Asia’s gaming outlook: a wake-up call Europe can’t ignore
The Asian subcontinent, which houses over 50 percent of the global population, has seen major growth in the online gaming sector. This demand was primarily driven by China and India, the two most populous nations worldwide. In 2024, the Asia-Pacific online gambling market was estimated to be valued at approximately $23.9 billion (€22.1 billion).
Industry analysts project this figure will more than double to $56.0 billion (€51.7 billion) by 2033, reflecting a compound annual growth rate (CAGR) of 9.45 percent between 2025 and 2033, according to IMARC Group.
The surge is largely driven by the growing popularity of fantasy sports, live betting, and mobile wagering, which are becoming increasingly accessible due to smartphone adoption and faster internet connectivity. The broader online betting sector in the region is projected to surpass $94 billion (€86.7 billion) by 2027, reflecting robust demand and the expansion of mobile gaming ecosystems.
Role of Southeast Asia
Southeast Asia is playing a particularly prominent role in this growth. The region’s online gambling market reached $3.48 billion (€3.2 billion) in 2024 and is expected to hit $5.51 billion (€5.1 billion) by 2033, registering a CAGR of 5.24 percent.
Modern technology is also reshaping the region’s gambling landscape. Advancements in artificial intelligence, virtual reality, and blockchain technology are enhancing user experience, operational efficiency, and regulatory compliance. Operators are increasingly relying on AI-powered tools to monitor platforms, while blockchain provides transparent transaction tracking. These innovations are becoming key drivers of growth and competitive differentiation in a crowded market.
Sudden crackdown leaves a muddle
But the rapid expansion has also brought up serious regulatory issues. Governments across Asia are implementing a variety of strategies to combat illegal gambling and safeguard their citizens. Recently, all real-money online games, including fantasy sports platforms, were outlawed in India by the Online Gaming Bill 2025, which included frozen assets connected to betting applications under Chinese control.
Similarly, in an effort to reduce gambling among college students and young people, Indonesia deleted almost 2.8 million social media posts containing online gambling promotion between October 2024 and September 2025.
Other countries, including the Philippines, Pakistan, Malaysia, Vietnam, Singapore, and Myanmar, have intensified crackdowns on illegal online gambling. Thailand has shelved its plans to allow online gambling and casinos, while Cambodia, historically a hub for Chinese gamblers, now faces calls for stricter regulation due to links with transnational crime and human trafficking.
This combination of rapid market growth, technological innovation, and regulatory enforcement has created a high-risk, high-reward environment for operators. While the market’s scale is too significant to ignore, the associated regulatory and social risks present serious challenges.
Undeniable impact on Europe
European operators, with substantial exposure in Asia, are particularly affected. Companies such as Flutter Entertainment, owner of Betfair and PokerStars, continue to expand in regulated Asian markets, exemplified by the €2.3 billion ($2.6 billion) acquisition of Italy’s Snaitech in 2024.
Conversely, some European operators are reassessing their positions. Bet365, a leading UK-based gambling company, exited China in 2025, focusing instead on more stable markets in the US, Germany, Spain, and the Netherlands.
Experts say the Asian market’s regulatory unpredictability is a worry for international operators. However, upon closer examination, they also point out that Asia’s own set of challenges is actually a lesson for Europe as well.
Brace for the impact
In an exclusive conversation with SiGMA News, Sona Tunyan, Business Development Manager at live casino provider CreedRoomz, warned that the recent wave of enforcement across Asia has exposed deep structural flaws in the region’s iGaming industry.
“Asia is not one uniform market — it is a mosaic of diverse regulatory, cultural, and technological landscapes,”
– Sona Tunyan, Business Development Manager, CreedRoomz
Tunyan said the root problem is regulatory inconsistency. In her initial remarks, Tunyan stressed, “the core weakness in many Asian markets is the absence of consistent and transparent regulatory frameworks,” she explained. “iGaming has often grown under uneven oversight, so when governments begin enforcement, operators find themselves scrambling.”
By contrast, she noted, Europe’s regulatory bodies offer stability and predictability. “Licencing frameworks such as the Malta Gaming Authority (MGA) or United Kingdom Gambling Commission (UKGC) have long provided clarity and operational stability. Asia still has many jurisdictions where rules shift suddenly, especially around payments and consumer protection,” Tunyan added.
