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Daily Asia Gaming eBrief: Tightened controls driving Asian punters to black market

AGBrief Editorial
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Daily Asia Gaming eBrief: Tightened controls driving Asian punters to black market

Good Morning. Restrictions don’t always lead to success. With a new wave of constraints hitting the Asian gaming sector, it’s no surprise the underground market continues to thrive. Differentiating between betting products is crucial for jurisdictions aiming to reduce gambling harm while still fostering a safe and profitable environment, according to experts. Looking to Macau, FY25 expectations continue to rise after August’s peak, with hopes that GGR could increase by 8 percent or more. But is the growth sustainable?

What you need to know

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AGB Intelligence

REGULATION

Hong Kong police arrest almost 60 people in illegal sports betting crackdown

Strict controls drive punters to the black market

Asia and Oceania have been undergoing a new wave of regulations and controls. And while all is shiny on the outside, the fact is that the attempt to ‘clean up’ the industry can actually be driving more traffic underground. In a new report, the IFHA outlines how illegal betting is growing, even as countries try to battle sites hosted outside of their jurisdictions. But one thing is clear: over taxation leads to increased social costs.

Corporate Spotlight

90-Day Playbook for Winning Asia’s Gaming Market | GR8 Tech

GR8 Tech, Kate Pozdnysheva

Every operator can launch, but few can lead. In Asia, leadership is won in the 90 days after go-live, when payments feel effortless, content resonates locally, and every touchpoint builds trust.

Why Asia’s iGaming operators must rethink risk strategy | SEON

SEON,Winning Trust, Stopping Fraud: Why Asia’s iGaming Operators Must Rethink Risk Strategy

Winning Trust, Stopping Fraud. Asia Pacific’s iGaming market is expanding extremely fast, and a new wave of digital-savvy players is pushing demand through the roof. But the rise in adoption has outpaced regulation in many markets, and fraudsters have taken notice.

Industry Updates

INTELLIGENCE | ASEAN | CAREERS

Over-regulation of legal betting risks fueling Asia illegal gambling markets: Report

Nelson Moura
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Over-regulation of legal betting risks fueling Asia illegal gambling markets: Report

Asian gambling regulators risk causing more harm than good if they tighten controls too far on licensed operators, as stricter rules are driving punters into unregulated markets dominated by organized crime, a new report warns.

The report, From Regulation to Risk: Illegal Markets and the Inadvertent Growth of Gambling Harm by Over Regulation of Legal Markets, by Martin Purbrick, chairperson of the IFHA Council on Anti-Illegal Betting and Related Crime, argues that over-regulation of legal gambling can ‘inadvertently drive consumers to illegal markets and consequently cause greater risk of gambling harm.’

The shift has accelerated since the Covid-19 pandemic, which shuttered casinos, suspended sporting events and left millions of people betting from home. While licensed firms struggled under regulatory limits, illegal operators adapted swiftly, offering a wider menu of products with no oversight or consumer safeguards.

‘Illegal betting growth is faster than legal markets’, Purbrick wrote. ‘Operators outside the law prey on vulnerable groups including minors, young adults and high spenders, while providing no responsible gambling measures.’

The World Health Organization estimates that 1.2 percent of the global population suffers from gambling disorder. But Purbrick argues that the bulk of this harm stems from illegal markets, particularly in Asia, home to 60 percent of the world’s people.

Asia’s illegal betting boom

Over-regulation of legal betting risks fueling Asia illegal gambling markets: Report

The report highlights how restrictive or non-existent legal markets in Asia’s most populous nations have allowed illicit platforms to flourish.

In India, where betting on cricket is largely outlawed, annual deposits in illegal gambling are estimated at nearly $100 billion. A 2023 Lancet article found problem gambling prevalence at 7.4 percent, but Purbrick notes most of this occurs outside regulated channels.

China, where only state-run lotteries are legal, recorded nearly $99 billion in lottery sales last year. Yet gambling addiction rates of 2.5 to 4 percent – well above Western averages – suggest the underground market remains vast and damaging.

Indonesia, Pakistan and Bangladesh, all of which prohibit most forms of gambling, have seen rapid growth in online platforms, often hosted abroad. Jakarta set up a dedicated anti-gambling task force in 2024 after an estimated 3.7 million Indonesians wagered over $20 billion illegally.

