Nepal’s gambling industry is thriving, despite not being on the radar of most investors or casino developers.

The South Asian country is practically in the nascent category in the Asian gaming playbook, but experts said that doesn’t stop the daring investors from betting on Nepal’s proximity to India—along with its economic growth and general lack of casino-style gaming in the country—as an attractive investment opportunity.

Grant Govertsen, principal analyst at Union Gaming Securities Asia Ltd., said the developing casino industry in Nepal offers investors access to gaming assets that don’t depend on Chinese players.

In fact, the target of Nepal’s casinos are the middle class residents of its neighboring country—India—who are already familiar with many forms of gambling, but don’t have a place to gamble. In his report, Govertsen said India generates about $10 billion per year in gross gaming revenue, including legal and non-legal types of gambling, and casino and non-casino gambling.