Harmen Brenninkmeijer, NYCE: “Asia-Pacific gaming market is positioned for growth”

Founder and Executive Chairman of NYCE International Plc, Harmen Brenninkmeijer, shares his perspective on Asia-Pacific’s evolving gaming landscape, from regulatory experiments in the Philippines to Macau’s post-satellite era. In this interview, he explains why technology-led regulation and realistic frameworks will be key to sustainable growth in 2026 and beyond.

Exclusive interview.- Asia-Pacific remains one of the most dynamic and complex gaming regions in the world. In this exclusive interview with Focus Gaming News, Harmen Brenninkmeijer, founder and executive chairman of NYCE International Plc, offers an in-depth analysis of the forces shaping Asia’s gaming markets. He discusses how regulators can reduce grey-market leakage without stifling innovation, why non-gaming diversification in Macau is necessary but still limited, and how emerging technologies such as AI, digital payments, and advanced responsible gaming tools will determine which jurisdictions succeed in the years ahead.

Which Asian jurisdiction impressed you most in 2025 in terms of balancing growth with regulation, and why?

For 2025, the Asian jurisdiction that most impressively balanced growth with regulation remains a close contest. Singapore stands out for regulatory consistency and foresight, while the Philippines deserves attention for remarkable adaptability during a tumultuous year. Despite the setbacks in the Philippines, the POGO (Philippine Offshore Gaming Operators) closures and the severe disruption to igaming growth following the delinking of e-wallets, each market showcased unique strengths that make this discussion quite nuanced. An honourable mention should go to Sri Lanka, where the government is trying to juggle an overhaul of outdated rules, tighten up tax take, and finally put clear guardrails around a market that has been operating in the grey for years.

Singapore kept its crown as the regulatory gold standard in Asia. In 2025, its gambling and igaming frameworks remained clear, adaptable, and were updated consistently to address new industry realities, including the use of in-game economies and digital payments. Singapore’s Gambling Regulatory Authority (GRA) continued to extend its reach, holding public consultations on in-game trading and adapting license categories to support innovation without sacrificing compliance or social responsibility. Its digital exclusion systems, strict anti-money laundering (AML) guidelines, and reliance on tech such as AI to optimise compliance monitoring all contribute to a perception of safety, predictability, and international best practice.

The Philippines, by contrast, demonstrated the region’s boldest regulatory experiments and their risks. In the wake of the POGO crackdown, 2025 should have been a year of consolidation and digital expansion. Instead, the sudden ban on e-wallets for gaming payments caused Digiplus’s licensed platform transactions, the largest player in the industry, to plummet by 50 per cent, stalling revenue and likely driving more players to offshore, unregulated alternatives. This disruption is exactly the sort of policy whiplash that the gaming business doesn’t like. Yet, the Philippines simultaneously set itself apart with major compliance advancements: unified self-exclusion registers, robust responsible gaming mandates, and a newly adaptive, centralised licensing regime. The regulator (PAGCOR) tightened advertising controls and aligned closely with international AML/KYC standards. While the payment ban was a setback, the policy intent was transparent: curb youth gambling and channel growth into responsible, supervised outlets.

Asia’s igaming remains fragmented, with the Philippines advancing domestic frameworks, while India is still defined by state-by-state rules and legal uncertainty. What realistic pathways do you see to reduce grey-market leakage in the next year without stopping innovation?

Asia’s igaming sector is caught in a classic regulation–innovation bind: legal markets innovate for value and reputation to attract, while the unregulated, cash-focused grey market only evolves under competitive pressure, not through governance or investor incentives. Fragmented national rules, especially in markets like India and segments of Southeast Asia, keep the grey market alive and discourage true industry development.

Key areas for improvement are:

1. Centralising compliance and licensing. By expanding centralised KYC/AML systems (like the Philippines’ integrated registers and real-time monitoring), jurisdictions can align incentives with those of the most innovative global markets. Grey operators thrive on anonymity and loopholes; when payments, identity verification, and player self-exclusion become standardised, it raises the compliance bar for legal entrants and makes it harder for rogue actors to hide.
2. Federal (pan-national) “whitelist” mechanisms. In India, proposals include pan-India whitelists for legal RMG (real-money gaming) operators, possibly tied to Aadhaar-based age and ID verification, encouraging harmonisation while retaining state autonomy where needed. States with progressive licensing can become blueprints for others, but federal signalling (even if not a one-size-fits-all act) can speed up convergence and steer more traffic to the white market.
3. Tech-led regulatory sandboxes. Encouraging sandboxes allows legal operators to pilot new products (live dealer, eSports, crypto-payment features, social gaming models) within a controlled environment, accelerating innovation for licensed brands under regulator supervision.
4. Smarter enforcement and payment blocking. Countries such as Japan and Malaysia have intensified payment blocks targeting known offshore providers, sometimes in partnership with major payment networks and e-wallet providers. This does push some traffic to less-regulated avenues, but if combined with consumer awareness campaigns and better value from legal platforms, it can tip the balance.
5. Industry–government alliances. Although hard to build, regulated and soon-to-be-regulated industry players should propose partnerships with regulators, share data, aggregate non-personalised market insights, and co-invest in player protection tech. I’m a big fan of joint forums or round tables to help policymakers see that innovation and responsible market growth are not at odds and that excessive crackdowns don’t solve underlying demand.
6. Realistic next-year outlook
   a. Expect rapid rollout of federation-wide age verification and player protection tools, particularly in the Philippines, parts of India (Sikkim, Nagaland), and possibly Thailand, as it again considers regulated casino/igaming launch.
   b. More licensing harmonisation may appear in India, led by forward-thinking states, but national legislation remains a stretch for next year.
   c. Enforcement tech will ramp up payments, ad bans, and perhaps “blacklisting” of non-compliant platforms by major app stores.
   d. Innovation sandboxes and industry partnerships will likely widen, proving that compliance and creative product development are not mutually exclusive.

“Fragmented national rules, especially in markets like India and segments of Southeast Asia, keep the grey market alive and discourage true industry development.”

Harmen Brenninkmeijer, founder and executive chairman of NYCE International Plc.

How do you assess the overall evolution of Macau’s gaming market throughout 2025, particularly after the closure of satellite casinos?

Macau’s gaming market in 2025 is defined by a sweeping regulatory reset, the closure of satellite casinos, and a unique push toward non-gaming investment. Yet most operators still strategically align these investments with their target clientele, preserving the centrality of gaming to Macau’s proposition.

As noted in my earlier analysis (“To maintain its leading position, Macau should continue focusing on its strengths while also broadening its offerings”), the mandated closure of all satellite casinos by year-end 2025 marked the end of a decades-old revenue-sharing model, with only concessionaires now able to directly own and manage casino venues. This consolidation means fewer small or fringe properties, stronger control over compliance, and tighter product and brand management for the six remaining license holders. The closures are causing job losses and economic shifts in districts formerly dependent on satellites, pushing the necessity for repurposing assets like the Casa Real and other shuttered casino hotels. Many of these defunct casino venues are expected to be redeveloped into budget hotels, a category long under-supplied in Macau, which could diversify hospitality offerings for more price-sensitive tourist segments.

The government’s directive for non-gaming investment, expected to total at least US$16bn through 2032, means concessionaires are required to focus on entertainment, cultural, and MICE (meetings, incentives, conferences, and exhibitions) activities. However, operators generally lean toward non-gaming events and amenities that attract their core, premium gaming customers: global shopping, high-end dining, concerts, and curated cultural festivals, often targeting the very same visitor base that generates casino GGR. While there’s some progress in diversifying revenue streams, Macau’s gaming economy remains overwhelmingly dominated by casino revenue. Non-gaming investments are impactful but not yet transformative. Most market observers see Macau’s economic base as still “addicted” to gaming.

Thailand’s casino legalisation remains a moving target. What are the minimum regulatory conditions (tax, licence horizon, locals’ access, AML, social safeguards) needed for Thailand to become investable at scale, and how might this reshape competitive dynamics with other countries in the region?

For Thailand to become truly investable at scale, its upcoming casino framework must strike a precise regulatory balance, offering investor confidence and competitive appeal while channelling benefits to the wider Thai economy and protecting local interests. Recent legislative movement shows promise, but final investability will hinge on a few core conditions.