In Bangladesh, despite official efforts to block sites such as Bet365, a new wave of homegrown platforms has emerged, prompting experts to warn of a ‘silent epidemic’ of addiction.

‘Across Asia’s five biggest countries, the greatest driver of gambling harm is the illegal market’, Purbrick concluded.

Sports betting vs online casinos

The study stresses the need to distinguish between different gambling products, noting that sports betting and horse racing are less strongly linked to addiction than electronic gambling machines and online casino games.

Research from Sweden, Australia and Finland cited in the report shows that high-frequency, repetitive games such as slot machines and online roulette carry far greater risks than betting on racing or football, which are slower-paced and involve more skill.

Purbrick suggests regulators should separate customer accounts for sports betting and casino games to prevent crossover, and adjust taxes to reflect relative risk – keeping levies low for sports betting but higher for online casinos.

Over-taxation, he warned, can push punters toward illegal sites, shrinking tax revenue while raising social costs.

The analyst also  acknowledges that governments have a duty to limit gambling harm, but says poorly calibrated rules are counterproductive. ‘An effective legal betting market is critical’, he wrote. ‘If consumer demand is not satisfied, people will inevitably turn to illegal markets where the risk of harm is far greater.’

He urged regulators to adopt a more ‘balanced’ approach that protects consumers without stripping legal operators of their competitiveness.

‘As gambling markets continue to change at a startling pace’, the study concludes, ‘governments must recognize that over-regulation of legal operators risks doing the very opposite of what it intends: driving more people to illegal gambling and causing more harm.’

Soft2Bet celebrates 9 years of innovation at SBC Summit Lisbon with Gamification Academy & MEGA workshops

AGBrief Editorial
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Soft2Bet celebrates 9 years of innovation at SBC Summit Lisbon with Gamification Academy & MEGA workshops

Soft2Bet will celebrate nine years of innovation at this year’s SBC Summit Lisbon 2025 (Sept 16–18), showcasing its latest gamification technology, leading educational content through the Gamification Academy, supporting the flagship Legends Charity Game, and backing start-up founders at SBC First Pitch.

From September 16 to 18, Soft2Bet will showcase its iGaming platform, turnkey solutions, and MEGA, a data-led retention suite designed for casino and sportsbook brands. Across the three days, the team will demonstrate MEGA through bookable workshops, lead the Gamification Academy by Soft2Bet as part of the Tech Academies programme, and support founders at SBC First Pitch.

Soft2Bet: Backing SBC’s flagship Legends Charity Game

On 15 September, Soft2Bet will join SBC and its founder, Rasmus Sojmark, for the flagship Legends Charity Game in Lisbon, a Portugal Legends versus World Legends match where Luís Figo, the 2000 Ballon d’Or winner, captains Portugal. The fixture brings together Portuguese and international greats with the aim of raising €1,000,000 for humanitarian causes.

SBC CEO & Founder Rasmus Sojmark commented: “Soft2Bet has been a strong partner of SBC’s events from the early days and it is fantastic to see them take it to another level in 2025. We have a number of new initiatives this year at the SBC Summit and Soft2Bet’s support has helped us to develop the Tech Academies programme and push forward with the Legends Charity Game.”

SBC Gamification Academy powered by Soft2Bet

For the first time, SBC will launch the Operators Academy, focused on AI, Marketing, Web 3.0 & Blockchain, and Gamification. During the first day, Soft2Bet will be contributing to the Gamification Academy by Soft2Bet. 

The programme features a keynote by Chief Product Officer Yoel Zuckerberg, “Introduction to Gamification & Player Engagement”, the panel “Why Personalisation is the Key to Retention”, moderated by Martin Collins (Chief Business Development Officer), and another panel “The Five Steps of Gamification”, with Alon Eshed (Head of Sales) as a panellist. Yoel Zuckerberg and other senior representatives will share practical strategies for operators on personalising player experiences, integrating gamification into products, and measuring performance. The academy will equip operators with clear, actionable insights to boost engagement, retention, and revenue, providing them with a competitive edge.

“Brands want retention they can prove,” said Yoel Zuckerberg, Chief Product Officer at Soft2Bet. “In Lisbon, we are running focused, one-to-one MEGA sessions that show the playbook, personalised missions, clear KPIs and less bonus waste, so teams can lift engagement and LTV across highly competitive markets.”

