Global Gaming Insider April 2026

EDITOR’S LETTER

Without question, Latin America is the most talked-about region in global gaming right now. Our own February magazine focused on one of the most promising regulated growth opportunities in the world: Brazil.

But there is more to LatAm than just Brazil – much more. As such, our main theme for this April edition focuses on "Amazonian growth." While much of that will stem from Brazil, it does not erode the progress being made in Argentina, Colombia, Mexico, Peru, Chile, Uruguay and elsewhere.

Yes, be warned: localisation is a theme that keeps coming up... it is an unavoidable constant on this topic. But, as we dissect online gaming from crash games to sports betting, we’re avoiding the buzzword approach, bringing you our traditionally in-depth Global Gaming Insider analysis.

We cover several different LatAm angles, zoning in on several different markets. That also includes land-based gaming, which faces numerous hurdles in the face of labour disputes and regulatory change across South America. Just like in iGaming, however, the growth opportunity remains a very strong one.

We round off our Latin America cover section with a preview of SiGMA South America (where many of you may well be reading this letter). At SBC Rio, Brazil certainly received its fair share of industry coverage. In São Paulo – and in this very magazine – the industry will pay close attention to the other markets putting LatAm at the top of everyone's watchlists.

As regular readers will now be used to, we will be bringing you even more regional content in this issue, starting with APAC. Adding to our Taking Stock, Movers & Shakers and Facing Facts features, we look ahead to the Global Gaming Awards Asia-Pacific – not too far away now in June.

What lessons can the industry learn, too, from Light & Wonder's recent dispute with Aristocrat? Both of those industry giants have a presence in Australia – and Jamie Nettleton adds his perspective on how Australia can combat illegal operators.

Over in North America, our usual features are supplemented by commercial revenue data direct from the American Gaming Association, while we have a thriving responsible gaming intersection including Keith Whyte, Dan Pozner and Jonathan Aiwazian.

Elvis Lourenço also writes on prediction markets, while Shukmei Wong talks media exposure and Mike Dreitzer gives us the Nevada Gaming Control Board view.

Last but not least, we close out the edition with our EMEA section, which includes Dirk Camilleri's thoughts on retention, Jan Fencl's views on responsible gaming practices for prediction markets and Dan Spencer on the power of responsible gambling training.

Before that, though, the EMEA section is headlined by our interview with Betting & Gaming Council CEO Grainne Hurst, and Dr Joerg Hofmann’s thoughts on the fascinating Wunner ruling – with losing bettors now regularly attempting to sue managing directors of unlicensed online casinos. Would those players still be half as keen to give their money back, had they found out they were unlicensed after winning with those same sites?

Plenty, as ever, to digest. And this magazine, as ever, is the only place to find it all.

TP, Editor

COO, EDITOR IN CHIEF

Julian Perry

EDITOR Tim Poole

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WITH THANKS TO:

Taras Kozovit, Ramiro Atucha, Hugo Baungartner, Julia Schagerl, Juan Pablo Barahona, Mateo Lenoble, Alberto Alfieri, Jamie Nettleton, Keith Whyte, Dan Pozner, Jonathan Aiwazian, Elvis Lourenço, Shukmei Wong, Mike Dreitzer, Grainne Hurst, Dr Joerg Hofmann, Jan Fencl, Dan Spencer, Dirk Camilleri, Charles Cohen, Dmitry Starostenkov, IGT, Novomatic and LT Game.

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and all rights reserved. Reproduction without permission is forbidden. Every care is taken in compiling the contents of Global Gaming Insider but we assume no responsibility for the effects arising therefrom. The views expressed are not necessarily those of the publisher.

C ONTENTS

JULIA SCHAGERL

Kambi's Head of Sales, LatAm, talks AI, retention (and, again, the small matter of the

Light & Wonder and Aristocrat recently clashed on an industry scale. But what can we learn from the topic of their dispute?

Ramiro

Greentube

Betby's

The

76 All in on AI?

Elvis Lourenço compares the longevity of both models

more can be less Shukmei Wong on why US operators

66 A time of change

Betting & Gaming Council CEO Grainne Hurst speaks to us at the trade body's Annual General Meeting

68 Calm, not alarm?

The recent Wunner ruling created industry panic. Dr Joerg Hofmann explains why this panic was premature...

70 Prediction market safety

Responsiblo's Jan Fencl provides the EMEA POV on safer gaming within prediction markets

71 The power of training

Dan Spencer, of EPIC Global Solutions, explains how gambling operators have been empowered

72 Another bonus just won't do

Dirk Camilleri, of iGP, presents his thoughts on retention. It's not so simple anymore...

74 Q&A: Charles Cohen

The Department of Trust Founder & CEO reflects on a turbulent time for the UK

We get the view of EvenBet Gaming CEO Dmitry Starostenkov on how poker is adopting artificial intelligence

Product reviews

A LAND OF OPPORTUNITY...

While the majority of the gaming industry’s LatAm focus remains digital, Latin America’s land-based casino sector continues to attract investment and new licensing opportunities. However, recent months have seen labor tensions and a raft of regulatory changes...

In our main section of this edition, Global Gaming Insider assesses the direction of travel across key Latin American markets. Doing our very best to cut out industry buzzwords, we take a deep dive into different verticals across South America & Mexico, as well as zoning in on specific online (and land-based markets). While we do – naturally – analyze Brazil, the majority of our focus this issue remains on other promising LatAm markets, from Colombia to Uruguay...

Across Latin America, the land-based casino industry appears to be thriving, but labor disputes, regulatory changes and shifting economic conditions are increasingly overshadowing that growth. At the same time, many operators are prioritizing online gambling expansion, leaving traditional physical casinos facing renewed questions about their long-term role in the sector.

While some jurisdictions face operational disruptions and legal uncertainty, others are seeing new investment proposals and policy reforms that could redefine the region’s gaming landscape in the coming years. Recent

developments across Argentina, Uruguay, Colombia, Chile and Brazil illustrate how the sector is adapting to both macroeconomic pressures and evolving regulatory frameworks.

ARGENTINA: A NEVER-ENDING CYCLE OF ECONOMIC ADJUSTMENT

Argentina is perhaps where the economic deterioration hits the sector hardest. Casino workers in Buenos Aires Province, represented by various unions, have been staging province-wide strikes because wage negotiations remain unresolved.

At the core of the dispute, workers demanded urgent wage recomposition amid sustained purchasing power erosion driven by inflation, alongside productivity bonuses, job reclassification and improvements to health coverage. The situation illustrates how the macroeconomic context directly impacts physical casino activity: lower attendance, revenues under pressure, and staff who can no longer sustain their living standards on current wages.

The casino where much of the tension is concentrated is Necochea, where the municipality confirmed it will appeal a court order that suspended the much-expected auction of the Casino Complex.

“Across Latin America, the land-based casino industry appears to be thriving, but labor disputes, regulatory changes and shifting economic conditions are increasingly overshadowing that growth ”

The dispute centers on procedural requirements for selling municipal heritage property, highlighting tensions between municipal autonomy in managing public assets and environmental and heritage protection mechanisms. Even attempts to privatize and restructure the sector face obstacles that slow any meaningful progress.

Beyond labor disputes, policymakers are also exploring broader regulatory measures related to gambling participation. In Argentina’s Congress, lawmakers recently introduced a bill that would prohibit individuals with unpaid child-support obligations from entering casinos or using online gambling platforms. The proposal reflects a growing trend of linking gambling policy with broader social and financial accountability measures.

URUGUAY: INVESTMENT FLOWS INTO BRICKS, NOT PEOPLE

The Uruguayan case is revealing because the labor conflict struck at the worst possible moment. Similar to Argentina, state-run casinos shut down during peak season and reopened following the resolution of a labor dispute. The strike affected casino venues across the country’s highest-traffic tourism hubs: Punta del Este and Montevideo.

The origin of the conflict was a series of budget modifications introduced without collective bargaining, which the union described as concealed salary cuts. The dispute temporarily halted operations during the summer tourism season, a critical revenue period for Uruguay’s gaming venues.

Yet, in apparent contrast to those labor tensions, Punta del Este continues to attract investor interest.

A Brazilian-backed investment group submitted a proposal for a third private

casino in the city, integrated into a mixeduse real estate development that would combine hospitality, residential and entertainment components.

At the same time, the Conrad Punta del Este casino resort, one of the most prominent gaming properties in South America, is undergoing a potential ownership change. The asset is being divested by the bondholders of Chilean operator Enjoy as part of the company’s 2024 judicial reorganization process.

Among the potential buyers reportedly interested in the property are Italy’s Cipriani Group and Uruguayan businessman Edgardo Novick.

COLOMBIA: A WAY TO CONTRIBUTE TO THE HEALTH SYSTEM

In Colombia, the performance of the land-based sector is measured in part by its contribution to the country’s subsidized health system, which receives a share of gambling revenue.

According to regulator Coljuegos, the land-based gambling sector increased its contributions by 9.3% in 2025. These contributions represented 39% of the total revenue collected from the gambling industry.

To strengthen oversight of the physical gaming supply chain, Coljuegos also established the Unique Registry of Importers and Traders (RIC). The system aims to track the importation and commercialization of slot machines and prevent unlicensed equipment from entering the Colombian market.

Under the mechanism, companies must register each slot machine before it enters the country, creating a traceable inventory that regulators can monitor. The registry is intended to reduce the circulation of unauthorized machines, which have historically represented a challenge for enforcement authorities in the land-based sector.

BRAZIL: ALL IN ON ONLINE GAMBLING

Brazil remains the great absentee of the Latin American land-based casino market — not for lack of interest, but because of longstanding legal prohibition.

Physical casinos have been banned in the country for decades, although parliamentary debate over legalizing them has intensified in recent years. A bill that seeks to authorize integrated resorts, bingo halls, jogo do bicho and horse-race betting has already been approved by the Senate’s Constitution and Justice Committee. However, the proposal has faced repeated delays in reaching a final vote on the Senate floor.

On the other side of the road, Brazil’s newly regulated online gambling market, launched on January 1, 2025, has rapidly positioned the

country as one of the largest digital betting markets in the world.

Meanwhile, Brazilian capital continues to seek opportunities in jurisdictions that permit land-based gaming.

The Brazilian-backed investment group behind the proposed third casino in Punta del Este is one example of this trend, channeling capital into neighboring markets where regulatory frameworks already allow integrated gaming and tourism developments. Until Brazil establishes a clear regulatory pathway for physical casinos, investment interest from Brazilian companies is likely to continue flowing into other Latin American markets where land-based gaming is permitted.

CHILE: MORE LABOR DISPUTES

Chile’s casino industry is also undergoing a significant period of regulatory transition. The Superintendence of Casinos and Gaming (SCJ) recently launched a new tender for the Iquique casino following the early exit of operator Dreams. The revised licensing terms significantly reduced the municipality’s guaranteed annual payment by 71%. For Iquique, the change is particularly impactful. The casino has historically been one of the municipality’s largest sources of revenue and a major employer in the Tarapacá region.

Authorities say the new tender seeks to restore financial viability after earlier concession terms proved difficult for operators to sustain. The sharp reduction

in financial requirements reflects a broader reassessment of the aggressive concession model that defined previous licensing cycles.

The sector is also facing labor tensions. Workers at Casino Rinconada, one of the largest gaming venues in Chile, recently voted on a strike after collective bargaining negotiations with operator Casinos de Chile stalled. The union representing approximately 90% of the venue’s workforce has accused management of refusing to address key demands related to night-shift compensation, working conditions and previously negotiated benefits.

At the same time, enforcement actions against illegal gambling operations remain active. Chilean police recently dismantled an unauthorized casino operating in Santiago, seizing slot machines and gaming equipment while arresting individuals allegedly involved in the illicit operation. The incident highlights the persistent presence of illegal land-based gambling venues in the country, even as the regulated casino sector operates under one of the region’s most structured licensing regimes.

Overall, while the next few pages of this magazine will focus exclusively on the riveting online opportunity LatAm presents, land-based gaming still has an important role to play across South America. 2026 will likely see labor tensions escalate and regulatory challenges continue – but, where there is a will, there is a way. And there remains plenty of room for brick-and-mortar growth.

“ The macroeconomic context directly impacts physical casino activity: lower attendance, revenues under pressure, and staff who can no longer sustain their living standards on current wages ”

MORE THAN JUST SCALE

Taras Kozovit – Head of Business Development at the Global Gaming Award -winning Spribe, discusses LatAm strategy for its flagship crash game, Aviator, and where Latin America could rank for global GGR in future

Within Latin America, which markets (outside of the obvious Brazil) are the biggest strategic priorities for you?

While Brazil naturally attracts much of the attention, our LatAm strategy is deliberately broader. Markets such as Mexico, Colombia, Peru, Chile and Argentina are key priorities for Spribe. Each of these jurisdictions combines strong mobile penetration, a growing base of regulated or semi-regulated operators and players who are highly receptive to fast, real-time entertainment formats. Mexico, in particular, has matured into a stable, high-value market, while Colombia continues to serve as a regulatory benchmark for the region. Peru and Chile show strong momentum and Argentina’s provincial regulation model presents long-term

opportunity despite its complexity. Together, these markets form a diversified growth base that reduces over-reliance on any single country.

Which operators are the best to work with in Latin America?

The most successful partnerships in LatAm are built with operators that combine strong local expertise with a long-term vision. We value partners who understand their player base deeply, invest in responsible growth, and are open to collaborative product and marketing initiatives. In LatAm, the best operators are those that move quickly, embrace innovation and prioritize player experience over short-term gains. A strong local brand, solid compliance culture and the ability to activate products through marketing, CRM and community engagement are far more important than pure scale alone.

Given Aviator is a global product, how do you localize and tailor your product for each LatAm market?

Aviator is global by design, but it succeeds locally because of its adaptability. Localization for us goes far beyond language. We tailor bet limits, UI elements, communication style, and promotional mechanics to reflect local player behaviour and economic realities. LatAm players, for example, are highly social and mobile-first, so features that enhance immediacy, clarity and shared experience resonate strongly. We also work closely with operators to align Aviator with local campaigns, sports moments and cultural touchpoints. The core gameplay remains consistent, but the surrounding experience is intentionally localized.

What have been the biggest challenges of scaling across LatAm?

The biggest challenge is fragmentation. Latin America is not a single market, but a collection

of very different regulatory, economic, and cultural environments. Payment infrastructure, regulation, player preferences, and operational maturity can vary significantly from one country to another. Scaling successfully requires flexibility, strong local partnerships, and the ability to adapt quickly. Another challenge is managing rapid growth while maintaining consistency in quality, compliance, and player trust. We’ve addressed this by investing early in scalable technology, compliance processes, and regional expertise rather than taking a one-size-fits-all approach.

How are you preparing for Brazil’s next phase of regulation?

Brazil represents one of the most important long-term opportunities in global iGaming. We view regulation as a positive development that will bring clarity, stability and higher standards to the market. Spribe has been preparing by strengthening compliance frameworks, aligning product standards with regulatory expectations and working closely with licensed operators who are committed to sustainable growth. We’re also focusing on responsible gaming, transparency and technical robustness – all areas that will be critical in a regulated Brazilian market. Our goal is not just to enter Brazil, but to build a durable, compliant presence there.

Finally, where do you see LatAm ranking in terms of GGR long term, compared to EMEA, North America and APAC?

While North America will remain significant, its growth is more fragmented and regulationheavy. LatAm, by contrast, benefits from a young, mobile-native population, strong sports culture and increasing regulatory clarity across multiple markets. As regulation matures and digital adoption continues to rise, LatAm’s contribution to global GGR will grow substantially. For Spribe, it is not just a high-growth region – it is a core pillar of our global strategy.

IN FOCUS: URUGUAY & PERU

Global Gaming Insider contributor Ramiro Atucha, Founder and CEO, Atucha Strategic Advisory, analyzes two burgeoning LatAm markets that present very different opportunities

From my position advising operators, suppliers and investors across Latin America, I have learned that the real test of any regulated market begins once the initial excitement fades and the framework starts to operate. Peru and Uruguay are today in very different places along that curve, and the contrast between them says a great deal about the opportunity in each region.

Two years into regulation, we can start to assess Peru’s direction. Licenses have been issued, suppliers registered, systems audited and enforcement actions executed. MINCETUR shows increasing structure and confidence in supervising the ecosystem it created. That evolution is significant because emerging jurisdictions often struggle to bridge the gap between legislation and enforcement. Peru appears determined to close that gap.

The country opted for an open licensing model. There is no cap on the number of operators, no restricted club of pre-approved

brands and no auction-style mechanism that limits entry through price. Any operator that meets technical, financial and certification requirements can apply. Compared to Provincia de Buenos Aires, where the number of concessions was predefined, or Brazil, where licensing costs alone act as a strong filter, Peru’s approach is accessible.

The fiscal structure, while debated, remains within a range that allows operators to build sustainable projections. Supplier certification is required, but it has not been used as a barrier to entry. Providers must be certified by recognized laboratories and properly registered, yet the process follows technical standards instead of discretionary approvals. That distinction is important because it determines whether a market allows regulated operators to remain competitive vs the unregulated ones. When licensing is open, taxation is workable and enforcement is visible, regulated operators can realistically compete against the grey market. That is perhaps Peru’s most encouraging signal. Regulation is functioning as a channeling mechanism rather than a constraining one.

PERU: A REPEATING PATTERN

There are, however, points of caution. The debate surrounding additional fiscal pressure, particularly the selective consumption tax on wagers, created uncertainty in a market that was still stabilizing. Operators entered under a defined set of economic assumptions. Capital was allocated, teams were hired and technology was integrated based on those assumptions. When tax structures are revisited shortly after implementation, even modest adjustments can affect confidence.

This pattern appears repeatedly across Latin America. Regulators launch with competitive positioning and later reconsider fiscal terms once revenue becomes visible. Brazil currently illustrates how ongoing recalibration complicates long-term planning and slows M&A activity. Investors are capable of modeling higher tax rates; what challenges them is the absence of predictability. Markets attract durable

capital when core conditions remain stable over time. Peru’s long-term positioning will depend heavily on maintaining that stability.

