Issuu

Nov 2026

THE FUTURE OF GAMBLING ADVERTISING? EMEA: Analysing the latest trends in Sweden, Germany and Romania AMERICAS: The winners of the prestigious Global Gaming Awards revealed APAC: The history of the Marina Bay Sands, Japan’s second IR race & more

COO, EDITOR IN CHIEF Julian Perry EDITOR Tim Poole Tim.Poole@globalgaminginsider.com STAFF WRITERS Will Underwood, Kirk Geller CONTENT WRITERS Marieta Ležaić, Jack Found LEAD DESIGNER Olesya Adamska DESIGNERS Medina Mammadkhanova, Gabriela Baleva JUNIOR DESIGNER Monika Petrova

Julian Perry, COO, Editor-in-Chief

Tim Poole, Editor

EDITOR’S LETTER

ow! That's my reaction to industry feedback we received at the SBC Summit in Lisbon and the Global Gaming Expo in Las Vegas... Less than a year ago, I took to writing my first Editor's Letter for the newly rebranded Global Gaming Insider magazine. I spoke about why we made certain changes and emphasised our new regionalised approach. Just 10 issues later and our readers (that's you!) are telling us what they love about those exact changes. Indeed, in Lisbon, we received fantastic feedback about our September edition – in particular, our Live Casino Roundtable – and at G2E, we heard what you loved about our Americas coverage and CEO Special. We always value what our audience has to say, and we won't just be patting ourselves on the back. Instead, we'll be endeavouring to finish 2026 with strength and provide the market with more of what it wants in 2027. To that end, this November issue addresses a key topic being discussed more and more across global gaming: advertising. In our daily news coverage on the Global Gaming Insider website, it's been impossible not to notice increasing advertising regulation across Italy, Russia, the Netherlands, Bulgaria and the UK but to name a few. This isn't just restricted to EMEA, either, hence we've also presented perspectives from the US and APAC (in this specific case, Australia, New Zealand and the Philippines). Most noteworthy of all, however, has been the advertising saga in Brazil. Advertising and influencer marketing both played their parts in the recent downfall of Brazil's regulated market. So much so the Government decided to BAN ONLINE GAMBLING COMPLETELY! I tried to make it as long as I could into this Letter without mentioning it, but Brazil's ban has dominated all recent discussions. Reverting to our main theme, the industry has since admitted it over-advertised in Brazil, particularly at a superb panel I attended at the SBC Summit. Of course, the Brazilian Government's reputation has taken a hit with its yo-yo approach to the sector; but the industry knows it made mistakes of its own. I was honoured to moderate my own panel at the very same conference. Our stellar panellists Marko Zulj, Ivan Korkin, Wendel Vilaça de Assis and Carlos Arturo Guerra Ospina discussed how best to engage bettors in the modern era, and whether our sector utilises any "dark patterns" or "crosses the line" while doing so... The biggest event in US gaming also took place in October: the Global Gaming Awards Americas! There, we crowned the industry's most successful companies (and individuals) from the past 12 months. We run through all the prestigious ceremony's winners in this issue's Americas section. Our EMEA pages include interviews on Sweden, Romania and Germany, while we've got a sizeable APAC segment for you in this edition, including maps, timelines and special features. Beyond that, we have the stalwarts: Gaming in Pictures and the Event Calendar. Finally, please enjoy our annual Payments Focus, starting on page 88, as we bring our penultimate issue of 2026 to a conclusion! TP, Editor

ASSISTANT DESIGNER Tanya Aleksova ILLUSTRATOR Christian Wüst MARKETING DIRECTOR Mariya Savova HEAD OF DIGITAL Tom Powling FINANCE AND ADMINISTRATION OFFICER Svetlana Kamulya VIDEO PRODUCER Callum Flett COMMERCIAL DIRECTOR Deepak Malkani Deepak.Malkani@globalgaminginsider.com Tel: +44 (0) 204 591 3117 ACCOUNT DIRECTOR Michael Juqula Michael.Juqula@globalgaminginsider.com Tel: +44 (0) 207 039 9186 SENIOR ACCOUNT MANAGER William Aderele William.Aderele@globalgaminginsider.com Tel: +44 (0) 203 884 9277 ACCOUNT MANAGERS Irina Litvinova Irina.Litvinova@globalgaminginsider.com Tel: +44 (0) 203 855 0662 Serena Kwong Serena.Kwong@globalgaminginsider.com Tel: +44 (0) 203 787 4615 AWARDS SPONSORSHIP MANAGERS Michelle Pugh Michelle.Pugh@globalgamingawards.com Tel: +44 (0) 207 360 7590 Ben Bannister Ben.Bannister@globalgamingawards.com Tel: +44 (0) 208 078 2453 CREDIT MANAGER Rachel Voit WITH THANKS TO: Niccolo Cassettari, István Cocron, Alexandru Domşa, David Forman, Gustaf Hoffstedt, Dr Joerg Hofmann, Terry Lee, Ohad Straschnov, Christine A. Virardi & Keith Whyte, Spintec, Zitro, AGS, Cashlib, Spayz.io & MiFinity

Global Gaming Insider magazine ISSN 2978-5723 (Print) ISSN 2978-5731 (Online) Produced and published by Players Publishing Ltd

All material is strictly copyrighted 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.

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CONT 36

GUSTAF HOFFSTEDT

COVER FEATURE 10 Advertising: UK vs US

Global Gaming Insider explores the external restrictions and internal approaches shaping strategies either side of the Atlantic Ocean

18 European advertising deep dive

How does gambling marketing vary across the key European markets of Italy, the Netherlands, Bulgaria and Finland?

20 APAC: Reshaping advertising

Shifting regulations are changing the lay of the land for advertising in APAC. But how? Global Gaming Insider investigates

24 The future of branding

As budgets get bigger and market entrants get louder, the biggest brands in 2030 could be the ones you hardly notice at all...

EUROPE, MIDDLE EAST & AFRICA 29 Taking Stock 30 Movers & Shakers 31 Facing Facts 32 Verification builds trust Soft2Bet’s VP of Compliance Ohad Straschnov examines AI-assisted verification and deepfake security

34 Experience is priceless

Niccolo Cassettari, Logifuture CBDO, previews SiGMA Rome and sums up 2026 for sports betting in three words!

36 The stroke of a pen

Global Gaming Insider contributor Gustaf Hoffstedt draws parallels from his Swedish Parliament experience

ALEXANDRU DOMŞA

38 Risk vs reward

István Cocron assesses the criminal exposure of bettors in the German market, as part of a regulatory deep dive

40 Betting on Romania

Global Gaming Insider speaks with Alexandru Domşa, President of Fedbet, about recent regulatory changes in retail

44 Germany in focus

Dr Joerg Hofmann discusses Germany’s 2021 Interstate Treaty review and explores challenges facing the nation

48 Product reviews

AMERICAS 51 Taking Stock 52 Movers & Shakers 53 Facing Facts

ENTS 44

DR JOERG HOFMANN

54 Global Gaming Awards: The Americas Winners

Global Gaming Insider reflects on the industry’s most prestigious Awards, honouring our sector's best and brightest from across the Americas

66 The AGA view

Returning for its 11th consecutive issue of this publication, the AGA’s VP of Research David Forman examines the data behind prediction markets

68 Development vs diagnosis

Global Gaming Insider contributor Keith Whyte analyses the complexities of marketing for gambling-harm tools

69 Product reviews

ASIA-PACIFIC 71 Taking Stock 72 Movers & Shakers 73 Facing Facts

74 Strategising for APAC

Digitain’s Head of Asia Region Terry Lee explores how to develop a tailored strategy

76 Map: Enforcement...

Global Gaming Insider highlights key updates from across Asia

78 Sands of Time

TATJANA MELUSKANE

BONUS BETS 84 Gaming in pictures

Snapshots of memorable moments in our busy industry...

86 Event Calendar What's coming up?

Perhaps the world’s most iconic casino venue, Global Gaming Insider looks back across the life and legacy of the Marina Bay Sands

80 Talent migration

Christine A. Virardi questions what happens when a company makes several hires from a competitor...

82 Japan in focus

Ahead of the nation’s latest IR casino application round, Global Gaming Insider investigates what’s next

83 Product reviews

Payments Focus p.88

COVER FEATURE

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THE FUTURE

COVER FEATURE

THE FUTURE OF GAMBLING ADVERTISING? Global Gaming Insider’s Will Underwood and Kirk Geller examine marketing strategies for sports betting and iGaming from UK and US perspectives As advertising regulation increases and increases across both sides of the Atlantic Ocean, what is the future of gambling advertising? In the UK, there is very little that makes sense without understanding regulation – and advertising is no different. At surface level, there are two key things to understand about gambling advertising regulation in the UK. One; the guidelines are interpretive. Two; the Government is concerned primarily with demographic. With regard to iGaming, specifically, there are strictly upheld limits around overly suggestive language. In short, you can in no way imply guaranteed winnings. Further, an interesting recent case study saw the Advertising Standards Agency (ASA) uphold a complaint against Mr Vegas in July 2026, finding that its cartoon slots were likely to appeal to under-18s. Yet other slots featuring cartoon character advertisements, such as Sweet Bonanza and Big Bass Bonanza 2, were recently found to be compliant. Hence, interpretive. How operators choose to manoeuvre campaigns within this environment is where it gets interesting. Despite iGaming advertising being much less prevalent than its sports betting counterpart, recent successful campaigns shed some light on how companies are now thinking their way around restrictions. For example, the likes of Mr Q and Midnite have leaned heavily on branding, with barely any mention of the fact that the product they’re promoting is an online casino until the conclusion of the advertisement. In fact, the latter of the two took simple but effective to new levels over the summer, distributing a vast armada of Midnitebranded bucket hats to sports venues across the UK for fans to enjoy alongside erecting targeted billboards across the UK, all running in tandem with the World Cup.

Simplicity is, indeed, one way to work around the interpretation issue. Utilising the well-recognised casino conversion opportunity presented by major sporting tournaments and the annual Premier League season is another. The recent ban on front-of-shirt sponsorship has seemingly simply seen operators shift their branding to shirt sleeves, training kits and pitch side billboards – at least for the time being. Shifting regulations, fast rising taxes and a UK black marketplace that is growing at an alarming rate – particularly on the online casino side – makes for a challenging environment in the UK. And that environment won’t become more forgiving any time soon. SPORTS BETTING ADVERTISING: THE LAND OF THE FOOTBALL LEAGUE Sports betting advertising is, of course, rife within the United Kingdom. In fact, for those not paying attention, it would be easy to completely miss any online casino advertisements altogether, such is the dominance of sports. A recent study from the University of Bristol actually discovered that a Premier League match between Manchester City and Wolves in August 2025 saw 5,262 instances of gambling advertisements during its coverage. This comes despite the implementation of the 2019 voluntary ‘whistle-to-whistle’ ban, which encouraged operators to not display betting adverts five minutes before or after kick-off. Indeed, 91% of the advertising messages on show came during live play, with the remaining 9% coming in either pre-match or post-match coverage. Such frequency of advertising is perhaps to be expected when you’re home to the most watched league of the world’s most popular sport. Nevertheless, the numbers put out by the US within this context now

completely dwarf that of the UK, and they do so for a number of reasons. Primarily, sports and sports betting advertising in the UK has matured over the course of a century or longer – especially when considering the lengthy history and vast popularity of horseracing. However, as the online sector has continued to proliferate, the UK sector has become increasingly concerned with player protection and (crucially) protecting underage persons. Similar concerns began to gestate on the continent, and the action taken over the years across Europe (see more in later articles in this section) and the UK has been largely based around advertising restriction, while the US seems to at this point be focusing more closely on raising awareness around protection tools such as self-exclusion. Nevertheless, having spoken to numerous prolific operators within the industry, the vast majority view the restrictions not as a hindrance to rid themselves of, but rather an exciting challenge to innovate around. Paddy Power, perhaps the pioneer of the sports betting advertising space, remains the UK’s key trendsetter. Indeed, having sat down with the operator’s former ‘Chief of Mischief ’ (Head of Advertising), Ken Robertson, some years ago to discuss sports betting advertising at length – his conclusion that the UK would continue to innovate ‘no matter the restrictions’ highlights an optimistic outlook. INFLUENCER ENDORSEMENT: THE CELEBRITY CONUNDRUM What is easy to forget about influencer marketing is that it is far from a new phenomenon. The recent controversial explosion of influencer-endorsed betting brands in the Brazilian market has raised

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COVER FEATURE

THE FUTURE

the profile of the topic across the global industry, with many calling into question the ethical validity of these endorsements. Yet there is little to separate influencers from genuine celebrities these days, and the two tags are becoming increasingly interchangeable – meaning that any celebrity endorsement or brand ambassadorship deal (realistically) falls under the blanket of influencer advertising. In the UK, the key regulatory question revolves around who exactly these people may inadvertently influence. Taking a walk back through time, celebrity endorsement in the UK rose almost in lockstep with the online industry – with the 2005 Gambling Act’s liberalised marketing restrictions creating a boom of televised advertising campaigns. The late noughties saw iconic early endorsements from the likes of Helen Chamberlain with Sky Poker and Ray Winstone with bet365 – a partnership still very much active today. Moving into the 2010s, the likes of Jose Mourinho, Harry Redknapp and dozens of additional sports personalities, reality stars and prominent local celebrities became involved with betting advertisement, prompting intervention from the ASA. Nowadays, betting endorsements by persons of influence are strictly policed in the UK. However, that’s not to say that celebrity endorsement is completely off the cards in the UK. Regulations now dictate that no celebrities who look (or are) under 25 – alongside no celebrities who have mass appeal to under 18s – may appear in gambling advertisements. Elsewhere, Peter Crouch and Danny Dyer have become heavily involved with Paddy Power, while US export Chris Rock has become the face of BetMGM. ADVERTISING IS THE NAME, INTERPRETATION IS THE GAME Over the years, the UK’s gambling advertising framework has been built around a combination of legislation, Gambling Commission licence conditions and the advertising codes administered by the Advertising Standards Authority (ASA). As previously mentioned, what is crucial to understand is that, as a central principle, gambling advertising must not be misleading, socially irresponsible or directed towards, or strongly appealing to, under-18s. Nevertheless, the latter has become an increasingly important area of enforcement. Since 2022, the regulatory test has been “strong appeal,” rather than the previous “particular appeal,” bringing more gambling advertising within the scope of the restrictions. CAP and BCAP subsequently updated their guidance in 2025 to provide greater clarity around social media,

GLOBALGAMINGINSIDER.COM

personalities, sports and context. This is where the interpretive nature of the UK system becomes particularly important. The rules do not simply prohibit particular colours, characters or celebrities; regulators assess the overall execution and likely audience. Cartoons, colourful imagery, gaming-related content and prominent sports personalities can all create compliance issues depending on context. In May 2026, for example, the ASA ruled that Harry Kane and Erling Haaland had strong appeal to under-18s, while a separate advertisement featuring Thierry Henry was not upheld. What adds to the subsequent confusion around these decisions is their interpretive nature that leaves many wondering. As an ex-player, it could be argued Henry has less appeal than the likes of Kane and Haaland who remain at the peak of their playing careers. However, Henry’s Betway advert was also posted directly outside of Arsenal’s Emirates stadium on a billboard that thousands of under-18s will walk past every home game. The ASA has made clear that operators’ own organic social-media content can fall within the advertising rules, while its June 2026 enforcement notice specifically warned advertisers over under-18 appeal on social media. Subsequently, UK gambling advertising has now become a balance of interpretation. There is no list of simple, prohibited creative techniques. Nor is there a grammatical blacklist of banned words or phrases. Rather, executing legal gambling advertising in the UK is now about navigating an increasingly detailed framework in which audience, context and execution all matter.

UK gambling advertising appears to be hurtling towards increased scrutiny rather than wholesale prohibition. And while new regulations such as Premier League frontof-shirt sponsorship bans are inevitable over time, the future challenge for operators may not necessarily be a dramatic expansion of written restrictions, but increasingly intensive enforcement of existing ones. Consumer attitudes could influence the next phase of regulation. Gambling Commission research published in July 2026 identified concerns around the volume and targeting of promotions, online visibility and the role of social media and influencers. Alas, the increasingly challenging commercial environment also remains impossible to ignore and is likely to put further pressure on operators to make their advertising work harder. Remote Gaming Duty rose from 21% to 40% in April 2026, with a new 25% remote betting duty scheduled for April 2027. As many creative industries have learned over the past decade, an economic environment subject to intense financial strain does not create a fertile breeding ground for creativity. Financial restrictions force studios to rely on safe bets, as the economics simply won’t allow for trial-and-error. When considering the economic strain and increasingly interpretive regulatory restrictions in tandem, the UK landscape makes for a challenging prospect for gambling operators looking to advertise their products. Yet, despite that fact, the likely future is not necessarily less gambling advertising. If nothing else, the UK industry has proved itself one of the true pioneers of marketing – and some of the brightest innovators in the area remain. Now, more than ever, the UK’s ADVERTISING ECONOMICALLY? ability to innovate within increasingly YOU DO THE MATH precise boundaries could become as Looking ahead, the direction of travel for important as the regulations themselves.

