Asia Sees Rising iGaming Demand as Revenue Growth Remains Uneven

Online gaming engagement across Asia continues to climb, yet commercial returns across the region remain inconsistent, according to a new analytical report released by iGaming data firm Blask. The findings point to a growing disconnect between consumer interest and revenue generation, shaped largely by regulatory frameworks rather than demand levels.

The report examines online gaming activity across more than 100 countries, combining proprietary demand indicators with revenue modelling to evaluate market size and competitive conditions. Blask found that several Asian jurisdictions rank among global leaders for player interest, even as their estimated revenues lag behind those of more established markets.

“Interest does not always equal revenue,” the analysts stated in the report, highlighting that some of the highest-demand markets also face the most restrictive regulatory and structural conditions.

According to Blask, regulatory clarity and enforcement play a decisive role in determining whether demand translates into sustainable revenue. While player engagement remains strong in many Asian markets, monetization is often constrained by site blocking, payment disruptions, and fragmented operator ecosystems.

The contrast becomes clear when comparing Asia with more mature jurisdictions. Blask noted that developed markets, including the United States and parts of Europe, continue to command a larger share of global iGaming revenue despite, in some cases, lower relative levels of player interest.

“Developed markets maintain revenue share thanks to stricter and more stable regulation,” Blask said, adding that open and competitive licensing systems tend to support more predictable earnings and reduced volatility.

The report also observed that regulated markets typically display steadier revenue baselines, whereas unregulated or grey markets experience sharper fluctuations. These swings are often driven by enforcement cycles, brand turnover, and changes in market access.

Within Asia, Blask identified wide variation between individual markets. Countries such as Bangladesh, the Philippines, Vietnam, and India consistently record high levels of online gaming interest. However, revenue performance across these markets differs significantly.

The Philippines was highlighted as a regional outlier. Following  on offshore gaming operations and the expansion of domestically licensed e-games and e-bingo offerings, Blask identified the country as Asia’s only open and competitive regulated online gaming market. As offshore operators exited, demand increasingly shifted toward locally licensed platforms, supporting stronger revenue capture.

“Policy changes in the Philippines have reshaped supply toward local licensees,” Blask indicated, pointing to increased activity on regulated domestic platforms.

By contrast, countries such as Indonesia, Thailand, and Bangladesh continue to post strong demand despite ongoing enforcement efforts. These measures, including site blocking and payment restrictions, have contributed to high levels of churn, with operators frequently rotating brands, domains, and marketing channels to remain visible.

India presents a separate set of challenges. Blask’s analysis shows that India hosts the largest number of online gaming brands in Asia, reflecting an intensely competitive and fragmented environment. While player interest spikes during major sporting events, particularly cricket, revenue growth remains limited.

In August 2025, India enacted the Promotion and Regulation of Online Gaming Act, which bans online money games played for stakes, regardless of whether they are classified as games of skill or chance. Blask noted that this regulatory shift, combined with high brand density, has constrained monetization and placed greater emphasis on localization and compliance flexibility.

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The report cautioned against viewing Asia as a unified iGaming market. Jurisdictions such as Singapore, South Korea, and Japan exhibit lower volatility and more contained growth, reflecting tighter controls, state monopolies, or restricted legal offerings. In contrast, less regulated markets tend to show sharper and more irregular demand patterns.

On the product side, Blask found that slot games dominate player interest across Asian markets, accounting for the majority of observed engagement. Other formats, including live casino and table games, represent a much smaller share of overall activity, a trend that holds across both regulated and unregulated environments.

Summarizing its findings, Blask emphasized that Asia’s iGaming sector remains defined by strong consumer interest alongside structural limits on revenue realization.

“Asia should not be viewed as a single market,” Blask said. “It is a collection of jurisdictions at very different stages of development, where demand, regulation and monetization do not always move together.”

Source:

, agbrief.com, December 17, 2025