URUGUAY:

OVERSIGHT OVER COMPETITION

Uruguay presents a fundamentally different spirit. It is a stable and institutionally solid country with a relatively affluent population, yet its scale is limited. Gambling has historically operated under a state-controlled model. Landbased casinos function within a monopoly framework managed by the government, occasionally supported by private actors but consistently subject to strong public oversight.

The state plays an active role in strategic sectors of the economy, and gambling is not an exception. Discussions around online regulation have resurfaced periodically, including proposals involving limited licenses or hybrid structures. Even so, it is difficult to imagine Uruguay adopting a fully open multioperator environment comparable to Peru.

The most probable scenario involves a concentrated structure in which the state maintains operational control, potentially supported by one or two technology partners, or authorizes a very small group of tightly supervised operators. Such an outcome would be consistent with Uruguay’s broader regulatory culture.

For international operators and suppliers evaluating Latin America, the contrast is clear. Peru offers competitive scale and room for multiple brands, with the possibility of consolidation if regulatory stability holds. Uruguay, if it formalizes online gambling, is likely to present a controlled partnership model with limited entry points and significant state involvement.

Both jurisdictions offer opportunity, but the shape of that opportunity differs substantially. In Peru, growth depends on maintaining structural consistency and resisting fiscal volatility. In Uruguay, participation will depend on alignment with a state-centered framework that prioritizes oversight over open competition.

CARNIVAL AS STRATEGY?

Global Gaming Insider contributor Hugo Baungartner , Executive Director for Institutional Relations and Partnerships, Esportes Gaming Brasil, discusses cultural sponsorship in a regulated entertainment market

In an environment marked by fragmented attention and declining mass convergence, Brazil’s Carnival remains one of the few events capable of bringing the entire nation together at once. That characteristic alone makes it an invaluable opportunity. But for companies operating in regulated entertainment sectors, relevance is not sufficient. The question is whether participation is coherent.

The betting and gaming industry is, fundamentally, part of the entertainment economy. It operates within a regulated framework, with compliance obligations, reputational exposure and increasing public scrutiny. Carnival, in turn, represents one of the most culturally rich moments in Brazil’s calendar – emotionally charged, economically significant and locally distinctive. The intersection between these two ecosystems requires more than brand activation. It requires a genuine connection.

RESPECTING DIFFERENCES

In 2026, our company executed its largest Carnival presence to date, operating across nine Brazilian cities, including seven state capitals and major cultural hubs such as Recife, Olinda, Salvador, Rio de Janeiro and São Paulo. This geographic spread was not designed as a uniform national footprint. Carnival does not function as a single replicable platform. Each city reflects specific cultural codes, audience dynamics and media environments. Strategic presence depends on respecting these differences rather than standardizing them.

The operational model combined institutional positioning, structured public relations, spokesperson engagement and regionally adapted initiatives. The emphasis was not volume of exposure, but narrative discipline. In culturally sensitive environments, excessive commercialization can undermine legitimacy. Sponsorship that ignores context risks reputational friction; sponsorship that integrates with local identity reinforces credibility.

Carnival is also an economic system. Largescale festivities initiate employment chains, expand hospitality capacity, stimulate informal and formal commerce and generate temporary but significant income flows. Hotels operate at peak occupancy, restaurants and bars extend service hours, transport networks intensify and production teams multiply. Corporate participation intersects with this ecosystem and, consequently, with its social impact. Strategic engagement must appreciate this dynamic.

ACCOUNTABILITY ON TOP OF VISIBILITY

From a business standpoint, this broader context challenges traditional performance metrics. Reach and short-term conversion provide limited insight into the value generated during culturally concentrated events. In regulated industries, visibility is inseparable from accountability. Brands are evaluated not only by exposure, but by conduct, governance and alignment with societal expectations.

The scrutiny is structural, not episodic. Companies in regulated sectors operate under a legitimacy threshold that is continuously tested. Cultural sponsorship, therefore, must be supported by compliance infrastructure, disciplined messaging and coherent positioning. The return on investment extends beyond campaign indicators. It includes reputational capital, stakeholder confidence and longterm brand consolidation.

Carnival illustrates a broader strategic principle: entertainment businesses do not operate in isolation from cultural rituals or economic networks. Their legitimacy depends on recognizing that connection. When cultural engagement is approached as integration rather than interruption, sponsorship evolves from marketing tactic to institutional positioning.

FINDING THE MEANING

In today’s world, where attention is increasingly volatile, lasting relevance depends on understanding context.

Participation in major cultural moments is not, in itself, differentiating. Meaningful participation is. Carnival, when treated as a strategic alignment rather than a promotional window, becomes an opportunity to reinforce the identity of a responsible entertainment company operating within – and contributing to – Brazil’s cultural and economic ecosystem.

Hugo Baungartner “ In regulated industries, visibility is inseparable from accountability ”

CULTURAL NUANCES

Julia Schagerl, Regional Manager for LatAm at Greentube, speaks to Global Gaming Insider about the innovation and localization required to succeed in markets like Peru, Mexico and Colombia

Outside of Brazil, which market offers the biggest growth opportunity between Peru, Mexico and Colombia?

Colombia is the most mature and stable regulated market. It has a well-established licensing regime and continues to attract steady growth, making it a dependable revenue driver for us at Greentube. We are live with the biggest operators there, and the top three account for a large share of our revenues.

Mexico offers strong long-term potential due to its large population and high online engagement. Greentube is also live here with a significant share of the market. Nevertheless, new opportunities continue to emerge, with additional brands being introduced by both existing and new operators, as well as innovative games being launched. In addition to established titles like Sizzling Hot™ deluxe and Lucky Lady’s Charm™ deluxe, Greentube’s newer series Piggy Prizes™ has also been a major success in Mexico. Operators are already active – often through partnerships with land-based licensees – and growth forecasts indicate ongoing expansion.

Peru is, and has long been, a stable market for Greentube due to our strong landbased presence through Novomatic and well-established partnerships. The recently implemented regulation has opened new opportunities as the market reshapes itself, and fortunately our strongest Greentube titles continue to resonate well with players. Overall, we still see significant potential in these markets, as our established brand and well-accepted games continue to perform strongly.

Are there many synergies between these markets when it comes to player preferences and iGaming trends?

Yes, definitely. As mentioned, Greentube’s advantage in these markets is that we have a wellestablished brand, partly thanks to our strong land-based presence. As a result, traditional titles such as Book of Ra™ deluxe or Dolphin’s Pearl™ deluxe still resonate well across all markets.

Among younger players, interactive, featurerich yet still simple games are showing strong growth. However, cultural differences in gaming preferences vary significantly, which makes it important to focus on tailored solutions and innovative, market-focused games. For this reason, we are very much looking forward to launching Lucky Capi in Q2, one of our upcoming Brazil focused titles-rich yet still simple games are showing strong growth.

How much differentiation is there in the localization between these markets?  The biggest differentiation really comes down to regulation. Each market operates under its own unique regulatory framework, and that means we have to adapt both our games and our overall strategy to fit those local requirements. There’s no one-size-fits-all approach.

At the same time, you can’t rely on regulation alone. It’s just as important to stay ahead of market trends and to be a first mover when it comes to innovative content. Operators and players consistently look for a strong balance: globally successful titles they already know and love, combined with games that feel tailored and localised for their specific market.

Within five years, where do you think Brazil will rank globally as an online

casino market? And what about other LatAm countries?

Brazil is on track to become one of the top five online gambling markets globally, driven by its population size, rapid licensing rollout, and the strong engagement we’ve seen so far. Projections suggest that Brazil could account for over half of Latin America’s regulated iGaming revenue by the late 2020s. Nevertheless, for B2B, the regulatory framework is still somewhat uncertain and constantly changing. Suppliers need to proactively prepare for upcoming requirements, which makes planning more difficult.

Within Greentube, I think it’s safe to say Brazil will become one of the most important markets in the LatAm region – provided regulation doesn’t complicate the situation further. Globally, it will be tough to compete with the very top markets in the coming years, but Brazil definitely has the potential to get there in the long run. It is, and will remain, a key focus market for us in the years ahead.

Peru and Colombia are definitely going to remain stable over the next years. The regulations there are well-established and rolled out transparently. There is still growth potential with localized content, new brands entering the market, and increased exposure on existing sites. Mexico is a market with higher growth potential for us. Depending on how regulation develops in the next years, it could also become one of the top markets. Overall, Brazil could rival the leading global markets, while Peru and Colombia will continue holding their positions as significant regional leaders.

Finally, what advice would you give to operators and suppliers looking to succeed in Latin America that they might not have heard elsewhere?

First of all, focus on innovation and localization when it comes to game development. There are certain game themes and math models that work particularly well in specific markets. Building on those game types and combining them with local themes often turns out to be a strong success driver. Moreover, try to embrace cultural content partnerships. Local sponsorships or influencer collaborations carry far more weight than generic global campaigns – especially in LatAm markets.

LATAM SPORTS BETTING

PREPARATION FOR PERSONALIZATION

Juan Pablo Barahona, Betby’s LatAm Regional Director, discusses true localization, the biggest markets to watch out for outside Brazil – and the small matter of this summer’s World Cup

We often hear about localization in Latin America. But what case studies can you provide of genuine personalization; it isn’t just limited to language or anything surface-level, is it?

No, not at all. If localization was just about translating the sportsbook and adding local payment methods, that would be simple for any provider. For us at Betby, real personalization has to be part of both the product and the way we work. Brazil is a good example of that.

On the product side, specifically when it comes to content, we’re the only supplier offering proprietary e-sims for vaquejada and footvolley, sports that really connect with Brazilian players. We’ve taken the same approach with competitions that global suppliers often ignore, like X1 Futebol and Kings League Brazil. They might not be on the traditional international calendar, but they attract real attention locally.

And personalization isn’t just about content. It’s also about people. We involve Brazilian professionals from the start, from sales and integration to onboarding and account management. Working in the same time zone and understanding how operators and bettors think makes a big difference. Otherwise, you’re just delivering software.

Is there a balance to strike between maximizing localization while remaining efficient in the core offering?

Definitely. Brazilian and Argentinian bettors care a lot about their domestic competitions, but you can’t forget about global events like the Premier League or La Liga. Many players follow those tournaments closely and expect detailed markets, including player props and statistical markets. If they don’t find that depth, they’ll move to another platform.

In LatAm, localization is important, but it’s not enough on its own. You need a strong global base combined with local relevance, and the balance comes from offering full sports coverage while activating local content where it really matters.

At Betby, alongside sports, we also offer a wide esports portfolio – from major titles to more niche ones – plus an entertainment feed with prediction markets on movies, TV series, music and even elections. The idea is simple: give bettors variety in one place so they don’t feel limited.

LatAm-wise, where does Betby see the biggest potential for growth outside Brazil? And what must operators do to capitalize on the audience here? Outside Brazil, the best opportunities are in markets that have scale, strong sports culture and regulatory progress.

Mexico is an obvious one, with more than 130 million people and expected regulatory updates ahead of the World Cup. Peru’s recently regulated market – where Betby is licensed –is also moving in the right direction and has

been well received for its balanced approach, similar to Colombia. Chile is another market to follow, especially after the court ordered the blocking of illegal sites, showing clear intent to organize the market before regulating it.

To succeed, operators need to stop seeing LatAm as one single region. What we’ve learned is that relevance drives retention. A generic sportsbook might attract users at first, but long-term growth depends on meaningful local content, strong esports coverage where it fits, and teams on the ground who understand how users behave.

With the World Cup approaching, what should betting companies in LatAm focus on before and after the tournament?

The World Cup is huge in LatAm, so preparation really matters. Before the tournament, operators should organize their content so users can understand and explore markets before traffic increases. At Betby, we’re launching a dedicated World Cup hub with all the key stats, markets and insights in one place to make navigation easier.

But it’s just as important to keep users engaged between matches. Activity naturally peaks during games and drops afterward. That’s why we’re mirroring the tournament inside our proprietary esports feed, Betby. Games, with an e-sim competition that follows every real match. This keeps content running 24/7 and avoids long gaps between fixtures.

The real challenge comes after the final. Churn is normal unless operators actively reengage players. Moving users from the World Cup to other competitions needs to be planned. Our AI-driven personalization system looks at personal behavior – things like average stake, session time, preferred sports and market types – and adjusts content and promotions in real time to match each user’s interests. In short, operators should build momentum before the tournament, keep users involved during it, and have a clear plan ready for what comes next.

AI & ACQUISITION

Mateo Lenoble, Head of Sales LatAm at Kambi, talks AI, retention and the World Cup

It’s 2026 – sports trading has advanced significantly. How does Kambi approach pricing and risk in LatAm?

Kambi has been active in Latin America for more than a decade, so our approach to pricing and risk is built on deep experience in one of the world’s fastest-growing regions for regulated sports betting. Our philosophy remains consistent with our global strategy: all pricing, trading and risk are managed in-house, combining expert traders, advanced automation and official, diversified data sources to ensure high uptime and reliability of supply.

This in-house control is a major differentiator. Many competitors rely on external feeds, especially around major tournaments, and that can lead to fluctuating quality and reduced flexibility. Because Kambi owns its entire trading stack, our partners get high-quality pricing from a single source that can adapt to their own strategy whilst simultaneously benefiting from being actively managed and traded on Kambi’s extensive global liquidity.

How much of that involves AI?

AI is now central to Kambi’s trading function. We first deployed AI-driven trading at the 2022 World Cup and have rapidly expanded its coverage. In 2025, AI accounted for 49% of all bets on the Kambi network, and we passed the 50% threshold earlier this year with the 2026 World Cup set to be the first major tournament fully traded by AI.

As our CEO Werner Becher has often said,

AI isn’t a buzzword for Kambi – it’s embedded throughout our trading operations as the sportsbook offering expands to the point where it can no longer be traded by humans alone. And we’ve already proven the benefits of this AI-led approach. It delivers faster market creation, greater efficiency, enhanced risk management and stronger pricing accuracy, all of which translate into higher operator margins and a more engaging product for bettors.

How much has AI usage increased in trading recently, versus other areas of the industry?

While many operators and suppliers focused their efforts on marketing or CRM, we prioritised AI investment directly into trading which we see as the engine room of any successful sportsbook. That early focus means AI now powers more than half of all bets across our network, with coverage expanding into ice hockey, tennis and basketball, complementing the crucial role of our expert traders who add a critical layer of quality control.

Because Kambi processes billions of bets a year and operates across more than 50 operators globally, we have the scale, liquidity and historical dataset needed to unlock AI’s full potential in trading. Only a handful B2C operators in the industry can match this.

How will this summer’s World Cup impact operator strategies across LatAm?

The 2026 World Cup will be the biggest betting event ever staged, with 104 matches over 39 days. Football remains the region’s dominant sport, and with Brazil’s regulated market launching last year, operators are increasingly focused on localization, flexibility and speed. Delivering a deep, high-quality product will be essential, whether that’s advanced player props and extensive Bet Builder product or strong live uptime, low countdowns and fast settlement. These strengths are central to Kambi’s offering: depth for seasoned bettors and intuitive, high-appeal markets for newcomers who will join in huge numbers over the tournament.

Are you expecting even more of an increase given the North America/Mexico element? Absolutely. This is the first World Cup hosted across the US, Canada and Mexico – and the first in the US since 1994. Soccer interest in North America has grown, but it still hasn’t reached peak maturity, making this a rare and

powerful acquisition moment for operators. In Mexico and the wider LatAm region, engagement will be very strong, driven by deeply rooted passion for the sport. Combined, these audiences create an unprecedented opportunity for regulated sportsbooks.

Is there anything Kambi does particularly differently to the rest of the market when it comes to pricing?

Kambi’s advantage comes from the combination of fully in-house trading and data management, the strength of our global network and the flexibility we give partners. We process more than 1.5 billion bets a year across more than 50 operators on six continents, generating €17bn ($20bn) in annual liquidity that informs our pricing and risk decisions. No other sportsbook provider operates a network of this size or data richness, and when combined with tools like price differentiation and bespoke risk management strategies, our partners can tailor margins and pricing to their local market needs while benefiting from world-class accuracy, consistency and stability.

Can this World Cup be about retention in LatAm, or will it still primarily be an acquisition tool?

It will drive both, but long-term retention will define the biggest winners. While the World Cup always produces enormous acquisition spikes, the real challenge is keeping players engaged once the tournament ends. Kambi’s philosophy is built around sustained product depth leading to greater ROI versus other operators and suppliers who will see this slip as customers drift post-tournament. Unlike competitors who rely on temporary feeds that disappear post-tournament, our AI-powered football offering maintains breadth and quality across domestic and international competitions, helping operators convert World Cup enthusiasm into long-term engagement.

Final word: Who wins the World Cup?

As a Uruguayan, my heart says Uruguay lifting a third World Cup – and the first since 1950 –would be incredible, but at odds of 51.00 the chances are, unfortunately, slim. Kambi currently has Spain priced as favorites at 5.50, followed by England at 6.50 and France at 8.00. Ultimately, we think the customer will be the real winner of the World Cup given the quality and depth of the product on offer for the tournament.

COLOMBIA AND CHILE: SHAPING LATAM’S FUTURE

The operators who will win in Latin America are the ones who understand localization is the foundation, writes Alberto Alfieri , Co-Founder & Executive Chairman of Blokotech

Latin America’s iGaming sector has become the industry’s most compelling growth story. While global operators chase saturated European markets, the real opportunity lies south, where Colombia has proven the model and Chile stands poised to follow. But succeeding here demands more than regulatory arbitrage. It requires understanding that these markets reward operators who think locally first.

COLOMBIA: THE BLUEPRINT FOR REGULATED SUCCESS

Colombia wrote the playbook for Latin American iGaming regulation. Since Coljuegos

established its framework in 2016, the country has demonstrated what’s possible when regulation meets market demand. The numbers speak for themselves: a market projected to reach $2bn by 2026, over 6.2 million active users across legal platforms, and a population where 82% participate in games of chance.

What makes Colombia particularly instructive is its maturity. Sports betting dominates at 66% of gross gaming revenue since 2022, with ARPU projected to surpass $1,100 by 2025. These are figures that rival developed markets. Competitive tax rates of 15% on GGR create sustainable unit economics,

while strong mobile penetration provides the infrastructure for scale.

