During an interview at SiGMA Asia this June, Lisa Fino, Senior Regulatory & Licensing Executive at WH Partners, offered a timely snapshot of Asias evolving iGaming ecosystem. From market openings in Sri Lanka and Vietnam to cultural nuances in Taiwan and regulatory shifts in the UAE, Fino mapped out Asia’s gaming landscape and the regions potential.
Asias licensing momentum
Unlike Europe, where frameworks such as the MGA and UKGC are long-established, Asia is still defining its regulatory path. The main difference is that Western regulations are clear and well-established. In Asia, many markets still need to be regulated, said Fino.
She cited the Philippines as a regional success story. They transitioned from offshore licenses to a regulated local market and in the first three months, made over $1.5 billion in revenue, she noted, a powerful signal to neighbouring countries.
Fino highlighted that jurisdictions like Sri Lanka, Vietnam and even the UAE are cautiously exploring frameworks, while markets like Thailand and Indonesia remain further off. Asia is extremely diverse. What were discussing today might change tomorrow, thats how versatile the industry is, she added.
Cultural nuance in Asia’s gaming landscape
Western operators eyeing Asia must be ready to adapt both their strategies and their assumptions. Fino shared a revealing anecdote involving a Taiwanese client whose passport and birth certificate bore different names. He explained that in Taiwan, you can legally change your name three times. He changed it because the previous name brought bad luck, she said. We couldnt simply tell the regulator that. We had to confirm the legal framework with a local law firm and submit formal documentation. This is just one example of how deeply culture and regulation intersect, she emphasised.
Beyond legal differences, cultural sensitivities also impact game design, marketing and Asia’s gaming landscape as a whole. There are games that wont work in Asia. You have to be aware of religious, political and even numerical sensitivities. Everything matters. She added, In some cultures, certain colours or numbers are associated with misfortune. A lucky number in the West might be a red flag in the East. If you miss those signals, you lose trust and players.
Markets to watch
Fino sees India as a major growth engine for iGaming, particularly for esports and social gaming. India has a massive population and a strong mobile-first culture, she said. But regulation remains fragmented, each state has its own laws. A national license would unlock huge potential. She also sees momentum building in Sri Lanka, where a new licensing framework is underway, and the UAE, where B2B licenses have been granted and limited B2C access is emerging for major operators.
Discover the future of gaming in Asia at SiGMA South Asia in Sri Lanka 30-02 December 2025. Hear from regulators, legal experts and operators shaping markets like India, Sri Lanka and the UAE. Learn how to navigate regulatory change, cultural nuance and new opportunities across the region.
