Accounting for almost forty per cent of all gambling activities in the gambling industry, Asia Pacific is home to the most thriving gambling market according to the latest reports. Geographically, both New Zealand and Australia are parts of the Asia Pacific region even though they are located on two distinct tectonic plates. In September this year, Business Research released its Global Market Report and according to this report, the global gambling market is expected to grow at a rate of seven per cent to reach a value of US$675 billion in four years from now.
Back in 2020, the global gambling market was valued at around US$466 billion. Today, it is valued at US$516 billion with Asia’s gambling capital Macau leading the way. In addition, several other countries in the Asia Pacific region have quite thriving gambling industries including New Zealand, Australia, Japan, South Korea, Singapore, Philippines, India, and Vietnam.
The Biggest Gambling Markets of the Asian-Pacific Region
The gambling industry definitely falls into the category of the most flexible and most profitable sectors in today’s modern world. The gambling industry has been growing at a rapid pace for the past several years. Hence, it demonstrates a very high return of investment and growth rates. The global gambling industry is also known for introducing innovative trends and according to projections, this trend will continue to evolve.
The growth of the gambling industry is also accelerated by the greater adoption of portable devices, rising Internet penetration rates in almost all regions, and more convenient payment options which make online gambling activities more accessible and more attractive. As mentioned at the beginning, the Asia Pacific region is home to the fastest-growing gambling market. Countries where gambling activities are legal to collect huge gambling revenues.
Two regions in China including Macau and Hong Kong collect the highest revenues from gambling activities. In the rest of China, gambling of all sorts is illegal. While Hong Kong and Macau attract most gamblers, insights from online-gambling.com clearly show that the popularity of online gambling activities in New Zealand has been on the rise in the last several years. The truth is, New Zealanders are huge fans of gambling activities despite the fact the country is not so open towards gambling in general.
Gambling Laws and Regulations in New Zealand
According to the Gambling Act enforced in 2003, all forms of gambling activities in New Zealand are illegal unless they are fully authorized by the main piece of legislation. Certain gambling activities in the country are illegal according to the rules and regulations of the Gambling Act 2003. The main piece of legislation is divided into four major sections including the Remote Interactive Gambling Prohibited, Prohibited Gambling Excerpts, Advertising Overseas Gambling Prohibited, and Prohibited Prizes.
Gambling has definitely been on the rise in New Zealand. The growth has been alarming for the local gambling regulator so they might impose in the future some restrictions to locals who play online, but overall that will be healthy in terms of the wider acceptance.
John Isaac, international casino expert
All gambling activities in the country are regulated by the Gambling Act 2003 except lottery activities that are regulated by the Lotteries Commission. Gambling activities that are regulated by the main piece of legislation fall into one of four classes. Class one gambling activities cannot be attached with a turnover or a prize that is greater than $500. Class two gambling activities cannot be attached with cash prizes of over $5,000.
To conduct Class two gambling activities, gambling establishments do not require special licenses but their turnover cannot go over $25,000. Class three and four gambling activities cannot be conducted without the proper license issued by the Department of Internal Affairs. Today, six land-based casinos operate in the country. In addition, New Zealanders can engage in online sports betting and casino gambling activities at international or offshore sites. At the same time, companies located in the country cannot legally provide online gambling services and products.
While technically, online gambling is not legal, registering and gambling at an offshore site is not illegal. Gambling activities that are legal according to the Gambling Act 2003 are casino games, lotteries, bingo games, slots, video poker, scratch cards, sports betting, and keno. As of today, the TAB and Lotto are the only New Zealand-based online gambling operators in New Zealand. With thousands of New Zealanders spending their money on foreign gambling sites, the laws and regulations in place today may change in near future.
The New Zealand Government is determined to make some changes to the Gambling Act 2003 to boost the growth of iGaming activities. Back in July of 2019, a discussion document was released by the Department of Internal Affairs. The document presented four options to reform the Gambling Act. Three presented options would introduce more iGaming products to keep up with the market’s growth.
Gambling Laws and Regulations in Australia
Similarly, laws and regulations in Australia prohibit all sorts of interactive gambling products and services from being offered to players residing in the country. Speaking of gambling laws and regulations in Australia, there is no single regulatory framework, but each state has its own regulatory authority. For instance, the New South Wales Office of Liquor, Gaming, and Racing are responsible for overseeing gambling activities in the state of New South Wales. Most of the regulations are put in place to protect both adults and underage Australians from the harms of problem gambling.
Gambling activities in Queensland are monitored by the Office of Liquor and Gaming Regulation while the Independent Gambling Authority monitors gambling activities in the state of South Australia. Gambling activities conducted without a license are illegal and these include both online and in-venue lotteries, sports betting activities, electronic gaming machines, and all other online and land-based gambling activities.
Territory, state, and federal Australian governments are responsible for monitoring and regulating gambling activities. The Interactive Gambling Act from 2001 prohibits companies based in Australia from offering gambling activities to Australian residents. At the same time, Australian players can engage in online gambling activities at reputable offshore sites. Unlike the Government of New Zealand, lawmakers in Australia are not so keen on changing the laws and regulations that are in place today. Therefore, Australians will keep playing at offshore, international websites unless something drastically changes.