Yet Colombia’s sophistication is precisely what makes it unforgiving for unprepared operators. Coljuegos enforces strict compliance requirements and players have developed expectations shaped by years of legal competition. The winners here are operators whose technology was built with Colombian payment rails, compliance frameworks, and user behaviors in mind from day one.

CHILE: THE FIRST-MOVER MOMENT If Colombia represents the mature opportunity,

matters immensely. With comprehensive gambling legislation under Senate review in mid-2025, Chile is transitioning from a grey market to a regulated environment. For operators positioned correctly, this creates a rare first-mover window.

The demand indicators are unmistakable.

Chile boasts 94.1% internet penetration, 18.6 million people online and an offshore market generating $130-170m annually despite operating in regulatory uncertainty. When legalization formalizes, that demand won’t disappear; it will migrate to compliant platforms. Projections suggest 6.9% CAGR through 2026 and approximately $91.5m in annual tax revenue from online gambling.

Chile’s player profile skews distinctly mobile-first: 97.3% access gaming platforms via mobile devices, with 68% of bets placed on smartphones. Football accounts for half of all sports wagers, and average monthly spending of 30,000-50,000 Chilean pesos ($35-60) indicates a substantial recreational market. Operators who launch with mobileoptimized experiences and football-centric sportsbooks will capture disproportionate market share.

THE LOCALIZATION IMPERATIVE

Across both markets, one principle separates successful operators from the others: payment localization. Latin American players don’t

instant transfers and digital wallets like Daviplata dominate, with 30% of players favoring eCash solutions. Chilean bettors rely heavily on MACH and Mercado Pago. Research shows 75% of regional bettors plan to increase alternative payment method usage, with 41% citing security as their top priority.

Generic payment integrations fail here. Players expect deposits that clear instantly through familiar channels, withdrawals that arrive in local currency without friction, and interfaces in Latin American Spanish, not Castilian. These aren’t nice-to-haves; they’re conversion drivers. Operators partnering with platforms purpose-built for regional payment ecosystems gain measurable advantages in player acquisition and retention.

STRATEGIC POSITIONING FOR GROWTH

The operators poised to win in Colombia and Chile share common characteristics: they prioritize regulatory compliance as competitive moat rather than cost center; they launch mobile-first rather than adapting desktop experiences; they integrate local payment methods before global processors; and they understand that responsible gambling frameworks build trust in markets where player protection is increasingly valued. Speed matters too. Chile’s regulatory window rewards operators who can deploy compliant, localized platforms quickly.

who can optimize faster than incumbents. Latin America’s iGaming future isn’t about who arrives first. It’s about who arrives prepared.

SIGMA SOUTH AMERICA: BOOMING INTEREST

Every LatAm market and every LatAm vertical we’ve analyzed will come together at SiGMA South America, scheduled for April 6–9 in São Paulo

When Brazil opened its newly regulated iGaming market in January 2025, figures across gaming sat in anticipation of how the country would meet its vast potential. As the country’s iGaming market continues to rise, so too does the coverage of its highlights, lowlights and most prominent headlines. SiGMA South America 2026, to that end, has unveiled new expansions to support the region’s growing customer demand. The conference will take place from April 6–9 in São Paulo, featuring gaming experts, operators and investors who help drive business and foster essential discussions.

SiGMA South America has doubled its expo floor in anticipation of a larger audience in 2026 and will provide three dual-language stages for attendees from around the globe. Approximately 18,500 delegates are scheduled to be in attendance, as well as more than 250 speakers who will take part in the conference’s panel discussions and keynote addresses.

BRAZIL: HOME ADVANTAGE

The conference has also confirmed approximately 1,400 operators will be taking part, in addition to over 400 exhibitors and sponsors, as well as host roughly 2,600 affiliates for this year’s event. Indeed, there will be plenty to discuss in São Paulo, especially after 79 licensed operators in Brazil reported that 25.2 million residents placed bets during the year, while more than 25,000 illegal betting websites were blocked in partnership with the National Telecommunications Agency. Operators also produced approximately BR37bn (US$7.2bn) in gross gaming revenue (GGR) for 2025, while total tax collection related to betting eclipsed $1.93bn.

With just a small portion of Brazil’s potential met in 2025, forming a presence across the region continues to be a priority for many in gaming, including those which may be relatively new to the scene. On December 23, 2025, Kalshi Co-Founder Luana Lopes Lara confirmed Brazil is firmly on the operator’s radar, as it

plans its next phase of international expansion and explores how its regulated model could eventually be introduced to the country.

Prediction markets captured the attention of many throughout the prior year and in the early stages of 2026, with theories as to how the gaming type could make its way to Brazil potentially serving as a leading topic of the São Paulo conference. While operators such as Kalshi and Polymarket press on with regulatory battles in the US, extending their capabilities to a blossoming market could represent the next phase of expansion.

LATAM: AROUND THE HOUSES

Elsewhere in South America, Paraguay’s gambling sector generated PYG18.7bn ($2.9m) for January 2026, representing an increase of 23.4% from the country’s previous monthly record set in January 2025. In 2025, Paraguay’s gaming regulator reported its strongest annual revenue performance in a decade, as total fees

São Paulo skyline

collected by regulators reached $33.5m and increased 22.9% year-on-year.

Chile’s municipal casinos recorded CLP39.48bn ($45.1m) in gross gaming revenue during 2025, posting a modest real increase of 0.5%. Specific gaming tax accounted for $96.4m during the full-year period, split equally between regional governments and host municipalities to finance public works and development projects. Land-based gambling operators in Colombia increased their contributions to the country’s subsidized healthcare system by 9.3% in 2025, transferring an estimated COP 378.268bn ($100.6m).

In Argentina, IAFAS – the gambling regulator for Argentina’s Entre Ríos province –transferred ARS 6.55bn ($4.6m) to provincial social programs in 2025, representing a 267% increase compared to the previous year. The growth was supported by higher revenue across the province’s regulated gaming operations, as well as the scale of gaming activity in Entre Ríos and the weight of regulated gambling in provincial fiscal planning.

RESPONSIBLE GAMING ON THE AGENDA

Safer gambling strategies will certainly be a talking point of SiGMA South America 2026, especially as the region continues welcoming new operators and suppliers into the market. Prior to the event, senior representatives from

key government bodies, regulatory institutions and enforcement authorities will meet in Rio to speak on Brazil’s legal betting framework.

The meeting, which took place in March, provides a rare opportunity for direct dialogue, practical clarity and alignment at a pivotal moment in the market’s development. What’s discussed between the senior representatives could eventually lead to broader examinations of regulatory and responsible gambling strategies at SiGMA South America. Notably, the March event also welcomed representatives from Brazil’s state-run lotteries, who represent long-standing public operators that have helped shape the country’s regulated betting landscape.

Perhaps obstructed by the headlines surrounding iGaming and sports betting, Brazil has also looked to expand its lottery services to additional jurisdictions, including in Rondônia where Governor Marcos Rocha recently submitted legislation to create a staterun lottery. This move positioned the northern state alongside a growing number of Brazilian jurisdictions that have attempted to establish their own betting frameworks during 2026.

Initiatives to build a stronger gaming foundation have also been introduced in Brazil, as the Brazilian Olympic Committee set a strategic objective in February to reduce its financial dependence on lottery and betting transfers, which accounted for 75% of total

revenue in 2025. The organization recorded BR594m in revenue during the prior year, representing the highest figure generated in a half-decade. President Marco Antônio La Porta signaled that diversification is now a priority, however, and highlighted the structural vulnerability of relying heavily on public transfers related to lotteries and regulated betting.

A GLOBAL STAGE

The advancements listed above all factor into what should be an enthralling SiGMA South America 2026 event, as those in attendance are sure to bear witness to required discourse that could help shape the region’s gaming market for years to come. With 18,500 delegates confirmed to be in attendance for the April conference, the progression which could stem from SiGMA South America 2026 may serve as a thorough reminder of how gaming events around the world help spark change.

One of the main topics of discussion at SiGMA South America 2026 – much to the entertainment of attendees and non-sports fans –should be the upcoming 2026 World Cup in June, given the country represents one of football’s most popular markets. Perhaps some (hopefully lighthearted) debates will be sparked between more local supporters and those visiting from around the world, but the global competition will assuredly take over gaming this summer.

TAKING STOCK

Global Gaming Insider looks at monthly stock prices from the opening day of the past Wsix months across the APAC region, analyzing October 2025 – March 2026

• Six-month high: December (69.16 USD)

• Six-month low: October (54.27 USD)

• Market capitalization: US$36.94bn (As of March 3, 2026)

• Six-month high: October (42.92 HKD)

• Six-month low: November (38.38 HKD)

• Market capitalization: US$21.81bn (As of March 3, 2026)

• Six-month high: December (9.39 USD)

• Six-month low: March (6.10 USD)

• Market capitalization: US$2.39bn (As of March 3, 2026)

• Six-month high: January (0.79 USD)

• Six-month low: March (0.73 USD)

• Market capitalization: US$3.12bn (As of 3 March, 2026)

MOVERS AND SHAKERS

As the APAC region sees new resorts, markets and even regulators establishing themselves in several countries, operators must make timely appointments to ensure they stay ahead of the curve

Patrick Dumont CEO and Chairman, Las Vegas Sands / Chairman, Sands China

Patrick Dumont has been appointed not only as CEO and Chairman of Las Vegas Sands, but also as Chairman of Sands China. Dumont first joined Las Vegas Sands in 2010, before eventually ascending to the Board of Directors in 2017. He would later become President, COO and Treasurer in 2021.

Dumont will succeed Robert Golstein in the Las Vegas roles, who will step back into a Senior Advisor role with the group until March 2028. Las Vegas Sands also controls around 74% of the voting rights of Sands China.

Steven Wolstenholme Chief Casino Officer, Inspire Entertainment

Resort

As Inspire Entertainment Resort continues to strengthen its presence in the Incheon region, Steven Wolstenholme has been appointed to lead the gaming operations at the site. He will join Inspire with more than three decades of experience in the global casino and integrated resort sector, including leadership roles in North America and Asia.

Wolstenholme has previously served as President and CEO of Hoiana Resort & Golf in Vietnam, President of Okada Manila in the Philippines and COO of Galaxy Entertainment Group. This positions him well to take over operations at Inspire.

SkyCity has named Blair Woodbury as its new CFO, as it continues to strengthen its governance, financial stability and regulatory compliance. He has a strong history of leading optimisation programmes, driving growth and rebuilding trust with investors and analysts alike.

Woodbury joins SkyCity from Devoli, where he has been CFO for almost five years. He has also worked with Sky New Zealand as CFO and a Strategic Advisor, McKinsey & Company as SVP, Telecom New Zealand as Head of Business Design for Consumers and finally as a Director of Performance Improvement Consulting at PwC.

He has already been part of Sands Cares initiatives in China, where he helped pack over 20,000 Chinese New Year festive kits.

He has served Board Member of organisations, including Children’s Cabinet, The Purple Centers Foundation and Children of Vietnam.

Woodbury says he is proud to work in an industry focused on kaitiakitanga and kotahitanga Māori for solidarity and environmental stewardship.

FACING FACTS

We investigate the data behind Macau’s February financials and recent growth trends

• Macau’s revenue has been steadily recovering since the beginning of the Covid-19 pandemic

• But... Macau’s GGR figures have still yet to consistently reach that of pre-pandemic levels. Perhaps they never will, following the closure of junkets and satellite casinos

MOP 1BN = $120M

• Accumulated revenue across January and February plateaued between 2024 & 2025, but has continued to record less drastic year-over-year upswings

• The biggest fall, naturally, came in 2021 – at the height of Macau’s Covid-19related restrictions

• As well as having fallen 9.7% monthover-month, February revenues in Macau were at their lowest point since September in February

• However, extreme weather events and a seasonal lull may have affected outcomes, with year-over-year outlook remaining strong

GLOBAL GAMING GREATNESS

Celebrating

its fifth anniversary on 2 June, the Global Gaming Awards

APAC 2026 will

honor the very best performers from across the region’s gaming industry over the previous 12 months

The Asia-Pacific (APAC) region has frequently stood out as a leading example of gaming’s success across all major markets, while the industry’s recognition of such instances was brought to new heights following the Global Gaming Awards APAC launch in 2021. Preparing to celebrate its fifth anniversary on 2 June, the Global Gaming Awards APAC will once again honor the region’s very best performers over the previous 12 months.

The Awards are powered by Global Gaming Insider and feature a rigorous and transparent judging process independently adjudicated by KPMG US. With the self-nominations window having closed on 9 March, Shortlisted companies for any category in the APAC region will be contacted directly by 20 April. The Global Gaming Awards serve as the only industry Awards to publicly disclose the reasons behind every nomination, ensuring credibility and trust across the entire process.

One of the most sought-after awards will be returning to Manila in June, as Casino Operator of the Year celebrates those who have gone above and beyond to create the best possible customer experience across all its properties.

Galaxy Entertainment Group took home the honor for a second consecutive year in 2025, with Sands and Wynn Resorts finishing as

runner-up and third, respectively. Each of last year’s acclaimed operators will hope to return to the podium in 2026, while fellow casino entities such as Melco Resorts and Grand Korea Leisure could also make a push to enter the fray given both’s success over the past 12 months.

DigiPlus & Casino Plus were honored with the Digital Operator of the Year award as part of last year’s event, while Light & Wonder went from Casino Supplier of the Year runner-up in 2024 to finishing first in the category for 2025. With notable suppliers such as Interblock and Aristocrat Gaming also in contention at Global Gaming Awards APAC 2026, Casino Supplier of

the Year is sure to drive as much intrigue as its prior year renditions.

Aristocrat didn’t leave the Global Gaming Awards APAC 2025 empty-handed, however, as the supplier was able to take home the Casino Product of the Year award for its Big Fu Cash Bats title. Wynn Resorts walked away with the Corporate Social Responsibility of the Year award despite its third-place finish for Casino Operator of the Year, having been recognized for the broader lengths it extends to ensure corporate responsibility.

Daisy Ho, Chairman & Executive Director of SJM Holdings, was honored with the Executive of the Year award at the Global Gaming Awards APAC 2025 and now heads into her eighth year under the position. Fellow APAC leaders have also made waves across the 12 past months, building anticipation for which key executive will be awarded in Manila on 2 June from the SiGMA Asia Summit.

Fellow honors such as Digital Casino, Digital Sports Betting Supplier, Integrated Resort and Table Game Product of the Year will also be recognized as part of the Global Gaming Awards APAC 2026, rounding out the highest benchmark of achievement in global gaming. As always, winners will be selected by an exceptional panel of senior industry executives

with deep expertise in the Asia-Pacific gaming market.

“The enthusiasm we’ve seen from operators, suppliers and stakeholders across the region towards our Awards truly highlights how strongly this industry believes in integrity and excellence. We’re incredibly grateful for the trust and support we’ve received over the past five years, and we’re excited to carry that momentum into 2026,” Global Gaming Insider Marketing Director Mariya Savova said.

“We look forward to bringing the industry together once again to celebrate innovation, leadership and achievement at the very highest level. We’re also sincerely thankful to our friends at SiGMA for hosting us as part of their summit and for their continued partnership.”

Gaming in the APAC region continues to return to normalcy after the effects of Covid-19, with Macau having reported a 24% year-onyear increase in gross gaming revenue to MOP 22.6bn ($2.8bn) for January 2026. The result exceeded analyst forecasts and marked the strongest monthly performance since October, extending a recovery trend which saw industry revenue grow 9.1% during 2025.

January 2026 also represented the eighth time in nine months that Macau’s monthly gaming revenue surpassed $2.48bn, reinforcing the market’s expectations of continued normalization in visitation and spending. Observers attributed the stronger outcome to favorable currency dynamics, improved VIP play and sustained mass-market demand from mainland China visitors.

As previously mentioned, the Global Gaming Awards APAC 2026 will be held in the same week as the SiGMA Asia Summit in Manila, Philippines, which drew 16,000 delegates from around the world in 2025. The conference featured over 250 speakers, 300 exhibitors and sponsors and 3,100 operators, with 87% of total attendees confirming they would likely return for the 2026 event.

Building upon its sister awards in the Americas and EMEA, the Global Gaming Awards APAC 2026 is sure to continue their legacy as the most prestigious and trusted Awards event in the global gaming industry.

Savova continued: “I can’t believe it’s already been five years since we first brought the Global Gaming Awards to Asia Pacific. Watching the event grow into one of the most anticipated celebrations in the region has been incredibly rewarding.

“We’re absolutely thrilled to be returning to Manila for the 2026 edition - a city that continues to be a vibrant hub for the industry. The way the Awards have been embraced across APAC has exceeded all our expectations.”

Various operators, suppliers and executives will be looking to join the illustrious list of Global Gaming Awards APAC winners over the event’s four-year history, including those which were

able to generate positive momentum heading into 2026. Sands reported 32.2% revenue growth for its Marina Bay Sands property during FY2025 to $5.6bn, as well as $2.6bn of revenue from The Londoner Macao for an increase of 28.8%.

Not to be outdone, Galaxy Entertainment Group – which took home the Integrated Resort of the Year award for its Galaxy Macau property – increased revenue by 14% to HK$12.2bn (US$1.6bn) during Q3 2025. The operator also witnessed a 14% rise in adjusted EBITDA for the quarterly period to $422.1m despite slower travel periods in September, as well as the presence of Typhoon Ragasa which prompted a 33-hour Government-ordered casino closure.

The Global Gaming Awards APAC have come a long way even with just a half-decade legacy approaching, given the event first began online with a virtual ceremony until its in-person debut during 2024. Much like the region it annually recognizes, the Global Gaming Awards APAC have continued to grow

throughout the years and now represent a mark of excellence any operator, supplier or executive sets out to achieve.

Voting for the Global Gaming Awards APAC 2026 will open on 4 May, when the judging panel will cast votes to determine a winner and runner-up in each category. Judges are excluded from voting in any category where a conflict of interest exists, guaranteeing the highest standards of integrity and impartiality. The official Shortlist will be unveiled to the public on 10 May, featuring the complete list of nominees alongside the reasons why each was Shortlisted for the Global Gaming Awards APAC 2026.

