Philippines becomes the biggest regional hub in APAC iGaming industry
APAC: Regulation and Legalisation
PAGCOR, a Philippines regulator issuing online gaming licences to overseas operators in the form of POGO (Philippine Offshore Gaming Operators) licences, provides some oversight within the market.
What Can Impede The Growth?
01 Cybercrime continue rising
Cybercrime moves to the Cloud to accelerate attacks amid data glut* (Seals T, 2020). Cybercriminals could look for records of authenticated user sessions to cloud portals. If malicious actor hijacks an active console session from a cloud service provider, they could have a full control of the victim’s cloud resources. Moreover, there is 36% increase in reports of account takeover and 52.5% increase in identity and synthetic fraud in iGaming industry in 2020.
02 Prime target for payment fraud
iGaming continues to be a prime target for credit card and payment fraud. In 2020 alone, we saw a 169% growth in reports of debit card fraud and 16% decrease of credit card fraud in the iGaming industry. This will make it even more important to implement strong identity verification, and real-time risk decision solutions at all points of the customer journey.
03 Regulations & cultural approval
Although, Asia is one of the fastest-growing online gambling markets in the world, not all Asian countries permit gambling activities, and many are strictly regulated. Furthermore, negative socio-economic in gambling still be a vital issue in Asia because this can lead to criminal activities, health implication and family breakdowns.
According to TransUnion consumer survey, 35% of respondents reported being targeted by digital COVID-19 related scam in 2020.
*A group of professional Chinese hackers targeted and hacked companies that run online gambling & online betting websites in Southeast Asia” (Talent-Jump and Trend Micro, 2020)
Working in iGaming Industry
01 Flexible working conditions are the norm
Yet another quality that can be attributed toward the youthful and online-based nature of the industry is flexible working conditions. It is not uncommon for employees to work remotely or set their own hours. Employers are generally open to discussing part-time arrangements and highly personalised contracts.
02 Every day is casual Friday
True to the casual nature of Scandinavian work culture, out of which so many iGaming businesses derive, many offices will have a relaxed dress code. Employees leave the tie or heels at home and opt instead for something comfortable but smart.
03 Offices tend to impress
Young, innovative and lucrative – these defining characteristics of the iGaming industry should go some way in explaining why iGaming offices are on par with those of Silicon Valley in terms of creativity, ergonomics, and modernity.
Games rooms, relaxation rooms, state-of-the-art equipped kitchens, free lunch buffets, quirky art, skyscraper views, stylish interior; these features turn offices into an equally appropriate setting for after-work events and parties.
04 There’s a strong community of iGaming professionals
Perhaps because so many iGaming employees are expats, the industry is known for strong social networking. This comes in the form of after-work events, weekend parties, and online communities on the likes of Facebook. A lot of the larger companies go far in ensuring that new and relocated employees are given plenty of opportunities to make friends and ease into the local community. The youthful nature of the industry also explains its big party culture.