry is not inevitable. However, the competition is fierce. The comparison is about the comprehensive operating capabilities of the gaming platform itself and the greater technical space support provided by the gaming platform system. In addition to external marketing and promotion, the comparison is about internal strength.
The Vietnamese authorities can’t get enough of gambling bonuses. Otherwise, why not open offline casinos in 2021? After three years of the pandemic’s impact on the economy. It is also intended to give international companies and investors opportunities to enter the Vietnamese market. Stimulate domestic demand and solve employment problems. Let the money move. Domestic Vietnam has been reducing interest rates since April 2023. The external Vietnamese Dong has also been falling against the US dollar since 2023.
(Maybank Securities) Vietnam Company President and Head of Equity Marketing Tyler Nguyen believes that investors should be optimistic about Vietnam’s e-commerce industry. He told CNBC in an interview, "We are witnessing a growth rate of 20-30% per year."
All these illustrate Vietnam's openness to foreign investment and also provide benefits to the gambling market. Once the people have money, they will not have as many entanglements in gambling. We should make full use of this advantage and increase our efforts to increase the market share of our gambling platform in Vietnam. In addition, we will further deepen our influence in the Vietnamese gambling market by building relationships with local partners. But we also need to pay attention to some changes in the Vietnamese gambling market. Adapt and adjust strategies promptly. In addition, as competition in the Vietnamese market becomes increasingly fierce, we also need to continuously improve our service quality and user experience in order to remain invincible in the competition.
Brazilian Gambling Market in 2024
巴西在今年2023年1月，“路易斯·伊纳西奥·卢拉·达席尔瓦”上台后。经过了一年的努力立马就开始回血了。
国际评级机构标准普尔在12月19日将Brazil主权信用评级从BB-上调到BB，评级展望为稳定。这也是在从2018年下调到BB- 后首次上升。
标准普尔在报告中说，巴西近期推行务实税收改革，经济增长前景有所改善，所以标普上调了巴西主权信用评级；
这些也是国际上对巴西总统“卢拉”认可。“卢拉”是巴西第一位由工人出身的巴西总统，第二位由直接选举连胜的巴西总统，虽然后来被弹劾下台了。当时他在8年的任期里，带着巴西人，从低谷走到人均GDP翻了3倍，直接带着巴台站上了区域性强国。（注卢拉是77高龄再一次上台）
在2023年12月22日，巴西给了一个圣诞大礼。”巴西众议院最终通过，批准博彩监管，也包括网络博彩“这真的为 2024 年巴西博彩市场敲响了最后的绿灯。就在这个法案通过后，几天后在2024年1月2日巴西总统卢拉就**批准体育博彩和网络博彩监管框架，同时也已定正式制定巴西监管规定，批准针对体育博彩和在线博彩的新监管框架。**就在新闻发布后，立马就有130多家企业兴趣申请博彩牌照。
普华永道（PwC）和巴西移动调查研究所（Instituto Locomotiva）近日的一项调查报告显示，近年来体育博彩行业在巴西经历了迅猛增长。最近，巴西还超越了英格兰，成为在线博彩行业的世界领先者。
巴西网站“esporteemidia”12月28日报道，该行业的大幅增长引起了不同领域专业人士的专注，而这项报告揭示了博彩行业的发展对巴西社会的影响。
根据研究人员收集的数据，在线博彩市场参与度的提升导致很多家庭的预算计划和消费状况发生变化，且其影响在中低收入（C、D和E级）消费者中最为显著。（从这个数据中可以看出博彩在巴西已很普通）
自从2020年疫情开始横行以来，巴西的通胀率一直飙升，一度冲到了12%。通常，通胀率应该保持在2-3%的水平上，但大部分国家都试图把它控制在2%以下。这个高通胀的局面一直持续到2022年下半年才开始慢慢好转。
巴西的基准利率也在2023年7月开始降下来，这种长期的高利率和高通胀对巴西的经济发展真的是一种拖累。卢拉上台后的半年里，他成功地把通胀率降到了3%，现在的4%通胀率其实是经济正常运作需要的调整。
去年2023年7月，卢拉开始降低利率，以刺激国内经济的发展。同时，他的对外货币政策也趋向稳定。再加上博彩法院的通过，和巴西自身的博彩文化，这两者一起给巴西的经济增长创造了有利条件。
老百姓的钱包越来越鼓，国家的政策也鼓励海外投资进来。所以，天成包网小编觉得，在未来的1-2年内，巴西的博彩业和经济如果不能起飞，那真是说不过去。
但是，就算有了这些有利的条件和环境，各大博彩公司在面对未知的竞争时，还是需要保持警惕，以便能适应政策和环境的变化。
More room for the development Gambling market-Latin America
Speaking of Latin American countries, we can also give some ideas based on location and new news in recent years. We said above that gambling in Brazil has become legal. Just imagine, will the countries surrounding Brazil allow Brazil to develop stably? For example, in Peru, Chile, Venezuela, Mexico, and Argentina, which country does not have a passion for football? Let’s give a rough overview of several Latin countries.