The Shortlist represents an incredible achievement any company or individual in gaming should be extremely proud of and is the key representative of their achievements over the past 12 months. Gaming in the APAC region enthralls millions every year, and it’s almost time to celebrate those who help power the industry to the highest extent.

AUSTRALIA’S PREDICAMENT

Jamie Nettleton, Partner at Addisons and Australian gaming law expert, explores evolving enforcement techniques in the battle against illegal offshore gambling

Australia is the nation with the highest per capita gambling losses in the world. Australians gamble on diverse gambling types through different channels, both land-based and online. Statistics from 2022-23 show that net losses on gambling in Australia were AU$31.5bn (US$22.3bn).

Australians gamble online and do not always distinguish between using the online gambling services of legal operators such as Australian-licensed wagering or lottery operators and using the online gambling services of illegal online operators. This is a worldwide phenomenon but, in Australia, this includes online casino services

(including poker) and online wagering or lottery operators not licensed domestically. Responsible Wagering Australia (RWA), the representative body of Australian-licensed wagering service providers, published a report in November 2025 outlining that offshore gambling constitutes 36% of the Australian online gambling market.

These statistics confirm that illegal online gambling services are easily accessible to Australians and constitute a material segment of the online gambling services used by Australians. Addressing this issue is important in any jurisdiction; however, taking into consideration the gambling

pattern of Australians and the manner in which illegal online gambling in Australia is taking place (and is likely to grow), this should be the subject of further debate.

ONLINE REGULATION AND ENFORCEMENT IN AUSTRALIA

Online gambling is prohibited under Australian Federal gambling law unless it is licensed by a gambling regulator in Australia. Australian gambling regulators can only license online wagering and online lotteries. The offering of online casino games (including poker) is prohibited and cannot be licensed by an Australian regulator. Further, it is prohibited

to offer in-play wagering services on sports events. Therefore, a customer cannot place a bet after the commencement of a sports event with an Australian-licensed wagering operator unless it is placed over the telephone or on terminals in gaming venues.

The Australian Communications and Media Authority (ACMA) is the Australian Federal regulator that regulates online gambling and it is responsible for enforcing the relevant online gambling legislation. A primary function of ACMA is to ensure compliance with Australian Federal gambling law, and to protect Australians from the harm associated with illegal online gambling operators.

ACMA has been active in its enforcement function over the last few years, particularly since it introduced internet service provider (ISP) blocking of illegal websites in November 2019. ACMA reported on 13 February 2026 that it has blocked 1,518 illegal gambling and affiliate websites through ISP blocking. Typically, illegal online gambling operators are operators that are offshore, with no presence in Australia, most are licensed in jurisdictions that are not considered top-tier for their regulation of online gambling. The gambling regulators in these jurisdictions are not recognised in the top-tier jurisdictions for their compliance requirements and enforcement actions for breaches by their online gambling licensees. This licensing structure allows those operators to conduct their online gambling businesses (and provide services) in a manner which may not be permitted if the operator were licensed in a jurisdiction with more stringent compliance and enforcement measures.

HOW TO ADDRESS THIS ISSUE

When considering the information and statistics provided in relation to the size of the illegal online gambling market accessed by Australians, this raises an important question. Are the measures adopted by ACMA achieving their ultimate purpose, namely to cause illegal online gambling to cease to be accessed by Australians? Or should other approaches to curtail illegal gambling be considered?

The RWA study anticipates that the size of the illegal online gambling market will continue to grow, estimating that it will reach AU$5bn gross gaming revenue by 2029. As such, the organisation has set out in its publication recommendations that it considers would be effective in combatting illegal online gambling in Australia. The recommendations that RWA outlines relate to third parties (such as payment service providers, banks, sports and racing bodies and BetStop) collaborating to collectively contribute to combatting illegal online gambling in Australia. This would primarily

be achieved by third parties identifying payments to illegal online gambling operators and blocking the payments.

RWA also recommends making more educational material available to consumers, to create better awareness in understanding the risks associated with using the services of illegal online gambling operators and how to identify illegal online gambling operators. If adopted, RWA’s recommendations would assist in ensuring Australians reduce their access to illegal gambling operators; however, significant discussions with the relevant third parties will be required before any relevant measures can be implemented. Third parties (particularly banks and payment service providers) will be required to implement technological updates to their systems to monitor and identify transactions relating to online gambling.

The question remains whether the current enforcement measures and the adoption of the recommendations proposed by RWA would be sufficient to materially reduce the illegal online gambling market in Australia. Nevertheless, learnings from other jurisdictions strongly indicate that regulating online gambling is effective. When a jurisdiction regulates and licenses online gambling operators, various benefits that contribute materially to limiting the illegal online gambling market begin to appear. The benefits of regulating and licensing online gambling operators involves the creation of an online gambling legal framework with requirements that are tailored to the policy of the local regulator.

Licensed operators are required to comply with the requirements, and the local regulator has oversight over the operations of the licensed operators – resulting in effective compliance requirements and, when necessary, effective enforcement action. Consumers using the online gambling services of licensed legal operators have further protection due to using services that are regulated by a known regulator and having access to the regulator if the licensed operator fails to comply with its obligations. Consumers will choose to use the services of licensed online gambling operators over the services of illegal gambling operators.

Elsewhere, the New Zealand (NZ) Government is taking steps to regulate and license online casino gambling services in the nation. The relevant Act and regulations are anticipated to be in effect by mid-2026, and the licensing process will commence soon thereafter. It is anticipated that from 1 December 2026, only operators that will have applied for an online casino licence with the NZ regulator (after successfully completing the auction requirements and process) will be permitted to provide online casino services legally to customers located in NZ.

NZ is not the only jurisdiction taking this approach; many US States, as well as Alberta in Canada, have moved away from prohibition of online gambling services by putting in place a licensing regime under which licences are granted to operators to provide gambling services. Also, Ireland and Finland will license operators this year after implementing laws to regulate online gambling. The outcome and learnings from the NZ model will be useful for Australia. Looking forwards, however, there is scope for a meaningful discussion to commence in Australia to consider the most appropriate manner to address the growing Australian problem of illegal online gambling.

CLOSING THOUGHTS

The facts are that Australians enjoy gambling, online gambling is easily accessible (both legal and illegal gambling services), Australians are using the services of illegal online gambling operators, the current enforcement measures do not seem to be achieving their intended outcome, and it is estimated that illegal online gambling services will continue to grow.

These facts clearly show that more needs to be done to combat illegal online gambling services. Options exist – Australian policymakers and regulators, together with the relevant stakeholders, need to initiate discussions to update policies to reflect the reality of Australians in relation to online gambling. They need to implement appropriate and effective measures to address the issue of online gambling services.

Jamie Nettleton

INDUSTRY LESSONS

When the long-running litigation between Light & Wonder and Aristocrat was resolved earlier this year, it was a strong case study against copyright infringement in the industry. But as companies continue to push AI, Megan Elswyth investigates similar lawsuits in the future

The gambling industry is no stranger to lawsuits. Between Kalshi and a growing majority of US gambling regulators, or the odd unhappy customer suing operators for potential losses, there is little time for lawyers to rest in this sector. However, when Aristocrat accused Light & Wonder (L&W) of using trade secrets and protected works in their new slot game, this introduced a topic that is not quite as common in the sector: copyright infringement. When L&W released its Dragon Train game in March 2024, there were immediate comparisons with Aristocrat’s Dragon Link series, which was first launched in 2017. Upon closer inspection, Aristocrat found that several of its former executives had left the company for senior roles

at L&W. Many of these individuals would have had access to intellectual property, including the code used for game mechanics and features. In the settlement, L&W acknowledged that it had used “certain Aristocrat math information” in the development of both Dragon Train and Jewel of the Dragon and that it would “permanently destroy all documents reflecting that information.” L&W promised never to use the math again, and that it would immediately cease the sale of these games worldwide and remove existing installations. All of this would come with a hefty $127.5m compensation price tag from L&W, too, in respect of the claims for misappropriation and infringement of Aristocrat’s intellectual property.

Now, while the full details have not been released to the public, responsibility has been accepted. But with the rate at which executives are pushing AI into the work process, how long might it be until we see this same story, but through artificial agents copying a competitor’s work instead?

AI IN GAME DEVELOPMENT

Game development teams are no strangers to AI. Whether it is using Qwen2.5 72b to generate long-form code or assist in speculative decoding, or perhaps using Midjourney to create graphics, developers are either being warned against using them – or being encouraged to – depending on the studio they work at. After all, attitudes

against AI are in a major shift at the moment.

AI models are hailed as transformative for the development process, speeding up production time and streamlining different processes. However, as time has gone on, there is certainly some anti-AI sentiment out there. In the traditional video game industry, Clair Obscur: Expedition 33 was stripped of its “Game of the Year” and “Debut Game” achievements at the 2025 Indie Game Awards because generative AI was used during development for placeholders, even though these assets were replaced with human-made textures before release.Generally, as much as AI assists, there is definitely a feeling in some quarters that people want to engage with creative endeavours made by other people, supporting their careers and livelihoods in the process.

But players do not seem to form the same emotional connections with casino games as they do video games. For example, you do not typically see people wearing Big Bass Bonanza hoodies in the same way they do with Pokémon, nor are people buying plushies from Fluffy’s Favourites. So it seems obtuse to assume players will hold gambling game developers to the same high standards, which means the industry is safe, right?

FINDERS KEEPERS

To generate anything, AI models need to scrape content created by people and ‘learn’ what users expect from their prompts. This has led to dozens of high-profile lawsuits, including accusations against Nvidia that the company tried to make a deal with the notorious pirated book databank Anna’s Archive for “high-speed access” to the library and train its LLMs on the stolen content. Similar legal action has been taken in the music industry against AI models and even in journalism, as the BBC threatened to take action against Perplexity AI after it was found generating stolen content “verbatim” from the news corporation.

This poses the question: with how prolifically AI is being used in game development, alongside how much content AI steals from other sources, how long could it be before an AI agent spits out code, math or other protected content from a competitor and lands the studio in trouble? Unless the employee can prove that they developed that particular math model or mechanics from scratch, there could be scope for legal action and accusations of stolen content.

While the exact process of scraping content has been kept pretty hush-hush (and understandably so, how would these LLM companies frame stealing copyrighted work to create profit for themselves in a positive light?), there is an easier way to collect information. Many employees are pasting highly sensitive and confidential data straight into these AI models, such as ChatGPT and Claude, and requesting them to ‘neaten aspects up’ or provide feedback on the work. This can pose some issues. Even if you opt out of settings designed to retain and remember your chat history, parent company OpenAI will still store any conversations within ChatGPT and review the transcripts for up to 30 days.

In January of this year, OpenAI landed itself in hot water when it asked contractors to upload work they had completed so engineers could compare the quality of AI output with that of documents from professionals. The contractors did not need to worry about OpenAI stealing confidential information either, as they were encouraged to use a tool created with ChatGPT that could identify this sort of data and remove it from the documents. That is right, you can remove any critical data from being seen by an AI model by using an AI model deliberately yourself beforehand.

CAN ASPECTS OF AI POSE A THREAT TO THE GAMBLING INDUSTRY?

Gambling has already created an interesting relationship with AI. Beyond game development, sportsbook operators have begun replacing traders with AI agents; in turn, players are creating AI models to analyze the market and place bets en masse. Within the space of a few months, prediction markets have already succumbed to a tidal wave of AI betting activity. It is no longer simply a fun way to predict the outcome of real-world events, but rather a competition to see whose AI model can predict these outcomes and place the most value-creating bets in the shortest span of time.

As for whether game studios need to be cautious about their AI models accidentally regurgitating work from their competitors, this remains a viable threat. Some companies in the gambling space are offering custom games created in just a few weeks through the assistance of AI; while others, like slotGPT, hand the entire process over to AI, which can “turn a simple prompt into a fully customized and playable slot game” in a few seconds. The joint statement from L&W and Aristocrat explained that both companies acknowledged the significant investment and innovation that went into game design and development, including the complex and confidential underlying math models that remain the backbone of casino titles.

In the words of Trevor Croker, Aristocrat CEO and Managing Director: “The court recognised that Light & Wonder was able to develop Dragon Train by using Aristocrat’s valuable trade secrets and without investing the equivalent time and money.” Although this case was the result of people’s actions, which seems ironic when framed within an argument against AI stealing from hard workers, the final point from Croker may still ring true. Would Company A have a leg to stand on if their AI model regurgitated the exact code that Company B developed, considering they had not invested any of the time or money into the process? There is a valid argument for both sides, and although LLM models and AI companies have fared well in courts so far regarding stealing copyrighted content, this could be a different matter when it comes to trade secrets rather than simply stolen artwork.

“ How long will it be until an AI agent spits out code, maths or other protected content from a competitor? ”

WHAT’S NEW ON THE MARKET?

GameView: Elevating casino floors with a fully integrated visual ecosystem

LT GAME’S GAMEVIEW

As casino environments evolve toward immersive, datarich entertainment spaces, LT Game’s GameView continues to lead in shaping the future of visual engagement on the gaming floor. With a robust suite of synchronized display technologies, GameView delivers a seamless fusion of realtime game data, marketing content, and highimpact animation across tables, video walls and additional player interfaces for betting terminal.

The platform’s flagship product, GameView Horizon, transforms LED walls into dynamic canvases capable of showcasing live gaming trends, results, side bet triggers, promotional bursts and themed content with exceptional clarity. Its customizable layouts give operators full flexibility to align visual content with their brand identity and gaming footprint.

Supporting Horizon are GameView Table and GameView Personal , which extend synchronized game information directly to tables and betting terminals customizable personal displays. These modules enhance transparency by presenting live results and trendboards while weaving in targeted marketing messages – heightening player engagement and encouraging sustained play.

For operators, the system’s multimedia console serves as a major operational advantage. With realtime animation triggering, audio control, theme management and rolebased access, GameView dramatically simplifies casinofloor oversight while maintaining regulatory and procedural accuracy.

New to the GameView family, GameView ETG Zone represents the next leap forward. Designed specifically for Electronic

Table Game environments, ETG Zone connects directly to ETG result feeds and automatically triggers custom animations on GameView Horizon or any linked display the moment a game event occurs. Whether celebrating jackpots, highlighting trends, or amplifying game outcomes, ETG Zone brings stadiumstyle energy to ETG arenas – bridging data, animation, and excitement with unprecedented precision.

Together, GameView delivers a powerful visual ecosystem that elevates player immersion, amplifies marketing impact, and streamlines operations, positioning it as a defining technology for the next generation of casino floors. And with its availability across live tables, ETGs, slots and real table environments, GameView ensures every corner of the gaming floor feels connected, energized and future ready.

TAKING STOCK

Global Gaming Insider looks at monthly stock prices from the opening day of the past six months across the Americas, analyzing October 2025 – March 2026

• Six-month high: January (36.49 USD)

• Six-month low: November (32.13 USD)

• Market capitalization: US$9.26bn (As of 3 March 2026)

• Six-month high: October (25.95 USD)

• Six-month low: November (20.45 USD)

• Market capitalization: US$4.82bn (As of 3 March 2026)

• Six-month high: December (132.48 USD)

• Six-month low: March (103.44 USD)

• Market capitalization: US$10.42bn (As of 3 March 2026)

• Six-month high: October (86.85 USD)

• Six-month low: November (79.28 USD)

• Market capital: US$6.14bn (As of March 3, 2026)

MOVERS AND SHAKERS

Both North and South America are currently in the throes of change, with a tug of war between operators and lawmakers in both jurisdictions. Companies will have to consider their appointments strategically if they want to enjoy continued growth

Randy Gilbert

CEO, Table Trac

After serving Table Trac as CFO for over eight years, Randy Gilbert entered this year with a new role: CEO. He will succeed Chad Hoehne, who is transitioning to the President and CTO titles, where he will dedicate his “full attention” to product development. Meanwhile, Gilbert will drive the company’s technology platform and expand its market presence.

Gilbert first joined Table Trac in 2018 but, prior to this, was the Principal of Assurance Consulting 3 and Candidate for State Auditor in Minnesota. He has also served as a Vice Chair Board Member for the Minneapolis FBI Citizens’ Academy Alumni Association and Mayor of Long Lake.

Gilbert is currently Board Member for the Association of Gaming Equipment Manufacturers (AGEM) and Director for Rise Up Recovery, providing support, housing and education for people.

Matias Tapia Gomez

Latin America Business Development Manager, Beter

As Beter continues to expand from its European roots and explore Latin America, the company has appointed Matias Tapia Gomez as its Business Development Manager. He will be responsible for driving commercial growth through regional partnerships with operators and aggregators.

Gomez was previously Business Development Manager for LatAm at Altenar in 2022, before moving to LSports to become a Sales Manager. He has also worked as a Recruitment Selection Consultant for Cantoli & Asoc, as well as a Sales Executive for Stats Perform.

Gomez has a long history of volunteering. He raises funds for students and families, builds houses in underprivileged areas and attends the Central Hospital of San Isidro for pastoral roles.

Guy Greene, recently appointed as CMO, has been with Mohegan since 2021. He has held various roles, including Director of Loyalty Digital Marketing and VP of Marketing for Mohegan Digital, giving him the perfect experience to lead marketing strategy for Mohegan’s expanding portfolio of iGaming and online sports betting products.

Interestingly, Greene launched his career with Mohegan Sun in 1993 as its Marketing Manager and later Marketing Director. He left in 2008 to join Overabove as its Strategic Account and Program Director for 12 years, before completing a short stint with Clarity Software Solutions as its Strategic Account Executive.

Greene is a Lean Six Sigma Black Belt, which has nothing to do with fighting and is instead a professional accreditation in managing teams.

FACING FACTS

Digging into the data, Dr. Carly Johnson , DrPH, MPH, Director, Research, American Gaming Association, reviews 2025’s reported record revenue

The US commercial gaming industry posted another record-setting year in 2025, marking its sixth consecutive year of revenue growth. While $79bn in revenue is eye-catching, the underlying data tells a story about how the industry’s future is shaped through vertical growth and evolving consumer behavior.