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THE AMERICAS POINT OF VIEW While the UK has unveiled broader restrictions across operator marketing strategies (as my colleague has already covered), regulators in the US have done little to quell the creativity of sports betting and iGaming entities. Routinely, customers see their favorite influencers, celebrities and athletes scattered across various channels to help promote the US’ leading gambling operators. Unlike its across the pond counterpart, US marketing strategies have only grown with the rise of prediction markets as well. Due to the uncertainty formed around trying to regulate on both the federal and state level, prediction markets have evolved into the hottest topic in gaming across the US – compared to little progression in the UK. From sports betting to iGaming to prediction markets, finding innovative ways to attract new consumers to a respective product has been given nearly as much attention than the product itself. Beginning with the overturning of PASPA in 2018, marketing strategies from US gambling entities have advanced to relatively unimaginable heights… along with the names who choose to take part.

level. Operators could only take the silence for so long, however, as the opportunity to work with professional sports leagues and franchises quickly came calling. Whether it was the NFL, NBA or MLB, operators looked for any opportunity to tout their brand through each organization, enhancing credibility as much as their overall consumer base. To this day, even networks such as ESPN or FOX Sports can only go so long without displaying odds from respective betting partners, showcasing the acceptance of sports wagering as a common practice in the US. Along with the professional sports league collaborations came the chance to work with the athletes beloved by fans across the country. Current and former athletes such as Connor McDavid, LeBron James and Charles Barkley have all appeared in sportsbook advertisements, stretching from humorous digital campaigns to those centered around responsible gambling. Not long after, celebrities became the next generation of popular names to attach themselves to the sports betting industry, popularizing the space into a multi-billiondollar juggernaut. With iGaming not far off NO STOP SIGN IN SPORTS sports betting’s evolution, having well-known When legalized sports betting across the US figures promote mobile slots and table games first took off, operators utilized television became the next step to marketing efforts advertisements during major sporting events jumping further into the gambling deep end. and alternative forms of digital advertising to reach younger consumers. Advertising costs THE MARKETING EYE FOR IGAMING skyrocketed for the elite players, as the battle On the online casino end, iGaming’s growth for market share first took off between 2018 across the US has been at a moderate pace and 2021, the more sports betting extended compared to its sports betting counterpart, across the US. with just eight states having legalized the The rise of social media also brought forth offering. The lack of expansion hasn’t been ways to connect to a wider audience, although a detriment to marketing and promotional the industry had to battle offshore entities who efforts, however, especially as operators and would flood the market with dubious claims of suppliers deepen their reach into providing legality. Mainly centered around daily fantasy omnichannel experiences. sports offerings from FanDuel and DraftKings, Given many of the operators who make sports betting advertisements quickly became up the sports betting spectrum also find the norm in households across the US. With themselves competing for iGaming market the introduction of additional competition share, similar endorsement agreements have – including BetMGM, Caesars Sportsbook, been reached for the online casino vertical. bet365 and Fanatics among others – the desire No iGaming partnership has garnered more to grow one’s consumer base took over the attention than Drake’s multi-year relationship blossoming industry. with Stake, serving as one of the more As FanDuel and DraftKings settled into polarizing collaborations in gaming. their respective number one and two roles Stake’s reach extends far past the for sports betting in the US, marketing costs acclaimed rap artist as well, stretching to eventually returned to a more stabilized influencers such as Adin Ross and Félix

“Advertising will remain a crucial part of this industry” 14

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Lengyel – known as xQc – who routinely broadcast gameplay on livestreams and social media. Stake has faced public backlash in the US regarding its sweepstakes casino operations, but has still managed to grow a notable consumer base in the US due to its ambassadors’ large social following. To a less antagonizing degree, operators such as BetMGM, (the now defunct) WynnBet, DraftKings and FanDuel have also used celebrity figures to endorse their respective products. Even while iGaming has failed to expand as rapidly as sports betting in the US, new opportunities have still arisen in North America – including Alberta’s regulated market launch in July. With limited space in the US to extend one’s presence, battling for iGaming market share is even more crucial for operators than the competition that stems in sports betting. Creating an instant footprint in a newly regulated iGaming market is imperative, given the hope additional jurisdictions will follow has never been promised. Maine’s legalization of the vertical is a promising sign for operators, but whether future iGaming legislation will earn such approval is still well in doubt. One thing’s for sure, the high-profile names continuing to pop up across iGaming promotions will only become more familiar to potential consumers. The era of celebrity promoters is only beginning, especially as new verticals enter the spotlight... GAMING GOES HOLLYWOOD, REGULATORS PLAY CRITIC With great promotion comes great responsibility. Not only that, prediction markets have taken over the advertisement space with notable collaborations, including recent campaigns unveiled by Kalshi, Polymarket and Novig. Kalshi has partnered with the likes of Lionel Messi and Timothée Chalamet to help promote its event contract trading business, as well as brought on NBA star Giannis Antetokounmpo a shareholder in the operator. To perhaps counter its main competition, Polymarket utilized figures such as James, Spike Lee, Derek Jeter, Eli Manning, Rajon Rondo, Reggie Bush and Richard Sherman to help promote its new headquarters in New York. While James received nationwide attention due to previously conflicting views on gambling, the NBA star was saved from scrutiny by Novig’s… revealing... promotional partnership with actress Sydney Sweeney. Clad in nothing but short Novig-branded tops and sports equipment, Sweeney highlights the operator’s “just sports” approach to prediction markets, and was reportedly the inspiration behind the well-publicized promotion. Now serving as an equity investor of Novig

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as well, Sweeney’s partnership with the operator provides no better example of the attention – and backlash – gambling advertisements have become accustomed to receiving. Potential issues have also extended to sports betting operators, as displayed by a promotional video sent by FanDuel to a user who claimed he began suffering from addiction. The short clip featured Philadelphia Phillies first baseman Bryce Harper, who addressed FanDuel user Terry Thompson and his son by name. Thompson eventually sued FanDuel, his host Bryttanni Morgan, DraftKings, the NFL and Genius Sports for allegedly causing him to become a gambling addict, leading to approximately $2m in losses. Shortly after the video was made public, regulators in New Jersey began seeking heightened restrictions on gambling advertisements – directly referencing the FanDuel-Harper incident as motivation. With prediction-market promotions only gaining steam with former athletes and celebrities, it wouldn’t be surprising to see regulators step up their efforts in the near future as well. Compared to their overseas equivalents, US regulators have quite the job on their hands to cool operators’ promotional engines, especially as the road of opportunity kicks into high gear. A TUMULTUOUS FUTURE According to Mark Twain, “many a small thing has been made large by the right kind of advertising.” In gaming, no truer words may have ever been spoken. No matter how regulators choose to respond to the high-profile relationships being formed between operators and promoters, advertising will remain a crucial part of this industry. With the type of traction generated from such partnerships as well, it’s fair to assume such well-known faces are going to keep appearing on screens across the US. Would FanDuel, DraftKings, Kalshi and Polymarket have grown to their respective lengths even without the celebrity endorsements? Possibly… but each would most likely point to such collaborations as working to cement their industry goliath status. The attention placed upon James, Sweeney and Harper won’t disappear, however, and the polarizing response could always change the tune of how deep celebrities want to integrate themselves within the world of gambling. Perhaps US regulators follow in the footsteps of its UK counterparts with heightened advertisement restrictions, although it’s not as if state and federal bodies don’t have quite the handful of issues already. As shown by lawmakers in New Jersey, attention is slowly turning toward the relationships between operators and those who advertise their product. In Twain’s words, many small things can grow with the right promotion, but so too can the dissection of whether such advertisements are healthy for gaming’s future.

GLOBALGAMINGINSIDER.COM

IN FOCUS

Brazil’s great gambling backtrack As the industry reels from Brazil’s great gambling backtrack, stakeholders across the globe are now engaged in a numbers game – counting each day of the 120-day congressional approval window before the ban becomes obsolete. However, all indicators point towards the ban being approved by Congress, for reasons obvious to anyone who has been paying attention. Indeed, public approval of betting in Brazil is on the floor. This is perhaps the key driver behind President Lula’s proposed ban. Something more specific and hard to ignore has been Brazil’s woeful failings relating to gambling advertising, a factor that helped send Brazilian approval ratings crashing like the waves of the Copacabana. You don’t have to have been in the industry that long to remember Brazil’s regulation of online casino and sports betting. There were just 22 months, to be exact, between regulation and proposed outlawing. Yet, when the industry was initially regulated, there were many that warned excessive advertising could inflate the Government’s market tax revenue expectations, cause reputational damage in the public sphere and (crucially) blur the lines between the regulated and illegal markets. All three of these eventualities turned out to be true. As public opinion slowly turned against gambling off the back of numerous public relations failures, the Brazilian Government subsequently began to question whether the tax revenue payoff was worth the PR nightmare. As they often do, public concerns began to center around the idea of accessibility to online gambling for vulnerable persons in the nation – underage individuals, in particular. A key driver behind that perception was influencer marketing. In the previously grey Brazilian market, influencer endorsement was rife and unfettered. Nevertheless, many influencers failed to educate themselves on the rules of the game once the market became regulated, leading to a countless number of lawsuits and high-profile legal cases that only served to sully the reputation of the industry further. Brazil’s largest and most recognisable influencer, Virginia Fonseca, became notably entangled in the influencer advertising mess, prompting her to step back from gambling endorsement for good. This would have been big news if it hadn’t come within days of the announcement of a ban. Now, as of the time of writing, the industry awaits a final ruling. But all indicators point in the same direction... backwards. And one can’t help but wonder what would’ve happened had Brazil at least tried to get its advertising right.

COVER FEATURE

EUROPEAN ADVERTISING

EUROPE’S AD SQUEEZE The gloves are off as Dutch, Bulgarian and Italian authorities turn up the pressure – while Finland offers a somewhat brighter outlook... The Netherlands, Italy and Bulgaria already have some of the region’s strictest online gambling advertising regimes, with further regulatory changes on the horizon. Find out below where things are getting seriously “spicy.” But we’ll also see what’s in store for Finland and how its advertising rules could shape channelisation, when the country opens up its market to competition. Below, Global Gaming Insider examines these developments in detail...

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IS THE NETHERLANDS ABOUT TO SEE A NEAR-TOTAL AD BAN? The Netherlands has strict regulations and is now considering tightening its framework further. The ban on untargeted gambling advertising has been in place since July 2023, meaning operators cannot use mass advertising practices. This includes iGaming advertising on TV, radio and public spaces such as billboards. Some digital advertising is currently allowed, but

only under strict conditions, with operators required to take measures to avoid reaching vulnerable groups. The framework could soon change, with significant debate underway over further restrictions. The Government is signalling plans for a near-total ban on online gambling advertising. Limited exceptions could include operators advertising on their own websites and results generated when consumers explicitly search for gambling sites. State

EUROPEAN ADVERTISING already introduced far-reaching restrictions. The measures established an almost complete ad ban across traditional media such as TV and radio, as well as public spaces and certain electronic media, including internet pages. The legislation also introduced a 300-metre restriction on billboards near schools. Yet enforcement proved problematic, with gaps in the secondary regulations leaving exploitable loopholes. Overly prevalent gambling advertising practices have faced strong public, political and media scrutiny. Over the summer, the Government announced measures to close regulatory loopholes and introduce targeted restrictions, while indicating that it was not seeking a complete or near-total ban. It seems it has caved to opposition, public and media pressure, with a full ban becoming increasingly possible.

Secretary for Justice and Security Claudia van Bruggen said she believes legal offerings must remain discoverable for people actively looking for a gambling site. Her June policy letter set out plans to propose these restrictions in a consultation version of the broader gambling bill planned for the first half of 2027. At the same time, several politicians have pushed for a complete ban covering both online and offline gambling advertising. However, the House of Representatives rejected the motion in September. This rejection does not necessarily undermine the Government’s plans specifically targeting online ads. BULGARIA TOO TURNS UP THE HEAT Bulgarian Prime Minister Rumen Radev has announced plans for a near-complete ban on advertising as part of proposed amendments to the country’s Gambling Act. The changes would prohibit ads on billboards, posters and other public displays, while casinos and gaming halls would no longer be permitted to use bright or flashing illuminated signs or promotional window displays. Gambling branding would remain permitted in limited sporting contexts, including on official club jerseys and in sports halls. In 2024, Bulgaria

ITALY’S PROHIBITIVE REGIME, LOOPHOLES AND RG COMMUNICATIONS TWEAKS Italy has one of the strictest European regimes for iGaming advertising. The 2018 Italian Dignity Decree imposed a blanket ban on gambling advertising and sponsorships. Nevertheless, several operators offering both online casinos and sports betting have found ways around the restrictions through so-called infotainment sponsorships, maintaining their visibility in Italian football. Clubs make deals with operators’ sports infotainment platforms, which often have names very similar to official brands banned from sponsorships but are treated as media services. These platforms usually cover live scores, match statistics and football content. The tax treatment of such arrangements has also been tightened. Legislation approved in September makes certain sponsorships and analogous contracts involving operators’ informational or odds-comparison services non-deductible for IRES and IRAP purposes. Alongside infotainment sponsorships, the new rules also classify certain responsible gambling and information campaigns as representation expenses rather than advertising expenses for tax purposes. Italian industry stakeholders have long argued that previous treatment was illogical, given that such messaging is required by regulation rather than undertaken for promotional purposes. The existence of responsible gambling communications had also attracted scrutiny over the risk that prevention campaigns could become a vehicle for indirect promotion. During AGCOM’s consultation, a coalition of scientific, family and consumer organisations warned against this possibility. Thus, in August, AGCOM published an Act setting out guidelines for such communications to keep the distinction between prevention and advertising clear. It clarifies that such

COVER FEATURE

campaigns must be strictly preventive and must not encourage gambling, even indirectly. As far as Global Gaming Insider knows, there have been no accusations of deliberately masking prevention communications as advertising in Italy. Nonetheless, AGCOM’s Act outlines numerous restrictions. Responsible gambling campaigns must not contain bonuses, jackpots, odds, calls to action or other promotional elements. They must also avoid gambling imagery, gaming interfaces, promotional visuals and references to specific products. Another notable guideline is that the use of athletes, influencers and other public figures must be approached with particular caution. WILL FINLAND’S AD RULES BENEFIT CHANNELISATION? For any newly liberalised market, what is among the main priorities? Successful channelisation, of course. Rather than diving into the specifics of the regulations, Global Gaming Insider consulted lawyer Joonas Karhu, Founder of Huhtikuu law firm, about the advertising rulebook and channelisation. We already featured our interview with Karhu on our website in early October. When asked what impact the incoming advertising regulations might have on channelisation, he offered a relatively positive assessment. Karhu noted that advertising and sponsorship opportunities will be broad and that the legislative materials explicitly identify improving channelisation as one of the objectives of the gambling marketing rules. He expects channelisation to remain relatively high during the first one or two years after the market opens but to decline over the medium term. In his view, restrictions on social media advertising and the complete ban on affiliate marketing could make it difficult for licensed operators to compete with unlicensed ones that are not subject to the same rules. Under the current framework, Karhu estimates that channelisation could eventually settle at around 70–80%. Eventually, Karhu expects the ban on affiliate marketing to be revisited and, eventually, for affiliate marketing to be permitted in some form. He also suspects that the major social media platforms will not be entirely satisfied with the restrictions on gambling advertising on their platforms. Karhu expects some provisions to be clarified in the Act itself, as they are currently very open to interpretation. One example is the distinction concerning digital newspapers, where the ability to advertise gambling can depend on whether the publication also has a replica edition of its printed newspaper. So there is some positivity in Finland; right now, though, that is the exception not the rule!

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COVER FEATURE

APAC ADVERTISING

ADVERTISING RESHAPED Changing regulations are reshaping the APAC advertising landscape, placing greater limits on how operators can reach consumers. Marieta Ležaić tells us more Online gaming advertising is entering a period of significant change across the Asia-Pacific region. New Zealand is preparing to launch its regulated online casino market under a new framework, while Australia has passed significant new restrictions on wagering advertising. Meanwhile, calls are growing in the Philippines for a complete ban on online gambling advertising. Global Gaming Insider examines how regulations are reshaping the way iGaming can be promoted across APAC…

early 2027. In general, the new regulations will permit online and physical advertising for remote casinos. This includes various online platforms, such as social media and search engines, as well as broadcasts and physical billboards. However, most of these advertising channels will face restrictions. Overall, advertisements must not appeal to minors or target audiences where more than 20% are underage. Advertising is also prohibited during live broadcasts, as well as within 30 minutes before they start and 30 minutes after they end. Online casino NEW ZEALAND LIBERALIZES ads cannot appear on the front pages of ONLINE CASINO MARKET print publications or on public transport. New Zealand is gradually moving toward Prohibited advertising includes sponsorship launching its regulated online casino and endorsement-style promotion and market, which is expected to go live in affiliate marketing, alongside tight controls

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on inducements. Ads that reference other forms of gambling, such as sports betting, are also banned. Advertisements must not promote impulsivity or urgency. Personalized advertising is also restricted, meaning operators cannot address people by name in advertising unless the communication is a permitted form of direct marketing. They cannot use an individual’s player data or gambling behavior to encourage them to spend more than they normally would or play more frequently. Direct marketing is only permitted with express consent or where it falls within narrowly defined account-holder preferences. Operators must also provide mechanisms for users to control the frequency and content of such communications.

