Exploring High-Potential Gaming Markets: Insights from GR8 Tech

Alex Feshchenko, deputy CEO and CRO of sportsbook and iGaming provider GR8 Tech, envisions India, the Philippines, and South Korea as “high-potential” markets deserving deeper development.

In an interview with AGB, Feshchenko highlights Asia as the world’s largest and fastest-growing market, drawing significant attention and investment from numerous companies. With its vast population base and steadily increasing per capita GDP, Asia has become essential for the entertainment and gaming industries.

“For companies aiming for global dominance, focusing on the Asian market is practically unavoidable,” notes the executive. “We have strategically chosen a few high-potential markets for deeper Asian development. Currently, our key markets include India, the Philippines, Malaysia, and South Korea.”

Feshchenko emphasizes that success in any region requires focusing on key markets for initial breakthroughs rather than attempting comprehensive coverage. GR8 Tech has seen considerable success in India, where its sports betting product has captured a significant market share. The company’s focus is on replicating this success in other targeted markets.

GR8 Tech’s sports betting product for cricket is designed to handle the sport’s complexity and popularity. Utilizing an in-house-developed model, it aims to provide accurate data and comprehensive coverage. The system integrates data from top providers with proprietary algorithms, managing risk and delivering dynamic odds and live updates. This approach meets the specific demands of the cricket betting market, particularly in regions like India, where cricket enjoys immense popularity.

Feshchenko acknowledges that the Indian market requires robust risk management due to the prevalence of fraud. To address this, GR8 Tech offers flexibility with two risk management modes: full responsibility by the service provider or tools for operators to manage risk independently. According to Statista, the online sports betting market in India is experiencing significant growth, projected to reach $1.97 billion in revenue by 2024. The market is expected to grow annually at a rate of 6.51 percent from 2024 to 2029, reaching a projected volume of $2.7 billion by 2029.

In the same interview, Feshchenko notes that Southeast Asian markets, including the Philippines, Malaysia, and Indonesia, boast large populations and significant market potential. “These markets share some commonalities, but there are also subtle differences,” he observes.

Feshchenko highlights the vibrancy of the Philippine market, noting its substantial growth and the lack of a clear brand leader, which presents enormous opportunities for new players. Statistically, the Philippines’ iGaming revenue saw substantial growth in 2023, increasing by 92.3 percent compared to the PHP30.24 billion ($518 million) generated in 2022. This growth also surpassed the previous yearly high of PHP32.24 billion ($553 million) set in 2019 by 80.4 percent. Regulated iGaming in the Philippines is overseen by the Philippine Amusement and Gaming Corporation (PAGCOR), covering online games, bingo, specialty games, and sports betting.

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South Korea is also drawing attention from market participants, as South Korean gamblers are increasingly influencing both online and land-based gaming markets in recent years. Despite its smaller population size (51 million) compared to China (1.4 billion), the market potential and spending power are significant and hard to ignore. Feshchenko identifies South Korea as a promising market for sports betting, sharing similarities with Western markets in terms of high acceptance of dynamic content and preference for structured, technology-driven solutions.

South Korea’s well-developed infrastructure and tech-savvy population create an ideal environment for the adoption of innovative sports betting platforms. Despite these advantages, the market remains relatively untapped, offering substantial growth potential. GR8 Tech aims to capitalize on these opportunities by offering tailored betting solutions that meet South Korean bettors’ specific preferences and regulatory requirements.

Overall, the Deputy CEO of GR8 Tech envisions significant changes in the Asian market in the coming years, driven by technological advancements and market maturation. The group anticipates new opportunities for players, leveraging their technological edge to handle large player volumes and bets, and providing various front-end solutions including native apps and web front-end technology.

Source:

India and Philippines “high-potential” gaming markets to dig into: GR8 Tech deputy CEO, agbrief.com, July 11, 2024.