Gambling Insider Sept/Oct 2025

CAN VEGAS RELIGHT ITS SPARK?

With growing chatter – no longer just among industry circles – that Las Vegas has lost its magic, how can the gambling powerhouse bounce back?

FACING FACTS: What does the data say about Las Vegas’ recent performance?

THE EXPLAINER:

What’s going on between Penn Entertainment and HG Vora?

Our market focuses zone in on Ireland, India & Brazil

EDITOR’S LETTER

TJulian Perry, COO, Editor-in-Chief

COO, EDITOR IN CHIEF

Julian Perry

EDITOR

Tim Poole

Tim.Poole@gamblinginsider.com

SENIOR STAFF WRITER

Beth Turner

STAFF WRITERS

Will Underwood, Rory Calland, Kirk Geller

CONTENT WRITER

Megan Elswyth

LEAD DESIGNER

Claudia Astorino

DESIGNERS

Olesya Adamska, Callum Flett, Gabriela Baleva

Tim Poole, Editor

he legend of Las Vegas and the reality of the city are, at the moment, two very different things.

Around the world, when one thinks of gambling, Las Vegas is still top of mind. In movies, in shows, at the very G2E event this magazine is travelling to...

But, as we explore in this issue of Gambling Insider , Vegas' recent history has taken a contrasting path to its mythical reputation.

To be clear, Las Vegas is still the American home of gambling. Globally, the fact Macau has surpassed it for gambling revenue is simply the result of Vegas serving as its inspiration. Billions of dollars in revenue still find their way into the Nevada Gaming Control Board's monthly reports – putting it all rather into perspective.

There has, however, of late been vehement discussion of struggles in Las Vegas. Prices have been rising for some time and, now, revenue – and tourism numbers – are falling. Some local media outlets paint a very bleak picture, while other Vegas executives dismiss any worries out of hand. One thing is for sure: Las Vegas has always been able to reinvent itself whatever foe it has faced.

But where exactly does the truth lie? In this magazine, we analyse the data, while Las Vegas historian and expert Oliver Lovat provides his thesis in our cover feature. For years, he has written within the pages of both Gambling Insider and Gaming America, analysing Vegas' main trends and, occasionally, serving important warnings. There is no better authority on the subject.

He feels Las Vegas may have broken The Promise – an intangible contract with customers that provides them with the escapism they need to truly enjoy their stay. The question now: how does Las Vegas regain customer trust, and how important will this be in restoring former glories?

Elsewhere in this edition, lawyer Edward Carstairs writes for the first time in Gambling Insider, about the value of brand – and IP protection. Carstairs impressed me at iGB Live with his presentation on the topic, and we have reviews of several other panels at London's summer show.

We also have an interview with a casino manager in Ireland, a market full of recent regulatory change. Internationally, we look even further out – at India and Brazil, countries that – alongside the Philippines – are sending a message to the gambling industry.

Indeed, as nations stand up to illegal gambling forces, increasingly restrictive measures are having knock-on effects for regulated operators. But, in prioritising the battle against illegal gambling, legislators and regulators are not consulting the licensed market, whose complaints are falling on deaf ears. If the industry as a collective wants policymakers to look at it favourably, actions in the Philippines and some in Brazil have already done irreparable damage.

India's decision to ban all real-money gambling was sudden and left Flutter Entertainment CEO Peter Jackson "extremely disappointed." And yet this is the direction in which some major nations seem to be heading.

JUNIOR DESIGNERS

Medina Mammadkhanova, Monika Petrova

ASSISTANT DESIGNER

Tanya Aleksova

ILLUSTRATOR

Judith Chan

MARKETING & EVENTS MANAGER

Mariya Savova

FINANCE & ADMINISTRATION ASSISTANT

Dhruvika Patel

PUBLISHING ASSISTANT

Abi Ockenden

IT MANAGER

Tom Powling

COMMERCIAL DIRECTOR

Deepak Malkani

Deepak.Malkani@gamblinginsider.com

Tel: +44 (0) 204 591 3117

ACCOUNT DIRECTOR

Michael Juqula

Michael.Juqula@gamblinginsider.com

Tel: +44 (0) 207 039 9186

SENIOR ACCOUNT MANAGER

William Aderele

William.Aderele@gamblinginsider.com

Tel: +44 (0) 203 884 9277

ACCOUNT MANAGERS

Irina Litvinova

Irina.Litvinova@gamblinginsider.com

Tel: +44 (0) 203 855 0662

Serena Kwong

Serena.Kwong@gamblinginsider.com

Tel: +44 (0) 203 787 4615

BUSINESS DEVELOPMENT MANAGER - U.S. Miguel Malave

Miguel.Malave@playerspublishing.com

Tel: +1 702 850 8503

AWARDS SPONSORSHIP MANAGER

Michelle Pugh

Michelle.Pugh@globalgamingawards.com

Tel: +44 (0) 207 360 7590

Finally, I'd like to highlight our 'Explainer' feature, which on this occasion talks through the Penn Entertainment vs HG Vora saga (a tale we have nicknamed 'The Penndashians').

Vora saga (a tale we have nicknamed 'The Penndashians').

With all the genuinely entertaining stories gambling has to tell, I don't think it'll be our last such feature!

TP, Editor

CREDIT MANAGER

Rachel Voit

WITH THANKS TO:

Oliver Lovat, Alessandro Colnago, Edward Carstairs, Manav Bhargava, Steven Paton, Hayk Sargsyan, Pedro Romero, Neil Montgomery, Araksi Sargsyan, Mariia Shmelova, Markus Buechele, Volodymyr Saratovskyy, Steven Valentine, Anastasiia Shcherbyna and Z-Gaming Asia.

Gambling Insider magazine ISSN 2043-9466

C ONTENTS

Gambling Insider pulls back the curtain on one of the industry’s most important

50 Penn vs HG Vora

Gambling Insider untangles the web of legal back-and-forth between Penn Entertainment and HG Vora

54 Luck of the Irish

Carlton Entertainment Group

We look back and analyse some of the most thought-provoking panels from this year’s iGB

Manager Alessandro Colnago breaks down the changes in Ireland’s gaming market

58 Reputation matters

First-time contributor Edward Carstairs breaks down the importance of brand – and IP protection

We

Renowned Las Vegas expert Oliver Lovat analyses the current state of America's

Returning contributor Manav Bhargava discusses India's potential and how it is impacted by recent legislation

OLIVER LOVAT

WiseGaming’s Steven Paton breaks down the company’s goals

Slotting in

Galaxsys CEO Hayk Sargsyan explains the company’s expansion into slots 70 Magic in the air

Can magic mushrooms treat problem gambling? BetBlocker's Pedro Romero argues they can

72 Brazil 101

Gambling Insider regular contributor Neil Montgomery gives us an overview of the latest updates to the Brazilian market

Roundtable

Industry experts weigh in on land-based innovation

INSIDERS

84 Araksi Sargsyan Ds Virtual Gaming

85 Mariia Shmelova Aff.Tech

86 Markus Buechele Novomatic

88 Volodymyr Saratovskyy Champion

90 Steven Valentine Comtrade Gaming 91 Anastasiia Shcherbyna MelBet

92 What's new? Gambling Insider delves into the latest products on offer

98 Z-Gaming Asia

FACING FACTS

One current narrative paints Las Vegas as a picture of decline. Others, however, claim everything is as it always was in Las Vegas. Below, Gambling Insider explores the Nevada Gaming Revenue data... Nevada H1 growth

There is disquiet in Las Vegas. A sense of decay has started pervading discussions around the region as the revenue figures coming out of Nevada show tentative signs of stagnation and downturn. But while certain sectors have struggled, the Nevada eco-system is big enough to adapt, and it displays a natural resilience. In fact, steady statewide revenues are slightly disguising the more significant redistributions of weight going on below the surface. Over the past few months, Clark County has taken a string of disheartening blows, while the perhaps less glamourous, but better value for money areas a little out of town, like Boulder, have seemed to pick up the slack and mop up some of that lost custom.

The most notable signs of sector distress have come from the past six months' tourism figures. Yearon-year growth over that time seems the most obviously impactful of those stressors. A trade war with Canada has seen flight bookings from the country to Vegas plummet by 70%. But not only Canada – the costs associated with a flight to Vegas make it a luxury that for most people isn’t aligned with the pressures of inflation and cost of living. How much was The Strip relying on those international tourists? Are domestic visitors, for whom the sight of the Venetian is more commonplace, going elsewhere, prioritising value over grandeur? Macau, by comparison, has seen annual growth every month this yaer except for February.

