Countries with Developing Gambling Markets: Payment Methods, Entry Threshold, and Investment Potential
Now, gambling is popular worldwide, but it’s quite challenging to establish a foothold in countries with developed markets. That’s why we want to talk about regions where the high-risk market is developing. You’ll learn about current entry requirements for the market, its potential, and suitable payment methods for gambling.
In 2023, the Brazilian betting and gambling market volume stood at $2.2 billion. According to experts, the number of interested players comprises 67% of all internet users in the country. Moreover, their number is continually increasing.
The Brazilian government is interested in the development of the gambling industry and actively enacts laws for its legalization. Also, an increasing number of the country’s residents are using online payment methods and owning cryptocurrency. Consequently, the target audience will actively utilize digital payment methods for gambling.
Interesting fact: among gamblers, there are more women than men.
Despite being classified as Tier-3, India has over a billion financially capable users in this region. Around half of them actively use the internet in their daily lives. Depending on the season, between 140 to 370 million residents engage in online gaming. Among them, over 200 million individuals have placed bets at least once. Cricket is the most popular sport for betting in India, accounting for 20% of all online wagers.
Officially, the Indian government prohibits gambling and sports betting. However, gambling specifically is not under prohibition, and websites in different jurisdictions can provide betting services. The annual turnover of the underground gambling market amounts to 60 billion dollars.
Interesting fact: residents of India prefer the messaging app Telegram. Therefore, implementing a gambling payment feature in Telegram will simplify users’ payments.
Kazakhstan and Kyrgyzstan
Kazakhstan is also classified as Tier-3, but the number of internet users among people is increasing annually, and the demand for gambling has grown eightfold just in 2022. Companies with licenses in offshore zones can operate in this region.
The Kyrgyzstan government prohibits its citizens from engaging in gambling activities. However, modern legislation allows residents of the country to establish businesses in the gambling and betting sector. As a result, many citizens prefer to gamble illegally. Given a population of less than 7 million people in Kyrgyzstan, the betting market volume has reached 100 million dollars in the past year.
Interesting fact: a significant portion of players in both countries prefer accessing online gambling services through their mobile phones. Thus, for them, making payments through a user-friendly platform is preferable.
To establish a presence in the developing market and attract an audience, you need a payment solution that is maximally simple, convenient, and multi-currency. Explore the offerings from Betatransfer and start venturing into the new regions!