BRICK-AND-MORTAR’S STEADY GAINS

Commercial casino performance grossed its highest year on record, hitting $50.94bn, with nearly two-thirds of legal gaming states reporting year-over-year revenue growth.

A 2.9% increase in slot machine revenue generated $37bn and drove favorable 2025 commercial casino performance. Table games generated just over $10bn in

revenue, a slight contraction over last year.

New property openings in Illinois, Nebraska and Virginia supported double-digit annual growth for the states, illustrated nicely by Caesars Virigina which became the15th highest-grossing commercial casino property in the country within its first full year of operation.

Despite flat year-over-year revenue, the Las Vegas Strip remained the largest gaming market in the US, generating more than three times the revenue of the second-ranked market, Atlantic City.

Atlantic City continues to demonstrate durability as the second-highest grossing market in the country, home to three of the highest grossing properties in the country: Ocean Casino Resort, Borgata Hotel Casino & Spa and Hard Rock AC.

Overall, casino gaming continues to be a foundational backbone for steady growth in the gaming industry.

SPORTS BETTING: MARKET MATURITY AND CONTINUED DEMAND

Americans wagered more than $167bn through state-authorized sportsbooks in 2025, representing an 11% increase over the previous year. Revenue reached $17bn, up 23% over last year, aided by an increase in hold rate to 10.2%.

Washington, D.C. recorded the largest year-over-year handle increase at 95.7%. New markets also strengthened as North Carolina revenue rose 34%, while Vermont increased 18% over 2024.

Among established markets, New York, Illinois, New Jersey and Ohio maintained their positions as top four sports betting markets. All four states posted doubledigit year-over-year revenue growth except New Jersey.

Arizona ascended into fifth spot with 29% year-over-year growth, displacing Pennsylvania, despite posting a 13% revenue increase year-over-year.

Perhaps most impressively, Missouri entered the legal sports betting market in the final month of 2025 and immediately became the fifth-largest market by revenue for that month.

This increase in revenue also drives higher taxes that goes towards public services like education, infrastructure, and first responders. This year sports betting revenue produced a 32.5% increase for $3.71bn in local taxes revenue.

MOMENTUM ACCELERATES – IGAMING

Online gaming generated $11bn throughout 2025, a 22.4% increase from the year prior. Revenue surpassed $1bn in a month for the first time in December, as New Jersey, Pennsylvania and Michigan each generated more iGaming revenue than their respective commercial brick-and-mortar sectors.

Looking ahead, Maine is expected to become the eighth state to offer full legal online betting, with launch anticipated in late 2026.

ENTERING 2026 WITH MOMENTUM

Early 2026 data indicates that momentum is carrying forward. Several states reported doubledigit revenue gains in January, suggesting that the industry’s growth trajectory remains intact. Six consecutive years of record performance reflects expanding markets, diversification and strong consumer demand, and the 2025 data reinforces that.

Source: American Gaming Association

A LIBRARY BUILT TO ENTERTAIN

From proven player favorites to bold new titles, our deep game portfolio delivers something for every floor and every player.

AMERICAS SAFER GAMING

WHY MARCH MATTERS TO ME

Keith Whyte, President of Safer Gambling Strategies and regular Global Gaming Insider contributor, speaks on the necessary evolution of Problem Gambling Awareness Month

March is a special month for me.

More than 20 years ago, I sat with my friend Tim Christensen after yet another unsuccessful effort to secure federal support for problem gambling programs. The message from Washington was clear: there would be no national funding for a public awareness campaign. So we made a simple decision: if the Federal Government would not fund one, we would build one ourselves.

That conversation became the genesis of what is now Problem Gambling Awareness Month (PGAM).

At the time, Tim had administered state problem gambling programs in Nebraska and Arizona and had recently formed the Association of Problem Gambling Service Administrators, now known as the National Association of Administrators for Disordered Gambling Services (NAADGS). I was serving as Executive Director of the National Council on Problem Gambling (NCPG), whose membership included state-based nonprofit councils across the country.

Together, our organizations represented virtually every coordinated effort in the US focused on problem gambling awareness. What we lacked in federal funding, we made up for in collaboration, infrastructure and commitment.

We chose March strategically. Even in 2003, the NCAA Division One Men’s Basketball Tournament was one of the most wagered-on sporting events in the country. The national conversation around betting begins with the Super Bowl in February and intensifies through March as the tournament approaches. If Americans were already talking about betting, March was the logical moment to introduce a public health message into that conversation.

In many respects, PGAM was designed as a form of counter-programming – ensuring that awareness and help-seeking resources were visible at the same time wagering activity was peaking.

We modeled the campaign on established

awareness efforts such as National Substance Abuse Awareness Month and Breast Cancer Awareness initiatives. Those campaigns demonstrated that sustained, concentrated messaging – supported by coordinated stakeholders – can influence public understanding and improve policy outcomes. Originally launched as Problem Gambling Awareness Week, the campaign quickly expanded. Advocates across the country adopted it, adapted it for their jurisdictions and asked for more time to host conferences, training and public education events. The week became a month. That evolution was organic and demand-driven, a clear signal that the concept resonated.

Today, similar structured awareness efforts exist globally, though at different times. In the UK, Safer Gambling Week has become a major industry-wide activation. Comparable initiatives take place in Canada and Australia, reflecting a shared international recognition that effective public awareness requires sustained coordination rather than isolated messaging.

One reason PGAM has endured is that it creates a multiplier effect. Conferences, webinars, legislative briefings, social media campaigns, helpline promotions, casinobased education efforts and earned media coverage reinforce one another. Each activation amplifies the others, producing a cumulative impact far greater than any single event could achieve alone.

The impact is measurable. Calls to problem gambling helplines consistently spike in March, closely tracking increased advertising and outreach. Dozens of state conferences, training and webinars take place nationwide.

Some casinos host educational booths for patrons – an approach embedded year-round at the Massachusetts Council’s GameSense centers and the Responsible Gambling Council’s PlaySmart centers in Canada. Major operators, including MGM Resorts International, have displayed PGAM messages on marquees along the Las Vegas Strip, extending visibility well

beyond traditional public health channels.

But, beyond the metrics, March has become something more personal for me. Each year when the calendar turns, I think back to that conversation with Tim – two people frustrated by the absence of federal support, deciding to act anyway. What began as a modest, almost defiant idea has grown into a nationwide mobilization involving advocates, regulators, operators, clinicians, prevention specialists and people in recovery.

March is exhausting. It is also energizing. It is when I see new leaders stepping up, new partnerships forming, new clinicians getting trained and individuals finding help for the first time.

For many of us, March is no longer simply a campaign. It is a reaffirmation of purpose. Because awareness is not a one-time achievement. It is a commitment we renew every year.

RG: WHY BIG OPPORTUNITIES STILL REMAIN

Reflecting on Problem Gambling Awareness Month, Dan Pozner, VP of Partnerships & Content at Birches Health, acknowledges the progress made within safer gaming. But, by increasing the spotlight, there is room for far more...

Most of us working in or around the gaming industry know March was Problem Gambling Awareness Month (PGAM). When we see the campaigns, social media posts and events supporting it, it’s easy to assume others are seeing similar.

Now ask a family member or friend if they know when Problem Gambling Awareness Month is. See if they can name a couple of the warning signs of gambling disorder. At your next annual physical, ask your primary

care doctor if they are regularly screening for gambling addiction.

Indeed, while there has been some progress on these fronts, their answers will likely tell you how much work remains.

PROMISING INNOVATION

As the Head of Partnerships at Birches Health, I have seen some encouraging and innovative responsible gaming and problem gambling initiatives in recent years. Specifically, some promising work has focused on player risk scoring systems that detect at-risk behaviors and automatically flag them. In fact, we are proud to support some partners’ work in this area by sharing clinical perspectives to help inform the behavioral risk criteria and subsequent interventions.

Over the past year, there have also been positive steps in two other key areas: research and awareness. After years of advocacy, federal funding for gambling addiction research is now available through the Department of Defense’s Peer Reviewed Medical Research Program (PRMRP). Gambling disorder is now a sanctioned research topic for active military and veteran populations, hopefully signaling that problem gambling will be rightly seen as a serious public health issue in the years ahead.

And on the awareness front, this year’s PGAM theme is “Caring Communities, Stronger Futures” emphasizes the importance of a community-driven approach. As the National Council on Problem Gambling explains, “when a community comes together… silence is replaced with support, and isolation is replaced with connection.” With that in mind, we were encouraged and grateful to see Patriots wide receiver Kayshon

Boutte transparently share the story of his past struggles with gambling addiction. The shame and stigma often connected with gambling disorder are still major blockers for many Americans, and this type of open admission from a public figure like an NFL player can help break down those traditional barriers.

AWAY FROM THE INDUSTRY BUBBLE

As stories of gambling harm see more of the spotlight, so too should the tools designed to reduce the chances of them developing. It has been commendable to see more operators integrating limits-setting features into new-user onboarding flows (strongly recommending them and/or forcing an opt-out action to skip doing so), incentivizing their utilization in creative ways and sending custom pop-up messages that encourage players to set them. These signal progress and a willingness to go beyond what’s mandated, but more can still be done to increase their prominence and increase the frequency with which users are reminded of them.

Speaking of prominent messaging, another trend I’ve been encouraged by this year is the willingness of partners to go wider with PGAM communications. Problem gambling-related content that in the past may have been a difficult-to-find article, press release or internal employee email now appears more likely to get pushed out on social media channels to millions of followers.

That is the sort of effort needed for problem gambling awareness to break out of the gaming industry bubble – and reach into the areas where it’s needed most.

THE LONG ROAD AHEAD

Jonathan Aiwazian, idPair CEO, speaks with Global Gaming Insider’s Kirk Geller about the National Voluntary Self-Exclusion Program and the possibility of future prediction market integrations

Could you provide an overview of how the National Voluntary Self-Exclusion Program first began and what inspired its creation?

It’s something that’s been tried in the past, but it never really got the legs it needed to or participation from a lot of jurisdictions. Basically, my former life was as an operator; I worked for Kindred Group, then Daily Racing Form, even launching a sportsbook in Iowa for them. What I noticed through those roles is that players were sometimes reaching out for help, or sometimes not reaching out, but you could see through their data coming in that they were

probably struggling and could use some effective resources.

The best we could do was shut down their account or, even if they did exclude, we’d often just hear anecdotally that they were going to another operator or they were going across state lines and playing there. There were also a few moments that transformed the trajectory there, including when I met Marlene Warner of the Massachusetts Council on Gaming and Health. With her experience and advising along the way, we built the program out to be something that includes all forms of gaming. It is a very manual process to connect with, but we went in with no illusion that it was going to be a quick process.

I think August 2024 was when the website first went live and we started enabling people to self-exclude. Since then, it’s now in 22 states, covering Tribal gaming, fantasy sports, casinos, pari-mutuel, skill-based amusement games, all sorts of different gaming products depending on where you are and what’s available. It’s been a long road, and it’s a long road ahead still, but we’re putting the pieces together.

Wyoming and Nebraska were the latest states to join the program. What factors eventually led to their incorporation? Basically, right now the only way to self-exclude in Wyoming is through the National Voluntary

Self-Exclusion Program. If you go to the Wyoming Gaming Commission website and you click on self-exclusion, it pulls up our page. That program before was essentially a Google doc that you’d have to fill in and I believe it had to be notarized previously. There was no online ID verification or anything like that, so it’s a bit of a cumbersome process for someone to go through. Since our program launched, the number of people participating in Wyoming has gone up. As you can imagine, if it’s easier to sign up, people will sign up in bigger numbers.

In Nebraska, you had to do it in person. You actually had to make an appointment with the Racing and Gaming Commission, and not everybody wants to go face someone and admit they have a gambling problem. The numbers there have also increased from previous participation.

Just having regulators that want to make things easier for people who are struggling is a big boost to the program. Besides those two, there are a number of states we’re in deep conversations with about them being next to launch in various stages. The process of going in-person is not going to be the future of self-exclusion. If we can help accelerate that and make things more cohesive, then that’s what we’re all about.

How does idPair innovate the program as gaming expands? With the growth of iGaming, DFS and, even more recently, prediction markets, are there ways you can still meet required standards?

Yes, we definitely want to help people selfexclude from all types of gaming and gambling through our partnerships with the regulators. For example, in Nebraska we’re doing casinos and pari-mutuel wagering, but I believe they’re going to look at mobile sports wagering next year. If they do decide to legalize that, it will just be another check box under Nebraska, where they can choose if they want to do casinos, mobile sports wagering or both. We’ll continue to innovate as more games become available, but we’re still limited in what’s enforceable according to what the regulators oversee.

Is there a future in which someone could use the program to self-exclude from prediction market operators and event contract trading?

That’s a great question. It’s something on our radar but also a very fluid situation. Every day there’s something new coming out about prediction markets. But what I will say is that companies which offer sports wagering, fantasy sports or prediction markets often extend that to their whole suite of products. Our current stance on prediction markets is we’re just waiting to see how things shake out and then, ideally, it would come from the top in terms of whoever regulates these types of games.

Given the stance from some of these parties, it’s uncertain what that may look like, if anything at all. Whether you define it as gambling or not gambling, the similarities are there for someone who’s potentially at-risk for developing addiction to those products. Hopefully, those products are set up in a regulated self-exclusion program that would be super easy to implement. Otherwise, it’s a little bit of a patchwork to try and get individual companies on when they’re also trying to distance themselves from the label of gambling.

What were some of the biggest hurdles faced when integrating the National Voluntary Self-Exclusion Program within US gaming markets?

Thankfully, everyone gets it immediately. It’s not something that’s hard to understand. We’re not using stablecoins or doing something where people’s eyes roll to the back of their head. I think the roadblocks usually come up if operators have recently invested in upgrading their system, and they’re still letting the dust settle or they’re waiting to see what their neighbour does because they don’t want to be the only one at the party.

A few states have really taken the lead and said, ‘we’ll be the ones in our region to jump in and others will see that and come in too.’ States like Massachusetts, Wyoming and Nebraska, they’re really leading the pack. There are others that are

soon to be announced but, for the most part, it takes one leader in a region to set the tone, and then that really starts the conversation.

What do you view as the next critical steps to combat problem gambling, and how does the program fit into that larger picture?

There needs to be more collaboration between states and even within states. If you go and talk to a national operator, for example, their online team may have never met the land-based team or their team in one state may have not met with neighboring states. They’re just massive organizations. Also, with regulators, sometimes travel budgets are low. They don’t get to go to conferences and mingle like some of us do. So we need more collaboration because regulation in this industry is jurisdiction-by-jurisdiction, but people are not contained within one area.

Getting data and insights to all regulators, not just state-by-state, is where I think we’re headed. And I think we’re going to see a lot of technology improvements for regulators rather than what we’ve seen in the past. Operators will continue to improve, but nobody’s really focused on helping regulators improve their technology. Through that, regulators will take a more active role in responsible gaming and look at how they can actually help improve player health while taking some of that burden off the operator. Obviously, there’s an inherent conflict of interest when having an operator decide who should play less and who shouldn’t, so the future is more neutral enforcement of responsible gaming policies.

AMERICAS SPORTSBOOKS VS PREDICTIONS

TWO MODELS, ONE OUTCOME

With Kalshi now targeting Brazil, Elvis Lourenço, Global Gaming Insider contributor and Brazil expert, writes that – while prediction markets expand the exchange model – sportsbooks retain structural advantages at scale

Prediction markets are often framed as the natural successor to sportsbooks. More efficient, more transparent and structurally more scalable.

In theory, they are.

In practice, sportsbooks continue to dominate global betting because they solve fundamental operational, behavioral and regulatory challenges that exchange-based systems cannot easily solve at scale. Both models allow participants to express conviction under uncertainty through financial exposure. The difference is not in purpose, but in structure. Specifically, who holds the risk, how liquidity is created and how platforms monetize participation. These structural differences shape their scalability and long-term positioning.

THE SPORTSBOOK MODEL SOLVES LIQUIDITY BY DESIGN

Sportsbooks operate as risk intermediaries. They set odds, accept bets and assume direct exposure to outcomes. Their revenue comes from margin, optimized through trading expertise, exposure management and customer segmentation. This model creates a critical structural advantage. Sportsbooks manufacture liquidity.

A participant can place a bet instantly, regardless of whether another participant exists to take the opposing position. The operator acts as the counterparty and guarantees execution. This eliminates the primary constraint exchange-based systems face, which isthe need for matching participants.

Prediction markets require liquidity to function. Sportsbooks provide liquidity by design. This allows sportsbooks to scale reliably, independent of user-to-user market depth.

PREDICTION MARKETS OPTIMIZE EFFICIENCY, BUT DEPEND ON PARTICIPATION

Prediction markets, by contrast, operate as facilitators rather than principals. They do not take risk. Instead, they allow participants to take opposing positions on future outcomes. Prices emerge through supply and demand.

This model is capital efficient and highly scalable. Platforms generate revenue through transaction fees rather than outcome exposure. However, this introduces dependency on liquidity. Without sufficient participation, spreads widen, execution becomes less efficient and price discovery weakens.

Prediction markets scale with liquidity. Sportsbooks scale with demand. For massmarket environments, this distinction has practical consequences.

BETTING EXCHANGES PROVED THE MODEL, BUT SPORTSBOOKS OUTSCALED THEM

Long before prediction markets gained renewed attention, betting exchanges introduced peer-topeer betting at scale. Platforms like Betfair and Matchbook removed the operator as the primary

risk holder and allowed participants to trade directly with each other. The platform facilitated matching and earned commission on volume.

This model introduced market-driven price discovery into sports betting and demonstrated that decentralized pricing could operate efficiently in highliquidity environments. However, despite their structural efficiency, exchanges did not outscale sportsbooks globally.

The primary reason was not pricing. It was liquidity and accessibility. Sportsbooks guaranteed execution and simplified participation. Exchanges required active liquidity and greater user involvement in price formation. As sportsbooks expanded aggressively, supported by marketing, product simplification and regulatory clarity, they captured the majority of mass-market growth.