2025 visitor growth – Macau comparison

Las Vegas Macau

Downsizing: Slots and tables

Casinos on The Strip are manned in the main by MGM Resorts or Caesars. Both are giants but in the data, there are clear signs of, if not panic, then proactive cost-cutting. There is talk of casino floors getting quieter, with dealer lay-offs contributing on top of decreased footfall. MGM has cut concierge services at six of its hotels, and two of the most famous venues in the country, Flamingo and Caesars, have been quietly and slowly downsizing. Clearly, the situation is far from terminal and the changes are manageable for now, but they are subtle indicators of a prevailing headwind.

Blackjack vs sports betting in Clark County

Las Vegas was built on escapism. The lights, the shows, the scale – all of it is designed to draw you in to the Vegas dreamworld. But it really made that stick when it combined those qualities with great value. An exclusive, premium feel, but with broad appeal. For the longest time, Vegas has been able to attract the average punter as well as the ‘wealthy whale,’ people happy to spend a few dollars, while lacking the finances or will to join the high-rollers. Arguably, with travel and accommodation seen as more of a luxury, it’s remote casinos that can trade on the value ticket. And even in Vegas, where blackjack is the most popular game, it’s sports betting that’s pointing in the right direction amid this state of uncertainty.

The Flamingo slots Caesars Palace tables Caesars Palace slots

As the house scratches around for value on its end, inevitably, the product becomes gradually eroded. And people are noticing. Not only are there complaints around service and rising costs, but rising hold percentages in Vegas’ slots are souring players’ views of the gambling haven. Suddenly there are more lay-offs and prices get higher still –a vicious cycle is playing out and it’s a fiddly one to escape from.

Reports of the fall of Vegas may be a little exaggerated. The area has shown resilience in the past, bouncing back from the pandemic with aplomb. For all the warning signs, there are also hardy survivors shining through the data. Baccarat’s revenues seem to be able to survive almost anything. Perhaps standing firmest of all though is the multi-denomination slot machine, which has defied every trend and posted hale and hearty growth figures every month this year.

Las Vegas Strip Downtown Las Vegas

Boulder Reno Elko

Las Vegas Strip

TAKING STOCK

Gambling Insider tracks online casino operator and supplier prices. Stock prices are taken across a six-month period (March 2025 – August 2025) – and from the close of the first available date of the month

SUPPLIERS

• Six-month high - March (16.15 EUR)

• Six-month low - June (12.60 EUR)

• Market capitalisation - US$2.94bn (as of 1 August 2025)

• Six-month high – August (29.57 USD)

• Six-month low – March (21.39 USD)

• Market capitalisation – US$9.21bn (as of 1 August 2025)

- August (858 SEK)

OPERATORS

• Six-month high - July (36.89 USD)

• Six-month low - April (29.94 USD)

• Market capitalisation - US$9.589bn (as of 1 August 2025)

• Six-month high - March (35.04 EUR)

• Six-month low - April (27.28 EUR)

• Market capitalisation - US$6.37bn (as of 1 August 2025)

• Six-month high - August (271.20 USD)

• Six-month low - April (222.82 USD)

• Market capitalisation - US$52.587bn (as of 1 August 2025)

• Six-month high - August (1002.5 GBp)

• Six-month low - April (574 GBp)

• Market capitalisation - US$8.48bn (as of 1 August 2025)

BARCELONA: ROUND TWO

The most prestigious Awards in gaming are returning to Barcelona during ICE week 2026

It’s impossible to take part in G2E and witness the entire gambling world descend on Las Vegas without being struck dumb by the sheer mass of talent within the industry. We can’t wait to share in that awe come October when the conference kicks off. But no great industry summit is complete without the addition of the most prestigious Awards in gaming. Yes, the nominees are in, let the hush fall over the room, because the Global Gaming Awards Americas are back.

Well, we can’t wait. But the the Awards train doesn’t stop rolling, either, so with the US event just around the corner, we’re taking a look a little further on down the track to January, when we’ll be heading over to ICE for round two in Barcelona and the ninth Global Gaming Awards for Europe, the Middle East and Africa. From Las Vegas to the cobbles of Las Ramblas.

The Global Gaming Awards calendar is jam-packed these days – just how we like it. It was only in June that we headed out to Manila to celebrate the champions of the Asia-Pacific region, but we’re not the kind to rest on our laurels.

It will be the second time that ICE and the Global Gaming Awards have taken place in Barcelona, and we’re not in the habit of complaining about hopping over to sunny Spain every now and again. Mariya Savova, Global Gaming Awards Event Manager: “Barcelona offers a unique blend of worldclass hospitality and vibrant energy, making it the perfect setting to celebrate excellence in the gaming industry and there’s no better time to do that than during the industry’s biggest trade show – ICE.”

The industry’s biggest show and the industry’s biggest Awards ceremony: a match made in Catalonia. While we grow and change, our commitment to integrity

stays resolute. And we know it takes more than just words to make that a reality, which is why we’ve been partnered with KPMG as our independent adjudicator since the first EMEA Awards in 2014.

We’ll be teamed up again this time, and our process remains as rigorous as it ever was. Micky Swindale, a Partner with the KPMG Global Gaming Team, is keen that “any company or individual who earns a place on the final Shortlist should feel a genuine sense of achievement.”

That’s why each company is only able to be nominated once per category, so if that company runs multiple brands, they won’t get two bites at the apple. And when it comes to selecting a winner, the responsibility is diffused between a panel of more than 50 of the most highly regarded executives in the business. Again, that process is systematically vetted with our strict one-executive-per-company rule. KPMG makes sure the voting process is operated and recorded in the most robustly honest and transparent way possible.

Rest assured, we know that, without trust, it can’t stand, and each time we put on an event, be that in Las Vegas, Barcelona, London or Manila, we aim to re-earn that trust.

urope

, midd l

e e ast &AFRIC A 2026

highlighted that €123.4bn ($143.8m)was raised in gross gaming revenue in 2024. That’s a solid 5% annual increase.

The Shortlisted nominees will be announced in our official Shortlist magazine. We won’t leave it up to your imagination either as to why either, we’ll tell you exactly what it was that’s impressed us so much about them over the past year.

And what a year it has been across Europe, The Middle East and Africa.

Over 70% of Africans now own a mobile phone, and with mobile money an established part of daily life, opportunities have been abound. InsaGames showed its businesscanny and innovative spark by launching its mobile-first iGaming platform, which crucially tends to the reality of some of these emerging regions. Where bandwidth is limited and internet connections volatile, there was a gap in the market for infrastructure-friendly, light-weight games.

In the Middle East, the United Arab Emirates is still readying itself to enter the regulated market. The land-based situation over there is ever-changing too, with that golden Wynn Resorts casino rising out of the shifting regulatory sands and scheduled to open in early 2027.

The old heads of gambling in Europe have been mixing it again, of course, showing the depth of the continent’s gambling roots and the span of its branches. A report by the European Betting and Gaming Association

But who’s been marching at the vanguard this time? There’ll be winners to look out for in new categories and old favourites. For the first time we’ll find out who’s definitively been leading the charge on Crash Games. Plus, we’ll see if anyone can take the Social Responsibility crown from Betsson.

With 15 categories, there is so much to play for. Soft2Bet was a very happy winnerslast year, taking home three prizes, including the Executive of the Year Award for Founder and CEO, Uri Poliavich. And after seven special years hosting the Awards at the Hippodrome in London, it had an added significance that The Hippodrome Casino took home the title of Casino of the Year.

Like any industry that innovates, certain classifications and categories become blurred or irrelevant over time. Our Awards must change with them, and there has been a slight reshuffle, as Savova explains: “We’re always evolving the Awards to reflect the industry in this particular moment in time. The addition of the Crash Game of the Year category recognises the rapid growth of this genre, which has become a major talking point in the industry. We figured that now is the right time to shine a spotlight on it by creating a separate category.

“As for merging the Retail and Online Sports Betting Operator categories, no one can deny that the future of the industry is omnichannel. We have heard top executives from the industry’s biggest companies say those exact words. If you look at Europe, most major brands operating high street betting shops now run thriving online platforms –and the retail and digital business arms increasingly support and strengthen each other. Recognising sports betting excellence as a whole simply felt like the most accurate reflection of today’s market.”

Last year was a massive year of change, then, for both the Awards and ICE itself, but the Gran Via at Fira de Barcelona is an incredibly modern and spacious venue, and it made the upheaval feel like the most natural of steps. We’re very glad to be heading back. Savova hailed it as a phenomenally smooth transition, and a great success, pointing out: “There were challenges, but it wasn’t anything we couldn’t cope with.”