One integration. MEGA outcome

Soft2Bet celebrates 9 years of innovation at SBC Summit Lisbon with Gamification Academy & MEGA workshops

Throughout the summit, Soft2Bet will host bookable MEGA workshops at Stand C160, featuring 30-minute one-on-one sessions hosted by Alon Eshed (Head of Sales), with presenters Nicolas Campano (Sales Director) and Slobodan Georgijevski (Senior Sales Manager). Each session will demonstrate how to configure missions and challenges to align with brand goals, monitor uplift through live reporting and control bonus spend via a single integration. Workshop slots are limited and can be reserved via this link: https://www.soft2bet.com/mega 

Soft2Bet Invest: developing the industry through innovation

Supporting early‑stage teams is vital to the industry’s progress. Soft2Bet founded Soft2Bet Invest in 2024 to support iGaming and casual gaming entrepreneurs with capital and hands-on business support, focusing on areas such as AI, behavioural-UX analytics, and scalable gaming technology. 

Last year in Lisbon, Soft2Bet participated in the SBC First Pitch judging panel; this year, the commitment grows as Soft2Bet Invest presents the competition on 18 September, with a start-up prize package worth over €90,000. The goal is straightforward: to help talented founders introduce new approaches and fresh thinking to a rapidly growing industry.

Nine nominations underline strength in products, platform and leadership

This year, Soft2Bet received nominations across nine award categories at the SBC Awards 2025, highlighting excellence in its brands, MEGA, platform innovations, and leadership. The recognition reflects a consistent focus on localisation, compliance and player experience, helping to build strong brands in highly competitive markets with strict requirements, rigorous marketing standards and a clear performance focus.

South Korea’s Paradise Co. reports 11.7% revenue increase in August

Viviana Chan
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South Korea’s Paradise Co. reports 11.7% revenue increase in August

South Korean foreigner-only casino operator Paradise Co. reported strong revenue growth for August, reaching KRW80.45 billion ($62.9 million). This figure reflects an 11.7 percent increase year-on-year and a 7 percent rise compared to July’s revenue.

The growth was primarily driven by robust table game performance, which remained the company’s key revenue source.

Table game revenue rose 12.9 percent year-on-year to KRW76.01 billion ($59.4 million), offsetting a decline in gaming machines. In contrast, gaming machine revenue dropped 5.8 percent from the previous year to KRW4.45 billion ($3.5 million), though it saw a 3.9 percent increase month-on-month.

The financial update was filed with the Korean Stock Exchange on September 2nd.

For the eight-month period ending August 2025, Paradise Co. recorded cumulative casino revenue of KRW610.74 billion ($477 million), a 10.2 percent increase over the same period in 2024.

Table games fueled this year-to-date growth, generating KRW576 billion ($450 million), up 11 percent compared to last year. The gaming machine segment, however, declined 1.1 percent to KRW34.74 billion ($27.1 million) over the same period.

Paradise Co. operates four foreigner-only casinos in South Korea: Walkerhill in Seoul, Paradise Jeju on Jeju Island, a casino in Busan, and Paradise City in Incheon, the latter in partnership with Japan’s Sega Sammy Holdings Inc.

Sands China secures 24% mass gaming share in 2Q25: UBS

Viviana Chan
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Sands China secures 24% mass gaming share in 2Q25: UBS

Sands China solidified its dominance in Macau’s mass gaming market during the second quarter of 2025, securing a 24 percent market share despite intense competition among the territory’s casino operators.

According to a UBS memo, Sands China led the mass and slot gaming segment with a 24 percent market share in 2Q25, up from 23.6 percent in 1Q25. Galaxy Entertainment followed with the second-largest share at 19 percent, an increase from 18.7 percent in the prior quarter.

MGM China also saw growth in the mass and slot gaming segment, with its market share rising to 16.9 percent from 15.9 percent in 1Q25. Conversely, SJM Holdings experienced the steepest decline, dropping to 13.4 percent from 14.5 percent, with its satellite operations falling to 5.3 percent from 5.9 percent.

Wynn Macau faced challenges, with its market share slipping to 11.6 percent from 12.5 percent in 1Q25. Melco Resorts, however, posted a modest gain, increasing its share to 15.1 percent from 14.8 percent.