Betting exchanges remained highly efficient in specific markets and events, but their relative share declined compared to the rapid global expansion of sportsbook-led ecosystems. Prediction markets now expand the same exchange model beyond sports into elections, economic indicators and broader event-driven uncertainty. This creates direct competitive pressure on exchanges, which compete for the same liquidity pool.

OPERATORS ARE BUILDING THE HYBRID STACK

This convergence is already visible among the

largest operators. DraftKings operates one of the largest sportsbooks globally, with more than $53bn in annual handle and over $6bn in total revenue. The company is expanding into prediction markets as an adjacent product layer to increase engagement and broaden participation.

FanDuel benefits from exchange expertise through its parent company’s global exchange infrastructure, which provides operational alignment between sportsbook and peer-topeer models. Fanatics is building an integrated digital sports platform that combines betting, commerce and engagement. Prediction-style markets expand its participation layer while maintaining sportsbook structural advantages.

For these operators, prediction markets are not a replacement for sportsbooks. They are an expansion layer that increases engagement while preserving liquidity control and lifecycle monetization. This reflects a clear structural evolution toward hybrid architectures.

WHY SPORTSBOOKS RETAIN STRUCTURAL ADVANTAGES

Despite structural efficiency, prediction markets face constraints sportsbooks have already solved. The first is simplicity. Sportsbooks require a single decision. Outcome and stake. Prediction markets introduce additional layers of pricing interpretation and execution mechanics. At scale, simplicity supports adoption.

The second is regulatory clarity. Sportsbooks operate within established gambling regulatory frameworks. Prediction markets often occupy evolving regulatory classifications, which can slow expansion.

The third is monetization depth. Sportsbooks

monetize the full customer lifecycle through margin, casino cross-sell, retention programs and personalized engagement. Prediction markets primarily monetize transactions, which limits revenue per participant.

Finally, sportsbooks solve the cold start problem. Prediction markets require liquidity to attract participants. Sportsbooks provide liquidity immediately, allowing markets to function from launch. This structural independence remains decisive.

EXCHANGES SIT AT THE CENTER OF CONVERGENCE

Betting exchanges represent the bridge between sportsbook and prediction market models. They demonstrated that peer-to-peer pricing could operate at scale, but also revealed the structural limits of exchange-only systems in mass-market environments.

Prediction markets expand this model into broader domains, while sportsbooks integrate exchange-like capabilities into their ecosystems. Operators that combine sportsbook, exchange and prediction market capabilities gain structural flexibility. They can intermediate risk when liquidity is limited and facilitate peer-to-peer markets when liquidity supports it.

This hybrid model increases resilience.

THE FUTURE IS CONVERGENCE, NOT REPLACEMENT

Prediction markets are expanding the spectrum of risk-based digital participation. Sportsbooks will continue to dominate mass-market betting because they solve liquidity, simplicity and regulatory challenges prediction markets cannot

yet fully overcome. Prediction markets will continue to grow because they offer scalability and broader applicability.

Betting exchanges demonstrated the structural model. Prediction markets expand it. Sportsbooks integrate it. Because, in the end, sportsbooks and prediction markets serve the same function. They provide a structured mechanism for participants to take financial positions on uncertain outcomes. There are two models. But one outcome.

AMERICAS MEDIA

EXPOSURE VS GROWTH

Shukmei Wong, SVP, Omnichannel Media, Involved Media, discusses why simply increasing media pressure is no longer a reliable path to scale in the US and Canada

For the first several years of regulated online gambling expansion in the US, and more recently into Ontario, growth followed a clear formula: expand reach, increase media spend, dominate share of voice, and acquire aggressively. Exposure equaled scale.

That playbook worked in early-stage markets. In newly legalized states, awareness gaps were large and competition was manageable. Ontario’s regulated launch followed a similar pattern: heavy advertising, high visibility, and rapid customer acquisition.

But as US markets mature and Ontario becomes more competitive, brands are facing a challenge that wasn’t as obvious in the early growth phase: increasing advertising exposure may now be limiting long-term performance. In mature markets, more pressure doesn’t automatically mean more growth.

FROM EXPANSION TO SATURATION

The American Gaming Association continues to report record commercial gaming revenue in the US. In the first eleven months of 2025, it reached $71.49bn, up 8.7% from the same period in 2024. Ontario’s iGaming market has also continued to grow. In December 2025 alone, consumers spent CA$9.5bn

(US$6.94bn) on iGaming, up 22% from the previous December. Demand is not the issue. Competition is. In mature states like New Jersey, Pennsylvania and Michigan, and in Ontario’s established marketplace, multiple operators are fighting for brand awareness. The same sports inventory is contested week after week. Growth comes from competing more intensely for existing demand. And that often translates into higher advertising exposure.

WHEN EXPOSURE STOPS CREATING GROWTH

Long-term growth usually comes from reaching new people. But most media optimization systems are built to increase frequency and spend toward the best-performing segments, which often ends up being the same pool of users. Performance-led buying is often optimized towards:

• Recent bettors

• High-frequency players

• Users already deep in the conversion funnel These audiences convert quickly. They generate strong cost-per-acquisition (CPA) results. And algorithms respond by allocating more budget toward them. The result is not necessarily broader market penetration; it’s repeated exposure to a smaller pool.

In highly competitive US states and Ontario, this is amplified by auction pressure. Multiple brands chase the same high-intent users in the same endemic environments, particularly live sports. CPMs rise while audience duplication increases and incremental reach declines. The short-term performance looks efficient, but real growth doesn’t always follow. Highfrequency players tend to churn more quickly and attract greater regulatory attention.

COST INFLATION AND AUCTION PRESSURE

The most visible signal of the growth versus exposure tension is cost inflation. Sports environments remain premium territory for gambling advertisers. In both the US and Canada, these placements are crowded. As more brands compete for the same impressions, prices go up.

At the same time, incremental reach becomes harder to find. The same bettors are exposed to multiple brands, often in quick succession.

Share of voice becomes expensive to maintain. Brands then face a choice: increase exposure to maintain visibility or accept lower share of voice. Both options come with trade-offs.

THE INCREMENTALITY QUESTION

Another layer of complexity lies in how performance is measured. Most attribution models often credit conversions to the most recent interaction. In sports betting, where conversion windows are short, this can overstate the impact of retargeting and high-frequency exposure.

More exposure appears to drive more growth, when in reality it may simply be capturing demand that was already there. Without proper incrementality testing, exposure-driven strategies can look more effective than they truly are.

REDEFINING GROWTH IN MATURE MARKETS

None of this suggests advertising should slow down. Online gambling remains a competitive, performance-driven category. But growth in mature North American markets requires a different balance. It can’t rely on increasing exposure within the same environments and audiences. Brands need to focus on:

• Expanding reach beyond highly contested audiences

• Diversifying targeting beyond pure recency and frequency signals

• Managing exposure deliberately rather than maximizing it

• Evaluating retention and churn metrics, not just CPA

• Testing incrementality instead of assuming it

In emerging markets, awareness drives growth. In mature markets, a smarter strategy makes the difference.

THE STRATEGIC OPPORTUNITY

This isn’t about slowing down marketing. It’s about evolving it.

As markets mature, growth becomes harder and more expensive. Brands that continue to rely on heavier exposure in the same environments will see rising costs and tighter scrutiny. Brands that rethink how they scale, where they reach, how often they show up and who they prioritize will be better positioned for long-term growth.

OPEN TO DISCUSSION

Global Gaming Insider speaks with Nevada Gaming Control Board (NGCB)

Chairman Mike Dreitzer , discussing prediction market regulation and how his prior experience helps steer his new

How important is it for you to connect with other regulators, particularly from Europe? Do you find Nevada is a completely different kettle of fish and it’s almost not comparable? Every jurisdiction has their own uniqueness, but also having said that, there’s a lot of commonality between jurisdictions. We are

position

regulating and interested in many of the same areas. In addition to that, many of the licensees in Nevada are also licensees in many other jurisdictions. So, for those reasons, we often communicate on a regular basis and it’s good to connect with regulators from around the US and the world.

On the topic of prediction markets, there’s some enforcement finally on the way in Nevada, so how important do you feel it is for the state to set a regulatory example?

Well, as you correctly point out, we’re currently in litigation, so I can’t comment on that. But of course this is a big issue for us and we have taken the position that event contracts for sports are sports betting. As a result of that, they should be properly regulated by the state of Nevada and the other states which have online sports betting. We believe it’s a state issue and we’re moving forward in that way.

And how important is it for you to keep on top of what’s happening in states such as California, with the prevalence of sweepstakes and how it could affect Nevada?

Obviously illegal gambling takes a number of forms and is of interest to us. The sweepstakes development in other states is of interest to us, and it’s not just California. We certainly keep a careful and watchful

eye on what goes on in all the states and around the world. That’s part of the job as a regulator and I’m sure they keep an eye on what’s going on in Nevada.

As you have watched what’s going on with sweepstakes with close interest, we of course watch what’s going on with illegal gambling and certainly have an interest to make sure illegal gambling is curtailed. It’s been a problem for a long time, illegal gambling, and it’s something we take a strong stance against. But for any form of gambling, we watch developments, we watch trends, that’s part of what the Gaming Control Board does in all jurisdictions.

We’ve covered a lot of commentary on Las Vegas over the past year, some of it being a bit doom and gloom, so I’m keen to hear how it feels on the ground from your perspective?

I actually think there’s a fair amount of positivity. We continue to see an increase in gross gaming win, which is certainly a good trend for us. Visitor volume is down –I think that’s been acknowledged. However, from what I understand and what I hear from our licensees and others, 2026 should be a very good year when you look at what’s coming. Around Las Vegas and around all of Nevada, there’s tremendous optimism. So we look forward to a very positive 2026 throughout the state.

Having been at the NGCB for a relatively short time, how much does your prior industry knowledge help in your current role?

To be a regulator, you can come from any number of backgrounds. Outstanding regulators in Nevada and elsewhere have come from all sorts of backgrounds, so I don’t think there’s one definitively that makes you a good regulator. I think it’s really good to understand the issues and to understand the people in the industry, which I do because I’ve been in the industry for over two decades. I think it has allowed me to hit the ground running with an understanding of very complex issues that face Nevada gaming and in general. It has helped to inform us and myself when working with the industry, and I think we’re off to a pretty good start.

Is it helpful for you to be in contact with the operators themselves on a more regular basis, regarding visitor volume, pricing and hospitality?

I’ve known the industry, its entrants and participants for a long time. I have a regular dialogue with the industry about all sorts of topics and I think that helps to inform my ability in regulating the industry. I will go out and talk to the industry or accept discussions and meetings with the industry. I think it’s important to have as much knowledge as I can, which will help me faithfully execute and ensure that regulations and laws are being followed, and the policies are being presented in such a way that makes sense.

That’s the other thing, remaining consistent with Governor [Joe] Lombardo’s mandate.

We are focused on regulating at the speed of business and, by that, I mean we have done a fair amount of improvement and change to the regulations in the State of Nevada and in gaming, because many of them had gotten older. It required an update and we want to do what we can to make regulation consistent, transparent and efficient while supporting the licenses in 2026. Certainly without taking any sort of shortcuts. Security and those sorts of things are important, but I think conversations and interaction with the industry helps make all of that possible.

What is the biggest challenge awaiting the NGCB in 2026?

There’ll always be several challenges, and it’s been described as a continuous project. The work never ends. Obviously, prediction markets are a big issue for Nevada but also other states as well. And then there’s talk that prediction markets will potentially go global. They have had event contracts in other jurisdictions for a long time, but the notion of expanding has been an interesting topic of discussion. Regulators and licensees from around the world want to learn more, so that’s been a big part of the conversation.

Money laundering remains a significant topic of interest. That has been a big topic in Nevada and it’s something we always want to continue to do better in terms of working with the licensees. Providing them with the tools they need and the information they need to make better decisions about players and whether or not they should allow certain players at their location. Those are two issues.

The other thing that’s important is gaming technology. We in Nevada have needed, over

the last several years, to do a better job of offering transparency and consistency when it comes to adopting new game technology. We’ve overhauled those rigs as well and we have new leadership in the gaming lab. So the message to our licensees is bring new gaming technology to Nevada. We want to look at it and be able to offer it in our licensed casinos.

You mentioned prediction markets and their potential expansion; is it important to understand customer interest when deciding how to regulate certain offerings?

I’m not regulating for or against anything. I’m regulating faithfully to the statutes and regulations in the State of Nevada, so it’s not a for or against thing. Let’s be clear about that. The more knowledge we have about this topic, and any topic, the better we are able to faithfully regulate in accordance with the laws and regulations.

We’re not anti-prediction markets. We’re pro new technology. If prediction markets were something somebody had an interest in bringing to the state, we would look at it and see if there was an ability to bring it in under current regulation. That’s something we certainly would look at. I want to make it clear that we’re not saying we’re antiprediction markets, we’re pro new technology and new ideas. We always need fresh ideas in the state of Nevada, so if there’s anybody who would like to engage in a meaningful dialogue and find ways to fit within our regulatory construct, prediction markets or anything they want to bring, that’s a conversation we would have. It’s definitely not a pro or anti thing, it’s just a question of working within the rules and regulations of the state.

WHAT’S NEW ON THE MARKET?

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EUROPE, MIDDLE EAST & AFRICA

Movers & Shakers

TAKING STOCK

Global Gaming Insider looks at monthly stock prices from the opening day of the past six months across the EMEA region. Below, we focus on operators prominent in the UK market ahead of major taxation changes in April

• Six-month high: October (252.42 USD)

• Six-month low: March (106.08 USD)

• Market capitalisation: US$18.59bn (As of 3 March 2026)

• Six-month high: October (872.40 GBp)

• Six-month low: March (552.80 GBp)

• Market capitalisation: US$4.7bn (As of 3 March 2026)

RANK GROUP

• Six-month high: October (50.70 GBp)

• Six-month low: January (22.15 GBp)

• Market capitalisation: US$167.1m (As of 3 March 2026)

• Six-month high: October (137.59 GBp)

• Six-month low: March (91.40 GBp)

• Market capitalisation: US$571.1m (As of 3 March 2026)

MOVERS AND SHAKERS

As ever, the gaming industry has seen plenty of recent movement. Below, we look at two UK-based examples – and one from Malta

Lai Fatt Chiang CEO, Eeze

COO since 2024, Lai Fatt Chiang has been promoted to CEO, where he will now lead the entire company and respective teams towards their goals. With almost 30 years of experience handling international markets, Chiang is particularly well suited to supporting Eeze’s international client base from its headquarters in Malta.

Chiang started his career in this industry with Atronic International, where he was tasked with expanding the company’s presence in Malaysia, Macau, Singapore, Vietnam, Cambodia, Philippines and Korea. After merging with Spielo, he would work directly with Kangwon Land Casino to replace its Casino Management System (CMS). Then, after the IGT merger, Chiang would spearhead CMS deals with over 30 properties across the Asia-Pacific.

Chiang has degrees from both the University of Queensland and Cardiff Metropolitan University, and currently resides in Malta, making him a truly international addition.

Nicole Garrett CEO, The Bingo Association

Nicole Garrett had quite an interesting introduction to the industry, starting her career as a Senior Parliamentary Assistant in the House of Commons before, becoming a Regulatory Affairs Manager for the Betting and Gaming Council (BGC) in 2020; then Head of Policy and Regulatory Affairs one year later. She would later join bet365 as Head of Corporate Affairs in 2023 and Allwyn as Group Head of Responsible Gaming in 2024.

Garrett will succeed Miles Baron as the CEO of the Bingo Association, the National Bingo Game Association (NBGA) and Meeron Limited. In this new role, she will bring her knowledge of marketing towards Gen Z and younger audiences, as well as responsible gambling, to the world of bingo.

Garrett proudly championed the Allwyn Player Protection Lab, regularly encouraging researchers, experts and academics to apply to the funding project.

Jenny Blogg CCO, Rank Group

As part of Rank Group’s executive shake-up, Jenny Blogg has stepped up to takeover as CCO. She will be leaving behind her Operations Director position at the National Lottery operator Allwyn UK to join Rank, where she will be responsible for overseeing cross-channel customer experience across Mecca Bingo and Grosvenor Casinos.

Prior to her time with Allwyn, Blogg was the Commercial Director at Camelot, where she worked for over six years. She has also served a five-year stint with Mondelēz International, almost six years with Cadbury’s and a further two years with United Biscuits.

The move received plenty of love on LinkedIn, both from Blogg’s new colleagues, and her old ones at Allwyn.

Blogg may have a lot of experience with biscuits, but she’s not one to crumble... She has promoted several organisations that support women in business and leadership.

FACING FACTS

Following the publication of its FY2025 results, global powerhouse Entain serves as a modern-day case study – especially with so much of its net gaming revenue (NGR) heralding from the EMEA region

ENTAIN 2025 ONLINE NGR BREAKDOWN

UK & Ireland together still forms the most significant portion of Entain’s global business, while BetMGM accounts for 21% in the US.

Elsewhere within EMEA, though, Spain saw 35% year-on-year growth for 2025 and Georgia saw 14% growth.

£5.33BN

Source: Entain’s FY2025 financial report

ENTAIN’S PODIUM MARKETS

• In Entain’s results presentation, the two competing brands were referred to as “Competitor 1” and “Competitor 2” but Global Gaming Insider understands these to be Flutter Entertainment and bet365

• Entain believes 80% of global gaming online growth between 2025-2028 will come from these markets

• It is worth noting that both Flutter and Entain have multiple brands in several of these markets, showing the strength of bet365’s standalone brand

Source: Entain’s FY2025 financial report

New

Georgia Entain

Croatia Entain

ADDRESSING THE RISK

Betting & Gaming Council CEO Grainne Hurst meets with Global Gaming Insider to reflect on this year’s AGM and discuss what more can be done to tackle the black market, with tax rises looming in the UK

At this year’s AGM, the Betting & Gaming Council covered the UK’s illegal market and debuted a new ‘Spot the Difference’ game. Can you tell us a little more about this year’s meeting?

The theme of this year’s Annual General Meeting (AGM) was entitled The Illegal Market: Real Risks and Real Harm. The reason that we landed on that subject is because it is the biggest risk facing the regulated sector. I would say that, before the budget announcement of increased taxes, it already was. However, even more so now, with taxes rising in April this year and April next year. What we’re trying to do through our Spot the Difference game is raise awareness and educate customers about how to tell the difference between a licensed gaming site and the illegal market.

