SiGMA Asia 2025 anchors a clear narrative for the region’s gaming economy, bringing together over 13,000 delegates in Manila to examine how coherent regulation, mobile adoption, and data-led operations are shifting value across land-based and online channels. It sets out the essentials with clarity: what is changing in regulation and market structure; why it matters for GDP, tax and player protection; how operators are adapting business models; when key markets may move; who is shaping the conversation; and where opportunities will open across the Philippines, Thailand, Vietnam and the wider region. The tone is candid and practical, addressing sustainable tax design, KYC, affiliate economics and the challenge of migrating from integrated resort led growth to scalable online operations.
Regulated momentum
A consistent theme is that forward-thinking frameworks attract quality operators and support long-term growth, provided that tax design and supervisory capacity allow compliant businesses to compete with the shadow market. Setting this foundation, Ramon C. Garcia Jr., Executive Chairman at DFNN Inc., notes, “We were one of the first licenses of PAGCOR both on the land-based as well as the interactive,” pointing to hands-on engagement with PAGCOR and the Philippine Charity Sweepstakes Office as channels converge and product sets expand.
Be transparent so that you gain a sense of confidence when they do regulation that it can be implemented and sustainable.
The operational consequences of weak controls are drawn by Peter Williams, Managing Director, APAC at Continent 8 Technologies, who reflects that a loss of focus on KYC and external expertise contributed to the offshore segment’s collapse, with GDP upside missed and spillover losses across supporting industries once those operators exited. That perspective is complemented by Marco Antonino Urera, Board Director at DFNN Inc., who stresses transparency and education in dealings with supervisors: “Be transparent so that you gain a sense of confidence when they do regulation that it can be implemented and sustainable.” Together, these views underline a pragmatic point: regulator capability and industry candour move markets more than rhetoric.
iGaming economics
The business model discussion stays rooted in margins, not slogans. Harmen Brenninkmeijer, Managing Partner at NYCE International, cautions that operators typically retain around 5 to 6 percent after costs, and that over taxation or constrained marketing headroom can push players to unlicensed platforms; as he frames it, rates must allow businesses to exist and compete while regulators understand what it takes to run them. That reality connects directly to the Philippines’ channel shift.
Shaun MacCamley, Founder and Managing Partner at Euro Pacific Asia Consulting, notes that igaming revenue has, for the first time, outpaced land-based, but he is clear that online operations require distinct strategy and capabilities despite similar game catalogues: “There is really no correlation other than the fact that the games look similar.” The economics of acquisition also feature, with Brenninkmeijer pointing to high affiliate costs that can absorb up to 40 percent of gross revenue, reinforcing the need for disciplined cost structures and informed policy. Within this context, formalisation efforts and revised rates are designed to sustain compliance, protect revenues and keep players on licensed platforms over the medium term.
What’s next for Asia?
The path ahead combines omnichannel execution with regulatory clarity. Nick Hill, CEO of Premier Chain, observes that land-based casinos in Manila are increasingly open to online partnerships as a young, mobile-first demographic shifts to phones, with PGO-licensed operators capturing share and accelerating digital reach. Regionally, momentum is building. Hill points to Thailand’s legislative moves and the potential of integrated resorts attracting global brands, while also noting ongoing discussions in Vietnam and periodic debates in Japan as governments seek tax revenues across land-based and online channels.
As smartphone adoption deepens and technologies such as AI and blockchain reshape how people play and pay, the direction of travel is clear. The closing message voiced across contributors is actionable and straightforward: rapid but thoughtful regulation, robust KYC and transparent engagement can keep players within licensed ecosystems and deliver durable public value.
This diverse market is at an inflection point, where responsible innovation and coordinated rules align economic growth with consumer protection at scale. With Manila as a focal point, the Philippines and its neighbours are building models that pair the strengths of integrated resorts with resilient online economies, guided by realistic tax design, informed supervision, and industry accountability. Sustainable taxation, credible KYC and constructive dialogue between operators and regulators will determine outcomes in the next cycle.
SiGMA Euro-Med takes place next week, convening policymakers, operators and technologists to advance practical steps on regulation, growth and safer gambling across jurisdictions. Align teams on the regulatory and economic insights shared here, synchronise strategy for omnichannel execution, and meet the community in Malta.