Galaxy, Blackpink

Non-gaming revenue gains momentum

Macau’s non-gaming sector showed resilience, with revenue growing 4 percent year-over-year to reach $1.19 billion in 2Q25. This growth underscored the ongoing recovery in the region’s hospitality and entertainment sectors.

Galaxy Entertainment led non-gaming revenue growth, posting an 8 percent year-over-year increase, bolstered by new hotel capacity, including the Capella Hotel, which gained traction among VIP and premium mass segments following its soft launch on May 1st, 2025.

In contrast, Wynn Macau’s non-gaming revenue fell 11 percent year-over-year, marking the largest decline among major operators. This highlighted the uneven recovery across operators’ hospitality and retail operations.

Macau, cotai-strip, Gaming revenue, Macau GGR, gaming operators, gaming industry, Macau dasino operators

Sector margins under pressure

The Macau gaming sector’s luck-adjusted EBITDA margins contracted in 2Q25 due to rising operational costs and intensified promotional activities. Sector reinvestment rates rose by approximately 40 basis points quarter-over-quarter, reflecting operators’ increased spending on customer acquisition and retention.

This heightened promotional activity aligned with popular concerts and the opening of new hotel properties, such as the Capella and Londoner Grand hotels. Mass per capita spending reached approximately MOP5,500 ($685) per visitor in 2Q25, a 12 percent quarter-over-quarter increase, driven by a higher proportion of premium customers.

The sector’s luck-adjusted EBITDA remained flat year-over-year at approximately $2 billion but improved 3 percent quarter-over-quarter. Daily operating expenses rose 2 percent quarter-over-quarter to $20.9 million, reflecting higher wages and increased business volumes.

Despite margin pressures, operators remain optimistic about demand, with management attributing the acceleration to concert-driven visitation and anticipating sustained momentum into the summer season.

GoldenRace teams up with Inbet to bring Penalt2Win to Bulgaria

AGBrief Editorial
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GoldenRace teams up with Inbet to bring Penalt2Win to Bulgaria

GoldenRace, leading provider of award-winning virtual sports and betting solutions, announced a new partnership with Inbet, the biggest Retail operator in Bulgaria and one of the most important iGaming companies in the market.

This collaboration brings Penalt2Win – GoldenRace’s dynamic football game created for sports fans who enjoy simple and fast betting formats – to Inbet shops.

Commenting on the new agreement, Mihail Hadzhiev, CEO of Inbet, shared: “We are excited to join forces with GoldenRace to bring Penalt2Win to Bulgarian players through our Retail locations. This Virtual Football game delivers a fast, immersive experience with realistic gameplay and popular betting options. Our customers enjoy quick rounds and rewarding opportunities, making it a great addition to our offering. Together, we are committed to raising the bar for football entertainment and innovation in the market.”

Penalt2Win will further strengthen Inbet’s leadership in the country by offering a product that combines GoldenRace’s advanced technology with our proven retail innovations. Built with motion capture technology, Penalt2Win delivers a highly realistic penalty experience that is quick, easy to follow and packed with players’ favourite football markets.

Penalt2Win by GoldenRace

“At GoldenRace we value clients who understand their market and know what they need. This helps us to work closely together and find the best approach, and Inbet is exactly this kind of partner,” said Martin Wachter, CEO and Founder of GoldenRace. “With Penalt2Win we are adding something fresh and different to their retail shops. Football is the game that truly engages players, and it has always been at the centre of our innovation. With Inbet we have found the perfect partner to bring this passion to life in Bulgaria.”

This partnership also highlights GoldenRace’s strong commitment to the European market and proves that our innovation strategy is in line with the needs of the best operators in each country. GoldenRace already leads global markets with top football products such as our Virtual Football Leagues. Now, together with Inbet, we will bring a new football experience to the Bulgarian retail market.

BETBY elevates NFL wagering experience with prop market expansion

AGBrief Editorial
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BETBY elevates NFL wagering experience with prop market expansion

BETBY, a premium sportsbook provider, is set to kick off the new NFL season with a major expansion of its American football betting portfolio, introducing a significantly broader range of player prop markets as well as the highly anticipated launch of microbetting options.