It felt like an appropriate setting for the industry’s most prestigious of Awards and this year’s event will be even better as we settle back with some more familiarity into our new home. For those who attended last year, they may remember a certain piano bar going down particularly well. We can reveal that something special is being planned for 2026, though if you want to find out what it is you’ll have to come along and see for yourself. Make sure you’ve got your seat.

G2E TURNS 25

We look ahead to the vaunted Global Gaming Expo as it gears up for its 25th anniversary

It’s one milestone after another at the moment. Following on from our very own 15th birthday celebrations (see: the July/August issue of Gambling Insider magazine), attention is turning to G2E’s 25th anniversary – and everyone’s invited by the looks of things.

Yes, it’s that time of year again and the gambling world is preparing to put its best foot forward as it anticipates the Global Gaming Expo’s return to the expansive halls of the Venetian Sands Expo. There will be very little time to look back and admire conferences of the past with so much to play for at this year’s event. This Las Vegas staple is the event for product launches, after all, and anyone with serious ambitions of conquering the US in the next 12 months will be here polishing their newest wares and daring to catch the eye.

Since its inception, the industry expo has, in true Vegas style, adopted a ‘go big or go home’ ethos. Even at the inaugural edition in 2001, the LVCC welcomed 10,000 attendees through the doors. But this flagship gathering was always going to command bigger and bigger audiences, and this year will see more than 25,000 of the best and brightest arriving to put their cards on the table.

G2E is the place to get things done – a chance for you to press the flesh with representatives from the global gambling community. It’s also an opportunity to be a part of the wider conversation and fill your head with all the knotty discussions of the day. The Expo Hall will be opening its doors on 7 October, but the panels will be kicking

off the day before. So, if you want to hear expert opinions on hot topics like Brazil, fraud in iGaming, event contracts and sports integrity, you’ll want to be rolling in bright and early on Monday 6 October. In total, 330 speakers across more than 100 sessions make up the Education hemisphere of G2E –plenty to chew on there.

We expect you wouldn’t want to miss the Monday Keynote, either. As yet, the speaker is yet to be unveiled, but be aware, keynote speeches at G2E have a glitzy history with Whoopi Goldberg and Magic Johnson numbering among the stars who have taken on the mantle in the past, including of course industry CEOs like Jason Robins, Amy Howe, Bill Hornbuckle and more.

The extravagant stalls that get bigger and brighter every year can be as dazzling as a night out on The Strip, so you might want to plan ahead. Helpfully, if you’re in iGaming, there’s an entire zone dedicated to the sector. And if you’re interested in scouting out the newcomers, as with last year, first and second-time exhibitors will be gathered in their own specific zone. This year, the hosts are expecting nearly 400 exhibitors all told.

Brand new for this edition is the G2E Dealer Championship, a unique opportunity for the best of the very best US casino card dealers to separate themselves from the pack and claim the crown. Other innovations for 2025 include a designated Meeting Zone, offering a dedicated space for those important head-to-heads.

In Vegas news, it’s been quite a year for

anyone running a sportsbook in the area, especially for baseball and hockey. The figures for May make for pretty blissful reading if that’s your bag – according to the Nevada Gaming Control Board, sports betting on The Strip was up 31.6% year-over-year for the month.

Downtown Vegas has also been showing perky signs of growth of late – and there’ll be no shortage of discussion on these topics and much more once the festivities get going. There’s just no avoiding the growing significance of iGaming and sports betting in the US.

One other event showing no sign of slowing down is the Las Vegas Grand Prix; anyone thinking of sticking around for a round of baccarat will find the roads overrun with squealing F1 cars in November. The organisers of the event shared that the 2024 race generated $934m in revenue – no surprise, then, that the contest has just been renewed until 2027.

Global Gaming Expo organisers Reed Exhibitions and the American Gaming Association will be leaning into the future with some of the industry’s trademark resilience. The 2024 edition showed an increase in attendance year-over-year, with exhibitors hailing from 117 different countries, territories and regions. Notably, last year also welcomed a record 115 international exhibitors; if that trend continues, the opportunities for global partnerships and network building are going to be vast.

SLOT INNOVATION

G.Games CCO Helen Walton spoke about an ever-discussed topic at an iGB Live panel in London. Below, we summarise her main messages

Whether you’re a big gaming fan or not, you’ll be aware that Super Mario 64 and Call of Duty Black Ops 6 are bridged by several generational leaps in innovation. Not only with the graphics evolving from 2D to 3D, but also the rich environments that support a variety of player actions. Some modern games on the market can react to sound or movement detected around the controller while it’s in the players’ hands; others ask the player to make decisions that guide them through deep, branching storylines. But what about games with a smaller gameplay loop? This restriction hasn’t stopped developers – instead, they’ve risen to the occasion. Minit, an indie game, puts a time limit of 60 seconds per run of the game. This creates a unique experience, where the player learns more about the story and the environment with each interaction. It’s a hook for casual, yet rewarding play.

As for slots… While Reel ‘Em In by WMS Industries was the first ever slot to include a second-screen video, it seems like the innovation stopped there. If you look

Helen Walton

at pictures of the two, you’ll see some glaring similarities between the standard slot reel layout, the symbols, the act of pulling a lever or pressing a button... even the imagery of a man in a bucket hat catching a fish in the same. So why haven’t slot games changed over the decades? Well, there seems to be an opinion in the industry that if it isn’t broken, don’t fix it. After all, slots create eye-watering levels of revenue each year across the globe, so why meddle with something that is clearly working? Not all innovation is good either, especially when it’s change just for the sake of it – look at Coca-Cola’s $34m mistake when it tried to launch a New Coke product in 1985. Although the product saw initial success after market launch, many felt it was an “intrusion on tradition” and after months of widespread unrest, Coca-Cola finally reverted back to the same formula – thus, a cautionary tale about change was born.

Innovation is rarely a straight line, too, and it’s certainly easier said than done. Kodak was extremely successful and continued to innovate the camera, but when the phone market evolved to include cameras, it could no longer compete with the ease of having everything in one. No longer would you have to carry a phone, a camera and a pager whenever you went out! A similar thing happened with Blockbuster and Netflix. While the first was beloved and established, the latter offered an easier service. Neither Kodak nor Blockbuster offered bad products, and both companies had a loyal customer base – the market simply evolved beyond them. Technology and strategy are rarely the problem, it’s often the lack of speed and internal processes within companies that cause them to be left behind. As for railways, they were a great idea and everyone was pushing for them to be built, but they simply did not return financial success to investors. They were considered a societal success, but a financial disaster.

Innovation is often only great in hindsight. However, if you only focus on what’s popular in the market, this can create a funnel effect. Say you like Big Bass Bonanza –and it’s successful. You want to make a successful slot, so you inadvertently create a similar game. It performs well. You repeat the process over and over until the idea becomes so concentrated it no longer works. By this point, you haven’t created anything new; you’ve just followed a rabbithole of successful features that may not be relevant within a few months. This is not an innovative process; it is more like a spiral downwards as the market continues to cannibalise anything that becomes popular. By doing this, you also ignore those customers who do not like this slot and begin to isolate them from your products. While you’ve been chasing the number one slot, the rest of your customers have moved on.

Innovation often comes from desperation. But

the slot industry isn’t desperate – it’s performing better than ever. We do know there is a gap for disruptive innovation, though, just look at the adjacent entertainment markets. Sweepstakes are worth $6.2bn, while skin gambling is worth $50bn; not to mention Spribe and the spring of crash games. Even if slot providers don’t think they have to offer anything new to the audience, it’s clear slots are no longer the be-all and end-all of iGaming. Live show games have proved popular in recent years, with the

emergence of game show titles, virtuals and even marble racing made possible.

Walton finished up her panel with a poignant confession. She revealed to the audience that G.Games is spending £15m ($20.2m) trying to innovate the slot game genre. She didn’t go into detail about what to expect, but Walton did seem excited that the team were even trying. Will the final product fail to move the market, or could it become the next iGaming innovation?

Imagine you’re in charge of creating your company’s next slot game. Which aspects do you focus on?