No uniformity in Asian markets
She also stressed that operational complexity compounds the challenge. Tunyan further added, “In India, a sudden ban on real-money gaming created huge uncertainty. In the Philippines, regulation is constantly under debate. Japan and Singapore are cautious but painstaking, while Sri Lanka is building structure.”
This patchwork, she argues, makes strategic planning difficult. Yet for live casino providers, she still sees opportunity. “We must constantly adapt — offering content in local languages, in culturally familiar formats, while keeping pace with shifting legal norms,” Tunyan said. Despite the turbulence, she believes demand remains resilient. “Despite clampdowns, demand in Asia for live casino experiences remains strong. Players value authenticity and interaction.”
Switching to legal-safe formats
In markets where rules are tightening, Tunyan urged operators to shift towards formats that remain legally safe. “One way to navigate challenges is by using social casino products, which carry no real-money stakes,” she said. “By providing entertainment without real-money stakes, operators can retain their player base, build brand loyalty, and explore alternative monetisation opportunities. This allows them to stay active in regulated markets without risking compliance breaches.”
She said flexibility is now a survival requirement. “Providers need products that can switch modes fast, this adaptability is what allows them to survive sudden policy shifts,” Tunyan added. As per her, risk management must go far beyond fraud detection. “A strong risk management backbone is essential for sustainable growth; it’s not just about preventing fraud anymore, it’s about regulatory agility, constant compliance, and protecting players.”
When asked what defines a practical regulatory framework, Tunyan outlined three pillars: “Clarity, stability, and communication. Rules must be clear and unambiguous. The policy environment must remain stable, not shifting overnight, and there must be open, ongoing dialogue between regulators and operators.”
She added that player protection must sit at the centre of any system, “That means enforcing fair play standards, safeguarding personal data, and avoiding misleading promotions.”
For operators, she said, this requires embedding compliance into every layer of their organisation. “Operators must build risk management into their culture, through regular staff training, proactive planning, and the ability to anticipate change rather than merely react to it.”
Payments disrupted by the clampdown
Another crucial area affected by the clampdown is payments. Mary Mendoza, a strategic consultant at The Platinum Ltd, observed that the upheaval has significantly reshaped payment systems. “With technology evolving rapidly while legislation lags behind, a great deal is at stake,” she remarked.
According to Mendoza, the Q3 2025 payments are likely to be fragmented and under pressure. Mendoza stated, “The traditional correspondent banking network has effectively retreated from the sector in clamped down markets, creating a two-tier system,” she said. “For land-based resorts in places like Macau and Singapore, the impact is muted; their settled banking relationships remain intact. However, for online operators, the shift is profound.”
She explained that many operators have turned to “payment-as-a-service” intermediaries that use bundles of micro-transactions and digital vouchers to obscure transaction trails. “While innovative, these methods are less sustainable, carrying higher operational costs and introducing new points of failure. This friction directly caps customer acquisition and lifetime value, compressing margins and shifting the growth narrative from market share to pure operational survival,” Mendoza said.
For smaller markets like Timor-Leste, she said the opportunity is to “avoid the Asian grey model entirely and emulate stricter European or Japanese-style regimes. The risk remains if economic desperation short-circuits this rigorous planning,” Mendoza warned. “The key is whether the licence itself is treated as a valuable, hard-to-get asset that ensures operator investment in compliance, rather than a mere toll-gate for market access.”
Asia should serve as a reminder
Meanwhile, Tunyan believes that the Asian crackdown experience should serve as a cautionary tale for Europe. “Many European providers have significant exposure to Asian markets. As regulations evolve there, the risk of compliance slip-ups grows,” she warned. “But Europe’s regulatory maturity gives operators room to adapt and avoid similar fallout.”
She added that partnerships are key to resilience. “We can’t build in isolation. Aligning with operators who share our values helps us sail through weather storms. Our reputation is tied to theirs, so we must work with those who are equally committed to integrity.”
Ultimately, she argued, the industry’s greatest lesson is about trust. “Sustainable growth is built on trust, trust with players, regulators, and partners,” Tunyan said. “That trust comes only from consistent delivery of transparent, fair, and responsible live casino experiences. If that trust is broken, even strong markets can collapse.”
