Table of Contents
- Vietnam iGaming Market: A Golden Opportunity for Operators
Vietnam iGaming Market: A Golden Opportunity for Operators
The iGaming industry has been experiencing significant growth worldwide, driven by the rapid advancement of technology and the increasing popularity of online entertainment. Vietnam, a vibrant and dynamic country in Southeast Asia, has emerged as a promising market for the iGaming sector. With a population of over 98.7 million, a high proportion of tech-savvy young individuals, and a growing internet penetration rate, Vietnam offers immense potential for iGaming operators and investors.
The Vietnamese government has been working towards legalizing certain forms of gambling as a means to increase national income. In 2019, they launched a pilot program that allowed two casinos to accept local Vietnamese players for a three-year period. Additionally, the government has approved sports betting and is considering expanding the range of events eligible for bets. These efforts reflect the government’s focus on exploring the potential of the gambling industry to contribute to the country’s economy.
Prospects of the Vietnamese iGaming Market
Although gambling has an important place in Vietnamese culture, local governments have banned virtually all forms of gambling in the past few decades. Due to the lack of legal options, Vietnamese players often visit overseas online gambling websites. Transactions on these sites are estimated to be in the billions, with US$ 10 billion a year spent on black market sports betting alone by Vietnamese players.
With the Vietnamese government implementing policies to legalize certain forms of gambling and the local market witnessing a surge in players frequenting overseas gambling websites and border casinos, the industry’s development prospects appear promising, making it an enticing space to capitalize on.
Localising the Key to Vietnamese Players
As the Vietnamese gambling market faces fierce competition, with international gambling companies entering one after another, establishing an iGaming platform designed for the local market is key to attracting players.
Vietnamese First – International iGaming sites remain distant to many players despite increased English proficiency amongst the Vietnamese. iGaming sites which can offer users the option to use the site in Vietnamese can position themselves as the preferred choice for local players.
VND Means Easy –Platforms offering transactions in local VND have an advantage by lowering the entry point for Vietnamese players. It eliminates the need for currency conversion and enhances the user experience, increasing trust and convenience. Incorporating VND transactions is a strategic move to enhance appeal and competitiveness in the Vietnamese gambling market.
New Traditions – Including traditional Vietnamese games in your platform allows you to differentiate yourself from competitors and forge a strong bond with the local player base. Some examples of popular Vietnamese games that you can consider incorporating are Bầu Cua Tôm Cá, a traditional dice game; Tài Xỉu, a dice game known as Sic Bo; and Rồng Hổ, a card game similar to Baccarat.
White-label providers like Kzing which offer customised front-end sites in Vietnamese, and payment gateways accepting the local currency are valuable in getting operators started on the right foot when entering the Vietnam market.
Popular Games in the Vietnamese iGaming Market
In addition to providing localized games, it is crucial to offer top-notch classic online gambling games on your platform. According to insights gathered by Kzing, Vietnamese players exhibit a strong preference for games that are not only easy to understand but also offer fast-paced and exciting gameplay. Among the plethora of options available, slots have emerged as the undisputed favorite among Vietnamese players.
Other favourites include:
Baccarat – attracting both experienced and new players
Roulette – various betting options, providing an exciting gambling experience
Blackjack – widely recognized card game offering strategic gameplay
Poker – variations like Texas Hold’em and Omaha, attracting competitive players
However, there is a growing trend towards LIVE games, driven by live streaming and social media platforms like Facebook where players can engage with real-life dealers in real-time, providing an authentic casino atmosphere and social interaction. This shift reflects the desire for more immersive and interactive experiences. To succeed, operators should embrace live games and integrate social media features to cater to the evolving preferences of Vietnamese players.
Working with a white label provider can mean launching your iGaming platform quicker by integrating your platform with ready-to-play games. Kzing has partnered with game developers like Sexy, SABA, Jili, Dream Gaming, KingMaker, and CWIN to offer games like Baccarat, Cock-Fighting, and local favourites like slots, V8, Kingmaker, CF and Jili – all ideal for the Vietnam market.
Mobile is the Method
In Vietnam, mobile internet users have exceeded 70 million, and mobile devices being adopted at a high rate. Therefore, providing mobile applications can make it more convenient for players to access and play games, and improve user retention rates. In addition, the usage rate of Vietnamese cryptocurrencies is also very high, with about 18.6 million people holding some kind of cryptocurrency, such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. Electronic wallets are popular alternatives to traditional bank accounts. Some of the most popular ones include Momo, Moca, ShopeePay (AirPay), ZaloPay, and Viettal Pay. For Vietnamese white-label solutions providers, cooperation with these payment channels is very important.
Effective Marketing Strategies for the Vietnamese iGaming Market
Vietnamese iGaming companies use various marketing strategies, including SEO, Google, Affiliate, Facebook, SMS, Banner, and articles. Effective marketing campaigns are essential to attract and retain players, and the Vietnamese market responds well to personalized ads. White-label solutions providers can offer Vietnamese customer service, E2 fraud and compliance, staff hiring, and apps that support the Vietnamese market, especially sports.
In Vietnam, social media plays a vital role in people’s daily lives, and integrating social media platforms into iGaming apps and sports-betting apps can improve user engagement and retention rates. White-label solutions providers can offer social media integration with popular Vietnamese platforms such as Zalo, which has a large user base in the country. This integration can better connect with users and enhance the overall user experience.
Challenges Worth Overcoming
In conclusion, while the Vietnamese iGaming market is still evolving and navigating regulatory challenges, it holds tremendous potential for growth for these reasons:
Lucrative Market – Vietnam has a large and growing population, especially among the younger demographic, making it a promising market for iGaming operators.
Increasing Internet and Mobile Usage – With the rise in Internet and mobile penetration, Vietnamese players have easy access to online gambling platforms, creating a favourable environment for operators.
Shifting Regulations – The Vietnamese government has shown a willingness to explore certain forms of gambling, paving the way for potential future liberalization and expanded opportunities.
Vietnam is a fast-growing market with high potential that operators, existing and aspiring alike are quickly noticing. It will take speed, expertise, and experience of the market to capitalize on the opportunities and shape a sustainable future in this promising iGaming market.
THE KZING WHITE LABEL ADVANTAGE
Kzing white label has helped operators enter Asian markets since 2012, creating customised, white label iGaming packages which are designed to meet your market needs, from China, Thailand, Indonesia, India, and especially, Vietnam.
Kzing’s all-in-one white label solutions include:
Intelligent risk control
Data reporting system
Kzing’s additional services to help you go to market are:
Assistance in setting up overseas operations points
Back office training
Creating your own iGaming platform doesn’t need to be a daunting and resource-intensive task. Collaborating with a white label provider offers a fast and seamless entry into this dynamic industry. If you’re prepared to embark on a new venture with a trustworthy partner offering exceptional products and services, explore Kzing’s white label packages tailored for the distinct markets of Asia. Visit our website for more information or reach out to our team for a complimentary professional consultation to get started on your journey.