W NE

NOVOMATIC AG · Global Sales +43 2252 606 220 · sales@novomatic.com · www.novomatic.com

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COVER FEATURE

APAC ADVERTISING

Industry experts warn that the overall success of the regulated online casino framework will depend on persuading consumers to move away from offshore, unregulated operators and toward licensed domestic platforms. For effective channelization, a permissive advertising regime is needed to educate players about licensed offerings. Successful channelization presents a particular challenge in a market that has historically been accessible to offshore operators and continues to attract illegal gambling activity. Overall, New Zealand is taking a somewhat strict approach to online casino advertising, particularly through its ban on affiliate marketing, sponsorships and tight controls on inducements. At the same time, the framework preserves a range of advertising channels for licensed operators, recognizing that effective communication will be important to encourage consumers to move away from offshore, unregulated platforms. AUSTRALIA TIGHTENS THE ADVERTISING NET In the summer, Australia passed the Interactive Gambling Amendment (Gambling Reform) Act 2026, completing all necessary legislative steps after more than three years of debate. The resulting new advertising restrictions will take effect in January 2027. Online platforms, including social media, will only be permitted to provide wagering advertisements via a triple-lock verification process, where users are logged into an account, verified as over 18 and given an option to opt out. The legislation also

“Visibility is no longer a given, and the rulebook is only getting tighter” establishes a Wagering Advertising Opt-out Register designed to apply a user’s advertising preference across online services. The reforms also extend to inducements. Direct marketing of wagering inducements will be restricted for new customers during their first 14 days, people who have left BetStop within the previous three months and customers identified as being at risk of gambling-related harm. Furthermore, wagering advertisements will be prohibited during live sports coverage across broadcast and online services. Between 5 am and 8:30 pm, the blackout begins 15 minutes before an event and continues until five minutes after it ends. Television wagering advertising will also be capped at three advertisements per hour during that period. Advertising will be prohibited in sports venues and on players’ and officials’ uniforms, while athletes, celebrities and influencers cannot be used to promote wagering. In our October magazine issue, we spoke with Jamie Nettelton, Gaming and Gambling Partner at Australian law firm Addisons. He described the advertising rules as “extremely complicated” for licensed operators and warned of “uncertainty about how the rules apply in practice.” He also questioned whether the proposed timeline is realistic, noting that online platforms, including social media, have less than six months to introduce technically demanding measures, including a triplelock verification process for users accessing gambling content. CALLS EMERGE IN THE PHILIPPINES FOR TOTAL ADVERTISING BAN In the Philippines, there is growing regulatory and political pressure on the iGaming industry overall. After a period of growth, the sector generated record revenue in 2025, but rapid online expansion drew increasing scrutiny from politicians, the public and religious groups. As regulatory scrutiny intensified and new restrictions were introduced, the market subsequently experienced a downturn, with PAGCOR, in addition, referencing broader economic and geopolitical factors. In July 2025, PAGCOR ordered licensed online gambling operators to remove outdoor advertising and announced further restrictions. Authorities also restricted gambling access through digital wallets, credit cards and cryptocurrency while strengthening responsible gambling requirements and

GLOBALGAMINGINSIDER.COM

oversight of affiliates and other gaming support companies. The market thus subsequently contracted, as stated above. Political pressure continues still. In August 2026, Cebu Third District Representative Karen Hope Garcia introduced House Bill No. 10982, proposing a nationwide ban on online gambling advertising across TV, radio, websites, social media, search engines, billboards, email and SMS, alongside bans on bonuses, affiliate marketing, influencer promotions and sponsorships. The bill was referred to the House Committee on Games and Amusements on September 1. Whether the proposed legislation ultimately becomes law remains uncertain, but its introduction adds to the increasingly negative political sentiment surrounding online gambling in the Philippines. Even if a complete advertising ban fails to pass, further restrictions appear possible as authorities continue to respond to concerns over gambling-related harm and the visibility of online gambling. The regulator is feeling this pressure; in September, PAGCOR Chairman and CEO Alejandro Tengco said the agency’s regulatory framework must continue to evolve as the gaming industry and its challenges change. He stressed the need for regulators to learn from experience, respond to emerging issues and protect the public. While Tengco was speaking about broader regulatory changes, these could also encompass advertising, particularly as his emphasis on protecting the public may signal further efforts to limit public exposure to gambling advertising. THREE MARKETS, SHIFTING REGULATIONS Across these APAC markets, the direction of travel is clear: gambling advertising is facing greater scrutiny. While approaches differ from market to market, regulators are placing greater scrutiny on how gambling brands reach consumers, particularly through digital platforms, sponsorships, influencers and direct marketing. For licensed operators, the challenge is becoming twofold: complying with tighter rules while still finding effective ways to educate consumers on distinguishing regulated offerings from offshore and illegal operators. Regulators are sending a clear message: visibility is no longer a given, and the rulebook is only getting tighter. For now, the ads are not disappearing completely, but the space to place them is shrinking.

COVER FEATURE

THE FUTURE

GAMBLING IN 2030: What will a winning brand look like?

Bigger budgets and louder ads used to get you podium position. In 2030, the operators that win may be the ones you barely notice at all, writes Jack Found… If you’d asked an operator in 2016 what a winning gambling brand looked like, you’d have likely got a fairly predictable answer: big bonuses, aggressive affiliate deals, a primetime TV slot, rapid expansion into new markets and a VIP desk working overtime. It was a simple formula – and for a decade it worked. Well… It doesn’t really work anymore. Not because any single piece of it broke, but because almost all of it did at once. The UK has pushed Remote Gaming Duty from 21% to 40%. The Netherlands has raised its gambling tax three times in three years, to 37.8%. Sweden, Romania and others have moved in the same direction, and Brazil’s newly regulated market... is provisionally no more. On top of this, affordability and playerprotection checks are becoming a standard cost of doing business rather than a regional quirk. Customer acquisition costs keep climbing almost everywhere as advertising restrictions tighten and the cheap-traffic era of Google and social winds down. Plus a wave of prediction market platforms are pulling sports-betting-shaped volume through a completely different regulatory door, backed by serious institutional money. None of the old advantages have vanished entirely, but certainly none of them are enough on their own anymore. Put simply, the industry isn’t

just facing new rules – it’s facing a new definition increasingly competing with for capital and of what a successful operator actually is. customer attention. CREDIBILITY AS THE NEW CURRENCY For years, “trust” in gambling marketing meant a slogan next to a licence badge – reassuring, but essentially decorative. That’s changing, because trust is starting to get priced directly rather than just talked about. A trusted operator gets treated differently by regulators: lighter-touch supervision, faster licence renewals, less reputational drag when something inevitably goes wrong. Investors read the same signal, increasingly favouring operators who can demonstrate their risk exposure rather than obscure it. Kindred Group’s decision to publicly disclose what share of its revenue comes from higher-risk customers is one early example of that shift toward bank-style transparency. There’s also a quieter, more commercial version of this argument: acquiring a customer is expensive, and every pound, dollar or euro spent recovering a customer who left because they didn’t trust you is one a more credible competitor never had to spend in the first place. By 2030, the operators with the strongest balance sheets may look less like traditional bookmakers and more like the fintech companies they’re

The traditional levers of gambling success – big budgets, big bonuses, big markets – are losing their power as taxes rise and acquisition costs climb globally Trust, not promotional spend, may emerge as the clearest predictor of long-term competitive advantage Personalisation and AI are set to become core infrastructure rather than customer-facing features – most effective when nobody notices them working The operators best placed for 2030 are those building owned audiences and wider product ecosystems, rather than renting reach or staying narrowly focused on betting alone

GLOBALGAMINGINSIDER.COM

TAILORED, NOT TARGETED Most operator CRM today is still fairly blunt: broad customer tiers, generic reactivation emails, the same bonus code fired at thousands of people who have almost nothing in common except that they haven’t logged in for a week. That’s likely about to look primitive. The recommendation-engine logic that Netflix and Spotify perfected – learning what an individual actually responds to, rather than what the average customer supposedly wants – is coming to gambling in full. Expect homepages, game recommendations, sportsbook layouts, offer timing, messaging tone and even which payment method gets suggested first to be genuinely different for every player rather than tweaked at the segment level. Done well, this could be a real retention lever: fewer irrelevant offers, less noise and a product that feels considered rather than blasted at you. It’s also the pillar with the sharpest double edge, however. Personalisation that’s tuned purely to maximise engagement rather than player wellbeing starts to look – to a regulator, at least – less like customer service and more like exploitation of known behavioural patterns. The operators who get this right by 2030 will be the ones who treat hyper-personalisation as a trust-building tool, not just a yieldmanagement one – and in large part, that comes down to what the underlying system has been told to optimise for, not just what it’s technically capable of. QUIET AI: THE INVISIBLE EDGE Every operator now claims to be “AI-powered.” Almost none of that is a competitive advantage, because it’s a marketing line rather than a capability – the gambling equivalent of a restaurant menu loudly insisting that its food is “fresh.” The AI that will actually matter by 2030 is the kind customers never consciously notice. Entain’s ARC platform, built with the risk-modelling specialist Mindway AI, already sends millions of personalised safer-gambling interventions a year without a single customer ever seeing “ARC” as a brand. Flutter’s Play Well technology can suspend an account automatically once

COVER FEATURE

THE FUTURE

spending crosses an affordability threshold, quietly, in the background. That’s the pattern worth watching: customers won’t say “this operator has great AI.” They’ll simply notice faster withdrawals, offers that feel relevant instead of random and fewer bad experiences with fraud or account restrictions – and they won’t be able to explain why. AI stops being a feature you bolt on and market and becomes infrastructure, in much the same way cloud computing silently disappeared into the plumbing of every other industry a decade ago. RED TAPE, REBUILT Compliance has traditionally been the department that slows everything else down – the necessary friction bolted onto a product late, grudgingly, after the fun part was already built. That model is running out of road. The operators built for 2030 will design compliance in from day one, the same way modern banking apps made identity verification and fraud checks feel almost invisible rather than intrusive. There’s already a live example of what this can look like at scale; the UK’s tiered affordabilitycheck system is built so that the large majority of financial risk checks resolve automatically in the background, with slower, document-heavy scrutiny reserved only for a small minority of higher-spending accounts. That’s the template: continuous, low-friction monitoring for almost everyone, with visible checks kept for the genuine edge cases. Operators that treat this as an opportunity to borrow fintech-grade UX thinking will turn a cost centre into a point of differentiation. Those that keep supplementing compliance onto the end of the product roadmap will likely keep losing customers at exactly the moment they’re supposed to be reassuring them. OWNED AUDIENCES BEAT RENTED ONES One of the clearest lessons of the last two years is what happens when you rent your audience instead of owning it. Penn Entertainment’s $2bn, 10-year media partnership with ESPN was supposed to be a shortcut to a leading position in US sports betting. It delivered nearly 3 million new users – and collapsed after barely two years, with ESPN walking straight into a new integration with DraftKings instead. That’s the risk baked into any rented audience: it can be reallocated on someone else’s timeline, for someone else’s reasons, no matter how the numbers were performing. Compare that with an operator like Fanatics, which entered sports betting already sitting on a huge existing commerce and collectibles customer base, and is now stitching its sportsbook into that same loyalty ecosystem. Or DraftKings, building its own media arm rather than depending entirely on a broadcaster’s goodwill. Owning the audience relationship isn’t 26

GLOBALGAMINGINSIDER.COM

just cheaper in the long run; first-party data compounds, whereas rented reach resets to zero the moment the contract ends. With this in mind, expect the gap between “betting company” and “media or commerce company” to keep closing, because the economics increasingly favour whoever controls the relationship rather than whoever bought the biggest slot on someone else’s channel. WIDENING THE NET Today’s product boundaries – sportsbook here, casino there, poker somewhere else – already look a little arbitrary, and they’re likely to look increasingly so by 2030. Part of the pressure is competitive. DraftKings has launched its own CFTC-regulated prediction markets product, positioned as complementary to its sportsbook rather than a rival to it. That’s a direct response to genuine trading volume being pulled toward platforms like Kalshi and Polymarket. Polymarket alone is now backed by a multi-billion-dollar investment from the owner of the New York Stock Exchange – serious validation that “event trading” is being treated as financial infrastructure, not just a gambling side-door. But the deeper logic isn’t really about prediction markets specifically; it’s that a customer who only ever interacts with one product has only one reason to stay. In practice, this means they could simply be one bad losing streak, one dull season, or one product flop away from churning entirely. Operators that widen the relationship into content, loyalty, free-to-play and adjacent forms of entertainment aren’t just diversifying revenue; they’re making the whole relationship more resilient. Whatever the regulatory arguments about where prediction markets end and sports betting begins eventually settle, the strategic message holds: the winning brands

of 2030 won’t define themselves narrowly. They’ll behave like entertainment ecosystems that happen to include betting. BIG IS OUT, SMART IS IN For most of the last decade, scale meant licences, markets and headline customer counts – geographic reach as the main lever of advantage. That version of scale is getting steadily more expensive, thanks to rising taxes and rising acquisition costs eating into the returns of simply being bigger. The scale that compounds by 2030 may look rather different: proprietary pricing and risk technology, first-party data depth, and shared platform infrastructure that gets smarter with every customer interaction rather than every new licence filed. Geographic footprint still matters, obviously – but it’s increasingly a baseline rather than the differentiator it used to be. PICTURE THIS… Imagine a completely new operator launching from scratch in 2030. Would it spend $100m on television advertising? Almost certainly not. Would it compete on the size of its welcome bonus? Unlikely… Instead, it would probably put its money into proprietary technology, frictionless compliance, personalisation built for trust, AI that doesn’t have to announce itself, an owned media or commerce audience, and a product wide enough that “betting” is only one part of what it does. Admittedly, none of this is particularly exotic or revelatory. Every capability on this list already exists somewhere in the industry today. What’s rare is an operator willing to build a strategy around all of them at once, instead of adding one on whenever a headline demands it. In all likelihood, that gap is exactly where the winners of 2030 will come from.

EUROPE, MIDDLE EAST & AFRICA 29

Taking Stock

Soft2Bet on AI security

Movers & Shakers

Facing Facts

Interview: Logifuture

Gustaf Hoffstedt on why politicians must listen

When is a bettor at risk in court?

What’s the land-based latest in Romania?

Q&A: Dr Joerg Hofmann on German regulation

Product reviews

SHARE PRICES

EMEA

TAKING STOCK Global Gaming Insider examines the monthly stock price from the opening day of the past six months across EMEA lottery operators, observing May – October 2026 ALLWYN

LOTTOMATICA 27

14.5

26.5

13.5

25.5

12.5

24.5

11.5

23.5

10.5

0 May

Jun

Jul

Aug

Sep

Oct

May

• Six-month high: October (25.44 EUR) • Six-month low: August (24.02 EUR) • Market capitalisation: US$6.63bn (as of 2 October 2026)

Jun

Jul

Aug

Sep

Oct

• Six-month high: July (14.11 EUR) • Six-month low: October (11.08 EUR) • Market capitalisation: US$9.71bn (as of 2 October 2026)

FDJ UNITED

BRIGHTSTAR

10.5

22.5

9.5

21.5

8.5

20.5

0 May

Jun

Jul

Aug

Sep

Oct

• Six-month high: May (22.93 EUR) • Six-month low: October (20.70 EUR) • Market capitalisation: US$4.30bn (as of 2 October 2026)

May

Jun

Jul

Aug

Sep

Oct

• Six-month high: May (9.91 EUR) • Six-month low: August (8.45 EUR) • Market capitalisation: US1.79$bn (as of 2 October 2026)

GLOBALGAMINGINSIDER.COM

EMEA

PEOPLE & HR

MOVERS AND SHAKERS EMEA’s gaming sector has recently welcomed key regulatory and operator appointments, including at the Gambling Commission, Allwyn and EGBA

Ruth Evans Chair, Gambling Commission

Pierre Tournier Interim Secretary General, European Gaming and Betting Association

Francesco Rodano Group Head of Responsible Gaming, Allwyn

With a proven track record in consumer rights, regulatory supervision and financial crime prevention, Evans was appointed permanent Chair of the Gambling Commission from 30 September. She began a five-year term following Marcus Boyle’s departure in early 2025, with Charles Counsell serving as Interim Chair. As Founder of Stop Scams UK, Evans led collaboration across the technology, communications and banking sectors to combat complex financial fraud. She is widely recognised as a public interest advocate. Her experience also includes four years at the Financial Conduct Authority and three years as Chair of the Independent Parliamentary Standards Authority. The Commission’s next major agenda item is Financial Risk Assessments.

Tournier, who joined EGBA as Senior Director in November 2025, has been promoted to Interim Secretary General, succeeding Maarten Haijer after nearly 20 years of service. During his time at EGBA, Tournier has driven key strategic initiatives, including partnerships with national and international trade bodies and leading the association’s response to the rise of illegal online gambling in Europe. In his new role, he will oversee EGBA’s regulatory and market work. Tournier has over 15 years of lobbying and advocacy experience across various jurisdictions in the gambling industry. Before joining EGBA, he held senior roles at the Betting and Gaming Council and the Remote Gambling Association.

Rodano has joined Allwyn as Group Head of Responsible Gaming after 10 years at Playtech, where he led player protection initiatives and supported the implementation of an AI-driven behavioural analytics platform. Before Playtech, he spent nearly a decade at Italy’s gaming regulator, Agenzia Dogane e Monopoli (ADM), where he helped establish the country’s national online gaming framework and worked with regulators internationally. At Allwyn, Rodano will lead the group’s responsible gaming agenda across brands, products and markets, with a focus on making player protection an integral part of the consumer experience.

