Vitaly Umansky of Seaport Research Partners says the Asia region’s largest future growth opportunity is likely to come from regulated online sports betting rather than from new integrated resorts.
Speaking during G2E Asia in Macau, Umansky said online gambling activity in Asia was already substantial but remained largely outside regulated channels. He argued that governments would eventually be forced to confront the scale of untaxed and unlicensed wagering by introducing formal licensing systems.
“The real big boom in gaming is going to be online, but in a regulated format,” he said, adding that online sports betting has already become a mature sector in Europe and was continuing to expand in the US, where legalisation has spread rapidly since the repeal of PASPA in 2018.
His comments reflect a growing debate across Asian gaming markets, where online betting remains prohibited, restricted or channelled through limited state-controlled systems in many jurisdictions. The Philippines has developed a regulated online and electronic gaming market, while Singapore permits tightly-controlled betting through authorised operators. Macau remains principally a land-based casino market.
Umansky said the transition would not be uniform, with political, cultural and religious considerations likely to shape the pace of reform in each jurisdiction. However, he said the long-term direction of travel is clear, as governments seek to capture revenue currently flowing through offshore or illegal platforms.
The discussion comes as Asian land-based gaming enters a more mature phase. Macau remains the region’s largest casino market, with GGR reaching MOP247.4bn (US$30.86bn) in 2025, up 9.1% year-on-year. However, the market has not fully returned to its pre-pandemic peak, with 2025 GGR equal to about 84.6% of 2019 levels.
Singapore has delivered a stronger post-pandemic recovery. Praveen Choudhary, Morgan Stanley Managing Director, told the same event that Singapore’s mass market gaming revenue has reached 187% of pre pandemic levels, supported by domestic wealth accumulation as well as tourism.
Choudhary contrasted Singapore’s performance with Macau, where VIP gaming remains far below historic levels following China’s crackdown on junkets and cross border capital controls. He said Singapore has benefited from the number of wealthy residents and migrants now based in the city state, rather than relying solely on inbound visitors.
The comparison underlines the different pressures facing Asian gaming markets. Macau is seeking to rebuild around mass gaming, premium mass customers and non-gaming investment commitments, while Singapore’s two integrated resorts continue to benefit from affluent local and regional demand.
The Philippines, meanwhile, has become one of the region’s more active regulated online gaming markets, even as its land-based sector has faced pressure.
For online sports betting, the regulatory question is likely to become more urgent. Unlicensed operators already serve large parts of Asia through offshore websites, agents, social media channels and digital payment systems. Legalisation would offer governments tax revenue and stronger consumer oversight, but would also force regulators to address advertising, integrity, affordability and cross border enforcement. For Asian gaming, the implication is significant. The next competitive cycle may not be determined by which market builds the next major casino resort, but by which jurisdictions can bring existing online demand into a regulated framework without losing control of consumer protection and enforcement.