CHARITY IN GAMING

At an iGB Live panel in July, speakers discussed charity donations within our sector, with the issue of greenwashing a consistent theme throughout

PANELLISTS

Linda Lindsay

CHIPS Co-Founder and Trustee: Raised £2m ($2.7m)+ and provided over 500 wheelchairs

David da Silva

SoGood Partners Co-Founder: Works with charities to improve collaboration and operations

Simon Pilkington

Best Betting Media Managing Director: Ran six ultramarathons in six days for charity

Fundraising for charity is nothing new for this or any industry, but have you ever noticed the kinds of charities the majority of gambling industry attention goes towards? These organisations often

support people suffering from gambling harm, which is understandable considering the ethical responsibility of operating within the gambling sphere, but this shouldn’t be where the support ends. There is so much good coming from the gambling industry, yet due to the unspoken bias towards gambling charities, it can be difficult for others to get the coverage they deserve.

Those were the conclusions of a panel at iGB Live at the Excel Centre in London in July. That aforementioned focus can also create problems of its own. If an industry only donates money towards charities that try to offset the harm caused by it, this can influence public perception. On one hand, you have Ben & Jerry’s associated with social justice causes, Tom’s Shoes known for giving free shoes to children in need, and Dave’s Killer Bread leaning into hiring people

with criminal backgrounds. On the other, while gambling companies predominantly give to gambling harm charities, this can inadvertently strengthen the association between the two.

What is being done at the moment?

As Co-Founder and Trustee of CHIPS, Lindsay has spent years hosting charity events to raise money for specialised wheelchairs catering to disabled children whose families cannot afford them, or cannot get the support through the NHS. These events are often attended by senior members of the gambling industry, including its annual Golf Tournament at the Woburn Club, but also include small-scale events hosted by individuals around the country. Since its inception, CHIPS has raised over £2m and provided over 500 wheelchairs for children in

need, but who reading has heard of the charity?

This is not a slight against the charity; instead, it raises an important point because it has operated in our space for many years, yet there is little coverage of it. “We can always find children who are in need, but we can’t always find the support of the industry to help them,” Lindsay told the panel. “As soon as you see the pictures of the children in the wheelchairs, their story and your help become tangible. But how do you maintain coverage past that?”

Despite not directly working for the charity sector himself, Simon Pilkington was still driven to call upon the iGaming sector to donate to a cause he felt passionate towards. After taking part in charity boxing matches in 2023 for Oliver’s Wish, Pilkington organised an event where he would run six ultramarathons back to back in six days – 183.5 miles or 295.3km. This raised £55,000+ for Oliver’s Wish, a charity focused on babies, children and young people organised posthumously on behalf of Oliver Dowling –“and for two fat men running down a path, that’s alright!” Pilkington explained on his GoFundMe page that “I’m excited and so determined to raise as much money as I can as part of Oliver’s Army, while hopefully bringing the iGaming community together in the process.”

Although he may not have spoken about his endeavours at the panel, it is worth mentioning David da Silva’s own efforts in the charity sector. As Moderator, he was busy asking Pilkington and Linday questions, but Da Silva is the Co-Founder of SoGood Partners. This organisation works with charities to improve visibility, collaboration, awareness and donation allocation using data tools and industry expertise. While it is important to donate to charity, Da Silva also recognises the importance of supporting charities with longterm growth and stability, rather than relying on one-time engagements.

Besides, just because somebody assumes a good act is being done only to cover up a bad one, that should not prevent the good act from being done in the first place. The panel at this event agreed that, while these accusations are inevitable, it’s important to push through them until they soften and subside over time. And as for any worries that Pilkington was charity washing? “F*** it,” he laughed. “We’re going to keep doing it because we believe in it.”

What can we do to help?

Of course, the topic of charity washing or greenwashing also came up in the panel. The gambling industry is a controversial one, so the more cynical among us may immediately disparage any acts of charity as simply trying to sweep any negative effects of operators under the rug. After all, who would feel comfortable criticising a big casino if the company donated millions to a cause close to their heart?

Well, it’s not always as complicated as that. Gambling operators are already donating large sums to good causes, yet it has done very little for their public image. It’s unlikely that supporting non-gambling charities would sway their image into something untouchable.

Many gambling verticals have already embraced charity work. Each year, Betting & Gaming Council members in the UK raise money to be split among various nominated charities, with the most recent Britannia Stakes race bringing in £450,000. Since 2019, they have raised over £6m for a range of health, sport and veteran charities such as Prostate Cancer UK, Sue Ryder, NHS Charities Together, the Royal Navy & Royal Marines Charity, ABF the Soldier’s Charity and the RAF Benevolent Fund. Racing With Pride, an LGBT+ charity, also partnered with the British European Breeders’ Fund and York Racecourse to deliver a Pridecentric raceday.

Outside of racing, there are countless charity lotteries and raffles, not to mention the National Lottery donation funds. Rank Group has also been partnered with Carers

Trust since 2014, holding regular fundraising events inside casinos to support unpaid carers. But is the gambling sector doing enough to support some of the little guys, too? It can be all too easy to donate to the major charities, but the panel urged people to speak up if they want companies and co-workers to support the niche ones too.

After asking the experts, Lindsay revealed that some of her most successful charity drives have come from intercompany donations, where one company wants to donate more than its competitor. This is a great strategy, especially with there being so many rivalries in this industry. Pilkington urged people to be vocal and not hesitate to ask people to support their charity work. It may sound silly, but even if it feels embarrassing to do, people don’t innately know if you’re supporting a charity event unless you tell them – and people will be more willing to help out than you may think!

With the rise of accessible online donation pages such as JustGiving and GoFundMe, it’s easier than ever to pitch in. Finally, Da Silva raised an interesting point: 8 million people volunteer monthly, which means most organisations will already have somebody involved with charity work. But are the people around them aware of this, and are they given the chance to help them out?

Food for thought.

iGB Live

THE FUTURE OF RET

At

a panel at iGB Live in London, key figures from three social enterprises combatting gambling harm discuss the Research, Education and Treatment levy

The new RET levy is gestating. The structure is in place, but industry, trade bodies and the potential recipients of the contributions are all waiting to assess its efficacy once the money starts being distributed.

“This is now public money.” says Rob Mabbett of Better Change. Accountability and transparency are non-negotiables for the speakers on this panel. There is a weariness in how they each reflect on the years of highly charged debate.

Wes Himes, Senior Advisor to the BGC and the Moderator of this panel, calls for a measured academic perspective that rises above heavily politicised and unconstructive argument. For Mabbett, this would mean no prioritising of one aspect of RET over another, no agendas, but a cohesive, collegiate approach. Treatment is as important as prevention, which is in turn as important as research.

Evaluating success in each of those areas will not be straightforward. Prevention was the letter retired and replaced when RPT became RET, but it is still very much at the forefront of the conversation. The problem is that measuring the success of prevention is finnicky. It’s an invisible metric and Clark Carlisle, Business Development Manager at

Gordon Moody asks the audience: how do we keep a record of cases that never happened because of improved education practices?

And what of that lost ‘E?’ Education. Is it really any easier to judge success here than with prevention? Well, the panellists agree that a calm and considered approach to doing so will be crucial. As Carlisle points out, if awareness and education campaigns do the job they’re supposed to, the numbers of people self-excluding or seeking treatment for gambling addiction will almost certainly rise. And though a necessary part of the long-term vision, this adds to the predicament facing Gordon Moody.

The residential treatment provider has consistently been 300% oversubscribed. Initially, success for them would mean being able to cater to the current need and meeting the bare minimum. Except, Carlisle reveals that residential treatment doesn’t fall under NICE (National Institute for Health Care Excellence) guidelines, meaning the charity is in danger of being excluded from the part of the funding due to go to the NHS. Those funds can be distributed to appropriate third-sector organisations but the team at Gordon Moody are none-the-wiser as to what criteria they need to fulfil to be in contention for that money.

So, the NHS accounts for 50% of the levy, and education for 30%, but research and innovation will be the home of the last 20%.

Victoria Corbishley takes on the question of who and what ought to lead this element of preventing gambling harm. For Corbishley, the voice of lived experience must be a significant part of the conversation.

Young people too are references as essential to the research process. To illustrate his point, Carlisle made a live case study of the audience by asking who had heard of Skibidi Toilet. There was no sea of hands and no shortage of raised eyebrows. But the people who created the aforementioned YouTube channel, which receives billions and billions of views and who-knows-howmuch in ad revenue, probably won’t be particularly bothered. Their demographic is decidedly Gen Alpha, and particularly vulnerable to the flimsy advertising guardrails in place across social media.

A common theme of panels at the Sustainable Gambling Zone is accessibility. Everyone has a casino in their pocket and most tech-savvy young people could feasibly be gambling illegally from lock screen in 30 seconds flat. For Corbishley’s ambitions of innovation to come true, working with people who have heard of Skibidi Toilet could be the keystone to success.