Evans is a keen art collector, with works by Andy Warhol, Joan Miró and Matisse among the pieces in her collection

Tournier holds law degrees from both France and Ireland, including a Master of Laws (LLM) in EU Law from University College Dublin

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During his time at Italy’s gambling regulator, Rodano helped reform the regulatory framework and oversaw the introduction of online poker in 2008 and casino games in 2011

DATA

EMEA

FACING FACTS As the UK market reaches a key inflection point, new data from the Gambling Commission highlights interesting trends over the course of the financial year ending March 31, 2026 UK GROSS GAMING YIELD (GGY) YEAR-ON-YEAR COMPARISON (£BN) 2025/26 (£bn)

2024/25 (£bn)

20.0

• The UK’s Gross Gambling Yield (GGY) rose across all sectors between financial year 2024/25 and financial year 2025/26

16.0 12.0

• Remote (or online) gaming was the sector that displayed the highest growth year-on-year, with GGY rising 6.9%

8.0 4.0 0.0 GGY (total)

GGY (excluding lottery)

GGY (remote)

GGY (land-based)

• Land-based saw the growth slow to just 1.1% year-on-year, with overall GGY for the nation rising by 4.4%

GGY RISES, BUT THE UK’S LAND-BASED FOOTPRINT IS SHRINKING • Despite GGY continuing to rise exponentially yearon-year, the presence of retail betting shops and licensed gambling premises in the UK is shrinking

8500

• These figures highlight a quickening in the decline of betting shops by number between 2024/25 and 2025/26, down 3.6% year-on-year

7500

• Indeed, these figures also encapsulate a period ending March 31, 2026, prior to the introduction of the 40% tax rate (up from 21%) on the betting industry Licensed gambling premises

Retail betting shops

8000

7000 6500 6000 5500 2022/23

2023/24

2024/25

2025/26

UK GAMBLING GGY BY MARKET SEGMENT 2025/26

24.6%

Remote/Online

Lottery

Retail

• Online accounted for the vast majority of GGY in the UK’s most recent financial year • Lottery – a combination of retail and online – saw GGY remained almost flat yearon-year, rising from £4.2bn ($5.6bn) to £4.3bn

28.0%

47.4%

• Retail remains the UK’s smallest sector, and with tax having now all but doubled, the Gambling Commission’s 2026/27 report could highlight sharp declines for the sector across the board

GLOBALGAMINGINSIDER.COM

EMEA

AI SECURITY

TRUST, VERIFIED Ohad Straschnov, Soft2Bet VP of Compliance, explores AI-assisted verification checks and iGaming in the age of deepfakes The growing use of AI-generated documents, deepfake videos and face swaps in impersonation attempts is putting greater pressure on online identity checks. For online casinos, accepting false information at registration can have consequences well beyond onboarding when it later informs decisions about the customer and their funds. Readily available AI tools have made convincing impersonation easier to produce and repeat. Biometric verification provider iProov reports that less-skilled attackers can run automated attacks at scale, with injection attacks on iOS devices up 741% in 2025, alongside live impersonation capable of deceiving human reviewers. Security teams face credible-looking documents, images and video that cannot be trusted on appearance alone. I believe that KYC checks should be treated

Ohad Straschnov 32

GLOBALGAMINGINSIDER.COM

as the start of an ongoing assessment. Passing verification at registration should not prevent an account from being reviewed again when later activity or new information raises doubts about the identity behind it. STRENGTHENING VERIFICATION ACROSS THE ACCOUNT LIFECYCLE Document-authenticity checks look for forged or altered evidence. Facial matching compares a captured face with a reference image, and liveness detection helps assess whether a real person is present. No single check covers every type of attack, so operators need to understand what each tool can detect and where further safeguards are required. Digital injection feeds fabricated or altered media into verification systems instead of genuine camera input. The US National Institute of Standards and Technology (NIST) warns that biometric matching alone does not prevent these attacks. Its guidance includes checks on capture devices and analysis of submitted media for manipulation. A customer unable to complete standard checks may need another route to verification. Clear rules on acceptable evidence and specialist review help staff resolve genuine difficulties without creating an easier way around existing controls. Successful impersonation can allow someone to open an account under a stolen identity or gain access to an existing one. In iGaming, that can put player balances and personal information at risk. Unauthorised withdrawals, disputed payments and the cost of investigating affected accounts can leave operators with losses beyond the initial incident. Players whose accounts are compromised are also likely to lose confidence in the service. Additional checks and account restrictions during an investigation can interrupt legitimate activity, making careful communication and a clear route to resolving problems important to restoring that trust. Transaction monitoring, account-linking

data and original verification records give reviewers a fuller picture when something does not add up. Clear escalation procedures and recorded decisions let colleagues handling the same customer understand what prompted an intervention. INVESTING IN PREVENTION Discovering a false identity after money has moved can leave an operator retracing transactions and reviewing other accounts that passed the same checks. Earlier detection gives the business a chance to limit further exposure and correct the problem before it is repeated. Investment in prevention needs to cover regular testing, detection updates and staff training. NIST recommends independent testing and assessing detection systems against genuine and manipulated media. When evaluating a supplier, operators need to know which attacks were tested, how often they were missed and how frequently genuine submissions were incorrectly flagged. Day-to-day performance can show where resources are falling short. A growing queue of unresolved alerts may reflect too few investigators or inefficient review procedures. Tracking review times and repeat attempts helps management decide where further investment is needed and whether earlier changes have improved protection. Testing how teams respond to a suspicious account can expose unclear responsibilities, slow escalation or gaps in evidence handling. Rehearsals give teams time to correct those problems before a live case puts them under pressure. The handover from an automated alert to a human reviewer deserves particular attention. At Soft2Bet, human review supports AIassisted verification when automated checks flag missing information or suspicious activity. Player protection depends on checks that work in practice and weaknesses that are fixed promptly. How confident are you that yours would withstand a convincing deepfake?

EMEA

STRATEGY

EXPERIENCE, NOT JUST PRICE Niccolo Cassettari, Logifuture’s Chief Business Development Officer, previews SiGMA Rome and sums up 2026 for sports betting in three words! After SiGMA’s first show in Rome last year, what are you expecting at this year’s event? Last year we planted the seed. This year we’ve been picking the fruit. Since Rome we’ve entered several new markets, Italy among them, where Simulate and Swipe Games are now live. That changes how we arrive this time: a bigger stand, a top position on the floor, and plenty of partners and prospects to reconnect with face to face. SiGMA brings the whole industry into one room, and we’re coming to meet new clients, open new conversations and show what we’ve released since last year. What will Logifuture be hoping to achieve and showcase at the show? Awareness. That’s the mission.

Our products aren’t built to fill a lobby. Each one solves a specific problem for the operator, and the biggest one is off-peak time. There’s far more of it than most operators think. Every minute without live action is a minute your players have nothing to bet on. That’s revenue left on the table, and it’s an open door for a competitor to take those players. The goal is simple: the player should know there’s always action, 24/7. It has to be action they actually enjoy, not random content thrown in to fill a gap. So in Rome we’ll show the full portfolio, our latest additions, and why this matters in a market that too often picks quantity over quality. We have discussed plenty about African markets this year. What are Logifuture’s hopes and ambitions for next year in this region? We’re live in 25+ African countries, and the ambition is to reach every corner of the continent. We’ve built products specifically for the African region, and our partnerships with platforms and aggregators will speed up distribution significantly over the next 12 months. South Africa is a key market for us. We entered with Simulate, Zoom Sports goes live in the next two to three weeks, and Swipe Games follows within two months. In a few months, the full portfolio will be live in South Africa.

product development to optimisation to integration. On the product side, machine learning models help calibrate the simulation engines behind Zoom Sports and Simulate. They analyse large volumes of real-event data so match flow, scorelines and market behaviour stay realistic, while outcomes remain certified RNG. We also use AI to study player engagement patterns, which shapes how we build schedules, markets and features around real sportsbook behaviour. On integration, AI-assisted tooling automates much of the testing and QA. It checks feeds, settlement logic and edge cases before anything reaches the operator. That’s a big part of why our integrations are fast and low-effort for partners.

If you could sum up 2026 in sports betting so far, what three words would you use and why? Crowded. Price-driven. Evolving. Crowded, because there’s more content and more operators than ever, and more doesn’t automatically mean better. Price-driven, because too much of the competition has become an odds war rather than a race to give players something new. Evolving, because there is real change happening. Prediction markets are the one genuinely new development this year. They offer an alternative way to bet on sport and are drawing in a different kind of user. That’s How is Logifuture implementing AI into a positive sign: players are open to new new or existing solutions right now? formats when they’re given something that We started early, and today AI runs across feels fresh. The operators who win next year the whole business, not in one corner of it. will be the ones who compete on experience, Dedicated teams use it end to end, from not just price.

“The operators who win next year will be the ones who compete on experience, not just price” Niccolo Cassettari 34

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SWEDEN FOCUS

JUDGEMENT CALL Gustaf Hoffstedt reflects on his time in Swedish Parliament, drawing on his legislative experience to assess whether gambling companies should have a voice in policymaking

Gustaf Hoffstedt, Secretary General at BOS and returning contributor Before I joined the gambling industry, I was an elected politician and a member of the Swedish Parliament. Much of my lengthy working days were spent listening to representatives of companies, trade associations, NGOs and other special interest groups explaining how they believed legislation should change. Naturally, their proposals often benefited themselves. But that did not mean their proposals could not also benefit society. My job as an elected representative was to tell the difference. If a proposal served only a narrow interest at the expense of the wider public, I would reject it. If the interests happened to align, I was perfectly capable of supporting the proposal without becoming an agent of the organisation that had proposed it. What mattered was not who stood to benefit, but whether the policy itself was good for society. Consider Sweden’s approach to snus, the traditional Swedish tobacco product. Snus is not a health product. It contains nicotine and carries health risks. But while Sweden also has extraordinarily low rates of cigarette smoking compared with the rest of Europe, the use of snus has long been widespread. That relationship matters when policymakers consider tobacco regulation. An industry with an obvious commercial interest can still possess

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information worth hearing. A policymaker does not have to accept the tobacco industry’s conclusions to recognise that regulations affecting alternatives to cigarettes may have consequences for smoking and public health. That experience came back to me when I read the World Health Organization’s (WHO) December 2024 fact sheet on gambling. WHO argues that, addressing the gambling industry, political activity should form part of a publichealth response and identifies “limiting the capacity of vested interests to influence… public policies” as a key objective. There is an important principle behind that concern. Industry influence should be transparent. Policymakers should understand who is lobbying them and why. Research should not be distorted by commercial interests. But there is a dangerous leap from scrutinising industry influence to outright dismissing industry participation in policymaking. Elected politicians are supposed to hear competing arguments. They listen to trade unions and employers, environmental groups and energy companies, patient organisations and pharmaceutical manufacturers. All have vested interests. All may present evidence selectively. The task of the policymaker is to listen, scrutinise and decide.

Why should gambling be different? Often, when I was a politician, industry proposals were blatantly self-serving. Sometimes, however, the commercial interest and the public interest pointed in the same direction. Channelisation is a good example. Licensed gambling operators have an obvious commercial interest in keeping customers within the regulated market. But high channelisation also matters to governments and public health. Players who migrate to unlicensed operators may lose access to nationally mandated consumer protections, self-exclusion systems and other safeguards. A recently published study by Gaming Compliance International (GCI) estimates that unregulated operators accounted for 72% of EU online gambling gross revenue in 2025. The methodology and headline estimate deserve scrutiny, as any such study does. But few would dispute the underlying issue that unlicensed online gambling is substantial and growing across many markets. Choosing to exclude the licensed industry from the policy conversation at such a moment would be particularly counterproductive. Licensed operators have data, technical knowledge and direct experience of how consumers move between regulated and unregulated markets. Policymakers should consider that information, challenge it and compare it with evidence from researchers, regulators and public-health experts. They should not refuse to hear it because of its source. The irony is that unlicensed operators have no comparable incentive to participate responsibly in this process. They do not seek national licenses, comply with domestic consumer-protection rules or sit down with elected officials to discuss better regulation. Marginalising the licensed sector therefore risks silencing precisely the part of the industry with which governments actually have a regulatory relationship. My young daughter sometimes becomes frustrated when I refuse one of her requests. “You’re not listening to me,” she says. “I am listening,” I tell her. “Listening doesn’t mean I have to do what you want.” We should expect elected representatives to hear arguments from people and organisations with which they may strongly disagree. Then we should expect them to exercise judgment.

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GERMANY

PLAYING AT YOUR OWN RISK? István Cocron, CEO & Founder at Rechtsanwalt Cocron GmbH and Global Gaming Insider contributor, assesses the criminal exposure of bettors (not companies) in Germany For years, the debate on unlicensed online casinos in Germany focused on operators and on gamblers reclaiming their losses. Increasingly, however, players themselves are receiving letters from the police and the public prosecutor. What exactly are they accused of – and why do these cases so often collapse? A LETTER NOBODY EXPECTS The scenario is becoming familiar. A gambler who spent evenings on an online casino, a virtual slot site or a poker platform suddenly finds a summons for questioning or a formal notice of investigation in the mailbox. The allegation: participation in unlawful gambling. For many recipients, this comes as a shock. The website looked professional, carried a European licence seal, accepted payment via well-known payment services and advertised openly. How can taking part have been a crime? The answer lies in a provision of the German Criminal Code that had long been regarded as dormant: Section 285 StGB.

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THE LEGAL FRAMEWORK: SECTIONS 284 AND 285 OF THE CRIMINAL CODE German criminal law distinguishes between those who organise unlawful gambling and those who take part in it. Section 284 StGB targets operators. Anyone who publicly organises or holds a game of chance without official permission faces up to two years’ imprisonment. Section 285 StGB targets participants. Anyone who takes part in such a public game of chance faces imprisonment of up to six months or a fine of up to 180 daily rates. The amount of a daily rate depends on the defendant’s net income, so a fine can amount to a substantial sum. Two points are essential for understanding the player’s position: • Strict dependence on the operator’s offence. A player can only be liable if the game itself was unlawful, i.e. if the operator lacked the permission required under German law at the time the player took part. A licence issued by Malta, Gibraltar, Curaçao or any other jurisdiction does not replace a German permit.

• Offence of intent. Section 285 StGB can only be committed intentionally. Negligence is not punishable. This is where most prosecutions stand or fall. WHAT WAS LEGAL – AND WHEN? The legal landscape has changed considerably, which is precisely why gamblers are so often uncertain. Before 1 July 2021, online casino games and online poker could not lawfully be offered to players in Germany as a general rule; licences granted by the state of SchleswigHolstein were a limited exception. With the entry into force of the Interstate Treaty on Gambling 2021 (GlüStV 2021), virtual slot machines and online poker became eligible for a nationwide licence, subject to strict conditions such as deposit limits, stake limits and a central player-blocking system. Classic online table games such as roulette or blackjack remain subject to separate rules at the level of the individual federal states. Since then, the Joint Gambling Authority of the Federal States (GGL) maintains an

GERMANY official list of licensed operators, the so-called whitelist. Any provider not listed there is, as a rule, operating unlawfully in Germany. For the criminal assessment, however, the decisive question is not what the legal situation is today, but what it was on each individual day the player gambled – and, above all, what the player knew about it. HAVE PLAYERS ACTUALLY BEEN CONVICTED? Convictions exist, but they are rare. The case most often cited is a judgment of the Local Court (Amtsgericht) of Munich of 26 September 2014 (file no. 1115 Cs 254 Js 176411/13). The court imposed a fine on a player who had won a six-figure sum playing blackjack with an online casino belonging to a group based in Gibraltar. The court held that blackjack is a game of chance and that participation without a German permit fulfils the offence under Section 285 StGB. The judgment attracted considerable attention because it showed that the provision is not merely theoretical. It was, though, not final at the time it was reported. In recent years, the number of investigations against players has grown. Proceedings may be triggered by various sources, including financial investigations into payment flows, investigations against operators and their payment processors, and information that becomes known in the course of civil litigation. THE ACHILLES’ HEEL OF EVERY PROSECUTION: INTENT Under Section 15 StGB, only intentional conduct is punishable unless the law expressly provides otherwise – which Section 285 StGB does not. Conditional intent (dolus eventualis) is sufficient, but it must be proven. Intent must cover all elements of the offence, in particular the fact that the game was unlawful, i.e. that the operator lacked the required German permission. The prosecution must therefore establish that the player either knew this or at least seriously considered it possible and accepted it. In practice, this burden is difficult to discharge, for several reasons: • Professional appearance of the providers. Many platforms displayed EU licence seals, used German-language websites and customer service, and presented themselves as fully regulated businesses. • Mainstream advertising and payment channels. Unlicensed operators advertised on television, in sports sponsorship and on social media. Deposits were processed by established payment service providers. From a player’s perspective, all of this suggested legality. • An opaque legal situation. Even courts, authorities and legal scholars disputed the

legal position for years, particularly with regard to European Union law. The Court of Justice of the European Union ruled in Ince (C-336/14, judgment of 4 February 2016) that criminal sanctions may not be imposed where the underlying licensing regime is incompatible with EU law. If experts disagreed, ordinary consumers can hardly be expected to have had clear knowledge. • No duty to research. Criminal law does not punish a failure to investigate the licensing status of a website. Negligent ignorance – “the player should have checked” – doesnot establish intent. Where a player was unaware that the provider lacked a German licence, this constitutes a mistake of fact under Section 16 StGB, which excludes intent and therefore criminal liability. This must be distinguished from a mistake of law under Section 17 StGB, which only exempts from punishment if it was unavoidable. A careful defence strategy therefore depends on precise analysis of what the player actually believed.

EMEA

not to make any statement. Do not answer questionnaires or attend police interviews before the file has been reviewed. • Request access to the investigation file. Only a defence lawyer is entitled to full access to the file. Knowing the evidence is the basis of every defence strategy. • Secure your documentation. Screenshots, e-mails, advertising material, terms and conditions and payment records can show how the provider presented itself – and therefore what a player could reasonably believe. • Coordinate with any civil claim. If a refund action is pending or planned, both proceedings must be aligned. • Consider all procedural options. Proceedings can end at the investigation stage, particularly where intent cannot be proven.

A RELATED RISK: MONEY LAUNDERING Since the reform of the money laundering offence in 2021, any criminal offence can be a predicate offence for money laundering under Section 261 StGB. Prosecutors occasionally examine whether dealing with gambling winnings might fall under this provision. Here, too, the question of intent – concerning both the unlawful origin of the funds and the player’s own conduct – is central, and the specific rules on self-laundering must be carefully observed.

CONCLUSION Section 285 StGB is no longer a dead letter. Gamblers of unlicensed online casinos, slot sites and poker rooms may well face criminal investigations. At the same time, the hurdles for a conviction are high. Given the professional appearance of the operators, their widespread advertising and a legal situation that remained contested for years, proving intent is often impossible. Anyone who receives a summons or notice of investigation should neither panic nor act hastily. A structured defence, based on full access to the file and a precise analysis of the subjective elements of the offence, offers very good prospects of ending the proceedings without a conviction.

CRIMINAL PROCEEDINGS AND CIVIL REFUND CLAIMS: TWO SIDES OF THE SAME COIN Many players are simultaneously pursuing civil claims against unlicensed operators to recover their losses. German civil courts have awarded such refunds in large numbers, reasoning that contracts with unlicensed providers are void. Operators regularly argue in these lawsuits that the player knew the offer was illegal. This argument serves a clear purpose: under Section 817 sentence 2 of the German Civil Code, a claim for restitution can be excluded if the claimant knowingly acted unlawfully. Civil courts have in many cases rejected this defence, finding that players typically did not know about the missing German licence. This illustrates why the civil and criminal proceedings must be coordinated. Statements made in one set of proceedings can have consequences in the other. Consistent, carefully prepared submissions protect the player on both fronts. Practical guidance for players under investigation: • Remain silent at first. Suspects have the right

István Cocron GLOBALGAMINGINSIDER.COM

EMEA

LAND-BASED

Superbet offices and a NetBet advert in Bucharest

ROMANIA’S GAMING CONTRACTION Global Gaming Insider’s Marieta Ležaić speaks with Alexandru Domșa, President of the Federation of Gambling Operators in Romania (Fedbet). We discuss how recent regulatory changes have affected Romania’s land-based slot market Romania’s gambling market has changed significantly in a short period of time. The land-based sector, especially slot machines, has contracted sharply as regulations have tightened. In 2024, restrictions were introduced on slotmachine venues in smaller municipalities with fewer than 15,000 inhabitants. More recently, Ordinance 7/2026, which took effect in February 2026, empowered local authorities to either prohibit gambling activities or regulate them at the local level. Local authorities were given 60 days to establish the necessary local framework, but many had not adopted regulations by the deadline or even as of now. The lack of local regulatory frameworks has created significant uncertainty for operators as their licences expire.

