GameOn - Go-Intel Report Asia-Pacific Frontier
connections (121 per cent of population) and 34.9 million internet users (97.7 per cent). Urban areas comprise 79.4 per cent of the population.
E-wallet use is widespread through Touch ’n
Go, GrabPay, and Boost. Te grey-market online casino and sports betting sector is estimated at over US$2bn annually. Football betting, 4D lottery games, and esports are particularly popular. Re- sponsible gambling measures are minimal, and problem gambling remains a concern among lower-income groups.
Prospects: Without legalisation, Malaysia’s online gambling revenue continues to flow offshore. Tere is limited political appetite for reform due to religious sen- sitivities, around 60 per cent of the population is Muslim, and fears of social harm. Nevertheless, the success of Genting and the rise of digital pay- ments may eventually encourage a regulated online framework with strict entry controls.
SINGAPORE Regulation: Singapore operates one of the world’s strictest but most lucrative casino regimes. Only two in- tegrated resorts—Marina Bay Sands (Las Vegas Sands) and Resorts World Sentosa (Genting Sin- gapore)—hold casino licences, paying high taxes and requiring an entry levy for residents.
Te Remote Gambling Act 2014 prohibits online
gambling except for Singapore Pools and the Sin- gapore Turf Club, which offer sports betting and lottery services through regulated apps. Enforce- ment is robust, with IP blocking and financial transaction controls.
Market performance: Singapore generated approximately SGD 3.5 billion
174 Te population is fully urbanised, with a median
age of 36.2 years, and digital payment adoption is near universal through PayNow and GrabPay.
Outlook: Regulatory liberalisation is unlikely. Instead, focus remains on upgrading existing integrated resorts, with expansions at both Marina Bay Sands and Resorts World Sentosa worth several billion dollars. With tourism recovering, GGR is projected to rise modestly. Strict responsible gambling programmes will remain central to policy.
CAMBODIA Regulation: Cambodia enacted the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG) in 2020, establishing a regulatory frame- work for casinos and integrated resorts. Licences are issued by the Ministry of Economy and Finance, with oversight by the Commercial Gambling Man- agement Commission of Cambodia. Online gamb- ling licences were issued extensively in the past, particularly in Sihanoukville, but were cancelled after the government banned online gambling in 2019 to curb crime and protect social order. Te LMCG restricts local residents from entering casi- nos.
Market context: Cambodia had 25.3 million mobile connections (143 per cent of the population) and 10.8 million internet users (60.7 per cent penetration) in 2025. Mobile money adoption is high; WING and Pi Pay provide cross-border remittance and payment services. Casinos in Phnom Penh, Sihanoukville,
in casino GGR in 2024, according to analyst esti- mates. Fitch Ratings expects revenue to rise 5 per cent in 2024 and moderate to around 3 per cent in 2025, driven by tourism recovery.
and border towns cater to Vietnamese, Chinese, and Tai gamblers. GGR is estimated at around US$1bn annually, with NagaWorld (NagaCorp) dominating the market. A large grey-market online gambling industry moved offshore after the ban. Tourism is a key economic pillar, and casinos contribute significant tax revenue.
Outlook: With online gambling banned, Cambodia is focused on land-based integrated resorts. Te government may reintroduce controlled online licensing if revenue diversification pressures increase. In- frastructure investments—such as highways and airports funded by China’s Belt and Road Initiat- ive—may boost tourism and casino visitation.
East Asia
MACAU Regulatory framework: Macau is the world’s largest casino market by GGR. Under the Gaming Law, the government grants concessions to operators. Te six conces- sionaires, SJM Holdings, Galaxy Entertainment, Wynn Macau, Sands China, MGM China, and Melco Resorts, were awarded 10-year licences in 2022, commencing January 2023. Concessionaires pay a 35 per cent gaming tax plus social con- tributions, resulting in an effective rate of around 40 per cent. Online gambling is illegal. Some op- erators historically offered proxy betting through VIP rooms, but regulators have curtailed such practices.
Market performance: GGR plummeted during the pandemic but is re- covering. In June 2025, GGR reached MOP21.06bn (US$2.6bn), up 19 per cent year-on-year. Total GGR for H1 2025 was MOP118.77bn (US$14.69bn), a 4.4 per cent increase on H1 2024. Government tax revenues reached MOP45.26bn (US$5.59bn)
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