A brief note on SiGMA’s year-end South Asia report with Blask data.
South Asia closed 2025 as one of the iGaming industry’s most dynamic and internally conflicted regions. That is the central takeaway from SiGMA’s South Asia Market Report, released following the inaugural SiGMA South Asia event in Sri Lanka this December.
The report traces a year of rapid expansion across India, Bangladesh and Sri Lanka, revealing a region where scale, youth and digital access coexist with uneven monetisation, regulatory ambiguity and rising concerns around player risk.
- India stands out as the revenue engine, with monthly earnings peaking above $240 million in April, underscoring a market that has moved decisively from experimentation to commercial maturity.
- Bangladesh, by contrast, shows extraordinary raw demand — among the highest engagement levels measured — but struggles to convert interest into revenue.
- Sri Lanka remains smaller, steadier, and notably more entertainment-driven.
What makes South Asia distinctive is not growth alone, but how that growth is shaped.
Player motivation varies sharply by country; payments often depend on informal or wallet-based rails; connectivity gaps still affect product design; and trust — in platforms, payouts and institutions — plays an outsized role in adoption.
📖 Check the report: Online iGaming market trends in Asia
Experts quoted in the report point to structural unevenness as both the catalyst and the constraint: where rules are unclear, activity does not stop, it simply routes around them.
SiGMA’s findings position South Asia not as a single growth story, but as a set of parallel realities. The opportunity is undeniable. So are the trade-offs. For operators and investors, the message is clear: success in South Asia will not come from importing global playbooks, but from designing for local behavior, infrastructure and trust.
The full report is available via SiGMA and offers a deeper, data-led look at where the region stands — and what it may demand next.