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How would you assess the impact of the 2024 legislation and Emergency Ordinance 7/2026 on Romania’s landbased gaming market? Are there any figures that illustrate how the market has changed? The contraction of Romania’s land-based gaming market has been substantial. The process started with the 2024 legislation and accelerated significantly following Emergency Ordinance 7/2026. With the entry into force of the 2024 legislation, gaming machines disappeared from many affected localities, with little visibility into where they ended up or whether some moved into the unregulated market. According to the National Office for Gambling (ONJN), the number of authorised slot machines fell from approximately 77.000 to 55.000 after this legislation entered into

force, meaning around 22.000 machines were no longer reauthorised. ONJN itself has acknowledged that a part of these machines could be operated illegally outside the system monitored by the authority, and that this risk has been confirmed in practice. At the same time, online advertisements for gaming machines have increased in localities with fewer than 15.000 inhabitants. Combined with ONJN’s own communications about the growing number of clandestine gambling venues, these developments provide strong and worrying indications that the restrictions have contributed to the expansion of the illegal land-based market in the affected localities. The key concern is that slot machines and demand do not disappear simply because legal operations are prohibited. If they are pushed outside the

EMEA

LAND-BASED

regulated market, the result can be a shift from a monitored, tax-paying environment to an illegal one, where player protection mechanisms, responsible gambling measures and regulatory oversight are significantly weaker or absent. Speaking of Ordinance 7, a recent analysis by the economic think tank Frames clearly illustrates the scale of the change. The number of authorised gaming machines fell by 45% between March and September 2026, from nearly 35.500 to 19.700. Compared with 2023, the number of authorised machines is now more than 70% lower. Frames estimates that the economic impact of this contraction could exceed €1bn ($1.15bn) annually, including both direct and indirect effects. The impact is therefore no longer limited to operators. It affects public revenues, employment and

a wider ecosystem of suppliers and service providers. Frames estimates that between 10.000 and 15.000 jobs were lost during the first six months of 2026, while the annual direct loss to the public budget could eventually reach €530–550m. How many municipalities have, as of now, effectively blocked the operation of land-based gaming halls? As of mid-September, our data shows that only 92 of approximately 3,200 local administrative units had adopted local regulations concerning gambling under Ordinance 7/2026. Of these, 57 opted to prohibit gambling activities, while 35 chose to regulate them. This is despite the fact that the 60-day deadline for local authorities to issue a decision expired nearly five months ago. The figure is particularly relevant

“Slot machines and demand do not disappear simply because legal operations are prohibited. If they are pushed outside the regulated market, the result can be a shift from a monitored, tax-paying environment to an illegal one”

Alexandru Domșa 42

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because it shows that very different local approaches are shaping the national impact of Ordinance 7/2026. How has the lack of clear local regulatory frameworks following Emergency Ordinance 7/2026 affected operators, particularly as licences expire? The biggest challenge has been the lack of regulatory predictability. Ordinance 7/2026 gives local authorities the power to either prohibit gambling activities altogether or regulate them at the local level. Where they choose to regulate, municipalities can set additional requirements, including local fees, minimum distances and other operating conditions. However, because most local authorities have not yet decided, operators remain uncertain about the future of their venues and investments once their existing concessions expire. This has left the industry in limbo, effectively creating a standstill across the market. The practical consequences are significant. Operators have had to reassess investments, leases, staffing and the viability of existing locations, sometimes without knowing whether a local framework will allow them to continue operating. Data shows that further contraction is expected to continue as existing authorisations expire. From approximately 47,000 slot machines in operation at the beginning of 2026, the number of authorised machines could fall to 14,600 by 1 October, approximately 9,800 by 1 December and to zero by February 2027. This means that, by 1 October, the market would have contracted by almost 69% compared with the beginning of the year, with the number of machines in operation falling by more than 32,000 in just nine months. This is why Fedbet has consistently argued for transitional mechanisms that allow businesses to adapt to new rules in an orderly manner, rather than creating abrupt disruptions to otherwise licensed and compliant operations. How are factors such as wages, rents, energy costs and gambling taxes affecting the land-based gaming sector, and how do these pressures interact with recent regulatory changes? The sector is facing a cumulative cost burden. Labour, rent and energy costs have increased, while gambling-specific taxes and compliance costs have also risen. The additional local authorisation requirements are now compounding these pressures. The impact also extends beyond the public budget. The total annual effect, including suppliers and related sectors such as commercial rents, telecommunications, IT, payment solutions, security, compliance and advertising, could exceed €1bn.

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REGULATORY CHANGES

GERMANY’S REGULATORY REVIEW Dr Joerg Hofmann, Senior Partner at Melchers Law and Global Gaming Insider contributor, discusses Germany’s 2021 Interstate Treaty review and challenges facing the regulated market How would you assess the review of the 2021 Interstate Treaty on Gambling so far? Does it appear to be a genuine evaluation of whether the framework is working, or more of a formal exercise? Expectations should be kept in check. The evaluation examines certain aspects of the Treaty, principally whether specific provisions effectively combat the black market. Key subjects under review include the cross-

operator deposit limit regime, enforcement tools such as payment blocking and IP blocking, advertising restrictions and productspecific rules such as the stake limit for virtual slot games. However, the factors that most critically undermine the competitiveness of the licensed market, like product restrictions, advertising limitations and above all the fundamentally misconceived stake-based tax, are receiving insufficient attention.

“Effective protection is only possible if the legal offering is attractive enough to keep players within the supervised market”

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What type of regulatory changes, if any, do you expect to result from the evaluation? Do you anticipate broader changes or more targeted adjustments? Modest, targeted adjustments are more likely than wholesale reform. That said, poorly drafted provisions could be replaced with market-appropriate formulations. For example, the introduction of type-approval or certification procedures for virtual slot games, which would considerably streamline the current cumbersome game-by-game approval process, could be an important step. A clearly defined framework permitting alternatives to bank guarantees as security deposits would also be important. The political will for a fundamental overhaul appears limited, at least for now.

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REGULATORY CHANGES

Which current rules or requirements do you think warrant the most consideration as part of the evaluation, based on the evidence available today? Priority should be given to all provisions that directly affect player demand. The five-second minimum spin duration has not worked. Players seeking faster gameplay migrate to the black market. The 5.3% stake tax cannot be ignored, though that falls outside the Interstate Treaty itself and requires federal legislative action. However, it compels licensed operators to reduce return-to-player rates, placing them at a competitive disadvantage against unlicensed operators. The evaluation should also rigorously assess which black-market enforcement tools are actually delivering results. The recent raids on unlicensed online gambling operators are likely to reinvigorate debate about the role of criminal law alongside administrative enforcement measures. How significant is the 5.3% stake tax in shaping the conditions for Germany’s regulated online gambling market? It is a structural design flaw. Taxing stakes rather than GGR is the wrong approach. A licensed virtual slots operator paying approximately 5% on every stake, regardless of outcome, retains barely 95% for player payouts and its own margin. The result is a product that cannot match the black-market offering. Media reports following the Frankfurt raids suggest that a single unlicensed operator processed

Dr Joerg Hofmann 46

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approximately €5.86bn ($6.59bn) in stakes between July 2021 and the end of 2023 and failed to pay some €77.6m in gambling taxes in 2024 alone. The scale of what is passing Germany by fiscally should silence any remaining scepticism about the case for tax reform. Beyond taxation, what other regulatory measures do you think are having the greatest impact on the operating environment in Germany? Several regulatory constraints beyond taxation are materially limiting the competitiveness of the licensed market. The game-by-game approval requirement, under which each virtual slot title must be individually tested and certified by an accredited laboratory, creates significant time-to-market delays and operational costs. This places licensed operators at a structural disadvantage against black-market platforms that face no such constraints. The four-table maximum for online poker similarly restricts the player experience in a way that pushes recreational players towards unlicensed alternatives. Advertising restrictions, including the watershed rules and the prohibition on certain formats of online marketing, further limit the visibility of the licensed offering. How significant do you think the recent decision to allow higher online slot stake limits was? Is this simply a limited, oneoff measure, or does it signal a broader change in regulatory thinking? This is a courageous and important step in the right direction. Players can now find a meaningfully improved offer within the licensed market. What makes the decision particularly noteworthy is that it had to overcome the perennial objection that any relaxation of restrictions risks undermining player protection. Meanwhile, effective protection is only possible if the legal offering is attractive enough to keep players within the supervised, regulated market. Regulators’ apparent recognition of this is encouraging. Whether it signals a broader shift in regulatory philosophy or remains a one-off concession remains to be seen. What is your assessment of Germany’s €1,000 monthly cross-operator deposit limit? How effective has it been from a player protection perspective? Most of the players deposit below the standard limit, so for most it is not a constraining factor. However, those wishing to play at higher levels need access to increased limits. Without that, they migrate to the black market. The current framework permits increases up to €30,000, but the verification mechanisms underpinning those increases are under scrutiny. A one-

size-fits-all approach is not the answer. In other jurisdictions, players can set their own limits according to their individual financial circumstances. Is the deposit-limit system an area where you would expect to see changes as part of the evaluation? The GGL’s administrative board (“Verwaltungsrat”) is actively examining the instruments currently used to verify players’ financial capacity. I would not expect any change to the headline figures. The more likely outcome is a reformed verification process potentially involving direct income and asset checks rather than a revision of the underlying limits. How do you see the future of the current approach to online casino regulation across federal states? Is there scope for greater national harmonisation? Games such as roulette, blackjack and live tables are regulated at state level (“Länder”), with each state able either to tender licences to private operators or to opt for a state monopoly. Where a state law expressly permits private participation too, there is no constitutional or EU-law justification for subsequently excluding private operators. The cap on the number of private licences limited to the number of land-based casinos in each state is indefensible. The sensible solution is to merge online casino licences with those for virtual slot games, remove the numerical cap and retire the uniquely German concept of “virtual slot games” in favour of the internationally recognised term “online casino games”. Greater terminological and regulatory harmonisation would reduce legal uncertainty and improve channelisation. What happens once the evaluation is completed? What is the process for translating its findings into regulatory changes? The Prime Ministers of all 16 federal states must agree to the amended text and sign the revised Interstate Treaty. That process requires unanimity and is therefore inherently slow and susceptible to political compromise. Changes that fall within existing statutory authority, such as adjustments to GGL guidelines or administrative practice, can be implemented more swiftly. The current Interstate Treaty expires at the end of 2028 in any event. This means the evaluation will, in practice, feed directly into negotiating its successor. That negotiation represents the real opportunity for structural reform. However, history suggests that vested state interests and political inertia will remain significant obstacles to the kind of ambitious overhaul the market genuinely needs.

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PRODUCT REVIEWS

WHAT’S NEW ON THE MARKET? Exhibited at G2E, Novomatic’s iconic cabinet may still do a bit of haunting in Europe... NOVOMATIC – GHOST PARTY Ghost Party delivers spooky fun and featurepacked progressive action with free games and exciting jackpot potential Just in time for the Halloween season, Novomatic’s Ghost Party slot title on the supplier’s Vision Link series offers users the chance to select game modes which feature more coins, more spins, jackpots, bigger reels and hot coins. Vision Link is a powerful multi-feature progressive concept that unites a selection of distinctive game titles within a cohesive jackpot system. Designed for strong player appeal, it blends dynamic feature mechanics with compelling visual themes to deliver an

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engaging and varied gameplay experience. With its contemporary presentation and performance-oriented progressive structure, Vision Link stands out as a high-impact attraction on any gaming floor. Each of the game modes featured within Ghost Party are captured by a rather ghoulish character, including three typical ghost characters and even a dog and cat character to broaden the game’s design. Ghost Party offers players five different jackpots throughout gameplay – mini, minor, maxi, major and grand – as well as additional vampire, werewolf and witch characters with the five-by-five reel. Once a player selects from the five game modes, they are tasked with collecting

enough coins through spins to activate the more coins, more spins, jackpots, bigger reels or hot coins feature. Global Gaming Insider was also provided an exclusive look at Vision Link and the Ghost Party game mode at the Global Gaming Expo (G2E) in Las Vegas, having taken our shot at achieving some wicked wins. The title certainly stands out among Novomatic’s portfolio, and continues a strong lineage of slot games released under the Vision Link series. Ghost Party delivers spooky fun and feature-packed progressive action with free games and exciting jackpot potential, so be sure to check out the slot title next time you’re on a casino floor!

Taking Stock

Movers & Shakers

Facing Facts

Global Gaming Awards Americas: Winners revealed!

The AGA view

Keith Whyte on how to market gambling help

Product reviews

AMERICAS

SHARE PRICES

TAKING STOCK Global Gaming Insider examines operator share prices from the opening day of the past six months across the Americas, observing May – October 2026 WYNN RESORTS

MGM RESORTS

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• Six-month high: June (50.69 USD) • Six-month low: October (30.47 USD) • Market capitalization: US$7.66bn (as of October 2, 2026)

• Six-month high: June (106.27 USD) • Six-month low: October (77.30 USD) • Market capitalization: US$7.96bn (as of October 2, 2026)

PENN ENTERTAINMENT

BOYD GAMING 100

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• Six-month high: July (87.75 USD) • Six-month low: October (66.07 USD) • Market capitalization: US$4.80bn (as of October 2, 2026)

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• Six-month high: July (21.49 USD) • Six-month low: October (14.52 USD) • Market capitalization: US$1.95bn (as of October 2, 2026)

GLOBALGAMINGINSIDER.COM

AMERICAS

PEOPLE & HR

MOVERS AND SHAKERS Three notable recent appointments across the Americas include new CFOs at IGT and Polymarket, as well as a new VP of Latin America at BetConstruct

Warren Jenson CFO, Polymarket

Adam Chibib CFO, International Game Technology

Fabio Tiberia VP, Latin America, BetConstruct

Following its rapid rise from a niche prediction market platform to a major operator, Polymarket has hired its first CFO. Jenson joins with more than 30 years of experience in senior finance roles. He has been a CFO at some of the US’ biggest companies, including Amazon, Electronic Arts, Delta Air Lines and Nielsen. He also serves on the boards of Dropbox, Ripple and DigitalOcean. Polymarket CEO Shayne Coplan described Jenson as a “true legend,” adding that the company is “grateful to have him and excited to learn from him.” Jenson will be crucial as Polymarket moves from rapid expansion to building a more mature, financially disciplined business. This is another significant hire – for Polymarket and prediction markets overall.

Chibib will join IGT after serving as CFO of Raptor Technologies and Chairman of American Gaming Systems (AGS), bringing experience across gaming, public companies and private equity. He will succeed Fabio Celadon on November 1. Discussing his appointment, Chibib said: “IGT has a strong portfolio, leading market positions and a clear opportunity to create value.” He will oversee the global finance organization as the company focuses on operating discipline, portfolio performance and cash flow creation. His appointment comes as IGT restructures its business, including plans to exit electronic table games by 2027 and cut around 700 jobs. His gaming and financial oversight experience will be key as IGT navigates its next phase of transformation.

Tiberia will focus on expanding the supplier’s regional presence through technology, market expertise, local execution and long-term partnerships. Even prior to taking on his formal role, he had built a longstanding relationship with BetConstruct through more than a decade of work with its ecosystem in Latin America. His appointment comes as the regional market faces a changing regulatory environment, particularly in Brazil. Most recently, Tiberia served as VP Brazil at VBet Brasil, while also running his own consultancy advising iGaming and crypto startups across Latin America since 2016. He was previously CEO of Fastex LatAm and co-founded Betmais, where he served as Brazil country manager.

Jenson has twice been named to Institutional Investor’s Best CFOs in America list

Outside gaming, Chibib serves as Treasurer of the nonprofit Austin Film Society

His personal website describes him as a “Blockchain & Prediction Markets Advocate”

GLOBALGAMINGINSIDER.COM

DATA

AMERICAS

FACING FACTS Global Gaming Insider provides a deeper analysis of the AGA’s recent handle estimation for the 2026-2027 NFL season, including the impact of prediction markets KALSHI + POLYMARKET MONTHLY TRADING 45

• According to the AGA, sports betting makes up approximately 80% of Kalshi’s trading volume, which includes an estimated $5.1bn in volume from users between the ages of 18-20

(US$ Billions)

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• Kalshi set a new single-day trading record on the first NFL Sunday (September 13) with $2.43bn and recorded the second-highest single-event volume in history with over $590m traded on week one matchups alone

25 20 15 10 5 0

Dec 2025

Jan 2026

Feb 2026

Mar 2026

Apr 2026

May 2026

Jun 2026

Jul 2026

Aug 2026

• Trading on Polymarket’s NFL contracts grew over 4,000% week-over-week from September 7-13, reaching $27.62m on its global platform. The operator’s US arm recorded a 1,760% week-over-week gain to $23.20m

AGA NFL HANDLE HISTORY • The 2026-2027 projection equates to “flat” year-over-year growth, primarily due to prediction markets – or “back door sports betting” according to AGA President & CEO Bill Miller

(US$ Billions)

30 25 20

• Miller and the AGA estimated prediction markets have “siphoned” over $1.3bn in potential state gaming tax revenue since 2025

15 10 5 0

2023-2024

2024-2025

2025-2026

• Markets related to the NFL generated at least $6.3bn in contract trading volume during the first week, running from September 7-13

2026-2027 (estimation)

• While FanDuel and DraftKings managed to survive the initial rise of prediction markets, it appears event contract trading has taken its toll over the course of 2026

SPORTS BETTING REVENUE

• FanDuel – as well as its parent company Flutter Entertainment – have undergone leadership transitions over the past 12 months, including the respective exits of Amy Howe and Peter Jackson

2.0 1.5 1.0 0.5 0.0 Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

• Both FanDuel and DraftKings have launched their own prediction market products, but have yet to challenge the type of trading volume witnessed by Kalshi, Polymarket, Robinhood, etc.

