Japan as an upcoming iGaming market
The Japanese are no strangers to gambling, and while the country is home to some of the strictest regulations on the activity, the iGaming scenery in the country has something on offer for the enthusiasts. Pachinko parlors are the closest to land-based casinos in Japan, and the games here are somewhat of a crossover between pinball machines and video slots.
At the moment, there are no traditional casinos in the country, and Pachinko parlors are the closest you’ll ever get to a gambling venue. Although the regulations are quickly changing, it’ll still take a few years for a major physical casino to come up. However, the iGaming industry is a whole different setting.
Analyzing Japanese Gambling Regulations
With the rise of the internet, a growing number of Japanese adults are trying their luck at traditional casino games on off-shore websites. The Japanese iGaming industry is unregulated at best, and all popular games including roulette, poker, slots, blackjack, and more are available to the public.
Japan’s strict gambling laws regulate brick-and-mortar establishments, and off-shore online casinos can offer their services within the country. For the complete list of reputed virtual casinos in Japan, visit Casino Bee.
Horse racing is the only regulated wagering activity in Japan and accounts for the bulk of sports betting revenue. While the Pachinko industry raised $30 billion in 2019, horse racing generated $27 billion during the same time. The numbers from the iGaming market are thought to be much more. However, there are no confirmed reports since the market is unregulated.
Online Gambling and Japanese Society
It took the Japanese government a very long time to regulate the gambling industry since a lot of social groups are up in arms against the move. Although the latest bill manages to regulate physical casinos, it barely scratches the surface of iGaming in Japan. And enthusiastic gamblers will continue practising their hobbies on off-shore websites.
Estimating by the rough figures, regulating the online gambling industry would be a boon for the Japanese society and state coffers. However, the absence of any significant steps mitigates the possibility in the near future. Licensing the market would pump additional revenue into the system. But evolving with time isn’t a cakewalk as evident from the United States’ iGaming industry which has also just started on the path of legalization.
Legalization will also result in reputed brands entering the Japanese market, opening new opportunities for the government and the people to explore. The Japanese market has huge potential for profits as evident from the limited lottery firms that began operating barely a few years back.
The country has the potential to turn into one of Asia’s largest gambling hubs, following the footsteps of Macau and Singapore. The number of foreign and domestic tourists would also be positively impacted by the move. As Japan continues to globalize, online casinos will only open new avenues to prosperity. The leaders need to take some time out and discuss the issues with the citizens
Category: Gambling industry