Looking forward to the next five years of the levy, Corbishley also has high hopes that the capacity for individualisation in the treatment piece will be expanded. The more choice and flexibility people have for their treatment, perhaps the more likely it is that they will actively seek it.

But if the education isn’t already in place, that treatment will still manage to be both oversubscribed and underutilised. Carlisle shared a damning advisory that if you asked most people who walk out of GA (Gamblers Anonymous) meetings whether they believe themselves to be gambling addicts, most will say no. It certainly seems there are a number of hurdles like this that will have to be leapt over simultaneously.

If people are going to seek treatment, no matter how flexible their options, they have to understand that they need it. Collaboration between gambling harm service providers and operators alike will surely prove pivotal in whether this levy helps the gambling industry clear those hurdles... at the first hurdle.

Moderator: Victoria Corbishley, CEO, GamCare, Rob Mabbett, Engagement Director, Better Change, Clarke Carlisle, BDM, Gordon Moody, Wes Himes, Senior Advisor, BGC

CLEVER COMPLIANCE

A panel at iGB Live in London weighs up the positive case for compliance

The black-market paradox cropped up a few times at iGB Live. On day one there was a whole panel dedicated to it. Here on day two, with tongues a little looser, it was explored somewhat more robustly.

Peter Rampertaap, Coordinator Operational Supervisor with the Netherlands Gambling Authority (Kansspelautoriteit/ KSA), disarmed the audience by rebuffing the idea that stringent safer gambling regulations had the unintended effect of driving people to unlicensed shores. Debuting some KSA statistics, he claimed that: “93% of players in the Netherlands are gambling in the legal market.” And that’s despite the nation being a notoriously tight regulatory environment to operate in.

The conversation buffered while everyone processed this. This was neither an ‘um’ nor an ‘ah,’ it was a decisive figure that seemed to point a clear way forward.

Maybe... maybe not. Sensing that it didn’t ring true in the room, Rampertaap caveated the claim by acknowledging that it doesn’t take into account GGR. The KSA report itself concedes that heavier players may have transferred to illegal operators, while search volume data even tentatively suggests that the black market could have grown.

So, back to square one? Not exactly. It’s important to distinguish between actual figures and hypothetical ones. The KSA doesn’t know the GGR of the black market because, as Mike de Graaff, Co-Founder of BetComply, points out: “It is a black hole of data.” Unlicensed gambling operators no more want to share their player statistics with the KSA than with their local chief inspector. That 93% is not speculation, and the Dutch Gaming Authority has just cause to be buoyed.

Continuing the positive spin is Marian Mihaila, Global Responsible Gaming Manager at Superbet Group. He is keen to press home how optimum safer gambling tools should be empowering the end users rather than frustrating and restricting them. Feeling safe and supported while gambling ought to be a comfort not an annoyance, and employing high-quality UX alongside engaging and innovative content is not on the list of things to curb for regulators.

THAT’S THE IDEA, ANYWAY.

De Graaff is clear that it is perhaps easier to say all of the above than it is to budget for it. While a card-carrying legitimate operator bears the financial burden of educating its customer base on player protection, a nefarious operation can

unload its entire marketing budget on aggressive advertising. There is nothing stopping that company making unfair claims to undercut its opponents – no rule it hasn’t already ignored anyway.

Now, no one feels sorry for the operator that isn’t allowed to promote with as much financial firepower as it would like. Boo-hoo indeed. But it matters when you’re pitting the legal market directly against the illegal one. The decline of one is fuel for the other.

De Graaff shares the shocking example of VBet, an Armenian operator whose Dutch site was wiped off the map by the Google algorithms and replaced by an unlicensed imitator. Despite putting in the hard yards acquiring the relevant licences and marketing itself legitimately, its rightful customers were being siphoned off to an illegal site. Where is the incentive now? The positive encouragement to comply?

Smarter compliance is the focus of this panel. And keen to leave the hand wringing to others, BetBlocker’s Pedro Romero encouraged the panel to proffer some solutions...

A clever example of operators showing canny –to give bandit gambling operators a taste of their own medicine – is Dutch companies

implementing SEO-engineering that ranks them highly on Google when players who have previously self-excluded, using CRUKS, search for non-CRUKS gambling sites.

And what of AI? Here there is more of a note of caution. “A weapon can be used to defend or attack,” says De Graaff. Accountability is so central to compliance and no one who’s sole objective is to build trust is going to do so right now by using AI. “AI-powered” is not yet a value proposition. Romero wonders whether the gambling industry is actually any good at learning from its mistakes? Is it Groundhog Day again? The note of caution turns to hopelessness.

Well, perhaps not. As a concluding note of optimism, De Graaff pointed out that New Zealand is a new market, and that’s no cut-and-paste job. Fifteen operators, a smaller more manageable pond, with some admittedly large fish. The hope is that they don’t destroy each other, that they learn from the past and that the market is controlled enough that each has space to operate. The hope is, of course, that they just might work together to establish a sustainably compliant model that future markets can follow.

Mike de Graaff - CCO and Co-Founder, BetComply, Marian Mihaila - Global Responsible Gaming Manager, Peter Rampertaap - COS, Netherlands Gambling Authority, Pedro Romero - SGC, Psychologist & Counsellor, BetBlocker

RETHINKING REDRESS

Richard Hayler, from the Independent Betting Adjudication Service (IBAS), explains the hold up to the promised Gambling Ombudsman

Alternative Dispute Resolution is a mechanism to run the rule on contractual contests between consumers and businesses. In the gambling sector, they can settle financial disputes with sanctions of up to £10,000 ($13,500) –a non-legally binding power that is. More on that later... Nonetheless, ADR providers like IBAS are going into battle wearing legislative handcuffs – they can’t resolve everything. Their narrow mandate means that, when a disgruntled gambler engages IBAS, a process of expectation management takes place in the form of a small quiz.

If someone has been rude to you, if you’ve been the victim of a crime or the game you played was broken, you’ll soon be told you’ve come to the wrong place. The only disputes over which IBAS can wave its sceptre are contractual discrepancies. A European Directive in 2013 laid the foundations for these dividing walls and we have built our labyrinth of gambling redress upon them. So, if your case is that an operator irresponsibly allowed you to gamble more than you could afford, you’re not alone. But in its current form, IBAS can’t help.

Richard Hayler, Managing Director of IBAS, has just got back from blowing out the candles on case 100,000. There are many more IBAS has had to offload, whether upstairs

to the Gambling Commission (GC) or just back the way they came. Because despite the expectation-managing questions, social responsibility complaints make up 13% of resolution requests. How many others must turn away at the door?

The Licence Conditions and Code of Practice are requirements for any GC licence holder and compliance with the ‘social responsibility code’ is a three-line whip. Don’t uphold those values and the Commission can review, suspend, fine and prosecute. Social responsibility is already enshrined in the UK’s most revered of licensing literature, then, but in terms of redress it means little to players. What grim dissatisfaction it must be for that disgruntled gambler, who has questioned an operator’s adherence to this code, been passed from IBAS to GC, and seen all of these reprisals carried out, without a single seized penny going back in their own pocket.

The disconnect between the LCCP and the redress mechanism is clear but attempts to introduce a mechanism have been heavylegged. The mythical Gambling Ombudsman was first sighted in the 2023 White Paper but has so far failed to emerge from those pages and take shape. IBAS is in favour of the Ombudsman, and of being the

Ombudsman, but Hayler is game enough though to talk through the reservations. In fact, he gives us a textbook IBAS expectation management clinic. “It’s not going to be perfect to begin with,” and there is a “lack of legal precedent” for another thing. Whoever took on the mediatory mantle would be establishing the precedent as they went along with no case law to moor themselves to.

Observing ombudsman in other industries doesn’t comprehensively stack up the pros column either, Hayler explains. What is, in an ideal world, a totally independent and empowered body, in practice becomes feeble and contingent, muscles wasted by poor economy and veins pumped full of clogging bureaucracy. IBAS proudly wears that independence. But an Ombudsman couldn’t operate in isolation and, while the Gambling Commission is funded by the taxpayer, an Ombudsman would have to be financially bootstrapped by industry. This is no different in shape to any ADR, which are funded by willing operators, but the scale of the running expenses would be a different level.

Hayler envisions a few forward-thinking operators, taking the bull by the horns, signing up and bringing their proprietary redress systems to the table. But without this kind of buy-in from industry, the mythic Ombudsman will continue to be a fantasy. The absence of independent scrutiny, Hayler points out, is bad for operators too. Without it, if someone says they were allowed to gamble an unaffordable sum, it reflects badly on the betting company whether the claim holds water or not.

