Vietnam's iGaming paradox: Growth rises, engagement falls
Vietnam’s iGaming market saw user activity weaken over the past year despite strong economic and digital growth indicators. Data from Blask, a real-time analytics platform for the iGaming industry, shows that user interest rose sharply during the middle of 2025 before entering a sustained decline that continued into early 2026.
The Blask Index, which measures aggregate user interest in iGaming brands through attributed search activity, was 56.43 million in April 2025. The index declined to 52.89 million in June before rising to 62.49 million in July and reaching 66.57 million in August, the highest level recorded during the period. From September onward, user interest trended downward, with the index falling to 49.99 million by March 2026, its lowest point in the 12-month period.
The period was highlighted by continued expansion across Vietnam’s economy. Vietnam’s real GDP reached US$1.456 trillion in 2024, while GDP growth and GDP per capita stood at 7.1 per cent and US$14,400 respectively. At the same time, the tourism sector recorded further gains, attracting 10.6 million international visitors during the first five months of 2026.
Football drives a summer rebound
The market recorded its strongest growth in user interest during the summer of 2025. The Blask Index rose from 52.89 million in June to 66.57 million in August, with July reaching 62.49 million.
The mid-year recovery unfolded alongside a calendar that included the FIFA Club World Cup and the closing stages of the V.League 1 season. During the same period, the Blask Index reached its highest levels of the year, with June, July and August standing out as the strongest months for user activity.
The rebound followed a weaker first half of the year. During the January-June period, Vietnam’s iGaming landscape was determined by several developments, including the end of the ASEAN Championship, the suspension of local access at Corona Resort & Casino Phu Quoc, undersea cable disruptions that affected internet connectivity and the introduction of stricter online content oversight under Decree 147/2024.
Engagement weakens after August
After reaching its peak in August, user interest began to decline. The Blask Index fell to 63.52 million in September and 58.72 million in October. Although the market recorded temporary increases in November and February 2026, the index had dropped to 49.99 million by March 2026.
Overall, the data shows that the momentum recorded during mid-2025 was not sustained, with user interest generally trending lower during the months that followed.
The platform’s analysis highlighted several developments that occurred during this period. These included public consultation on a proposed betting decree beginning in September 2025, new anti-money laundering (AML) reporting requirements that took effect in November 2025, tighter e-wallet verification measures, new advertising rules introduced in February 2026 and the AAE-1 undersea cable disruption on 27 February 2026.
Several enforcement actions against illegal gambling operations were reported during the period, adding to an already developing regulatory environment.
Market dynamics remain relatively stable
While user interest fluctuated throughout the period, estimated monthly market revenue showed less volatility. According to Blask Market Dynamics data, revenue was estimated at US$249.4 million in April 2025 and rose steadily through the second half of the year, reaching US$270.5 million in November. The figure then stood at US$265.2 million in December, US$263.5 million in January 2026 and US$267.5 million in February before easing to US$254.7 million in March 2026.
The data shows that changes in estimated market revenue were generally less pronounced than those recorded in user interest over the same period.
A young and digitally connected audience
With a population of 105.8 million and approximately 71.8 million internet users, Vietnam offers a large digital audience. That audience also skews young, with players aged 18-34 accounting for 80 per cent of users.
Sports betting is the most widely used product category, with 60 per cent of respondents reporting participation. Casino products account for 35 per cent and lottery products for 30 per cent.
The same dataset shows that social media is the leading discovery channel at 50 per cent, followed by YouTube at 45 per cent. Internet advertising and sports media each account for 40 per cent.
Strong fundamentals, weaker engagement
Vietnam’s wider economic indicators remain positive. The country has a young population, rising incomes, a growing tourism sector and more than 71 million internet users. Tourism authorities are targeting 25 million international arrivals in 2026 following record visitor numbers during the first five months of the year.
Against this backdrop, the Blask data shows a contrasting picture. While Vietnam continued to benefit from strong economic growth, rising tourism and a large digital population, user interest in iGaming brands followed a more uneven trajectory. The gap between broader growth indicators and shifting levels of involvement emerged as one of the defining features of the market during the period under review.
Asian iGaming returns to the City of Dreams. From 30 November to 2 December 2026, SiGMA South Asia unites 3,500+ industry leaders, innovators and decision-makers in Colombo to shape the future of gaming.