How do you believe promoting positive stories from gambling to tackle stigmas

around the practice could manifest going forwards?

I think one of the things that frustrates me is that there is something of a misguided narrative that all gambling is bad, and it’s a shameful activity that people shouldn’t admit to. In actual fact, over 22 million people do so safely as part of their leisure or downtime every month in the UK. It’s been part of our British culture for centuries and hopefully it will continue. I think it’s really important that we show the fun side of betting and gaming. We are working on a consumer forum and some polling to just understand customers’ motivations, why they like the regulated sector, but also why they are worried about the illegal black market and what might be driving them there. I think differentiating ourselves from those who are basically cyber criminals that run illegal online casinos is a really important role for the BGC to play.

What is our current understanding around why players in the UK may turn to the black market?

There’s been a variety of studies that have looked into that in more detail, and I think there are various drivers for customers. The Frontier Economics study from 2024 found that there were three equal reasons that people were using the black market. The first was because they wanted to remain anonymous. The second was that they wanted to avoid affordability and friction. The third was that they wanted to avoid any document checks. Now, obviously there’s some kind of similarity between those three reasons, but essentially people who feel like they’re being irritated out of the regulated market will then go to the illegal market.

Similarly, if people have self-excluded themselves or been excluded from the regulated market, then they will find their way to the black market. One of the worrying things now, as a result of the increases in tax in the budget, is that customers will find the regulated

sector a less attractive place to be, because what operators can offer is reduced and subsequently the players’ experience won’t be as good as it can be in the black market.

The Gambling Commission spoke today about potential new regulations around payments and crypto, in particular. What is the payment industry’s role in helping tackle the black market?

I think it’s twofold. There are a range of stakeholders that are currently facilitating the black market, one of which is payments, but to be fair to the payment providers, they’re not the only ones. However, payment providers shouldn’t allow money to be processed from illegal criminal sites. And there is an easy way around that in that they only process payments from a list of sites who are licensed by the Gambling Commission.

In parallel, that’s only one part of the story because you can try to tackle the traditional payment methods, but actually if you do that, all you do is inflate the popularity of crypto payment methods in the black market. If we were to tackle both of those things in parallel, that would really help to reduce the oxygen of the black market.

What are your thoughts on helping regulate the bridge from fake money games for underage to real money gambling, which can lead to problem gambling for vulnerable individuals? Learning lessons would be my key suggestion for other associated industries that you’re talking about. We have been regulated in the betting gaming sector for 20 years. We have learnt a lot of lessons on how we can introduce voluntary restrictions, but also how to work with the government and the Gambling Commission to make sure that any rules and regulations they’re bringing in are proportionate and don’t have unintended consequences. We’d be very happy to have a conversation with other adjacent industries on this topic, if that would be helpful.

CALMING THE EARLY ALARM

Dr Joerg Hofmann, Senior Partner at Melchers Law and Global Gaming Insider contributor, discusses the recent landmark Wunner ruling. While the ECJ has paved the way for managing director liability in cases of unlicensed player losses, national law still decides...

The news sent shockwaves through the industry. In its ruling of 15 January 2026 in the Wunner case (C-77/24), the European Court of Justice (ECJ) decided that tort claims against managing directors of online gambling operators can be asserted in the country of residence of the plaintiff player

– but that the law of the country in which the damage occurred applies to these claims. This ruling, which concerns only questions of jurisdiction, has been met with horror by gambling operators in general.

And this alarm is understandable: for example, anyone who was the managing

“The ECJ did not rule on substantive liability, but only determined which law is applicable”

director of an online casino licensed in Malta operating in Germany or Austria without a national licence there must now expect players to claim compensation for their losses from them personally – and before the courts of the players’ home country. The question that has been preoccupying the industry ever since is: how serious is this threat in reality?

WHAT WUNNER ACTUALLY DECIDED

The Wunner case concerned a consumer habitually resident in Austria who brought an action before the Austrian courts against

the MD of a Maltese gambling company. The company offered online gambling in Austria under a Maltese licence, but not under an Austrian gambling licence. Its MD was based in Malta, not in Austria.

The ECJ clarified that the company law exception in the Rome II Regulation does not cover a non-contractual obligation of the MD arising from a breach of a duty or prohibition imposed on him by law, irrespective of his appointment – such as the prohibition applicable to everyone on offering gambling without a state licence. The Rome II Regulation therefore applies. In cases where a consumer claims to have suffered gambling losses because they participated in online gambling from his Member State of habitual residence, which was offered to them by an operator in another Member State without a national licence, the damage within the meaning of Article 4(1) of the Rome II Regulation occurred in the former state – the country from which the bets were placed.

This means that Austrian tort law applies in Austria – and German tort law applies in Germany. Whether the basis for the claim is fulfilled in this case is another question. Indeed, the question of whether the injured party is entitled to compensation or whether this should be refused must be decided in the light of the applicable national law on tort.

NATIONAL LAW DECIDES – AND THAT IS CRUCIAL

This is the key to assessing the actual risks. The ECJ did not rule on substantive liability, but only determined which law is applicable. The actual question of liability is assessed according to the law of the respective EU Member State.

Since there are no direct contractual legal relationships between managers and players, only tortious claims can be considered. And these are subject to high hurdles in all European legal systems. The decisive factor is therefore how the national courts rule in individual cases.

AN INITIAL RESPONSE FROM GERMANY: ALARM OR ALL-CLEAR?

An initial court ruling in Germany shows how this might look in practice. On 28 January 2026, the Dresden Regional Court (Ref.: 3 O 832/24) ruled and dismissed a player’s lawsuit against the MD of an online casino operator. The decision is detailed and well-reasoned – and thus suitable to serve as a point of reference for other courts.

The position of the MD alone does not establish any obligation on the part of the director towards the company’s contractual partners. For piercing the corporate veil and a claim for damages due to intentional immoral damage pursuant to Section 826 of the German Civil Code (BGB), it is not sufficient that the managing director has breached a duty and caused financial damage to the company’s creditors.

Rather, there must also be a particular reprehensibility of his conduct, which may result from the objective pursued, the means employed, the attitude revealed or the consequences that have occurred.

Such particular reprehensibility could not be assumed in the case of the MD of a Maltese-licensed operator in these proceedings. Even if the director had been mistaken in their assumption that contracts for sports betting concluded without a licence required in Germany were valid, this mistake did not allow the conclusion that there had been intentional immoral conduct justifying piercing the corporate veil, justifying piercing the corporate veil. Especially since the Federal Court of Justice and several higher regional courts had also referred questions to the ECJ for a preliminary ruling.

OSSIBLE IN THEORY – LIMITED ENFORCEABILITY IN PRACTICE

In the decision of the Dresden Regional Court, the requirements of the ECJ ruling “Wunner” are applied to Germany. The result: despite the existing jurisdiction of German courts for claims for damages

by players against managing directors, substantive liability is denied here on the merits.

In theory, tortious claims against managing directors of online casinos without a national licence are conceivable in principle. In practice, however, they are likely to fail due to very high hurdles:

• Contractual claims are ruled out from the outset – managing directors are not contracting parties of the players.

• Tortious claims require particularly reprehensible conduct that goes far beyond a mere breach of duty.

• A managing director who has relied on the legality of an EU licence issued by the authorities and who can claim good faith in view of the unclear situation under EU law over many years is not acting in an immoral manner.

The decisive grounds for the Dresden Regional Court’s ruling may set a precedent, shaping case law in Germany – and beyond –with a broad all-clear in favour of managing directors and providing clarity. It is worth to mention, that the Austrian Wunner case has not yet been finally decided, as the national court ruling – taking Austrian law into account – is still pending.

The development remains to be seen. At any rate, the signal from Dresden is clear: the alarm may have been premature.

A TRANSATLANTIC WAKE-UP CALL

Jan Fencl, Global Gaming Insider contributor and Responsiblo Founder & CEO, explores promoting responsible participation in prediction markets before default habits lock in

Prediction markets are accelerating – and not just in the US. They are being discussed as a useful signifier for events across Europe, while state regulators push back and headlines question where this category sits. That tension is a warning light.

Once a product becomes normal, habits and expectations set quickly, and it gets harder to retrofit responsibility later. EMEA iGaming has already lived through that lesson. It has built practical standards for informed participation, proportionate interventions and auditable protection. Prediction markets can borrow that playbook before the next wave of growth locks in the wrong defaults.

INFORMED PARTICIPARTION BEYOND DISCLAIMERS

When it comes to prediction markets,

informed participation should start with what the contract actually is. Many first-time users read the price like a probability and stop there. But the price also reflects liquidity, fees and how quickly you can exit.

Settlement rules matter just as much. They define the official source, what happens if the event is postponed and when a contract is final. Regulated iGaming in Europe learned that disclaimers do not do this job. Education needs to live inside the product, at the moment of decision. Short prompts can explain pricing, costs and outcome rules in 20 seconds. That reduces confusion, disputes and the false sense that aforecast is a bet.

THE RIGHT INTERVENTION AT THE RIGHT MOMENT

What does a mature approach to intervention look like? The right moment, with a light touch. The goal is not to block participation; it is to keep decisions intentional. Start with defaults that support control. Show a time and spend summary after a set number of trades. Surface open exposure before the next click. Offer limits that are easy to set and harder to raise on impulse, with a short cooling-off period. If behaviour escalates, add proportionate friction. A prompt to review outcomes. A suggestion to take a break. A nudge to reduce risk rather than chase it. These steps feel small, but they stop a platform from becoming a speed loop. They help users separate information-seeking from thrillseeking, which is where harm tends to start.

MEASURABLE AND AUDITABLE RESPONSIBILITY

Tools only matter if you can prove they were delivered. In Europe, responsibility is increasingly treated like any other control. It needs a record. If a platform shows an education prompt, offers a limit, or triggers a pause message, that interaction should be logged with time and outcome. Not to surveil customers, but to demonstrate consistency, learn what works and defend decisions when disputes arise. Risk markers

become practical. Industry bodies have pushed toward a shared set of behavioural indicators, so teams are not guessing what escalation looks like across markets. Build a simple responsibility trail from day one: what the user saw, what they chose and what the system did next. That creates accountability without slowing the product.

TRUST AND INTEGRITY AS GROWTH INFRASTRUCTURE

Trust is not a brand layer. It is product infrastructure. If outcome rules are unclear, or sources feel subjective, the market will generate complaints, chargebacks and backlash long before any regulator steps in. That noise becomes a tax on innovation. European operators learned that the cheapest time to prevent disputes is before the first transaction. Set expectations early. Define the resolution source in clear language. Explain edge cases like postponements, cancellations or data errors. Make the dispute path visible and time-bound. When users know how outcomes are determined, they are less likely to feel cheated when they lose. Over time, integrity reduces friction for everyone, including partners, payment providers and compliance teams.

WHAT TO DO NEXT

Start with three practical moves. Put a 20-second explainer at the point of trade, covering pricing, costs and settlement terms in clear language. Add proportional controls that scale with intensity, from time prompts to limits and cooling off breaks. Make delivery auditable, so you can show what users saw and what happened next.

The pace of iteration in event contracts is fast, so strong patterns can spread in months. Even in the US, some platforms are beginning to publish responsibility tooling. Kalshi, for example, has a Responsible Trading Hub that includes trading breaks and voluntary self-exclusion. That speed is a reason to set the bar early – and raise it quickly.

THE POWER OF TRAINING

Training shifts the entire dynamic of how gambling operators think about risk, writes Dan Spencer, Principal Consultant at EPIC Global Solutions. Below, he outlines how personal experience has changed staff training for the better

Safer gambling training for major operators has been through a period of change in recent years, with a move away from ‘box-ticking’ for compliance reasons, replaced by a human-centric approach which explains why a small percentage but significant number of gamblers aren’t able to maintain control over their gambling habits.

Within our team at EPIC Global Solutions, there are so many lived experience examples of why safer gambling training for operators needed to change. Now we have the evidence to show exactly how it has changed for the better, with leading global operators having made considerable strides towards a safer and more sustainable industry over the past decade, by listening to those who saw exactly what needed to happen by living through all the wrong outcomes.

When I joined EPIC Global Solutions six years ago, I was keen to explore why so many of our employees (including myself) that now live their lives in recovery, never had an effective intervention from the operators.

Firstly, I realised that the data problem was hugely complex. Secondly, the staff simply didn’t hold the skills and confidence to hold meaningful difficult conversations. Safer Gambling teams had become jaded, irritated by the tricks, lies and manipulative techniques that the customers used to get what they wanted. To them at that time, the customers had become another account number linked to meaningless financial figures that didn’t reflect real-life values.

The conversations, where they happened at all, lacked nuance or empathy – more box-ticking than care. It wasn’t until family and close friends intervened that I found the human support and connection that truly mattered. That gap – between data and humanity – is why lived experience now sits at the heart of everything we do at EPIC, with so many of my colleagues having relayed such similar experiences of ‘how it used to be.’

In this role, I’ve seen first-hand how a lived experience-led approach to training can shift the entire dynamic of how gambling operators think about risk, responsibility and player engagement.

When I joined the organisation, it was clear that we had something different to offer the sector –not another compliance module, but something rooted in real human stories, behavioural science, and practical interventions that bridge policy and real world impact.

Today, that difference has become a strength that operators across the world are actively seeking out. We’ve moved well beyond abstract classroom sessions – these are programmes designed to turn policy into action. They don’t just tick the ‘responsible gambling’ box: they help operators genuinely understand what at-risk behaviour looks like, how to interact with a customer showing early signs of harm, and why empathy and human connection matter just as much as any data point.

This shift is no accident. Operators we’ve worked with consistently tell us that training with a lived experience emphasis translates complexity into practical confidence for staff – from call centres to customer care teams, right up to senior leadership. The integration of lived experience – where people who have been affected by gambling harm themselves share their journeys – helps bring to life the “why” behind every policy and every procedure. The result is not just awareness, but engagement and ownership at every level of an organisation.

In 2024–25, our Activity Report documented how this approach has driven meaningful improvement in operator practices, with satisfaction scores and behavioural change metrics rising year on year. We’ve learned that when staff hear directly from those who have navigated gambling harm, it resonates in a way that traditional training simply can’t replicate.

What’s also exciting is how this model is evolving. We’re expanding digital tools that retain the human touch but vastly increase accessibility, so that more operators and employees can access world-class gambling harm education regardless of geography or role. At the same time, we remain steadfast that technology should support human insight – never replace it – in effective intervention strategies.

For gambling operators serious about player protection and long-term sustainability, lived experience-led training isn’t an add-on. It’s now a critical part of doing business responsibly, protecting customers and reinforcing trust across the industry. That’s impact you can both measure and feel.

EPIC Global Solutions is the trusted partner for gambling harm prevention. EPIC’s proven approach is grounded in personal experiences, providing real-world, relatable solutions for making gambling safer and more sustainable. Working in partnership with gambling operators, sports, education and other at-risk sectors to reduce harm, EPIC use knowledge and insight to enable organisations to reduce gambling harm though sustainable solutions. For more information on EPIC’s education, training and consultancy services, visit www.EPICglobalsolutions.com.

NO, ANOTHER BONUS WON’T FIX IT

Dirk Camilleri , iGP CPO, discusses shifting growth during the commercial squeeze. How can operators drive greater retention?

Here is a slightly uncomfortable question – if larger bonuses truly created loyalty, why are operators still fighting churn at the same intensity year after year? You approve another larger acquisition budget because the previous one already felt stretched. It’s exhausting to sit through another compliance review, knowing the process will only get more complex next quarter. And it’s disappointing to launch a carefully planned campaign, see deposits climb and feel that brief sense of relief, only to watch engagement taper off weeks later.

THE COMMERCIAL SQUEEZE

The environment is tightening from every

direction. Advertising windows are narrower. Sponsorship bans are expanding. Social channels are under heavier scrutiny. Bonus bans and wagering caps limit how aggressively you can promote. Cooling off periods weaken re-engagement.

Responsible gambling frameworks are also becoming more robust. Affordability checks and loss limits are now embedded into the player journey, while self-exclusion schemes reshape the active audience operators can engage.

Meanwhile, licence costs are rising, tax pressure is increasing, more jurisdictions are moving toward full regulation and data privacy rules are making targeting less precise.

GROWTH IS SHIFTING

As a result, this makes acquisitions more challenging. There are fewer channels to rely on, with more brands competing for the same attention. Every new player becomes more expensive with less predictable returns. That makes the focus more inward. The players already on your platform are more important than ever. It is costly to replace churned users. Under tighter restrictions, reactivating them will be more difficult. Retention should not be something you optimise only after growth. Yet the tools operators have historically relied on bonuses and promotions are the very ones facing tighter limitation.

The database may be your most defensible asset, but too many platforms lack the architecture to turn that value into long term growth. You are squeezed from both ends. The players who rushed in for the offer are now waiting for the next one, or they are gone.

At that point, growth stops feeling like momentum and starts feeling like damage control. That is what happens when retention depends on incentives without a structure strong enough to support them.

WHERE RETENTION BREAKS DOWN

You have layered retention tools over time. A loyalty programme was added, then a bonus engine, followed by jackpots, gamification and personalisation. The stack grew with each initiative.

From a player’s perspective, the journey can feel disconnected. Points are earned in one place, bonuses redeemed in another, jackpots follow separate rules and personalised offers do not always link clearly to progression. Each feature works individually, but together they do not really form a consistent narrative.

Behind the scenes, systems operate separately and reporting measures activity more easily than long term value. What is missing here is a structured framework that connects incentives to progression and lifetime value in a consistent way.

BUILD THE FOUNDATION BEFORE YOU RUN THE CAMPAIGN

You should answer these fundamental questions. How is value earned? How is it distributed? How does progression work? How does the structure protect margin while encouraging repeat engagement?

A structured loyalty system defines how player activity converts into value using transparent, deterministic rules. Points can be earned through betting, deposits or specific behaviours. Multipliers can be adjusted by game type, provider, category or currency. Loyalty can remain simple or evolve into tiered progression with clear recognition and defined benefits. This allows operators to turn activity across their platform into structured value, effectively utilising the player database they already have.