Colombia:The first country in Latin America to legalize gambling. The country’s gambling market is highly competitive, not only because it was the first to open but also because its market size and potential are so large. As you can imagine, the number and intensity of competitors are very strong.
Argentina:is a country that has legalized gambling on a province-by-province basis. This market has also been open for a long time; it is very mature, and there are many experienced gambling operators operating here.
Peru:Has approved the legalization and regulation of gambling. This is another new gambling market with both opportunities and challenges.
Chile:Legalizing gambling is being considered. While the process is still under discussion, I think Chile will soon legalize gambling as it has been officially approved and submitted to the Chilean Senate for a second legislative process.
Spain:Having legalized gambling in 2011, the Spanish gambling market is already very mature. According to the annual report compiled by the Spanish Gambling Business Council CeJuego, 83.9% of the Spanish population aged 18-75 will participate in gambling in 2022. You can imagine how popular gambling is in Spanish society.
Mexico:Gambling is legal, but issuance of new licenses has been stopped. Despite this, growth in the Mexican gambling market remains strong. At the same time, fierce competition is also essential.
After reading the above overview, you may feel that these markets are very saturated and iGaming is very mature. But can we really say that the betting market has matured? Can we say that the betting market is saturated? I think that for the gaming industry, the economy of the people is one aspect. But what matters most is the policy of the authorities. If the authorities do not crack down on online gambling with all their strength, there will always be room for iGaming to survive. In these countries in Latin America, under the influence of sports culture, sports betting has been deeply rooted in the hearts of the people for decades. Therefore, the number of bettors is only going to grow. Competition among gaming platforms requires not only good publicity channels but also the gambling platform’s own technological innovation and the operator’s own internal optimization and management strategies.
Several suggested points of focus for the Latin American betting market:
- Gambling operators need to pay close attention to some countries in South America, such as Chile, Brazil, and Peru, where gambling market developments have shown significant changes in recent years. These countries are likely to be the main focus of the second phase of development of the Latin American gambling market.
- It is also necessary to observe the development of the gambling industry in Spanish-speaking countries. This is especially important as Spanish-speaking countries hold a significant position in the global gambling market.
- North America is also a region we need to pay attention to. North America includes Canada, the United States, Mexico, Guatemala, El Salvador, Belize, Honduras, Nicaragua, Costa Rica, Panama, Bahamas, Cuba, Jamaica, Haiti, Dominican Republic, Antigua and Barbuda, Dominican Republic, Saint Lucia, Saint Vincent and the Grenadines, Barbados, Grenada, Trinidad and Tobago, Saint Christopher and the Federation of Nevis and other countries. Why should we focus on North America? This is because there are 57 million Hispanics in North America, who contribute USD$1.3 trillion to the U.S. economy, accounting for almost 10% of the total U.S. economy. One thing they all have in common is that most of them speak Spanish. This may suggest that Spanish-speaking gambling platforms will dominate the third phase of development. At the same time, this is also the main development direction of the white label iGaming company.
- In the North American gambling market, the focus is on Florida and California in the United States. Why is this? The chart below will give you a clear answer.
Therefore, in the Latin American betting market in 2024, betting platforms and white label iGaming companies still need to focus on Spanish. Because the Spanish-speaking population can bring about sustained and efficient growth, and the size of the gambling market is also large enough for gambling platforms to obtain considerable returns.
The Balkans – Possible Next Betting Market Spotlight
Everyone knows that in the former Yugoslavia, the gambling industry was operated as a state monopoly ever since the region became independent. A lot has changed now. The editor of TC-Gaming here mainly talks about the iGaming market trends in Serbia, Bosnia and Herzegovina, Montenegro, Croatia, Slovenia, and North Macedonia in the Balkans.Serbia
Gambling has been legal in Serbia since 2006, with full regulation emerging in 2013.
The threshold for applying for a license is a bit low: - Applicants need a registered capital of EUR€250,000, a bank deposit of EUR€300,000, and a daily deposit of EUR€10,000. The monthly membership fee for a license for online gambling is EUR€2,500.
From an investment attractiveness perspective, the threshold for iGaming in Serbia is really low. And the love of sports is embedded in their culture. In addition to sports, they play all traditional casino games very well. For example, Baccarat, 21. 5-card poker, etc. Football and basketball are Serbian favorite sports.
Bosnia and Herzegovina
People in Bosnia and Herzegovina have a high level of gambling participation and have the highest number of betting shops in Europe.
