The Rise of Regulated iGaming in Asia: A Market at a Turning Point

Regulation as a Growth Driver

A recurring theme was clear: well-designed frameworks attract reputable operators and foster long-term growth, provided tax regimes and enforcement capabilities allow legal businesses to compete with the gray market.

• Ramon C. Garcia Jr., Executive Chairman of DFNN Inc., highlighted his company’s early licensing by PAGCOR, covering both land-based and interactive gaming. He emphasized that transparency with regulators is essential to ensure rules are both implementable and sustainable.
• Peter Williams, Managing Director Asia-Pacific at Continent 8 Technologies, warned that weak oversight leads to offshore market collapses, lost GDP growth, and spillover damage to supporting industries.
• The consensus: regulatory strength and industry honesty matter far more than slogans.

The Economics of iGaming

Profitability was at the center of business model debates.

• Harmen Brenninkmeijer of NYCE International noted that operators typically keep only 5–6% profit after costs. Excessive taxes or marketing restrictions could drive players to unlicensed platforms.
• He added that affiliate marketing can consume up to 40% of gross revenue, underscoring the need for disciplined cost structures and policy awareness.
• Shaun MacCamley, Founder of Euro Pacific Asia Consulting, pointed out that iGaming revenues have now surpassed land-based operations, but stressed that online requires different strategies despite similar game portfolios.

The takeaway: balanced taxation and regulation are essential to keep players on licensed platforms and safeguard sustainable revenues.

What’s Next for Asia

The region’s future lies in omnichannel execution backed by regulatory clarity.

• Nick Hill, CEO of Premier Chain, observed that mobile-first younger demographics are pushing Manila’s casinos to collaborate more with online operators. Licensed PGO operators are expanding their share and accelerating digital reach.
• Regionally, momentum is building. Thailand is exploring legislation and integrated resort opportunities; Vietnam continues discussions; and Japan revisits its debates on gaming revenues.

With smartphone penetration deepening and technologies such as AI and blockchain reshaping gameplay and payments, the direction is set. The core message: fast but careful regulation, robust KYC, and transparent engagement will keep players in licensed ecosystems and generate lasting public value.