Online Slots Take Center Stage at 2024 ASEAN Gaming Summit

The 2024 ASEAN Gaming Summit witnessed the convergence of land-based and online gaming worlds, alongside the rise of online slots as the hottest topic in the industry.

As the second day launched, it was dominated by an in-depth debate between panels exploring the potential opportunities as well as challenges that might arise together with the rapid growth in the gaming industry. Two expert panels delved into the subject from different angles, investigating the prospects of remote gaming and the ways in which operators can deliver an authentic land-based experience to online players. 

The Current Market Status of Online Slots

Remote online slots, where physical machines are brought online through the use of video feeds, have emerged as a fast-rising product type, quickly embraced by companies in the Philippines and beyond.

In the Philippines, land-based operators such as Hotel Stotsenberg, led by CEO Evan Spytma, are exploring the potential of utilizing their 25 percent permitted allocation of real-world slots to offer an online experience that would otherwise be outside the traditional realm of a physical casino. 

Spytma’s ambitious plans go beyond merely bringing his company online; he is in the process of linking up ten integrated resorts to create a tempting proposition for players.

Both panels acknowledged PAGCOR’s recent move to reduce the cost of doing business in the Philippines, as a step in the right direction, signaling the regulator’s understanding of the challenges faced by the private sector. 

See also  How to Play Casino Slots—Basic Rules for Beginners

As PAGCOR ventures into the online realm itself, the experts shared their opinion that the agency will firsthand discover some of the challenges of operating online, such as the agent-based marketing system that can see a significant percentage of profits being shared with third parties. These experiences may influence future regulations as PAGCOR continues its two-pronged approach of creating a business-friendly environment that makes operating illegally less attractive while also combating illegal operators targeting the country. 

The panelists highlighted the desirability of a consolidated effort by all government agencies, including law enforcement like the NBI, to effectively address this issue.

The Future of Online Slots Marketplace 

During the 2024 ASEAN Gaming Summit held at the Shangri La The Fort in Metro Manila, panelists provided insights into the current and potential future marketplace for remote online slots. Local slots have demonstrated profitability, recording profits of up to $450 or more after taxes per machine per day. This potential can be further increased by tapping into an international audience. Cultural differences in game design, functions, payments, and various machine certificates were noted as challenges in this regard.

The consensus among both panels was clear: creating the right online casino slots will be a key driver of the industry in the coming years. Substantial research and development investments will take place alongside trial and error, with many companies already heavily investing in this product type. 

In addition to the growing popularity of remote online slots, luxury accommodations in Canada, like the Fairmont Banff Springs, are adding special gaming experiences for rich guests who want both luxury and fun.

See also  Where to find the best online casino bonuses in Toronto

While the concept of remote online slots is not new, the recent pandemic has accelerated the technology’s development. The industry is poised to witness large-scale remote slot facilities with 10,000 or more machines running 24/7, serving players worldwide. This product type, classified under live casino in many respects, can also be operated under existing legislation in numerous jurisdictions, such as a B2B license in the Isle of Man.

The 2024 ASEAN Gaming Summit has provided valuable insights for regulators, industry leaders, and experts, fostering constructive debate and knowledge exchange regarding the future of the gaming sector.

As the modern gaming concept continues to gain popularity, further changes are expected, including the potential blurring between the land-based and online gaming experiences as innovation and development progress.