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AMERICAS

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PREDICTION MARKETS

DIFFERENT NAME, SAME BET The American Gaming Association has contributed to every Global Gaming Insider issue so far this year. In its November op-ed, David Forman, VP of Research, discusses the data behind prediction markets As you watch football this fall, you’ll see a swarm of new advertisements that weren’t there too long ago from so-called “prediction markets.” These platforms are advertising and offering backdoor sports wagers on NFL and college football games, point spreads, player performances and parlays. Their

“Those safeguards shouldn’t disappear because the word ‘bet’ is replaced with ‘contract”

David Forman 66

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sports betting ads – and betting volume – season’s $29.4bn wagered. are exploding. Meanwhile, other research indicates that prediction markets are expected to rake in “PREDICTION MARKET” SPORTS $36bn in backdoor sports volume this season BETTING ADS ARE BLOWING UP – more than double what they managed last These platforms are inundating consumers year. Publicly available data shows that an with advertising directed right at sports fans overwhelming majority of prediction market – even though they claim not to be sports business is in fact sports betting. betting. Consumers have seen 232% more “prediction market” digital ads just through “ONLY 4%” MEANS BILLIONS July of this year than they did all of 2025, Perhaps the most striking number comes with well over half (57%) of all digital sports from Kalshi itself. On a since-altered ad impressions now coming from these webpage, Kalshi disclosed that “only 4%” platforms. And they are taking billions of of its trading volume came from users aged dollars in wagers that are indistinguishable 18 to 20. Using that disclosure, the AGA from those offered by state and Tribal- calculated that more than $5.3bn in sports licensed sportsbooks. volume has come from that age group — a Legal sportsbook advertising continues truly staggering figure. to decline from its peak in 2021, down 27% In 35 of the 40 jurisdictions where sports while digital ad impressions fell 14% last betting is legal, those customers are below the year. Though there are fewer advertisements legal wagering age. All but five states in the for legal sportsbooks, they all feature US with legal sports betting set the minimum responsible gaming messages and are aimed age at 21. Prediction markets accept sports at adult audiences. bets nationwide at 18, which means a college Prediction markets contend that those freshman who cannot place a $20 bet with rules and more do not apply to them. By a licensed sportsbook in his own state can not paying state gaming taxes that fund place it on a platform that answers to no state education, infrastructure and responsible regulations at all. gaming initiatives, the AGA estimates This exploitation of high school seniors prediction markets have siphoned more and college freshman is a real concern, than $1.4bn in potential state gaming tax as prediction markets are increasingly revenue across the county since they began dominating sports betting advertising and it offering sports event contracts. will only continue as we get deeper into the fall That’s why attorneys general from 44 sports calendar. states have voiced grave concerns that these companies are advertising and operating THE REAL DEAL outside of state oversight, without paying any States and Tribes spent years developing legal state gaming taxes, and ignoring state gaming markets with age restrictions, responsible laws across the country. gaming standards, advertising rules and consumer protections. Those safeguards FOOTBALL WAGER ESTIMATES TELL shouldn’t disappear because the word “bet” A STORY is replaced with “contract.” The American Gaming Association has projected This football season, we should all look that Americans will wager an estimated $29.5bn past the terminology and look at the data. legally on this NFL season through US The numbers tell you exactly what business commercially licensed sportsbooks, indicating these platforms are in and the risks that virtually no growth in legal handle from last come with them.

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DIAGNOSIS

GAMBLING-HARM MARKETING Keith Whyte, Safer Gambling Strategies Founder & CEO, and Global Gaming Insider contributor, analyzes the complexities of marketing initiatives for gambling-harm tools We have developed a growing number of useful tools to help people who are struggling with gambling, but they are too often promoted individually, rather than as parts of a larger solution. I believe we should market a bundle of gambling-harm tools together, while keeping each app, service or intervention completely separate and distinct. The simple reason is that people experiencing gambling problems are not all the same. One person may be seeking a blocking app. Another is looking for self-exclusion. Someone else may be more comfortable starting with a helpline, specialty counseling via telehealth, peer support or a cognitive behavioral therapy app. But for many people, the most effective approach may be several of these interventions working together and reinforcing each other. The UK’s TalkBanStop experience provides

Keith Whyte 68

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compelling evidence for this concept. The partnership brought together the National Gambling Helpline, self-exclusion and blocking software. The partners deliberately promoted the concept of layering tools and created pathways between them. An independent evaluation published in 2026 found that 68% of people surveyed said using more than one element made it much easier to reduce their gambling. The evaluation concluded that combining emotional support, self-exclusion and blocking tools produced stronger outcomes than relying on a single intervention. Ohio offers another useful example. Time Out Ohio, the state’s voluntary exclusion program, directs users to blocking software as an additional layer of protection. The Time Out Ohio website also provides links to the Ohio Problem Gambling Helpline, treatment and financial counseling apps and peer-support resources.

Importantly, a program with a bundle of apps should not tell people that they need to use everything. Instead, it should explain what each tool does and allow users to choose what fits them. At the same time, every intervention should point users toward the other available options. The same strategy could be used at critical moments. A person calling a helpline could be offered links to blocking software and selfexclusion. Someone completing self-exclusion could immediately be offered a blocking app and counseling. Pop-ups and targeted digital ads could remind users that one tool does not have to be the whole solution. The problem gambling field should apply commercial marketing principles of crosspromotion and bundling to make sure that when someone finally searches for help, they don’t find just one door. They find several doors – and an easy way to walk through more than one.

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ASIA-PACIFIC 71

Taking Stock

Movers & Shakers

Facing Facts

Digitain on APAC growth strategies

Map: Where are we seeing enforcement across Asia?

Timeline: The history of the Marina Bay Sands

80 Christine Virardi on mass talent migration

Japan focus

83 Product reviews

SHARE PRICES

APAC

TAKING STOCK Global Gaming Insider examines the monthly stock price from the opening day of the past six months across APAC casino operators, observing May – October 2026 LAS VEGAS SANDS

MELCO RESORTS

6.1

5.8

5.5

5.2

4.9

4.6

4.3

0 May

Jun

Jul

Aug

Sep

Oct

• Six-month high: May (53.14 USD) • Six-month low: October (36.51 USD) • Market capitalization: US$23.76bn (as of October 2, 2026)

May

Jun

Jul

Aug

Sep

Oct

• Six-month high: June (5.84 USD) • Six-month low: October (4.19 USD) • Market capitalization: US$1.61bn (as of October 2, 2026)

GENTING BERHAD

KANGWON LAND 17,500

2.9

17,000

2.7

16,500

2.5

16,000

2.3

15,500

2.1

15,000

1.9

14,500

1.7

14,000

1.5 0

May

Jun

Jul

Aug

Sep

Oct

• Six-month high: May (16,950 KRW) • Six-month low: October (14,270 KRW) • Market capitalization: US$2.1bn (as of October 2, 2026)

May

Jun

Jul

Aug

Sep

Oct

• Six-month high: May (2.58 MYR) • Six-month low: October (1.86 MYR) • Market capitalization: US$1.75bn (as of October 2, 2026)

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APAC

PEOPLE & HR

MOVERS AND SHAKERS The APAC gaming sector has seen several high-level appointments and extensions, spanning casino operations, gaming and major venue development

Nick Weeks Casino Manager, The Star Sydney

Lance Y. Gokongwei Chairman, PhilWeb Corporation

Ed Sanderson VP, Arena, Marina Bay Sands

Weeks will remain in position after the NSW Independent Casino Commission extended his appointment by nine months to June 30 2027. His tenure has been extended as the regulator maintains the casino’s licence suspension while it assesses the operator’s remediation efforts. Weeks is therefore an external manager, overseeing casino operations during the suspension, with The Star Sydney remaining under regulatory oversight. The NICC said unresolved concerns remain around The Star’s governance, leadership and culture, alongside questions over the group’s ability to support its remediation programme. The suspension could be lifted before June 2027 if the casino demonstrates that its remediation measures have been properly embedded.

Gokongwei steps into the Chairman role following his strategic investment in the company. He succeeds Crisanto Roy B. Alcid, who stepped down as Chairman and CEO but remains on the Board. Gokongwei holds 159.5 million PhilWeb shares following his PHP2.03bn (US$33.25m) investment, giving him an initial 10% stake in the company’s issued and outstanding common shares, rising to around 15% if all preferred shares are converted. His appointment comes as PhilWeb expands its digital gaming operations, including the launch of Okada Play with Okada Manila earlier this year. Gokongwei will serve for the remainder of the current Board term, while PhilWeb has yet to name a successor to Alcid as CEO.

MBS has brought Sanderson on board as VP, Arena, where he will help oversee the development of its planned 15,000-seat venue. He holds more than two decades of experience across venue management, major events and commercial strategy in Australia, Asia and Europe. Sanderson has held senior positions with Legends Global, Populous, and Adelaide Oval, as well as serving as Senior Manager of Entertainment Venues at The Venetian Macao. There, he helped develop and launch the 15,000-seat Cotai Arena, giving him direct experience with a project similar in scale to MBS’ planned venue. The new Arena is scheduled to open in 2031 as part of a wider development featuring a 570-suite hotel tower, 200,000 sq ft of MICE space and dining options.

Before moving to the casino sector, Weeks worked as an Integrity Officer and COO for Australia’s National Rugby League (NRL)

Gokongwei is a keen runner who began marathon training in 2007, and has competed in both the New York and Hong Kong marathons

At just 19, Sanderson discovered his passion for venues and events while supervising the Sydney Athletics Centre alongside his studies

GLOBALGAMINGINSIDER.COM

DATA

APAC

FACING FACTS Data from Indonesia’s Financial Transaction Reports and Analysis Center (PPATK) highlights the fight against illegal online gambling playing a pivotal role for the Government INDONESIA ONLINE GAMBLING

(1 Trillion Rupees = $55.9 Million)

Transaction Volume (RP Trillion)

400 350 • Online gambling transactions fell 20.3% between 2024 and 2025

250 200

• This fall came despite a 50.9% rise in online gambling deposits between 2024 and 2025

150 100 50 0

Total Online Gambling Transactions (RP trn) Online Gambling Deposits (RP trn) 2024

2025

FINANCIAL CRIME COMPARISON (JANUARY 2025 – JUNE 2026) Transaction Volume (RP Trillion)

Illegal iGaming transactions represented Indonesia’s second-highest financial crime sector by volume

700

• According to PPATK, illegal online gambling transactions surpassed environmental crime, corruption, fraud, narcotics and capital markets

500

• The RP280trn ($15.7bn) recorded highlights the scale of gamblingrelated financial flows in Indonesia, despite gambling being strictly prohibited under the Indonesian Criminal Code

600

400 300 200 100 0

Mining

iGaming Environmental (Transactions) Crime

Corruption

Fraud

Banking

Narcotics

Capital Markets

INDONESIA ENFORCEMENT RECORD – 2O26 YEAR TO DATE

5,762

accounts

Transactions suspended on accounts tied to online gambling operators

Rp588.62bn

Forfeited to the state under a final, legally binding court ruling

(US$32.8m)

GLOBALGAMINGINSIDER.COM

APAC

LOCALIZATION

ASIAN GROWTH STRATEGIES Global Gaming Insider speaks with Terry Lee, Digitain’s Head of Asia Region, on how a tailored localization strategy and deep market understanding drive sustainability across APAC What are Digitain’s key priorities for Asia over the next 12–24 months? Our priority is to continue building a strong, sustainable regional presence, rather than focusing simply on growth for growth’s sake. Asia remains an incredibly dynamic region, so a major focus for us will be strengthening our relationships with local partners and continuing to develop solutions that address their needs. We also see significant opportunities to support operators as markets become more regulated and competitive. As this happens, areas such as PAM, CRM, compliance, player engagement and product differentiation become increasingly important. Operators need technology that can help them manage this complexity while still giving them the flexibility to grow. Digitain has a broad product ecosystem, and one of our strengths is our ability to bring different parts of that ecosystem together to create a solution that fits an operator’s individual strategy. Overall, over

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GLOBALGAMINGINSIDER.COM

the next 12–24 months, our focus is on being a understanding individual markets. Regulation reliable and knowledgeable technology partner is another major consideration. Compliance to operators across the region. can no longer be treated as something that sits separately from the product strategy – it needs Asia is made of very different gambling to be built into it. markets. How does Digitain adapt its There is also increasing competition. Asian offering to meet the specific needs of operators are becoming more sophisticated different markets? and have much higher expectations from The first step is recognizing that there is no their technology partners. They want single “Asian player” or “Asian market.” A reliability, flexibility, strong products and, strategy that works well in one country may importantly, partners who understand have very limited relevance in another. For their business. us, localization therefore starts with listening So, I would say the biggest challenge is and understanding. earning trust. To expand, you need local Our technology provides the foundation, but understanding, patience and the willingness we combine that with local market knowledge to build relationships for the long term. and close collaboration with our partners. This allows us to adapt the experience around the What are the biggest differences areas that matter most locally. between Asian, European and North I think the best approach is to know where American markets when it comes to standardization creates value and where player preferences? localization creates value. You need the There are certainly differences, although scalability of a global technology provider, but I would be careful about making broad also the flexibility to respond to local realities. generalizations because there is considerable diversity within each region. In Asia, speed is Which gambling products/verticals do you a significant theme, players tend to seek out believe have the greatest growth potential fast paced and more dynamic experiences. across Asian markets, and why? Brand loyalty is also another big factor; I see strong potential for development within players are known to be a lot more open to both sports betting and casino, but I think the switching quickly to other operators if their bigger opportunity is in how these products expectations are not met. are delivered and connected to the wider Europe, meanwhile, has many highly player experience. regulated and mature markets, where Sports remains particularly important across players are increasingly accustomed to many Asian markets because of the strength of sophisticated experiences, personalization local and international sporting interest. At the and responsible gaming measures. North same time, we are seeing players increasingly America is a slightly different story again. expect richer, more engaging digital experiences It is a relatively young regulated market in rather than simply somewhere to place a bet. many states and provinces, and we have This is particularly important when it comes to seen a strong emphasis on mobile-first understanding the rapidly changing expectations experiences, major sporting properties and from the new generations of players. the development of broader entertainment ecosystems around betting. What are the biggest challenges facing But there is also an important common suppliers looking to expand across Asia thread across all three regions: players expect today? convenience, reliability and increasingly Suppliers need to be prepared to invest time in personalized experiences.

APAC

ENFORCEMENT

LEGAL PUSHBACK IN APAC With new legal & regulatory headlines sweeping the APAC region, Global Gaming Insider analyzes the most prominent enforcement action from respective agencies

MYANMAR

In September, Myanmar authorities brought in seven suspects accused of operating separate online gambling networks as enforcement action continues across the Yangon and Mandalay Regions. The crackdown focused on senior-level agents suspected of recruiting players and managing networks of lower-level gambling agents, while investigations are continuing into individuals believed to be directing wider agent platforms.

INDIA

The Competition Commission of India recently closed its antitrust investigation into Google’s policies governing real-money gaming (RMG) apps, concluding that legislative changes have fundamentally altered the market. The introduction of the Promotion and Regulation of Online Gaming Act – which came into force on 1 May – prohibited online money games and the advertising of such activity. The CCI determined the new legal framework meant there was no longer a lawful RMG market on Google Play or Google Ads, while the company had already ended its pilot program and stopped accepting real-money gaming advertisements by January.

THAILAND

After expanding their investigation into the Premsuk365 online gambling network – which handled more than THB1.5bn (US$44.9m) per month – the Thailand Cybercrime Police arrested three additional suspects connected to the operation. The arrests follow an earlier operation in August, when cybercrime officers raided four locations across Bangkok and Chonburi. The Bank of Thailand also recently expanded its own efforts to disrupt illicit financial flows, bringing together 11 financial-sector agencies to help prohibit criminal proceedings.

GLOBALGAMINGINSIDER.COM

MALAYSIA

As part of the regulator’s efforts to combat illegal online gambling content, the Malaysian Communications and Multimedia Commission has submitted more than one million takedown requests to online platforms. While 935,416 pieces of content were removed, more than 65,000 pieces of scam and illegal online gambling content remain accessible. Malaysia authorities continue to confront challenges involving prohibited products sold online, with sellers utilising alternative terminology to avoid detection.

INDONESIA

In Denpasar, an online gambling case which involved 35 foreign players from India reached the prosecution hearing stage, where 33 offenders were charged with four-year prison sentences, while two were given sentences of five years. The defendants were declared by the Public Prosecutor to have illegally offered or provided opportunities to gamble, a violation of the Law of the Republic of Indonesia’s criminal code. Prosecution also requested that once each sentence was carried out, the defendants be deported from the territory in accordance with Indonesian laws and regulations.

ENFORCEMENT APAC

SOUTH KOREA

The Cyber Investigation Division of the Gyeongnam Police Agency arrested nine people on charges of creating and managing illegal gambling sites and distributing game money. Of the nine arrested, seven belonged to gambling site developers, who are accused of producing and selling 153 illegal gambling sites while receiving ₩2.18bn (US$1.6m) from individual site operators. To perhaps counteract such efforts, Kangwon Land brought together South Korean regulators, law enforcement agencies and gambling-related organizations to discuss stronger responses to illegal gambling.

CAMBODIA

In Cambodia, the country revoked 18 casino licenses and suspended nine others following investigations into alleged technology-enabled scam operations at gambling properties. Indeed, in September, authorities said the revocations resulted from ongoing investigations rather than Cambodia’s separate decision to suspend online gambling operations linked to casinos from October 2025. Cambodia’s Government plans to update its regulatory framework, digital infrastructure and supervisory capabilities during the suspension, while the enforcement action also coincides with a wider review of the country’s casino-licensing system.

