That then points to the Chinese as both having the most to lose and the most influence. Although in the geo-political context they may not be disappointed to see another Trump headline shot down in flames!
From afar, it seems to me that the Thai Government is whipping this up unnecessarily for some purpose. Possibly internal political benefit, perhaps creating "the enemy" without when there are far more enemies of democracy within. This is usually useful in the run up to an election giving Anutin the opportunity to appear as a "strong man" leader.
Possibly a private commercial dispute with vested and powerful Thai interests relating to the casinos and scamming centres that seem to be much targeted. Possibly revenge against the Cambodians for leaking an embarrassing phone call.........
Perhaps a confluence of factors.
As to the risks of expansion of the conflict it does seem that on this occasion the extent of the bombing is more extensive compared to the normal and historic token retaliations. The Thai navy, such as it is, has also unusually been involved in launching attacks from the Gulf of Thailand.
Details of the conflict are interesting. https://asiatimes.com/2025/12/thais-bomb-three-cambodian-border-casinos-deemed-military-threats/