With official NFL data rights powering its sportsbook, BETBY has enhanced its player props coverage to go beyond traditional totals, now offering markets such as anytime, first, next, and last touchdown scorers. This expansion allows bettors to engage with individual performances in more dynamic ways across every game moment.

Complementing the props update, BETBY is also introducing microbetting markets tailored to NFL gameplay, including team to score first/next drive, next drive outcome, drive to score, and drive to touchdown. These fast-paced markets bring a new layer of interactivity for users, enabling real-time engagement with every possession.

The release is strategically aligned with the start of the new NFL season, ensuring that BETBY’s operator partners and their audiences can access these innovations from day one.

Commenting on the launch, Kirill Nekrasov, Head of Sportsbook Product at BETBY, said: “The NFL is one of the most followed and engaging sports competitions in the world, and we are thrilled to expand our coverage with official data-driven markets. By introducing a wider range of player props alongside microbetting opportunities, we are giving our partners the tools to deliver a far more immersive experience to their users throughout the entire season.”

These additions underscore BETBY’s commitment to innovation and player engagement, solidifying its position as a leading sportsbook provider that continuously adapts its portfolio to the evolving demands of operators and bettors alike.

Push Gaming expands reach with new game categories and sub-brand

AGBrief Editorial
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Push Gaming expands reach with new game categories and sub-brand

Push Gaming, a leading B2B gaming supplier, is undertaking a major strategic expansion by launching two new game categories and a fresh sub-brand—aimed at scaling its operations and significantly diversifying its portfolio, all while preserving its reputation for premium slot experiences.

The move aims to attract a wider range of players and secure a substantial market share in key regions.

Known for its premium, quality approach to game design, Push Gaming is broadening its signature style to reach a larger audience while maintaining its commitment to excellence. The new strategy introduces two distinct game categories: Push Originals and Push Actions, which remain within the Push Gaming core brand alongside a new sub-studio, Reel Hot Games.

Push Originals will continue to represent signature Push Gaming titles, targeting slot enthusiasts with complex mechanics and high-volatility gameplay. This category offers thrilling slot experiences, continually pushing boundaries with innovative features and the potential for substantial wins.

Push Actions is an entirely new category aimed at casual players who enjoy fun and easily understandable games. These titles deliver fast-paced, high-energy gameplay with simple mechanics and popular themes. Recent releases, including 3 Magic Pots and 10 Flaming Bisons, have been examples of the provider flexing its creativity with games that are a slight departure from its previous styles, and these and forthcoming games of the same style now officially have a home.

Reel Hot Games is poised to bring its own unique identity to Push Gaming’s portfolio with a classic slots experience. This sub-brand caters to players who appreciate the nostalgia of land-based casino games, featuring iconic symbols and themes enhanced by modern mechanics. It is particularly targeted at markets where classic games are highly popular, such as the regulated US states, Romania, Greece, the Netherlands, Bulgaria and certain Latin American markets.

The successful March 2025 launch of Power Vault in the UK and Brazil was the first unofficial example of a Reel Hot Games release, while the first game to officially launch under this new direction will be Bamboo Ways under the Push Originals category. In addition to all new releases, previous Push Gaming titles will be recategorised accordingly.

George Fil, Director of Product Strategy at Push Gaming, said: “This is a pivotal moment for Push Gaming. Our new direction is a clear commitment to scaling at pace while staying true to the quality that has defined us thus far. By diversifying our portfolio with these new categories and sub-brand, we’re not just expanding our offerings, we’re creating ultimate gaming experiences leveraging our heritage in content standards for a broader audience and driving significant growth for our partners in key markets. We are laser-focused on pushing boundaries to deliver products that benefit everyone.”

PAGCOR clarifies hacked NDRP contains government officials, not gambling addicts

Viviana Chan
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PAGCOR clarifies hacked NDRP contains government officials, not gambling addicts

The Philippine Amusement and Gaming Corporation (PAGCOR) says that its National Database of Restricted Persons (NDRP) is not a list of gambling addicts but rather a compilation of individuals prohibited from entering gambling establishments, primarily government officials restricted by law.

On Tuesday, PAGCOR issued the clarification, following social media posts claiming hackers had accessed the NDRP and incorrectly describing it as a database of gambling addicts. The gaming regulator emphasized that the hacked list did not originate from PAGCOR’s website but was likely obtained from one of its gaming licensees who have legitimate access to screen restricted persons.