GLOBALGAMINGINSIDER.COM

APAC

TIMELINE

THE SANDS OF TIME Global Gaming Insider reflects on the history of one of the most iconic properties in the world, Singapore’s Marina Bay Sands

JAN-DEC 1994 As the country expanded through the 20th ventury, 1994 saw Singapore complete its ambitious land reclamation project, which began in 1971. It officially reclaimed 38 hectares of land in the Marina Bay Bayfront area

MAY 2006 Las Vegas Sands is officially awarded the rights to the Marina Bay site following a competitive bidding process, with its plans beeing deemed preferrable to the likes of Genting, Harrah’s and MGM Mirage, who also competed for the contract

FEBRUARY 2007 The operator held its official groundbreaking ceremony to commemorate the start of construction at the Marina Bay Sands site

SEPTEMBER 2008 The financial crisis caused severe construction delays for the property, with Las Vegas Sands forced to formally push back its previously targeted 2009 opening date

GLOBALGAMINGINSIDER.COM

TIMELINE

APAC

2010

April – As part of a soft launch, retail outlets inside the building officially opened alongside the now-revered Marina Bay Sands Casino. June – Marina Bay Sands’ hotel towers and the Sands SkyPark officially opened as part of a two-day celebration

2011 February – Two years after its initial targeted opening, Marina Bay Sands held its grand opening ceremony. September – Marina Bay Sands’ floating crystal pavilion welcomed its two first tenants, Louis Vuitton (North) and Pangaea Club Pavilion (South)

APRIL 2024

After 14 years of dominating the Singaporean skyline, Marina Bay Sands officially entered the final phase of its latest design enhancements, which included the $1bn refurbishment of all hotel rooms and suites across towers one and two

JULY 2025 Full-scale construction began on the property’s latest $8bn development, which includes the installation of a highly anticipated Marina Bay Sands Tower Four, a 55-storey luxury hotel expansion with a targeted opening date of July 2029

GLOBALGAMINGINSIDER.COM

APAC

PEOPLE & HR

MASS MIGRATION Christine A. Virardi, HRLadderbox Founder and Global Gaming Insider contributor, asks: when the talent moves, does the advantage move with it?

Table 1

When a large group of people moves from one successful iGaming company to another, the industry tends to make an immediate assumption: that the winning formula has moved with them. It is understandable. People carry experience, judgement, relationships and knowledge, and when enough of them move together, it can look like the transfer of an operating system. There is another way to look at it. When a company hires one person from a competitor, it is making a bet on that person. When it hires 10 or 20 people from the same competitor, it is making a much bigger bet: that the way those people learned to succeed will still work elsewhere. We have seen versions of the same story across the industry. One senior hire becomes several and, a few months later, another company starts to look remarkably familiar. The market expects a shift in power. Company B has hired many of the people associated with Company A’s success, so surely Company B should now be able to recreate it. Sometimes it does and sometimes it does not. The interesting question is not whether those people were talented. They probably were. The question is whether the things that helped make them successful can actually move with them. Through HRLadderbox, I spend a large part of my working life trying to understand what people really built, changed or influenced. One thing becomes clear very quickly: a CV tells us where somebody was

when success happened, it does not always tell us which parts of that success they can reproduce somewhere else. Nobody performs in isolation. A CEO may have had strong shareholder backing and a business already carrying momentum. A commercial team may have inherited relationships built over years. Marketing may have benefited from an established brand behind it. Product may have been working with strong technology and a mature product that allowed the business to move quickly. None of that takes anything away from the people involved. It just means success is rarely down to one person or one team. The environment matters too. And only some of that environment moves with the individual. That is the distinction I think leadership teams should be making before they bring in a large group from the same company. (see table 1) We often assume relationships, speed and team chemistry belong entirely to the people. In reality, a lot of that may have depended on the company around them. A relationship that carried real weight at one operator may mean less at another. A team that moved quickly because the old business had great technology may suddenly find every decision taking months. A leader who had huge influence in one company may have to earn that trust all over again somewhere else. So the question is not simply: are these good

WHAT CAN MOVE WITH PEOPLE

WHAT DEPENDS ON THE NEW ENVIRONMENT

WHAT USUALLY STAYS BEHIND

Judgement & experience

Team chemistry

Brand strength

Market knowledge

Commercial relationships

Proprietary technology

Strong ways of working

Speed of execution

Licences & market access

Leadership experience

Influence & credibility

Balance sheet strength

Table 2

Lessons from success & failure Ability to repeat the old playbook

Market timing & momentum

INSTEAD OF ASKING:

ASK THIS:

How many of their best people can we attract?

What capability are we actually trying to bring in?

Can they repeat what they did before?

What made that success possible, and do we have those conditions here?

Will they outperform the company they left?

What should our business be able to do in two or three years because they joined?

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people? It is: what exactly are we expecting them to bring with them? There is another side to this too. The more heavily a company hires from one organization, the more similar the thinking can become. People who succeeded together often share the same views on structure, risk, pace, product and what “good” looks like. That can be incredibly powerful. It can also mean the new company imports the same blind spots along with the same strengths. And this matters even more in the market we are in now. Across parts of iGaming, companies are restructuring and looking much harder at cost, complexity and return on investment. The reasons vary, from taxation and profitability to technology, AI transformation and strategic refocusing, but there is clearly less room for lazy growth and expensive assumptions. A team whose instincts were shaped during a period of aggressive expansion may arrive with an excellent track record and still need to rethink some of what made it successful before. That does not make the team weaker. It simply means the business hiring them has to be honest about what it actually needs now. For founders, CEOs and boards looking at a significant group hire, I would move the conversation away from names and reputation and towards three questions. (see table 2) That last question is the one I would want answered before making the investment. If a company brings in a recognised team, the real value should show up in what the business becomes able to do differently, not simply in the fact that those people joined. Comparing Company B with Company A can also be misleading. Different businesses have different starting points, resources and constraints. What matters is whether the move created something the new company could not have built as quickly, or as well, on its own. CONCLUDING REMARKS The lesson is not to be cautious about hiring from successful competitors. It is to be clear about what you expect those people to change. There is strong talent available in iGaming right now and, for companies in a position to hire, that is a real opportunity. But a successful team does not arrive with everything that made it successful before. So perhaps the question is simpler than we make it: what are we really bringing in, what are we leaving behind and what will we still need to build ourselves?

APAC

EMERGING MARKETS

JAPAN’S SECOND IR RACE As Japan prepares for its second IR application round, several prefectures are exploring their options and considering whether to enter the race. Marieta Ležaić explores... SASEBO CONSIDERS RENEWED BID In Nagasaki, Sasebo is considering another attempt after the National Government rejected the prefecture’s previous IR proposal. Mayor Daisuke Miyajima says the city is consulting potential operators and industry experts before deciding whether to proceed. The city expects to decide by March 31, 2027.

Japan is entering a new chapter in its effort to establish a domestic casino industry, with several prefectures and municipalities weighing bids for the country’s second round of integrated resort (IR) development. The next application window will run from May 6 to November 5 2027. Under Japan’s 2018 IR legislation, the National Government can approve up to three IRs; so far, only Osaka has secured certification, with its resort expected to open by the end of 2030. Japan’s approach places local governments at the center of the process. Prefectures or designated cities must work with private-sector operators to develop an IR proposal, before submitting it to the National Government for certification by the Minister of Land, Infrastructure, Transport and Tourism. Several regions are now positioning themselves for the next round... AICHI LIKELY TO PARTICIPATE Aichi Prefecture has taken a formal step toward the 2027 competition. Earlier this year, it launched a request-for-proposal process to find a privatesector partner for a potential IR on Chubu Centrair International Airport Island. Over the summer, prospective participants requested more time to assess the project’s viability. The prefecture subsequently extended the process; more will be clear in the coming months. HOKKAIDO WEIGHS ITS OPTIONS Hokkaido is another region assessing

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its options. At the time of writing, the Prefectural Government had not yet decided whether to participate in the next application round, with a decision expected by the end of October. Pressure to move forward is coming from the local business community. In September, eight prefectural business organizations, including the Hokkaido Economic Federation, called on Governor Naomichi Suzuki to advance an IR initiative. Their proposal pointed to potential increases in tax revenue and subsequent improvements in welfare services. Hokkaido has also approached potential operators. Two of three international companies surveyed by the prefecture said they would consider participating in a potential project, while 12 of 13 IR-related domestic companies also expressed interest. The potential operators praised the region’s attractive combination of natural scenery, food culture, transport infrastructure and untapped market potential. However, one operator warned that Japan’s facility requirements could make the necessary investment difficult to justify in a regional market. At the municipal level, the picture is more concerning. Hokkaido surveyed all 179 municipalities, but only Tomakomai expressed firm interest in hosting an IR under current national requirements. Hakodate indicated interest but said it was not yet ready to fully commit at the time of the survey.

WAKAYAMA LOOKS TO REVIVE MARINA CITY VISION In Wakayama, Governor Izumi Miyazaki said in August that he remains open to developing an integrated casino resort at Wakayama Marina City. The man-made island hosting Marina City was originally developed as part of the prefecture’s plans for a major international resort destination, although these were never fully realized. Miyazaki’s comments followed Kasumigaseki Capital’s acquisition of Marina City. The Governor said the prefecture would co-operate if Kasumigaseki Capital wants to lead an IR project. Prior to the first application round, the Prefectural Assembly rejected a previous attempt to establish an IR. TINY FUKUOKA TOWN INTERESTED Even smaller communities are exploring the possibility. Ōtō, a town of roughly 5,000 people in Fukuoka Prefecture, has been holding briefings for residents and plans to provide more details after gathering information. It aims to attract investment and help counter population decline. Several IR operators have reportedly visited the town to assess its connections to airports and nearby tourist destinations. WHAT COMES NEXT? With Osaka already under construction, attention is now turning to which prefectures and their cities will be sufficiently prepared to bid when the second application round opens. For now, it is difficult to make informed predictions, with potential bidders at very different stages of planning. In the coming months, it should become clearer which plans can turn political ambition and investor interest into credible proposals.

PRODUCT REVIEWS

APAC

WHAT’S NEW ON THE MARKET? Spintec’s Virtual Baccarat enhances the legendary game format within the virtual universe... SPINTEC’S VIRTUAL BACCARAT With baccarat deeply established across APAC gaming markets, Spintec’s Virtual Baccarat offers operators a way to deliver a

familiar favourite in a compact, technologyled format. Designed as a single-player, stand-alone station, the product combines traditional baccarat gameplay with features carefully manipulated to make virtual play more engaging. Bringing the world of Baccarat into the virtual setting, Spintec’s upgraded Squeeze feature allows players to choose and reveal cards from either the top or side, adjust the reveal speed or accelerate play to fast and super-fast settings. This level of control gives the virtual game a more dynamic feel, while retaining the suspense associated with a conventional baccarat table.

Further, the betting proposition has also been expanded, with 20 betting fields and nine side bets. These include four proprietary bets alongside Lucky 6, giving operators additional options for creating a broader baccarat offering and players more ways to participate in each hand. For casino operators, flexibility extends beyond the game itself. Spintec positions the solution for land-based environments and highlights its potential within remote or hybrid gaming setups, allowing automated and live games to be connected across different areas or venues. The physical presentation can also be tailored to individual casino environments, with a choice of wood finishes including Messina, Tobacco, Driftwood, French Oak and Wenge, alongside an extensive selection of leather finishes. Indeed, any operators seeking to refresh their baccarat offering without abandoning a familiar game while combining, recognisable gameplay with a flexible, customisable and distinctly modern presentation need look no further than Virtual Baccarat.

“A more dynamic feel, while retaining the suspense of conventional baccarat”

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PHOTO GALLERY

GAMING IN PICTURES Global Gaming Insider goes behind the lens to recap the latest industry developments, including those unveiled at the Global Gaming Expo (G2E) in Las Vegas and in Lisbon during the 2026 SBC Summit

the G2E week kicked off with ards 2026 Global Gaming Aw e Americas, serving as th d most prestigious and truste a Awards in the sector for 13th consecutive year

At G2E, Mohegan Sun’s Emely Pascual-Alvarez took home a $5,000 award after winning the second annual Dealer Championship

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PHOTO GALLERY

Global Gaming Insider Editor Tim Poole moderates an SBC Summit panel covering the art and science behind game design & player psychology

The GOAT! NB A Hall- of-Famer Michael Jordan joins DraftKings CEO Ja son Ro bins and Sp or tradar CEO Carsten Koerl during the SB C Summit in Lisbon GLOBALGAMINGINSIDER.COM

EVENTS CALENDAR

2026-2027

UPCOMING EVENTS: NOV

2- 5

SIGMA WORLD

NOV

Berlin, Germany

Rome, Italy

SiGMA World 2026 will feature 1,200 exhibitors and sponsors, alongside 550 speakers. Returning to Rome for the second consecutive year, the event brings together operators, affiliates and suppliers, with regulators and government officials also expected to attend. The conference is particularly relevant for affiliates while also offering broad networking opportunities.

GAMING IN GERMANY

The 2026 Gaming in Germany Conference will bring together key stakeholders, regulators and decision-makers from Germany’s regulated market. This year’s event will focus on the upcoming evaluation of the 2021 State Treaty, address black-market challenges and explore the future of online gambling in both Germany and Austria.

Networking: The event will offer opportunities to connect with around 30,000 delegates through dedicated networking events, tournaments, VIP lounges and dinners.

Networking: The conference offers an opportunity to connect with leading industry professionals, regulators and decision-makers through focused discussions and face-toface networking.

sigma.world

gamingin.eu/germany

NOV

25-26

BALKAN ENTERTAINMENT & GAMING EXPO Sofia, Bulgaria

JAN

ICE BARCELONA 18-20 Barcelona, Spain

BEGE Expo 2026 will bring together 5,000+ gaming professionals from 60+ countries, including operators, suppliers, regulators and industry leaders. The event showcases new gaming products and solutions while highlighting the latest industry trends across the Balkan and European markets.

The largest gaming trade show by volume, ICE Barcelona consistently attracts one of the biggest gatherings of gaming industry regulators, with 300+ confirmed to attend. Furthermore, over 600 exhibitors will join 200+ speakers and more than 65,000 visitors, bringing together providers and professionals across the industry’s key verticals.

Networking: The event offers opportunities to connect with key decision-makers and partners through networking, the official BEGE Party and other show features.

Networking: The event offers opportunities to connect with various industry stakeholders through meetings, networking and social events. Expect some fireworks!

balkangamingexpo.com

icegaming.com

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PAYMENTS FOCUS

CONTENTS 90

BATTLING THE ILLEGAL MARKET Do payments companies hold the key to the puzzle – and should they be doing more?

A LACK OF CLARITY Global Gaming Insider runs down the latest developments with the crypto-related Clarity Act in the US

COMPANY PROFILE: CASHLIB

COMPANY PROFILE: SPAYZ.IO

COMPANY PROFILE: MIFINITY

PREDICTING THE FUTURE How have prediction markets impacted payments?

PAYMENTS FOCUS

BLACK MARKET

PAY TO PLAY The payments industry’s black-market indifference has been increasingly scrutinised. But just how possible is it for the sector to take the fight to illegal operators? The average human being makes around 35,000 decisions each and every day. Indeed, most of those small decisions are made while we’re completely unaware of the depth and potential consequences of those choices. One example of these seemingly innocuous decisions is, say, a player depositing funds into an online wagering platform. A small, simple and quick process that is made by millions across the globe each day, with little to no observable impact on the patron’s daily routine at all. Yet, what most people don’t realise is that behind this interaction sits one of the most heavily regulated financial ecosystems on the planet. While the consumer may see only a phone, a bank account and a balance changing on a screen, the transaction itself can pass through operators, payment service providers, banks, card networks, e-wallets and other financial intermediaries. All with the click of a button. THE POWER OF PAYMENTS Nowadays, that infrastructure is increasingly being placed at the centre of the fight against illegal gambling – and the reason is relatively straightforward: illegal gambling operators need access to funds. While regulators can attempt to identify unlicensed websites, remove their content from search engines and pursue the operators themselves, cutting off the financial infrastructure that allows customers to deposit and withdraw funds represents a crucial means of disruption. Payment providers exist at the intersect of the consumer and operator, which is why they are now being pulled into the regulatory fight against a global black market growing at an alarming rate. Their ability to disrupt the flow of funds between operator and consumer places PSPs in a powerful and unique position that could, via effective collaboration with additional stakeholders, cripple the illegal marketplace. Collaboration is, of course, a popular buzzword – as by no means can any one given sector take down the black market alone. Yet, if there was one sector any legal or illegal online operator simply can’t function without, it’s payments. The sector’s capabilities are vast. It observes transaction behaviour, patterns and volumes, KYC and geographic nuances. It can provide merchant identification, information relating to AML and fraud monitoring. And, crucially, it yields the ability to suspend, refuse or terminate payment transactions. In short; illegal operators can’t function without financial infrastructure. And payment providers can cripple that infrastructure by simply ceasing to provide it. If only things were that simple. EVERY SECTOR HAS ITS LIMITS Alas, while the capabilities of the payments sector are in many ways undeniable, it can only work with the correct information at its disposal – and barriers to combatting the illegal market inevitably remain. One key concern from the outset is the difficulty in recognising what an illegal operator site actually looks like. The UK’s Betting and Gaming Council (BGC) recently introduced a gamified spot the difference between regulated and unregulated sites to highlight the difficulty for players trying to tell the difference between a legal and illegal site – but that difficulty may exist for payment providers, too. Naturally, a payment provider is far more likely to background check these operators than a player. And rightly so. Open discourse with global regulators about which operators are (and are not) licensed in a given jurisdiction, should remedy this difficulty. 90

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However, things start to get a little tricky when wading into the world of crypto – or when considering offshore companies licensed only in regions such as Curaçao, Malta, Alderney, the Isle of Man or Gibraltar, but operating at a global scale. The broad topic of offshore licensing is, perhaps, a conversation for another day. However, it does highlight a central tension around the payment sector’s ability to take the fight to the black market: Payment providers can identify friction points, but how equipped actually are they to make regulatory decisions? TIME TO PAY THE PIPER? While the payment sector’s role in tackling the illegal marketplace is not a young one, it isn’t perhaps as old as it should be. Regardless, the fact remains that payment providers have had the capabilities to implement much stricter safeguards around unlawful operators for some time now, but the evidence of the sector using those capabilities willingly remains razor thin. An interesting recent study by the Gambling Commission in the UK highlighted 3,140 cease-and-desist and disruption notices distributed by the regulator between April 2024 and June 2025 – alongside thousands of referrals to search engines. Payment providers were involved in just three of those interventions. On the surface, the above figures appear relatively damning. But on the subject of regulatory roadblocks and unseen difficulties, the Commission also highlighted as part of its report several layers of bureaucracy through which payment providers must work as part of a compliance referral case. The salient fact is that there is a big difference between definitively identifying an illegal site and gathering the financial information necessary to obstruct its payment facilities is harder than it looks. Nevertheless, the contrast remains notable. And, realistically, it’s about time the payments sector started to do more. REGULATION, COLLABORATION AND THE PATH TO COMPENSATION Removing barriers to cross-collaboration between payment providers and regulators – particularly on issues such as the black market and player protection – is a responsibility shared by both parties. If the payments industry is to step up its fight against the illegal market, it will need regulatory assistance in the form of explicit expectations for payment providers relating to the detection and disruption of illegal gambling. Further, enhanced intelligence sharing between both parties will help each retain the necessary information on which operators pose a threat to the legitimacy of the regulated market and its players. More specific instances of monitoring, intervention and reporting on action taken by PSPs must also be demanded for submission to regulators in order to maintain a grasp on market activities and help to create common procedures and response times for investigating and restricting suspected illegal gambling payments. The idea of ‘PSPs stepping up against the illegal market’ is no mirage – but rather a tangible possibility for our industry. But this simple statement of intent does nothing to encapsulate the complexity and nuance of the issue. Regulators and payment providers will each have to be proactive in aiding this change, or it simply won’t come to pass. Once thing that can be said for certain: 2027 represents a big year for the payments sector. The questions is which path it will choose to take.