How convincing that argument is to most operators remains to be seen, hence the need for the forward-thinking ones to take the lead and ignore the noise that seems to have jammed the gears of this process. There’s a simmering frustration in how Hayler holds commentators and politicians to account for that noise. “Until you build a framework and put together the teams you can’t get anywhere near the territory of speculating what it might do.”

Hayler leaves us with a less than promising report: seemingly, the GC is saying the only way it can see it happening is if the rules are established in law, something the Government has said it won’t do.

Now that’s what you could call... expectation management.

Richard Hayler – Managing Director, IBAS

Can Vegas relight its spark?

With growing chatter – no longer just among industry circles – that Las Vegas has lost its magic amid soaring prices and falling tourism, Oliver Lovat delivers a historical analysis of whether Vegas has broken The Promise. And where does it go from here?

With 2026 in sight, we look forward to two notable anniversaries of properties that made Las Vegas; 80 years of The Flamingo and Caesars Palace turns 60. One would expect that, as two of the oldest properties on The Strip, they are nearing the end of their runs; however, both are thriving at a time when many of their newer competitors are facing pressure, as Las Vegas faces broader scrutiny.

Upon closer inspection, the origins of these two properties provide us with insights to factors that made Las Vegas so special. Indeed, their ongoing prosperity and relevance offer lessons in sustainability and, more importantly, reminds us of “The Promise” that enabled Las Vegas’ evolution, growth and reinvention, which remain vital to drive future success.

SETTING THE STAGE

On Boxing Day, 1946, The Flamingo opened at the third resort on Route 91, today’s Strip. The resort’s opening was considered a disaster; it was overbudget, the hotel wasn’t ready and, within months, the developers Billy Wilkerson and Benjamin Siegal exited the project, the latter in a more terminal fashion, to be replaced by Gus Greenbaum, Moe Sedway and Dave Berman. They honed the message and set the template for casino operations for the first generation of

Las Vegas casino owners.

Other than providing mythology to the city’s origin story, the legacy of The Flamingo is two-fold. Firstly, and not apparent at the time, was the importance of location. Secondly, was strategy.

The Flamingo’s appeal was not to the “frontier gamblers” of the other properties, but attracted customers of Wilkerson’s other hotels, nightclubs and restaurants dotted across California’s major cities. These properties were frequented by the subjects of his Hollywood Reporter magazine and the pleasure-seeking nouveau-riche, such as Siegal, where they could mingle with likeminded people.

When hotel developers Jay Sarno and Stan Mallin conceived their Cabana Palace across from The Flamingo, Las Vegas was already established as America’s gambling capital. The renamed Caesars Palace finally opened on 5 August 1966. It was elegant and fun, with an escapist theme, far removed from the bleak headlines of the mid-1960s and the backdrop of the Nevadan desert.

People loved Caesars Palace in a way they loved few other hotels. Not only could you eat, drink, dance, see shows, gamble, sit by the pool and play dice or cards, all in the same place, but they loved how being there made

them feel; they loved the escape, the fantasy, the entertainment, the experience. Opening night was attended by some of the country’s most recognisable names and faces.

Improbably, but crucially to the future of Las Vegas, was perhaps the least known person at the party: 26-year-old Steve Wynn. Sarno’s unappreciated and intuitive genius set out the strategic foundations that would define the market. Established at The Flamingo, advanced at Caesars Palace and absorbed by a young Wynn, “The Las Vegas Promise” was set.

REVIVING “THE PROMISE”

Faced with competition from Atlantic City, by the early 1980s, Las Vegas was relegated to the second-largest gaming market in the USA. The Flamingo became part of Hilton’s portfolio, removing all elements of the historic build. Caesars Palace had also expanded, but the primary attention and resources of the corporate parent, Caesars World, were directed on the east coast and other ventures.

The tragic fire at the MGM Grand remained a symbol of Las Vegas’ decline, with no new major resorts opening in market. As several Las Vegas casinos fell into bankruptcy, the consensus belief of remaining casino

operators was that if they were to compete against the newer, better located resorts in Atlantic City, they needed to be cheaper, with more offers, comps and discounts to attract customers, firmly in the middle and mass market. Rather than being an exclusive retreat for gamblers, Las Vegas became more inclusive to those on all budgets.

Las Vegas as a “value destination” stopped the financial bleeding, but this transactional tone made the experience all about “the deal.” Moreover, this strategy did not deliver the elevated escapism promised by the formative icons.

The importance of Wynn’s Mirage, which opened in 1989, was not the frequently misunderstood claim that by building big, it was the catalyst for the renewal of modern Las Vegas. Rather, it marked the culmination of Steve Wynn’s own experiences and insights, pulling in various strands of strategic thinking, lifting heavily from Caesars Palace and The Flamingo, reimagined alongside his own experiences, all showcased in a single property. Throughout development, Wynn was unyielding in delivering and communicating what he called “Keeping The Promise” to his customers. This was no accident – and he delivered.

THE BUSINESS STORY

There has been an influx of smart people into the Las Vegas hospitality and casino industry over the past decades, many of them, like me, with advanced business and finance degrees, with experience in other commercial environments.

Where such conversations were once limited to conference gatherings, I see almost weekly dialogue and pronouncements about strategy, offering various hypothesis to drive business revenues and shift the customer demographic. Turning all aspects of the business into revenue centres, eliminating under-performing elements and services, and maximising efficiencies has had the effect of record operating margins, evolving revenue mixes and a new customer demographic coming to the market.

Oliver Lovat

In this sense, these changes have proved successful, at least financially. In some cases, however, recent moves have alienated some customers familiar with past experiences and expectations, with the dissatisfaction playing out in social media. Although visitation data, commercial results and social media headlines do not tell the full story, there remains a story to be told.

True, on a macro-level there has been a decline in annual visitation, particularly from international markets. But this is as likely to be due to exogenous factors, notably a public trade spat with Canada and Mexico, and ongoing military conflict in various

“ Fun, pleasure, excitement, thrill, escapism, aspiration are embedded in ‘The Promise.’ Stay in our resort and you will feel better about who you are ”

countries, rather than to Las Vegas operators’ decision-making alone. Also true is that Las Vegas is not the bargain destination of popular conception, a legacy of the 1980s sell. Gamblers no longer subsidise other business units, as operators seek to bring in “the right” customers, rather than seek occupancy as the key performance metric.

National (and indeed, international) inflationary pressures have led to increased costs of goods, the labour unions have negotiated an increase in salaries from resorts, and the advent of mega-attractions (such as The Sphere and Allegiant Stadium) have pulled customer time and spend away from smaller attractions and venues, sometimes challenging their viability.

However, despite these very understandable and rational explanations, it would be churlish to blindly disregard the visitor sentiment as mere bluster. Instead, it may be that what is being vocally conveyed is something broader found in the present Las Vegas experience. Notable irritations are inconsistent service standards and the addition of a variety of fees and charges – some seeming arbitrary and excessive – to inflate what looks like decent value. It must be noted that cheaper pricing alone is not a guarantee

of competitive advance, but it is the perception of price-gouging that should be a concern. Unchecked, this is an easy pathway to dissatisfaction and product alienation.

McGovern and Moon observed in 2007: “Any CEO focused on long-term sustainability would be wise to identify these strategies and begin dismantling them. Clearly such practices work in the short term as the profits of certain practitioners attest, but as competitors emerge to exploit customers’ pent-up hostility, companies that bullied their customers in the ways described here should expect a punishing response sooner or later.”

It has taken a moment, but from the perspective of customers, something has changed, with dissatisfaction a more pronounced attitude than ever before. In this industry specifically, this is particularly alarming.

ASSESSING THE LAS VEGAS PROMISE

“ At every turn... creating love and capturing loyalty must be our strategic goals. If we do that, customers will keep coming back ”

customer, you “get something” back. This has proved highly effective and, moreover, it is quantitative – and if you can measure it, you can manage it.

Although the proponents of Las Vegas talk about the experiences that Las Vegas offers, rightly justifying the diversity and quality of what is served, that is only one aspect of a deeper – and in some cases lesser understood – insight to the drivers of strategic competitive advantage. My previous columns have addressed this in detail, but to summarise, in this industry there are only two drivers of sustainable competitive advantage: location and customer loyalty.

strategic competitive advantage. My previous something either functional or transactional,

Increasingly, the focus on loyalty is as something either functional or transactional, using points, access and status to entice customers to their resorts. By being a good

“stuff” in meeting their customers’ functional needs, but certain resorts have managed to dive deep into psychology and focus on embracing the emotional needs of customers, some that even the customers themselves cannot cognitively identify.

