GameOn - Go-Intel Report Asia-Pacific Frontier
Given Indonesia’s vast
to foreign tourists or high-income locals, following Singapore’s model. Operators from Macau, Las Vegas, and regional giants are likely to compete for licences. Social opposition and political shifts could, however, delay or derail implementation.
INDONESIA
Regulatory environment: Indonesia prohibits all forms of gambling under Islamic law, and enforcement is strict with periodic crackdowns on illegal online gambling. Never- theless, the country hosts one of the world’s largest unregulated online gambling markets, estimated at billions of dollars annually.
Indonesian players access offshore platforms
via VPNs and local agents. Payment gateways often rely on e-wallets such as GoPay, OVO, and Dana, or prepaid phone credits.
Market context: Indonesia has 356 million mobile connections (125 per cent of the population) and 212 million internet users, making it Southeast Asia’s largest digital market. E-wallet adoption is extremely high, with 92 per cent of consumers using digital wallets, and the digital payments market projected to reach US$115.34bn by 2025.
Cash usage has dropped from 70 per cent to 51
per cent of transactions since 2020. Popular sports include football and badminton, while es- ports titles like Free Fire, PUBG Mobile, and Mobile Legends attract massive followings. Despite legal prohibitions, demand for sports betting and online casino games remains strong among young adults.
Opportunities and challenges: Given Indonesia’s vast population and high digital adoption, legalising gambling could generate sig-
population and high digital adoption, legalising
gambling could generate significant fiscal benefits. However, religious
opposition and political
sensitivities make legislative change unlikely in the near term.
nificant fiscal benefits. However, religious op- position and political sensitivities make legislative change unlikely in the near term.
Operators must navigate legal risks and im-
plement robust KYC processes. Payment processors face scrutiny due to AML concerns. Some inter- national companies may explore partnerships with local e-commerce giants to provide fantasy sports or social gaming, which are not explicitly banned.
VIETNAM Regulatory status: Vietnam restricts gambling but has gradually opened to casino investment. Under Decree 03/2017, selected integrated resorts such as Phu Quoc and Vân Đồn may allow locals to gamble on a pilot basis, subject to income thresholds.
Sports betting on international football, horse
racing, and greyhound racing is permitted under Decree 06/2017, but licences remain limited. Online gambling remains illegal, though enforce- ment is inconsistent.
Market profile: Vietnam recorded 127 million mobile connections
(126 per cent of the population) and 79.8 million internet users (78.8 per cent penetration) in 2025. Te average age is 33.4 years, and urbanisation continues to rise.
E-wallet adoption is expanding rapidly, with
MoMo, ZaloPay, and ViettelPay dominating the market. Vietnamese players are active in esports such as Dota 2 and League of Legends, and the country is a major consumer of mobile games.
GGR data is scarce but estimated at around
US$1–2bn annually, primarily from tourist- focused casinos in border provinces and Phu Quoc.
Outlook: Further liberalisation may occur as the government seeks to boost tax revenues and tourism. Te pilot programme allowing locals to enter casinos will be reviewed in 2025; positive outcomes could prompt wider access. Stable taxation and regu- latory certainty will be key to attracting foreign investment.
MALAYSIA Regulation: Malaysia has one legal land-based casino— Resorts World Genting, operated by Genting Ma- laysia. Online gambling is illegal under the Betting Act 1953 and the Common Gaming Houses Act 1953. Nonetheless, Malaysian players frequently access offshore sites.
Lotteries (Magnum, Sports Toto, Da Ma Cai)
and horse racing are legal. Te government has considered updating gambling laws to address online betting, but progress remains slow.
Market conditions: Malaysia’s population of 35.8 million enjoys high digital connectivity, with 43.3 million mobile
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