Betting on growth: South Asia's iGaming market expands amid challenges

March 5, 2025

Betting on growth: South Asia's iGaming market expands amid challenges

The South Asian gaming market is experiencing rapid growth, driven by increasing internet penetration, mobile adoption, and a growing appetite for sports betting and online gaming. Industry leaders see the region as a major opportunity, particularly for betting exchanges and sportsbook operators.

“Cricket is massive here,” Rory Sheridan, Product Manager at Pronet Gaming, told SiGMA News. “Many people are seeking cricket markets, particularly on the exchange, where they can lay additional markets and access live streams.” This trend, he noted, is pushing bettors to become more educated and seek better prices, making the introduction of betting exchanges an attractive prospect.

The demand for iGaming is also expanding beyond traditional sports. “Beyond cricket, we see growing interest in esports, fantasy sports, and niche betting markets,” Sheridan added. SoftGamings’ Head of Sales for Asia, Janis Baltalksnis, echoed this view: “The adaptation of mobile devices and internet usage is becoming bigger and bigger. We definitely see a potential for iGaming here.”

“Many countries in the region are seeing an increasing demand for good operators and platforms,” Satyendra Atre, Sales Manager at Gaminghub and India-based iGaming leader told SiGMA News.

Navigating regulatory challenges

Despite the region’s growth, the regulatory landscape remains complex. Countries such as India, Sri Lanka, Pakistan, and Bangladesh have varying approaches to gambling, making compliance a major challenge for operators.

“Some of the biggest challenges stem from cultural expectations and regulatory differences,” Sheridan said. “There are some unregulated or underground betting markets in the region, which presents challenges. We’re committed to operating within legal frameworks and ensuring full compliance.”

Baltalksnis identified fragmented or missing regulation as a key issue. “If the government moves forward with wise regulations that are balanced to protect the interests of the players and also leave some space for business, then the future of iGaming in South Asia looks very promising,” he said.

For many operators, obtaining a licence is a major consideration. Atre noted that some companies operate without licences, but this comes with risks. “If you don’t have a licence, you need to consider how the players will trust you and how you will handle withdrawals and transactions,” he explained.

Payment solutions: Another key obstacle to address

Payment processing is one of the biggest hurdles for iGaming operators in South Asia. While digital banking and mobile wallets are widely used, integrating them into gaming platforms is not always straightforward.

“Especially in India, we see a lot of struggles with payment solutions,” Baltalksnis said. “For iGaming, it is quite a challenge.” The regulatory landscape plays a role in this, with some countries imposing restrictions on gambling-related transactions.

Pronet Gaming told SiGMA News that it has addressed this issue in other markets, particularly Eastern Europe, where similar payment barriers exist. “We’ve developed customised payment solutions and adapted our approach to respect cultural and regulatory nuances,” Sheridan noted.

Localisation: The key to success

Operators looking to succeed in South Asia must tailor their offerings to meet local preferences. SoftGamings, which has historically focused on European and CIS markets, has made localisation a priority.

“From our perspective, as a platform provider, we ensure translations into local languages for both the backend and frontend,” Baltalksnis said. “Providing relevant game content, localised payment solutions, and understanding user behaviour and cultural preferences are also crucial.”

Marketing strategies must also be adapted to the region. “Each country has its own aspects of players and different expectations,” Atre explained. “Companies need to figure out which platforms players use the most and focus their advertising there.”

The future of South Asian gaming

Industry experts agree that South Asia’s iGaming market is set for continued expansion. The demand for sports betting, particularly on cricket, is expected to grow alongside emerging sectors such as esports and fantasy sports.

“Over the next five years, we expect expansion in betting volume, market variety, and player engagement in this region,” Sheridan said. “There’s increasing demand for ‘build-a-bet’ features, where users can create their own betting markets instead of being confined to traditional options.”

“More than a year ago, the company made the decision to focus strongly on Asian markets,” Baltalksnis said. “We are here, developing new products, localising them, and preparing a very competitive offering.”

“Overall, the South Asian gaming market will continue to grow, generating higher revenues for companies while expanding the player base. The key to long-term success is adapting to local market demands, optimising transaction processes, and implementing effective marketing strategies,” Atre concluded.