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 a nationwide ban 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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