Gambling licenses issued by Republika Srpska are valid for five years, and companies must be registered in the country, have deposits sufficient to pay player bonuses, and prove the integrity of the founders. An iGaming license costs 100,000 Kenyan shillings ($55,709). Brick-and-mortar casino licensees in the Federation of Bosnia and Herzegovina can operate iGaming. However, iGaming is prohibited in the Brcko District.
Residents of Bosnia and Herzegovina are keen on sports betting and prefer to make small bets. Football is the hottest sport in the world. Basketball, tennis, golf, and rugby also followed. About 70.5% of Bosnians have played in a physical casino at least once in their lives, so people in these two places are not unfamiliar with and are averse to gambling.
Montenegro
Gambling in Montenegro was legalized in 2006, and iGaming was legalized in 2011. Regulation is provided by the Games of Chance Authority, which is part of the Ministry of Finance.
Montenegro has a promising gambling audience – nearly 40% of Montenegrins regularly visit casinos to place sports betting bets. Montenegrins are particularly fond of the European and American versions of roulette and baccarat, blackjack, and poker. Sports, such as football, water polo, volleyball, basketball, and handball, are all passions of Montenegrins.
Croatia
Gambling in Croatia is also regulated by the state. All iGaming requires a license.
The license is valid for 15 years. The operator must pay an annual fee of KRW3,000,000 (USD$431,648) and have a registered capital of at least KRK4,000,000 (USD$575,514) throughout the period.
The license is valid for 15 years. The operator must pay an annual fee of KRW3,000,000 (USD$431,648) and have a registered capital of at least KRK4,000,000 (USD$575,514) throughout the period.
Slovenia
Sports betting and lotteries in Slovenia are state monopolies, and only those who already operate brick-and-mortar casinos can operate iGaming. Gambling operators must enter into a franchise agreement with the country’s government.
Gambling here is somewhat closed, but it is attractive in terms of traffic, with more than 80% of the population using the Internet. Locals generally like football and hockey betting. Traditional land-based casino games come in second place.
North Macedonia
Gambling in North Macedonia was legalized in 2011 but is effectively a state monopoly;
The gambling games that locals love include slot machines and lotteries. Of course, sports are always the first priority for people in this area.
Countries in the Balkans have gone digital in recent years. These are the development needs of the country and economy. All may bring a new wave of markets to iGaming. But there is a problem in the Balkans: the language family is a bit too talkative in terms of population ratio, mainly Serbian, Croatian, Bosnian, and Montenegrin. Due to the development of the gaming industry in the Markan region, localization of culture, language, etc., has become particularly important. Of course, this is not the pressure of the gambling platform; this is the technology and implementation of the white-label iGaming company. Of course, you can't just use Google Translate. Such a translation that cannot be spoken in a colloquial manner will not be optimistic about the credibility of your gambling platform in the eyes of players.
Summary
Among the gambling markets in 2024, Brazil, Latin America, and the Balkans will be the focus. These regions have their own unique gaming culture and market characteristics. Therefore, it is key for gambling companies to understand and adapt to the needs of these regions while also making adjustments to their own gambling platform business strategies at any time.
Gambling markets throughout Latin America are very active. First of all, the gambling markets in Brazil, Chile, and Peru are developing rapidly and have huge potential. Gambling has become a part of Latin American life, a rich gambling experience. And this trend is continuing to expand. The gambling industry in these countries was just legalized this year or in December last year. The liberalization of new markets may bring strict supervision and fierce competition. Therefore, gambling companies need to pay close attention to policy changes, understand the market, and develop business strategies that are consistent with the local cultural and legal environment.
Although the gambling market in the Balkans is relatively small, it also has its own characteristics. People in this region are very enthusiastic about gambling, but their gambling habits and preferences may differ from other regions. Therefore, bookmakers need to have a deep understanding of these markets in order to better meet the needs of consumers.
The gaming industry will usher in a more global and diversified development trend in 2024. To successfully cope with this change, gaming companies will need to adapt their strategies flexibly, which may involve strengthening localization efforts and offering more innovative products and services. Such changes require companies to be adaptable and innovative to take advantage of future competition.
As a one-stop service provider, TC-Gaming is committed to helping gaming companies save time and effort. It only takes 10 minutes to set up a site easily, allowing you to quickly enter the overseas gambling market and start operations. The white label iGaming platform system provides tens of thousands of events and thousands of electronic games every month, catering to different types of players. Whether they are sports fans or slot machine users, you can find games that suit your tastes on your betting platform. The gambling platform system has multi-language modules and has hired 12 local language experts for translation and interface design. TC-Gaming has been deeply involved in the gambling industry for 16 years and has received unanimous praise and recognition from thousands of gaming platform leaders. If you choose TC-Gaming, you will become your best partner in the overseas gaming market.
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