This is done not just by the physical building and design elements (including meticulously calibrated environments subliminally engaging across the senses), but the human interactions, employee culture, personal engagement. When staying at our resort, how do you feel?

My own research from 2011 and 2021 shows that some properties are more successful in capturing customer loyalty that others. Over the 10-year time period, these notably include The Flamingo, Caesars Palace, The Mirage (prior to closing), Bellagio and Wynn. Of these properties, there is no surprise that The Flamingo and Caesars Palace feature, personifying the “Las Vegas Promise” in Americana, being located in the best positions at the heart of The Strip and more recently having benefitted from the loyalty strategies enacted by Harrah’s/Caesars. All the other resorts were developed by Steve Wynn and his team.

Wynn’s views, like Sarno before him, were shaped by a deep, intuitive understanding customer psychology and placemaking. Wynn recalled the experiences of his parents’ generation at G2E in 2014. Summarising, his message: “They never saw a good day in years. If they didn’t go to war and get killed, they came out to The Great Depression, then World War II. But by luck, they experienced the rapid growth of the post-war years, and all they wanted was a taste of “the good life” – something they had only heard about.”

Many early resorts (and an increasing number of those today) were developed, programmed and operated based on function, with great resources and amenities – which are presented to the customer as marketing elements, either as differentiators or providing a reason to visit.

This misses the point. Theodore Levitt famously observed about marketing, that people do not merely buy products; they buy solutions to meet their needs. It is this that sets The Flamingo apart from The El Rancho, Caesars Palace from The Dunes, The Mirage from The MGM Grand, Bellagio from Mandalay Bay, and Wynn from Aria. It is not that they offer better

Fun, pleasure, excitement, thrill, escapism, aspiration are embedded in “The Promise.” Stay in our resort and you will feel better about who you are. If you don’t “feel” loved, it becomes about a transaction, thus increasing scope for dissatisfaction. Get this right and customers will return, repeatedly. In too many Las Vegas experiences, it is not being delivered.

THE OPERATOR’S DILEMMA

When developing and programming a casino resort, the first question to ask is, who is your customer?

The answer is not always binary, with many newer (and larger), Strip resorts having to cater to multiple customer segments with the final product having to balance the competing needs of convention customers, casino players and nightlife mavens. In some cases, where the properties are relatively smaller, such as in Downtown Las Vegas, or focused on a particular geographic sub-market, as found in Station or Boyd’s properties, or where there is a singular “top-down” visionary (Wynn, Adelson) the priority is often clearer.

In a more corporate, risk-averse age (where real estate and operations are separate) the programming has become more formulaic to meet functional needs, (bars, restaurants, facilities and amenities) supplemented by events and experiences, underwritten by transactional drivers, each with a dedicated ROI, where the outcome is driving and maximising revenue, rather than seeking an emotional response from customers. Has modern, large-scale, diversified, convention-friendly, operationally heavy

and (by necessity) transactional Las Vegas broken the historic promise to customers? For many, particularly certain gaming customers in some properties, The Promise remains strong, but it needs constant renewal, with the realisation that what is lost can be found.

As 2026 marks the important milestones in the history of Las Vegas’ casino history, I challenge today’s operators and developers to (metaphorically) travel back in time to the early days of Las Vegas, appreciate what made

this city so remarkable and understand not just what, but why and how.

Those present at the opening of The Flamingo, Caesars Palace, Mirage and Bellagio, knew they were witnessing something special. They fell in love with Las Vegas in a way that was not merely transactional; the memories they hold dear are responses to engagement with the elements intended to solicit an emotional response. Las Vegas was created to provoke the expressions, behaviours and feelings that other places could not.

These responses to place are not unique to past customer demographics. Aspiration and the pursuit of self-validation are universal,

plus the realisation of achievement, embracing of emotion and recognition of experience. This generation even has an app to immediately communicate these moments to others. And when they fail to have these moments, there is an app for that too!

At every turn, whether it be appropriate pricing strategies, programming, investing in new experiences and amenities, or ensuring our hospitality delivery is at the pinnacle of the industry, creating love and capturing loyalty must be our strategic goals. If we do that, customers will keep coming back.

If we keep “The Las Vegas Promise” to our customers, they will keep theirs to us.

Oliver Lovat leads the Denstone Group, which offers strategic consultancy on customer-facing, asset-backed investments, including casinos. He has been a regular Gambling Insider contributor for years, but is mostly found in our sister publication Gaming America.

PENN VS HG VORA: WHAT’S GOING ON?

Some sagas just don’t seem to stop in gambling (the takeover of PointsBet comes to mind). A huge example receiving plenty of coverage this year, however, is the ongoing dispute between Penn Entertainment and HG Vora (affectionately nicknamed ‘the Penndashians’ within the Gambling Insider office). What exactly is going on? Megan Elswyth takes a closer look, including a dive into a 116-page manifesto…

Whether it’s David Einhorn scrapping with Bruce Berkowitz over St. Joe, or Bill Ackman’s seven-year feud with Carl Icahn, there are always disagreements in business. They don’t get much more public than Elon Musk’s recent spat with US President Donald Trump...

Rarely do they escalate to this degree but, when they do, it’s sure to attract the attention of those across the industry. This is exactly what happened this year when Penn Entertainment fell out with long-term shareholder HG Vora, resulting in around 20 press releases (and counting), multiple presentations, a lawsuit and even the launch of a website. From the outside, it may have seemed like it was only about Penn reducing the number of open Board chairs from three to two, but it goes much deeper than that.

When Penn announced on 29 January 2025 that it had received the list of three candidates from HG Vora, it seemed like a fairly innocuous business update. These were Johnny Hartnett, Carlos Ruisanchez and William Clifford.

While Penn agreed with the first two, they refused to appoint Clifford as his skills and experience were “against the needs of the Board” and he “failed to demonstrate the base level of open-mindedness required of all directors in order to explore value-generating solutions.” For the next few months, the two companies published various releases snapping at one another. HG Vora was accusing Penn’s management of “value-destructive deal-making, reckless capital allocation and poor execution,” while Penn was trying to refute the claims.

If this were an isolated incident, it could

easily be attributed to somebody not getting their way, but this investment company was not the first to raise issues with Penn management. A year earlier, on 31 May 2024, Will Wyatt from Donerail Group penned a six-page open letter to David Handler and the Board of Directors at Penn Entertainment, raising countless issues with the company. These included voting patterns for Board members, falling stock prices, troubling financial transactions and the poor current market capitalisation.

Wyatt also didn’t hold back from making sensationalist claims either, asking “whether Penn’s directors are really just riverboat gamblers, content with doubling down after each loss.” However, it wasn’t until 21 May when HG Vora published its 116-page presentation that people first started to pay

attention to the claims in full and realised that it was never just about the chairs.

WHAT WERE HG VORA’S CLAIMS?

 Penn invested $4bn+ of shareholder capital, nearly double its current market capitalisation, attempting to build an online sports betting business

 Despite paying $1.5bn+ to launch ESPN Bet, it only held 2% of the market share

 The Interactive segment generated $1bn+ in adjusted EBITDA losses and approximately $850m in write-downs

 Penn is worse off than in 2019 by nearly every financial metric

 More than $11bn of shareholder value has been destroyed since 2021

 Penn paid $550m for Barstool Sports then sold it for $1 four years later

 More than $4bn spent on acquisitions and investments related to online sports betting

 The company’s stock price is negative yearto-date and over the last one, two, three and four-year periods; as well as during CEO Jay Snowden’s tenure

 Snowden’s target compensation is higher than all but one of his peers, even though he is the second-worst performing among his peers, and Penn is the second-smallest company

BARSTOOL SPORTS

Barstool Sports, a sports and pop culture blog, had previously been dismissed by several potential business partners, including FanDuel, DraftKings and PokerStars. It’s unknown whether this was due to the business or perhaps owner Dave Portnoy’s controversial personality. Yet, despite several warnings, Penn acquired 36% of the media company in 2020 for $163m.

According to media reports at the time, Penn executives wanted to use Portnoy’s notoriety to attract a new demographic of players. And what made him notorious? Well, he had previously filed for bankruptcy following gambling losses, with other alleged misdeeds including: using fake press passes to unlawfully gain entry to events, claiming that some women deserved to be assaulted and even being accused of engaging in violent acts against women while filming them without their consent.How did Penn react? Snowden held a video conference call the next day and defended Portnoy, saying that if Portnoy was sexist or racist, they would not have gone into business with him. Snowden was wearing a Barstool Sports shirt during the call.