PAYMENTS FOCUS

A LACK OF CLARITY Following the Senate’s rejection of the Clarity Act, where does the future of cryptocurrency lie in the US – and how might any measures impact payments providers across gaming? Over the past 12 months, lawmakers across the US have played a game of tug-of-war on the potential legality of the Clarity Act, which was primarily intended to create a federal framework for digital assets. It also aimed to define the respective jurisdictions of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). On September 15, however, opponents of the legislation finally managed to pull away in victory after the US Senate chose to reject the Clarity Act, leaving a relatively vague future for how cryptocurrency will be regulated across the country. While the age of digital assets in gaming is still quite young, how virtual currency is managed by lawmakers – both state and federal – is crucial if such integrations are to become the norm on casino floors and iGaming platforms.

President Trump’s efforts were to no avail, though, and the lack of progression for bills such as the Clarity Act ultimately leaves stablecoin as the lone solution for gaming payment providers looking to integrate cryptocurrency capabilities. It’s certainly understandable that lawmakers and regulators are wary of expanding the cryptocurrency landscape, but the lack of clarity leaves little to the imagination for payment suppliers.

WHERE DOES CRYPTO GO NEXT? Also at risk is the possibility of online players moving toward offshore crypto casinos at a more frequent rate, which one would hope creates additional motivation on the part of lawmakers, regulators and even organizations such as IGA. If offshore is winning, no one is winning in regulated gaming, and that trend may grow in frequency if US regulation of cryptocurrency is not better established in due time. NOT-SO-BLIND OBSTACLES Perhaps a new version of the Clarity Act – or some type of similar The US Senate voted 49-50 to reject the procedural motion required legislation – will eventually be introduced. But the most recent for the Clarity Act to advance, as language aimed at preventing rejection leaves payment suppliers continuing to wipe the foggy federal officials from profiting off cryptocurrency remained an windshield of cryptocurrency’s path in gaming. uncompromising hold-up in negotiations. In a similar fashion to the concerns surrounding prediction markets, the ability for elected officials to drive the price of digital assets in either direction became too great a concern for the Clarity Act to become law. Long before the introduction of the Act, cryptocurrency and digital assets had attempted to establish their place in gaming, but regulatory question marks and volatility in worth created roadblocks to being fully accepted. The launch of crypto casinos and stablecoins offered new pathways for digital assets to find their niche. Yet state regulators and payment providers in general still found it difficult to look past the compliance complexity and reputational exposure. When the Clarity Act first came to light in May 2025, it was immediately met with skepticism from state Attorney Generals and organizations such as the Indian Gaming Association (IGA), who felt as if their regulatory control was being stripped away by the legislation. Even when revised versions of the Clarity Act were introduced to find common ground, the oversight assured for Tribal and state authorities was still lackluster. “We’d like to make it absolutely clear that Indian Country is opposed to this new version of the Clarity Act. While we appreciate that Senator Lummis has acknowledged the legitimate concerns raised by Tribal Nations, the proposed changes in the text released yesterday do not address the concerns of Indian Country,” IGA Chairman David Z. Bean said. “If the Senator would have consulted with Indian gaming before issuing this draft, we would have told her that the proposed decentralized finance ‘fix’ does not sufficiently address our concerns.”

“The lack of clarity leaves little to the imagination for payment suppliers”

LAST-DITCH EFFORTS Just prior to the Clarity Act’s rejection, President Donald Trump agreed to provisions in the hope of seeing the legislation advance, granting state Attorney Generals a “meaningful role” in enforcing cryptocurrency measures. Following the revised measures, Attorney Generals were given the ability to file lawsuits against crypto exchanges that list a prohibited digital asset, while the provisions also required elected officials with a significant financial interest in cryptocurrency to either divest their holding, or place the funds in a blind trust. GLOBALGAMINGINSIDER.COM

PAYMENTS FOCUS

COMPANY PROFILE: CASHLIB CASHlib gives operators a prepaid payment method with zero chargeback exposure. Every payment is funded before it reaches you, and integration is light. With Direct Top-Up, CASHlib also offers a white-label barcode. The player pays at a retail counter and the deposit lands in their account, under the operator’s own brand.

PREPAID VOUCHERS Prepaid, final, chargeback-free.

What we offer: • Prepaid vouchers, a payment method with zero chargeback exposure. • White-label Direct Top-Up: a barcode in your app or cashier, paid at a retail counter, credited to the player - account under your brand. • My Wallet on cashlib.com, where players store their vouchers and redeem them whenever they are ready to pay. • Light integration, designed to fit into your existing payment stack. • Dedicated merchant support, from integration to day-to-day operations. SPOTLIGHT: DIRECT TOP-UP FOR OPERATORS A white-label barcode, inside your app. Add a barcode to your app or cashier: it carries your brand, not ours. The player pays at a participating point of sale, the funds reach their account within moments, and the payment is final. No chargeback. • Fully white-label: your brand, your player journey • Built for multi-brand groups • Already live with a leading European operator OUR ADVANTAGES • Zero chargebacks: every payment is prepaid and final. • Prepaid funds: no credit involved, payments are funded before they reach you. • Light integration: a simple set-up, supported by our team from start to finish. • Brand ownership: with Direct Top-Up, your brand stays front and centre. • Reach: more than 150,000 points of sale across multiple countries. We bring them; you convert them.

“Add a barcode to your app or cashier: it carries your brand, not ours. The player pays at a participating point of sale, the funds reach their account within moments, and the payment is final” 92

GLOBALGAMINGINSIDER.COM

150,000+ POINTS OF SALE A large retail network across multiple countries.

DIRECT TOP-UP A white-label barcode, inside your app.

PAYMENTS FOCUS

COMPANY PROFILE: SPAYZ.IO Local methods built for iGaming growth At SIGMA Rome, Booth 8005, Spayz.io will showcase its new local methods in Africa and Asia, P2P Agents Dashboard and how this can help iGaming merchants improve trust, increase conversion and scale across markets. Payments should be more than a technical discussion. They should have a growth conversation. YOUR TRUSTED PAYMENT PARTNER For iGaming merchants, payments are one of the most important moments in the user journey. A fast, familiar and reliable checkout experience can be the difference between a completed deposit and a lost player. That is why payment strategy is no longer just about acceptance – it is about building confidence from the very first transaction. Spayz.io supports that goal with a payment ecosystem designed for High-Risk industries and built around local market needs. With 55+ local payment methods, coverage across 35+ countries and a 95% on-time success rate, the company gives operators the tools to serve users with payment options they already know and trust.

P2P options feel more natural. When merchants rely on unfamiliar methods, friction rises quickly – and so does checkout abandonment. Offering the right mix of local methods is therefore not just a product feature; it is a conversion strategy. Familiar options reduce hesitation, reinforce legitimacy and make the deposit experience feel relevant to the customer’s market. In iGaming, where speed and trust are tightly linked, that can have a measurable impact on both firsttime and repeat transactions.

BUILT TO SUPPORT SCALE What merchants will see at the Spayz.io stand is not only broad coverage, but the structure behind it. The platform supports multiple payment types through a single partner, including eWallets, bank transfers, alternative payment methods and PayIn/PayOut solutions, helping operators simplify expansion across regions. The operational side matters just as much as the front-end payment experience. Merchants need visibility into performance, trends and payment behaviour to optimise results over time, while strong security controls remain essential. Spayz.io combines localisation WHY LOCAL METHODS MATTER and infrastructure with in-house anti-fraud tools and clear KYC/ Player behaviour is shaped by local habits. In some markets, users KYB checks, helping merchants protect transactions without expect bank transfers. In others, mobile wallets, QR-based flows or blocking legitimate players. CASE STUDY IN PRACTICE A useful example is an iGaming merchant entering several emerging markets with different payment preferences and user behaviours. In Kenya, one merchant was losing more than 40% of transactions before connecting to our host-to-host channel, and after we removed unnecessary redirects and optimised the Mobile Money flow, its success rate grew by 25%. In Nigeria, we took a different approach, focusing on local payment behaviour – including changing the payout logic. We also see strong performance from local methods there: for example, OPay has reached a 79% Success Rate in our current data. This is the practical value of localisation: not just more methods on a page, but better alignment between customer expectations and merchant infrastructure. “In iGaming, payment performance directly impacts growth. Merchants often focus on acquisition, but even the strongest marketing efforts can be undermined by an unsuitable payment mix. Our experience shows that when operators align payment methods with local user preferences, the impact is visible almost immediately in conversion rates, customer satisfaction, and overall revenue,” Spayz.io Chief Commercial Officer Tatjana Miluškāne said.

TATJANA MELUSKANE

GLOBALGAMINGINSIDER.COM

P2P AGENT’S DASHBOARD The solution is described by Spayz.io as a centralised and automated system for managing agent networks, reconciling transactions and scaling alternative payment methods across global markets. It is built to replace fragmented manual workflows with clearer visibility and automation for High-Risk merchants. For merchants, that means less operational complexity and a clearer view of payment activity across markets. In a sector where speed, oversight and consistency all matter, those capabilities can make daily operations significantly easier to manage.

PAYMENTS FOCUS

COMPANY PROFILE: MIFINITY MiFinity demonstrates how its PayAnyCoin solution opens up new possibilities for international payouts For an iGaming operator, the payment experience continues long after a deposit reaches the cashier. How money moves back to customers and across borders to business recipients deserves the same attention. Speed matters, but so does the ability to offer a suitable payout method and manage each transaction within the operator’s existing processes. MiFinity’s PayAnyCoin brings a new option to that equation. Its enterprise stablecoin payout service gives operators access to faster international settlement through a straightforward API integration. Alongside PayAnyBank and the MiFinity eWallet, it broadens the ways businesses can move money while keeping the practical needs of payments teams at the centre of the proposition. FASTER PAYOUTS ACROSS BORDERS International payouts can involve different banking schedules, intermediaries and settlement arrangements. For businesses operating across time zones, those differences can make the timing of a payment harder to manage. A payout initiated towards the end of a working week illustrates the challenge: the business may still be operating while parts of the banking network are closed. PayAnyCoin provides access to blockchain payment networks that operate around the clock, supporting near-instant settlement. Developed through MiFinity’s partnership with stablecoin infrastructure provider BVNK, the service brings an additional route for international payouts into MiFinity’s payments platform. For operators, the appeal is practical. Where a stablecoin payout is suitable for the recipient and market, it offers a way to reduce settlement delays and give recipients faster access to funds. The value lies in having that option available when planning how to serve customers and manage international payment requirements. INTEGRATION THAT FITS THE BUSINESS The decision to introduce a payment service reaches beyond the payments department. Engineering teams need to understand the integration, finance teams need to reconcile transactions and support teams need visibility when a recipient asks about a payout. Those requirements should be part of the conversation from the outset. PayAnyCoin follows MiFinity’s established integration model, giving operators access to stablecoin payouts through a single API integration. Businesses can add the capability through MiFinity without building and maintaining their own separate cryptocurrency infrastructure. The service is designed to fit existing reporting, reconciliation and

GLOBALGAMINGINSIDER.COM

operational workflows. Operators can review payout details before execution and receive transaction status updates, helping teams follow a payment through its lifecycle. This visibility also gives support teams useful information when answering enquiries. MiFinity owns the operator relationship and provides operational support, with specialist partners handling the underlying stablecoin processing. This makes operational fit an important part of PayAnyCoin’s appeal. A new payout method earns its place when teams can use it confidently within the business. Familiar processes give operators a clearer basis for assessing how stablecoin payouts could support their international activity and where they would add most value. MORE CHOICE FOR DIFFERENT PAYMENT NEEDS The right payout route depends on the recipient, the destination and the purpose of the payment. Stablecoins add another option to that decision. Access to PayAnyCoin is subject to eligibility, compliance review and availability in the relevant jurisdiction, so operators can discuss their specific requirements with MiFinity. For recipients who need funds paid into a bank account, PayAnyBank provides a complementary service. It enables businesses to send payments directly to individual or business bank accounts in supported countries, with payments processed in the recipient’s specified local currency. API integration and support from MiFinity help businesses incorporate bank payouts into their operations. The MiFinity eWallet supports the customer side of the payment experience, enabling users to fund their wallet, deposit online and receive money. With more than 80 integrated payment methods, including local options that vary by location, it gives customers different ways to add funds. For operators serving international audiences, that flexibility helps accommodate differing payment preferences. Together, these services give operators more scope to match payment methods to the people and markets they serve. PayAnyCoin extends that choice with stablecoin payouts, combining faster international settlement with an integration approach built around established payment operations. For businesses reviewing their payout capabilities, it creates a timely opportunity to explore where greater speed and flexibility could make a practical difference. MiFinity’s team can help operators assess how PayAnyCoin, PayAnyBank and the MiFinity eWallet fit their payment requirements. Meet us on our stand at Sigma Rome: Hall 8 H8-8105 to learn more…

PAYMENTS FOCUS

PREDICTIONS & PAYMENTS: RISK OR REWARD? With the polarizing growth of prediction markets, payment providers must determine whether the industry’s potential is worth the reputational gamble Over the previous 18 months, there has been no innovation in gaming more prominent than the introduction of prediction markets. Not since the rise of regulated sports betting has the industry seen such astronomical figures produced month-after-month by operators, including the likes of Kalshi, Polymarket, Robinhood, Underdog, PrizePicks and Crypto.com. With such growth comes equal scrutiny, however, as prediction markets have quickly become the most polarizing topic in US gaming, with endless regulatory question marks at the state and federal level. Even with more familiar operators such as FanDuel and DraftKings entering the space, event contract trading has yet to become universally accepted in the US – for key reasons. Although many organizations have taken on the regulatory risk and formed new collaborations with operators, those in the payments sector have yet to venture far into the prediction markets pool. Due to significant regulatory and compliance challenges, supplying the infrastructure needed to move funds between prediction-market platforms has been an uphill battle for financial providers. MINDFUL OF MANIPULATION Since prediction markets’ inception, the main counterpoint to their immeasurable potential has been concerns regarding how the vertical can be regulated at the state level, rather than solely by the Commodity Futures Trading Commission (CFTC). For months, regulators and operators have gone to battle in court all over the US, including in states such as Nevada, New Jersey, New York, Michigan and Ohio. While both parties have gained the upper hand on more than one occasion, the most recent victory was awarded to state regulators after a California Circuit Court denied Kalshi’s attempt to file an enforcement action in Nevada. The ruling can now be referred to by fellow states across the US, potentially turning the legal tide against predictionmarket operators. For payment providers, the uncertainty regarding predictionmarket regulation has made it difficult to collaborate with operators, and so have numerous examples of insider trading and manipulation. Signature Payments outlined the complexity providers face in attempting to work with prediction markets as part of an FAQ for users. The supplier said: “Payment processing for prediction markets is not a simple merchant account approval exercise. These platforms sit at the intersection of regulated financial services, gaming-adjacent transactions, consumer speculation, high-volume deposits and controversial event categories. That combination places them in a higher-scrutiny underwriting environment. “A bank or processor will want to know exactly what role the business plays in the transaction. Is the company a regulated exchange, a broker, a clearing entity, an introducing broker, a media affiliate, a data provider, a software platform or an offshore consumer operator? Each structure creates a different risk profile.” While the financial incentive of prediction markets is clear across the industry, regulatory question marks have left many players on the sidelines rather than trying to score while the hand is still hot. 98

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ARE PREDICTIONS WORTH THE GAMBLE? Despite prediction markets still serving as a conversation piece that can rile up the industry, the vertical has made some headway in improving its reputation since inception. Whether it’s the MLB, NHL, The Weather Company, Associated Press or even Tribal organizations, the significance of such collaborations cannot be understated based on how prediction markets are viewed by certain parties. The issue for payment providers, though, is that forming a partnership with a respective operator carries greater weight in the industry than any of the previously mentioned organizations. While the Los Angeles Dodgers can continue their business whether they collaborate with Kalshi or not, payments providers could see fellow partners take issue with becoming involved in prediction markets. Still, a role for payment providers can easily be found within the prediction markets ecosystem, especially to transfer funds across multiple platforms. Becoming the first to take the leap is always a daunting proposition, but doing so can also prove fruitful for payment providers ready to take on regulatory headwinds. While remaining patient until legal matters on the state level are resolved, the window to enter prediction markets is as wide open as it’s ever been, and oversight from the CFTC could protect payment providers in the early going. With the first-ever Tribal application for event contract trading recently introduced as well, there is no better time for those playing in the financial sector to go all-in on predictions. But it’s all or nothing – no in between.