My view on the minimum regulatory conditions for investability is:

● Tax on gross gaming revenue (GGR). Proposals have ranged from 15 to 17 per cent GGR tax. Keeping the rate at or just under 15 per cent would be crucial to attract world-class operators and compete effectively with Singapore (15–22 per cent) and the Philippines (25 per cent+).
● Licensing structure and horizon. Licenses must be valid for 20–30 years, with reviews every five years, giving operators sufficient amortisation windows to invest in large, integrated resorts. Clear, competitive license fees, with upfront (approx. US$140m–150m) and recurring annual fees, but avoiding punitive escalations.
● Locals’ access and social safeguards. Locals’ access is highly debated; a practical compromise is a paid entry system calibrated to income levels (for example, THB 2,000). Tourists should not have to pay this. Strict age and vulnerability restrictions (over 20 only, with social welfare/AML cross-checks) and localised responsible gambling programs.
● All casinos must operate as part of large integrated resorts (minimum four non-gaming venues per site, like hotels, theme parks, entertainment, and retail). Prioritisation of Thai companies and workforce, with some allowance for international JV partners, but mechanisms to prevent too much profit leakage offshore.
● Tourism and revenue growth. Thailand, with its world-leading tourism profile, could quickly rival or surpass Singapore for gaming tourism, with GGR forecasts exceeding $8 billion annually if the model launches well. Well-regulated IRs in key cities (Bangkok, Phuket, Pattaya, Chiang Mai) could position Thailand as Southeast Asia’s leading leisure and entertainment jurisdiction. If Thailand builds a transparent, professional, tech-led gaming commission with stable tax rules and social protections, expect other ASEAN jurisdictions (Cambodia, Vietnam) to feel pressure to harmonise and professionalise further. A compelling, responsible, and accessible legal gaming market would shift both local and inbound grey-market activity into licensed venues, boosting tax receipts and reducing illicit activity.

Looking ahead to 2026, what are your expectations and strategic priorities for Macau and the broader Asia-Pacific gaming market? Are there emerging trends or technologies that you believe will be crucial drivers of growth and sustainability?

Looking ahead to 2026, Macau and the broader Asia-Pacific gaming market are positioned for growth, with tighter regulatory controls, deeper digital penetration, and transformative technology adoption. Macau’s gross gaming revenue in 2026 is forecasted to rebound, potentially exceeding pre-pandemic mass market levels, with further expansion hinging on successful diversification into non-gaming hospitality and entertainment. The government is set to maintain a cautious regulatory stance, keeping strict controls on junket promoters (the cap remains at 50 licenses), and continuing to demand high non-gaming investment from concessionaires. Operators will likely double down on premium mass and tourism experiences, wellness tourism, and digital engagement to shore up consumer appeal.

For the broader region, the rise of legalised markets such as ambitious moves in Thailand and the evolving frameworks in Japan, the Philippines, and Vietnam will dramatically increase regional competition and push for more innovative integrated resort concepts.

As mentioned earlier, I believe in technology and its impact. Some additional key technical and regulatory drivers for 2026 will be:

● Artificial Intelligence (AI) in Regulation and Responsible Gaming. AI-powered analytics are becoming the backbone of regulatory compliance in markets like Macau, Singapore, and the Philippines, and will spread rapidly to other major jurisdictions. Governments and operators are deploying AI to assess player risk, automate AML checks, detect at-risk behaviours, and monitor for collusion, fraud, and illicit transactions in real time.
● Next-generation responsible gambling requires “always-on” monitoring, adaptive intervention, and proactive harm minimisation, placing regulatory authorities in a smarter position, while also creating a tech race with increasingly sophisticated illegal operators.
● Digital Payments, Wallets & Consumer Protection. As traditional payment and e-wallet gateways come under stricter regulation, both legal and grey-market operators are racing to adopt new payment solutions, such as crypto, localised tokens, or next-gen mobile wallets. Regulatory systems must be robust and fast enough to plug emerging loopholes before markets outpace government response.
● Online Migration, Gamification & Social Gaming. The migration of casual and professional betting to online and mobile-first platforms is accelerating, with esports, social gaming, and skill-based formats gaining share across APAC. This trend will require new licence classes, tailored advertising controls, and data-driven oversight.
● Proactive player protection. As betting becomes more normalised online, AI-driven interventions and standardised crisis support tools must scale, with shared databases for at-risk players and cross-jurisdiction exclusions.
● Non-gaming diversification. Macau and new IR markets will depend increasingly on non-gaming revenue, including theme parks, entertainment, and wellness, to create resilient visitor demand beyond gaming cycles.

Next year will be defined by a technological and regulatory flight to quality, where winners are those who can adapt to rapid digitalisation, collaborate with regulators, and deliver compelling, protected experiences to a population increasingly comfortable and vulnerable online. If regulators fail to keep pace or focus only on punitive controls, the risk is not just grey-market leakage, but a growing social crisis from unchecked digital gambling expansion.

Founder and Executive Chairman of NYCE International Plc, Harmen Brenninkmeijer, shares his perspective on Asia-Pacific’s evolving gaming landscape, from regulatory experiments in the Philippines to Macau’s post-satellite era. In this…