When this logic is embedded directly into the core platform rather than layered on top, it connects naturally to wallet, gameplay and reporting. Incentives are evaluated alongside performance data. Contribution levels are visible. The commercial impact of rewards can be measured with greater precision. It also allows loyalty, bonuses, jackpots and gamification to operate within the same framework rather than. Loyalty must be more than just a series of campaigns.

BRINGING THE PLAYER JOURNEY TOGETHER

Fragmentation is the problem. A bonus is more effective when it supports progression rather than acting as a one-off hook. A jackpot contributes to retention when it fits within a defined contribution strategy. Gamification adds depth when it reinforces a broader framework. Personalisation becomes meaningful when it reflects real behaviour instead of assumptions.

If everything is not aligned around a holistic player journey, adding more mechanics alone will not change performance in the long run. Platforms are beginning to address this challenge by integrating loyalty, bonuses, jackpots, gamification and personalised recommendations into a single operational layer rather than treating them as separate tools.

The technology itself is familiar. The difference lies in treating the player journey as one connected system rather than a collection of separate tactics.

REVENUE QUALITY OVER REVENUE NOISE

Strong deposits do not automatically mean strong GGR. Incentives can inflate activity while quietly weakening revenue quality. Without clear contribution rules and structured reward logic, promotions may

boost turnover but compress margin.

A disciplined loyalty framework brings focus back to sustainable GGR. Operators can assess how incentives affect real revenue. The question shifts from “did this campaign drive deposits?” to “did it strengthen long term GGR and player value?”

WHERE LOYALTY IS HEADING

We are moving from acquisition-led growth toward lifetime value optimisation. That transition requires a more mature understanding of retention. Loyalty cannot rely on louder campaigns or increasingly aggressive offers. It must be aligned with platform architecture, data visibility and commercial intent.

Some platforms are already embedding loyalty and promotion capabilities directly into the platform core so retention can be designed structurally and optimised continuously.

At iGP, this philosophy is reflected in the development of Vibe, a platform level loyalty and promotion engine designed to bring these mechanics together so operators can better activate and monetise the value already present in their player databases. Structure may not be glamorous. It does not produce dramatic headlines, but it determines whether engagement compounds over time or fades after the next incentive cycle.

Retention is unlikely to become easier any time soon. Those who prioritise structure and cohesion over constant promotional noise will be the ones that build lasting advantage.

REVOLUTIONARY SIMPLICITY

Department of Trust CEO Charles Cohen speaks with Global Gaming Insider to discuss the new Register with My Bank tool and narratives surrounding compliance

You spoke of a ‘silver bullet’ during your ICE Barcelona panel in the Sustainable Gambling Zone, could you explain this phrase in greater detail?

The question was really ‘what one thing could you do to stop the development of the illegal offshore gambling market?’ And I have a very simple view on this. There is no single solution, but there is one thing that is necessary, which is to stop treating it as a problem for the gambling industry and start treating it as an area of financial crime.

Essentially, the infrastructure, legal framework and enforcement which are already there to stop money laundering could be applied to this form of financial crime. Which it is, because it’s taking money off people for an activity that you shouldn’t be offering them. And that would help because it enables the banks, payment systems and even crypto networks and legitimate brokers to actually get involved and say ‘no, we’re not going to handle that business.’

Why isn’t offshore gambling being treated similarly to a financial crime, and what’s the difference in the way regulators approach the issue?

Oh, I think actually it’s just because it happened so quickly. It’s reached a scale now that a few years ago you’d have never thought would be possible. And I think once the perception catches up to reality, then governments around the world and financial regulators will start to get involved. It’s only going to take a couple of cases involving organised crime and laundering funds through offshore gambling sites, which is almost certainly going on, until these other authorities take notice.

Absolutely, innovation stems from criminals, the black market and authorities have to move with that. Where does the Department of Trust come into play for those matters? We’re really focused on using bank

data for a bunch of applications in the gambling sector, but they’re all essentially around integrity and responsibility. The reason we’re really interested in bank data and information is because it’s the gold standard. It’s extremely difficult to manufacture bank data. If you want to go and register a bank account, and I’m talking about the UK market here, it’s a very tightly regulated process. It’s very thorough.

The banks have significant resources invested in making sure that the only person who has access to a bank account is the legitimate owner, and they know who they are and where they live. It just occurred to me that if you could use that information to support some of the integrity challenges that the gambling industry is facing, we could make a significant dent in a lot of these problems, particularly safer gambling and responsible play. Also, smoothing out the path of registration, removing the frauds,

identity theft, all the ways people try to use gambling sites in the wrong way.

Will you be launching any new products and, if so, could you provide more insight as to what it will offer?

Funnily enough, we’ve actually just launched a product called Register with My Bank, which is extremely creative but super simple. Any operator that’s using this as an option for their customers, instead of saying fill out a form and then we’re going to check your data, they can say click this button, you go to your online or mobile banking, log in and press a button to confirm you’re happy to share your account information with us. We then capture that information from the bank, which we can then verify through other sources and we give the operator not just the person’s name, address and date of birth, but the verification and risk analysis all at the same time.

So the player wins because there’s almost no friction and no worry about having to fill out a form correctly. As long as your bank account is up to date, which it is in most cases, then we’re going to verify you because your bank has verified you. The thing I hate most is those

systems where you’re forced to take out your driver’s licence and you’re trying to get it into the camera, but it doesn’t quite focus and then they say, ‘oh, can you take a selfie?’ I mean, oh my God, it’s just painful, really painful. And this solves that problem, it’s fabulous.

During your panel, you talked about the industry having an image problem, as well as how companies marketing themselves more as entertainment companies rather than betting could be the fix. Is that realistic?

Well, I hope it is. If you look around ICE Barcelona, we talk about playing games, but I find it slightly jarring when people put up slides about losses. You make a loss in a financial investment, but that’s not a game. You don’t talk about losing money at Pac-Man. It’s a really interesting cultural thing, and what’s happened since the evolution of online gambling as a mass market is that the gambling industry has moved closer and closer towards the mainstream of entertainment.

It’s not completely there yet, and for good reason, because it does come with some downsides and externalities. You see these companies, and we talked about Entain for example, doesn’t even have the word gambling in the title. Playtech. You have to actually explain to somebody that it’s a gambling business, but I don’t think that it’s done to try to hide what they do.

I think what they’re actually trying to do is position themselves and make a statement that we are part of the leisure and entertainment sector. You may not approve of it, but that doesn’t mean millions of people don’t enjoy doing it. We can’t brush under the carpet the fact that there are problems, but we can deal with those. That’s what’s so interesting about it. But frankly, to answer your question, if the industry doesn’t achieve that then it’s going to have a very difficult future.

How important is it to have people such as yourself, who have operational and industry experience, involved with innovating the next generation of gaming?

Innovation really should be everybody’s business and in everybody’s interest. There’s a funny thing about the gambling industry when we talk about being innovative. Having tried several times to introduce new things into the sector, it’s actually incredibly hard to do. That’s not just because of regulation or the market structure or anything like that, it’s just because people are somehow naturally resistant to radically new ideas.

Nobody wants to be the first to try something, but nobody wants to be the last. So how do you do that? The more people talk about our innovation absorption problem, the better we will be. And it’s old farts like me who have the

experience and can say, ‘well, actually, this is the way it is. Let’s fix it.’

And how do you plan to overcome that natural resistance through Register with My Bank?

Well, you have to sell the benefits and be patient. You have to try it, and I guess you have to be humble, because at the end of the day it doesn’t matter what I think and it doesn’t even matter what the operator thinks. What matters is what the customer thinks. If you put it in front of people and they go, ‘well, I’m not doing that,’ then it’s a terrible product.

When the open banking thing started, we were walking into a situation where operators were asking for consumers to send bank statements by email. Nine out of 10 would say no and they said no very strongly. Then, we introduced open banking and we thought we were doing well when we were getting 30% (response rates).

Now, with some operators that are using our platform, if they’re really good at the communications, the signposting and their openness with the customer, they’re getting 90–95%. And they’re not getting it next week, they’re getting it right now because the player wants to play. It’s amazing what you can do once you explain it to people, they learn to trust it, try it and find that it’s not the end of the world. It’s actually quite easy and then you’re good to go. That, to me, is how these things get adopted, and it’ll happen with Register with My Bank. It’s going to be transformational.

Charles Cohen

VISION AND INNOVATION

EvenBet

Gaming CEO Dmitry Starostenkov answers three big Global Gaming Insider questions...

How valuable is artistic vision with game design and innovation, now that AI makes it easier to create copycat designs?

Players’ curiosity to try a new design is not as important a motivation as it might seem, especially looking at the endless flux of game releases with similar, often indistinguishable mechanics. Otherwise, we would not have seen the evergreen titles like Mega Moolah bringing revenues to operators year after year, or casino players trying to find a game with different mechanics instead of a new design.

For poker and sports betting verticals, the design is even less motivating than the operator’s offering itself and the player community. Well-

designed avatars, animations and tables are essential – but they won’t create an incentive for a player to deposit or to stay with an operator when a good loyalty programme or poker liquidity in the tournaments is missing. Not just artistic vision, but innovation and the ability to experiment with the hit titles and themes can allow the game provider to stand out. Copycatting might only bring short-term results that last until players spot another trendy design, and this creates a vicious cycle of endless designing and releasing without creating anything new.

EvenBet Gaming doesn’t truly compete with casino game development studios, although we have recently created several non-poker games that normally fall into the casino games category, such as baccarat. We don’t aim to become a casino game development studio, and we added these games to our portfolio to create additional long-term value for our partners, so the goal was not to copycat but to stand out. Here, the artistic vision was our top priority, even though we used AI at some point to simplify routine operations in the design.

Online poker is a major vertical for EvenBet – what potential do you feel AI has to improve online poker products for players?

The first area is using AI in anti-fraud solutions. EvenBet has been using machine learning for quite a while to signal potentially fraudulent or suspicious player behaviour, and it has become a game-changer. AI can analyse any amount of data, making collusion or multi-accounting detection easy. However, we still recommend that the final decisions on sanctions, such as player bans or funds blocking, be made

by human specialists. Imagine making AI responsible for the decision to transfer money to fraud victims or for closing an active account?

The second key area is creating proactive responsible gaming tools. The current responsible gaming approach is mostly based on enforcing legal guidelines, but I believe that it will change. AI tools can monitor player habits to signal potential risky behaviour: for example, constantly increasing losses, trends in a session length, and others. If AI can give recommendations before such behaviour becomes an actual problem of gambling addiction, we can make the industry healthier and progressively lower the regulatory pressure.

What is EvenBet’s number one priority for 2026: product development or market expansion?

In our 2026 strategy, product development and market expansion complement one another. Not only do new markets demand a different product approach – take Africa as an example – but also shifting player preferences in the established markets make us rethink our product development strategy.

In the last few months, EvenBet has launched two new products, changing the way operators integrate poker: Spins Poker tournaments and One Click Poker cash tables. Neither is disruptive from the game mechanics point of view, but both can reach audiences that used to be less interested in classic poker formats: casual casino players and bettors, and users in the emerging markets who are not yet acquainted with the game. At the same time, the evolution of our full-scale poker platform continues, alongside new game development.

WHAT’S NEW ON THE MARKET?

Need to know the latest products on the gaming market?

Global Gaming Insider has you covered

PREMIUM REDEFINED: INSIDE NOVOMATIC’S V.I.P. X GALAXY EVOLUTION

Premium design is no longer purely aesthetic; with the V.I.P. X Galaxy 2.65 and Galaxy Lounge 2.65, Novomatic highlights a broader shift toward strategically engineered, performance-driven floor solutions.

The introduction of the V.I.P. X Galaxy™ Lounge 2.65 at this year’s ICE signals a pragmatic response to operator demands for premiumization within constrained floor space. By incorporating the compact “Mamba” seating solution, Novomatic retains the immersive characteristics of the V.I.P. X Galaxy™ concept while enabling more flexible deployment. The concept aligns with an industry shift toward premium formats that remain operationally efficient.

In contrast, the V.I.P. X Galaxy™ 2.65 serves as a true statement installation. Its towering dual-screen configuration, refined sound architecture and precisely calibrated ergonomics create a commanding presence on the gaming floor. Seating geometry, screen positioning and touch deck responsiveness are engineered for extended sessions, reinforcing both comfort and measurable performance.

Both cabinet versions are designed to support high-performing proprietary content, including advanced multi-feature games and established game mixes such as the legendary GAMINATOR™ X5, which continues to demonstrate strong international traction. Beyond classic slot applications, the premium cabinet series also integrates with Novo Unity™Pro, enabling electronic table game configurations.

This combination of premium hardware and scalable content architecture reinforces the V.I.P. X Galaxy™ series positioning as anchor installations within modern gaming floors. The line reflects a measured approach to premium engineering: immersive yet controlled, visually strong yet operationally viable. In a competitive global market increasingly defined by experiencedriven differentiation, Novomatic’s V.I.P. X Galaxy™ series evolution signals strategic refinement rather than short-term spectacle.

PREMIUM ANCHOR STRATEGY: THE DIAMOND X QUATTRO 1.55J ON TODAY’S GAMING FLOORS

Premium hardware in today’s gaming landscape is defined by its ability to anchor performance across the gaming floor. With the Diamond X Quattro 1.55J, Novomatic positions its flagship cabinet as a high-visibility centerpiece engineered for scalable premium deployment.

The Diamond X Quattro 1.55J combines advanced display technology, a refined glass touch deck and optimized sound design to create a controlled yet commanding player environment. Monumental sign solutions further amplify its presence, transforming the cabinet into a focal installation rather than a standalone unit. The emphasis is not merely on visual dominance, but on structured floor integration.

Strategically, the Diamond X Quattro 1.55J is closely aligned with Novomatic’s high-performing linked progressive portfolio. Fully compatible with Xtension Link, one of the Group’s strongest-performing progressive concepts, the cabinet supports large-scale jackpot configurations engineered for sustained engagement. The launch of Xtension Link Volume 5 further expands this ecosystem, reinforcing the platform’s position as a benchmark progressive performer across international markets.

In parallel, the cabinet integrates new multi-feature products such as Vision Link, combining diverse game mechanics within a unified progressive framework. This approach reflects a broader shift toward layered engagement models, where hardware, content and jackpot architecture operate as a coordinated system. As part of the scalable Diamond X family, the Diamond X Quattro 1.55J supports modular configurations tailored to different floor layouts and regulatory environments. In an increasingly competitive market, the cabinet exemplifies a premium strategy built not on spectacle alone, but on structured performance architecture and long-term operator value.

GAMING IN PICTURES

Today’s gaming industry reaches every major checkpoint around the globe. Indeed, across the US, Argentina, Australia and the UK, here are some of global gaming’s highlights in pictures...

Caesars opened its retail sportsbook in Summerlin this March, not long after rumours the corporation is considering a sale

La Plata Racetrack in Buenos Aires hosted the latest event of its cultural series as it tries to reposition as more than a racetrack – there were 20,000 attendees for a night of live music, carnival celebrations and an artisan fair

In late February, Central London saw the Betting & Gaming Council gather for its Annual General Meeting. A lively panel discussed the threat the black market poses, but didn’t necessarily tackle what the regulated market could do better

Crown Resorts will be injecting AU$200m ($140.7m) into its main Melbourne property – it will introduce 15 additional hospitality options to the complex. Here is a visual representation of the terrace out the front of a revamped Palms Theatre

UPCOMING EVENTS:

Hosted in the heart of London, the AI Gaming Forum (AIGF) is set to explore the realities, challenges and successes of artificial intelligence in regulated gambling markets across the globe.

Operators, suppliers, investors and AI start-up organisations will gather to discuss how new technologies can be both interpreted and adopted at scale in one of the world’s key tech and innovation hubs.

Networking: AIGF 2026 will see numerous keynote presentations and operator-led sessions exploring the challenges of deploying AI in the modern landscape, with the day concluding with an AI Pitch Competition – which allows companies to present directly to industry experts, leaders and investors.

winnamedia.com/ai-gaming-forum 12 MAY

JUN

1-3

SIGMA ASIA

Manila, Philippines

MAY

12-14

G2E ASIA, THE VENETIAN MACAO

Macau

Global Gaming Expo (G2E) Asia returns after a successful 2025 outing to offer new networking connectivity opportunities for operators, suppliers and regulators across the Asian continent. Held at the prestigious Venetian Macao, G2E Asia will see delegates explore new industry trends and exhibit their latest offerings as part of this premier gaming exhibition experience.

Networking: G2E Asia provides one of the premier networking opportunities on the annual Asian gaming calendar. With an expected 6,000+ delegates from across the globe, the event is packed with activations, post-conference events and industry meet-ups ripe for networking and innovation.

g2easia.com

JUN

Returning to the SMX Convention Centre Manila in June, SiGMA Asia 2026 promises to be bigger than ever. As the APAC market faces rapid change, around 16,000 delegates will gather in the Philippine capital to discuss the latest developments in Asian gambling. With more than 3,100 operators, 300+ sponsors and exhibitors, and leading industry voices in attendance, it is set to be one of the region’s key events.

Networking: SiGMA Asia 2026 offers extensive networking opportunities. Pre-celebration drinks begin on Sunday 31 May, while day one on Tuesday 2 June ends with Networking Drinks and the iGathering Dinner. Panels and presentations run throughout the week, with the SiGMA Official Celebration closing the event on day two.

sigma.world/summits/asia

GAMING IN HOLLAND CONFERENCE

Amsterdam, Netherlands

With rising taxes dictating change in one of Europe’s most active regulated markets, Gaming in Holland 2026 is set to return to Amsterdam’s KIT Royal Tropical Institute after a memorable 2025 outing and promises to give delegates plenty of food for thought as industry professionals and experts dig their teeth into the latest updates, regulations and innovations across the Netherlands and beyond.

Networking: Regular networking breaks are tastefully interspersed to allow for maximum discussion and delegate engagement. Following the conclusion of the conference, last year saw boats awaiting all delegates to cruise down the iconic Amsterdam canal for networking drinks at Holland Casino.

gaminginholland.com 4

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