“The names on the list are not necessarily addicted gamblers; most are government officials who, by law, are not allowed to enter gambling establishments, thus their inclusion in the NDRP,” said Vina Claudette Oca, PAGCOR Assistant Vice President for the Gaming Licensing and Development Department.

The GLDD, which maintains the database, explained that the NDRP currently contains over 560,000 names, mainly elected officials sourced from the Department of the Interior and Local Government website. However, Oca noted the database remains incomplete given millions of government workers nationwide require inclusion.

The NDRP also contains 1,711 banned persons who have requested self-exclusion, family exclusion, or exclusions initiated by PAGCOR licensees, though these individuals are not necessarily addicts or government officials.

PAGCOR created the database to help casinos screen patrons and prevent prohibited persons from gambling in authorized establishments. The GLDD continues updating the database with input from various government agencies to ensure comprehensive coverage of restricted individuals.

Macau’s FY25 GGR could increase by over 8%: analysts

Viviana Chan
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Macau’s FY25 GGR could increase by over 8%: analysts

Seaport Research Partners projects Macau’s casino GGR to rise 8.9 percent year-on-year in 2025, supported by a stronger second-half performance. Analyst Vitaly Umansky noted that growth is expected to reach 13.5 percent in the second half, compared to 4.4 percent in the first six months, citing increased consumer spending power and rising demand from China’s upper middle class.

‘The improvement in China’s economy, especially the upper middle class consumer, is central to driving long-term upward growth in Macau,’ Umansky wrote, adding that stronger consumer confidence and government support measures will continue to bolster demand.

Deutsche Bank offered a similar view, with analyst Steven Pizzella projecting 2025 GGR to total $30.7 billion, an increase of 8.3 percent from a year earlier. He said August’s results, which saw GGR a 12.2 percent year-on-year rise to MOP22.16 billion ($2.77 billion), provided a constructive backdrop for continued growth. Pizzella also forecast Macau’s third-quarter 2025 GGR to reach $8 billion, up 14.9 percent from the prior year.

Macau visitor tourism, China, facilitated individual travel (FIT)

Seaport’s analysis highlighted that, while premium mass play continues to dominate post-Covid growth, the recovery of overnight base mass visitation remains crucial to sustaining momentum. The report suggested that a stronger Chinese consumer market and easing cross-border travel restrictions could help accelerate this segment in late 2025 and beyond.

Morgan Stanley analysts echoed this optimism, projecting that Macau’s September GGR will increase by 16 percent year-on-year, also implying third-quarter growth of 16 percent. Analyst Praveen K. Choudhary described this as ‘constructive for the industry and a positive sign for earnings momentum in the second half of the year.’

The brokerage added that with three consecutive months of double-digit expansion through August, operational leverage should begin to benefit operators, driving margin expansion and potential upward revisions to earnings forecasts.

Macau gaming, satellite casinos regulatory update, Macau GGR

Valuation remains attractive

The reports noted that despite Macau gaming stocks rebounding since early 2025, current valuations remain below the 2018–2019 average, suggesting continued upside potential.

Meanwhile, Seaport cautioned that risks remain tied to China’s broader economic trajectory, including the performance of the real estate sector, consumer sentiment, and geopolitical tensions such as trade disputes. However, both brokerages pointed to recent government measures aimed at stimulating consumption as supportive of Macau’s recovery path.

Seaport forecasts further medium-term growth, estimating a 6.5 percent rise in 2026 and 7 percent in 2027. Deutsche Bank sees 2026 GGR expanding 3.6 percent to $31.8 billion, underscoring expectations of steady but moderating growth.

With Macau’s mass-market gaming segment now surpassing pre-pandemic levels and visitation from mainland China continuing to recover, analysts believe the city is positioned to build on its momentum through the remainder of 2025.

‘Premium spend has been a strong driver, but the next leg of growth will come from a recovery in overnight base mass,’ Umansky added. ‘As the Chinese upper middle class continues to see wealth and income gains, Macau will be a key beneficiary.’

Overall, brokerages remain constructive on Macau’s near-term performance, with forecasts pointing to another year of healthy growth in 2025, supported by resilient consumer demand and the gradual normalization of travel.

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