Why Online Gambling Is on the Rise in Bangladesh?

Over the past decade, Bangladesh glimpsed a huge increase in the popularity of online casinos due to the latest technological advancements, uncompromising convenience offered to users by different platforms, unique approach towards gambling and several other reasons. Especially, you can explore a wide range of sports betting and live casino games and place bets from the convenience of your location.

After the Bangladesh Premier League (BPL), several online sports betting websites emerged and almost 90% of the teenagers from rural areas became addicted to gambling.

The country’s market for online casinos is gradually expanding with a significant number of young and tech-savvy audiences. In this guide, we will delve deeper into the reasons for the rise of the online gambling industry in Bangladesh. 

Cryptocurrencies and Other Online Payments

Mainly, Cryptocurrency is dominating online transactions globally and could replace the traditional net banking and other e-wallet payment methods currently existing in Bangladesh. This is because cryptocurrencies act as a flexible and secured payment method that enables gamblers to perform transactions with increased privacy and reduced exchange fees.

The combination of blockchain technology in cryptocurrency ensures a highly protected and clear network for online transactions.

A majority of online betting websites in Bangladesh support a variety of online payment methods such as local Net Banking, bKash, Nagad, Rocket and many more…

Smartphone Gaming and Apps

Most importantly, the increase in smartphone gaming with a faster internet connection has been tremendous in the past 10 years and the trend is expected to accelerate in the future. The development of apps and websites optimized for mobile versions provides a seamless gaming experience.

Convenience from your own location

The advancements in smartphones and tablets have provided the best virtual experience to users and the feature to access casino websites from the comfort of their location, within just a few clicks. As a result, you need not visit any land-based casinos and you’re travelling, and accommodation expenses are minimized, which can enhance your savings to participate in unique contests.

Growth of the Online Gambling Industry

In 2012, more than 20 gambling websites were licensed by reputed companies in Bangladesh and more than 2.5 lakh members registered for online gambling.

Based on the reports provided by Statista, the online gambling market at the global level was estimated to be at $92.9 billion by 2023. 

It is predicted that the market value of online gambling in Bangladesh is expected to reach upto $62 million in 2024 with an annual growth rate of more than 9.1%.

Artificial Intelligence (AI) and Machine Learning (ML) in Gambling

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the gambling industry in Bangladesh by providing unique and real-time gaming experiences. The AI algorithms can anticipate a gambler’s favourite game or suggest new variants based on their previous activities on the platform.

Mainly, these technologies enable online casinos to evaluate a person’s gambling behaviour and preferences to alter the recommendations and gaming advice.

Social Interaction and Connectivity

Several online betting websites in Bangladesh offer unique features like multiplayer games, live chat, forums, and social media groups related to the gambling industry, which increases the interaction and connectivity levels. Consequently, it helps to build a sense of fellowship as players can communicate and share ideas while playing games.

Lucrative Rewards

By grabbing lucrative rewards, players can adopt a more cautious approach by fixing limits on the time and money spent. Several offers like welcome bonuses, free spins, cashback bonuses, etc create an immersive and stimulating environment.

Restrictions for Land-Based Casinos

Under the Public Gambling Act of 1867, the constitution banned any form of gambling that includes betting, owning and operating land-based casinos or gambling houses.

Despite gambling being considered illegal in Bangladesh by restricting individuals from visiting land-based casinos, at the same time, there aren’t any particular laws that clarify online casinos.

Since many online casinos operate in a mixed zone; it balances the prohibition and regulation imposed by the government, making it difficult to determine the licensed platforms as illegal.

Online Betting: A Grey World

Since the modern era is ruled by digital technology, online sports betting and casino games have grown as a game changer in the gambling industry. Especially, Bangladesh hasn’t introduced any separate law about online betting; which forms a grey world raising uncertainties about the legality of online betting, as several international players are allowed to participate in a few common platforms.

Conclusion

With the advancement in technology and increased internet accessibility; we can expect to witness tremendous growth in Bangladesh’s online gambling industry which promises to provide a more immersive and realistic experience to players while playing casino games.

As Bangladesh’s economy progresses, a majority of individuals will have additional income to spend on recreational activities such as online gambling, which creates a more extensive market for online casino games.

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