Between 2021 and 2023, Barstool ran a “Can’t Lose Parlay” in which 90% users lost their bet on; it advertised on university campuses; it cost Penn licences; it combined alcohol with in-person sports betting promotions; and it only achieved a 1.7% market share. Considering the above, Penn

decided the best course of action was... to double down and purchase the rest of the sports media company for $388m in 2023.

During an interview in 2020, Portnoy said “Penn needed us… and we named our price. There was no negotiation.” Penn would later sell Barstool Sports back to Portnoy in 2023 for just $1. That is not a typo.

In Snowden’s defence, he did say Barstool was a learning experience. Not every business decision can be perfect and it can be easy to criticise as an onlooker, but it’s different when you’re the one having to call the shots.

ESPN BET

Later in 2023, Penn agreed to a $1.5bn deal with Disney to license the ESPN brand for its new sports betting division, ESPN Bet. When asked about the deal, The Walt Disney Company CEO Bob Iger said, “Penn stepped up in a very aggressive way and made an offer to us that was better than any of the competitive offers by far.” It was also a strange time to close a deal of this nature, considering that Flutter’s Fox Bet announced only a month earlier it would be closing amid challenging conditions for media-affiliated sports betting brands. Shareholders were also concerned. When questioned about this by analysts and investors, Snowden would avoid giving clear answers: “We haven’t disclosed it and we’re not going to,” “I’d rather wait until our Investor Day more toward the end of the year” and “I don’t want to get into too much detail on 2024 yet.”

Sports betting had already been legalised for five years by this point, and many of the brands in the space, such as FanDuel and DraftKings, had already capitalised on the market. Penn wanted to snag a 20% market share, but since launching ESPN Bet, the brand has achieved around 2-5%, depending on the state. While average interactive monthly users jumped from 189,000 to 771,000 after the launch, this fell quarter-over-quarter to 429,000. Although there was a small recovery in the last few quarters, MAUs are still down 27% overall. While customer retention is one of the most challenging aspects for any business, shareholders were still unimpressed by these figures.

Penn was not going to let HG Vora focus on the negatives, though. In an open letter to shareholders, the operator also highlighted that ESPN Bet had around 2 million users and the interactive vertical generated $162m in adjusted revenue in Q1 2025, which was a 78% improvement year-over-year. It claimed results would have been better if not for customer-friendly betting conditions, with profitability expected by 2026.

BOARDS BEHAVING BADLY

Before launching into the full performance

JOHNNY HARTNETT

Previously worked for Paddy Power and Sportsbet. Former CEO at Superbet Decades of experience in online gaming.

CARLOS RUISANCHEZ

Previously worked for Pinnacle Entertainment and Founding Partner of Sorelle Capital. Expertise in real estate and hospitality sectors. Delivered a 5x return to shareholders while CFO at Pinnacle.

WILLIAM CLIFFORD

Previously worked for Nevada Gaming Control Board, Golden Nugget, MGM, Sun International and Gaming and Leisure Properties Former CFO for Penn and allegedly drove 20x return for shareholders. More than 30+ years in the industry.

Source: WinAtPenn

Source: WinAtPenn

Source: WinAtPenn

metrics, it’s worth covering something a little more personal, or personnel, if you will. The majority of Penn’s leadership have experience in land-based operations or corporate development, which may explain why the company is so well-known for its retail casinos, but these aren’t at the centre of this controversy. HG Vora claimed Penn has spent $4bn+, almost double its current market capitalisation, on M&A to build a sports betting brand, despite not having enough executives or board members with solid expertise in this area. The team that previously led the interactive strategy segment, the Levy Family, all departed Penn in mid-2024 but were not replaced quickly. Additionally, according to HG Vora, since 2020, Penn executives have logged more than 1,100 flights and 1,400 hours of flight time. While some travel is to be expected to different Penn properties, HG Vora has concerns that not all the flights are necessary. The 760 flights to Penn headquarters certainly seem reasonable, but HG Vora has highlighted that 462 flights seem to be to Snowden’s residence, while 212 are to CFO Felicia Hendrix’s home. By comparison, only 58 have been to Las Vegas and 27 to Lake Charles, one of Penn’s casino locations. It’s worth noting that Penn refutes all of this. The company has recently hired Aaron LaBerge as CTO and Billy Turchin as CPO to help with digital products, and while they weren’t brought on immediately after the departure of the Levy family, good appointments can take time. Could Penn have found people with online sports betting experience before spending $1.5bn on ESPN Bet? Sure, but at least it is trying to make up

for that now. As for the jet use, Penn cites these claims as “simply not based on the facts readily available in our public disclosure.”

PENN’S POOR PERFORMANCE?

While it was amusing to watch HG Vora complain about there being one less votable seat on the board and tracking the number of flights Penn executives may or may not have been using to commute on, these might have been ignored if Penn’s financial figures were better than they currently stand. Since shares peaked in 2021 at $136.47, Penn has since declined by around 88% to $16.74, which HG Vora translates to around $19bn in lost market value. The investors also complain that the interactive segment generated $1bn+ in adjusted EBITDA losses and approximately $850m in write-downs, leaving Penn worse off by nearly every financial metric compared to 2019. Even in 2025, the interactive segment is still negative in terms of its adjusted EBITDA, with Q1 figures sitting at a $89m loss. While Penn did announce $111.5m net income in Q1 this year, there will still be a long way to go to offset the $804.7m combined annual net losses accrued between 2023 and 2024 – and for investors, it may be too little, too late.

HG Vora also complained that, despite these results, despite Penn being the secondsmallest company in its peer group and despite Snowden being the second-worst performing CEO among his peers, his target compensation is higher than all but one of his peers – beating DraftKings, Caesars and EA.

IS THE PENN MIGHTIER THAN THE SWORD?

By mid-June, both Penn Entertainment and

HG Vora had dragged other companies into the fray, touting that third parties had publicly agreed with them in an effort to discredit the other side. When Penn appointed Hartnett and Ruisanchez during the Annual Meeting of Shareholders, there was a collective sigh of relief. Surely the drama was over and the press releases would stop…

Well, there was one final report from HG Vora. Throughout the year, the capital management company had urged shareholders to vote using HG Vora’s Gold proxy card to signal if they wanted change at Penn - with more than 55% of all votes cast being done this way. A further 60% of votes were against the company’s Say-On-Pay proposal, too.

So have we seen the end of this?

Probably not. Five days after the shareholder meeting, Penn laid off dozens of employees at theScore, cutting editorial in half as it prepares for “the ongoing evolution of our digital business”. This is despite Penn planning on launching theScore in new jurisdictions in 2026. There were also multiple mass layoffs within the past year, including some at ESPN Bet. Between mounting dissatisfaction and distrust between employees and shareholders alike, the operator certainly has an uphill battle to prove its detractors wrong and claim its podium position.

Indeed, on 4 February 2021, Snowden said: “I think you should assume we are going to be top three [in online sports betting]. We said that before we ever launched. We’re delivering on that.” Perhaps that assumption, publicly stated so boldly, is exactly what’s prompting HG Vora to pile the pressure on Penn. 29

A TIME OF CHANGE

Gambling in Ireland has undergone much recent change. Gambling Insider spoke with Carlton Entertainment Group Manager Alessandro Colnago to reflect

How long have you been with Carlton Entertainment Group and what changes have you seen in the Irish gambling landscape during this time?

I started working for Carlton Casino at the beginning of 2019. After the Covid-19 pandemic, the company evolved and rebranded as Carlton Entertainment

Group, offering a more interconnected experience to its customers through two VGT (video gaming terminal) locations and the Carlton Casino Club.

The biggest changes, in my opinion, occurred during the pandemic. Some casinos didn’t survive the lockdown while others shifted their focus towards live poker games and VGTs. More recently, however, we’ve observed the opposite trend, with poker rooms starting to register members and adding live gaming tables for their customers. It might not seem like it at a first glance, but the Irish gambling landscape is highly dynamic and changes rapidly.

In October 2024, the Irish Gambling Regulation Act became law. How did this affect operations?

At the moment, the Gambling Regulation Authority of Ireland (GRAI) is working really hard on enforcing the Gambling Regulation Act, which will be implemented gradually. As Ireland’s first comprehensive gambling regulatory bill, it’s a wide-reaching document that addresses multiple aspects of gamblingrelated activities. It includes not only casinos, but also bookmakers, VGTs, horse and dog racing, lotteries, and both live and online platforms.

I’m proud to say Carlton Entertainment Group had already elevated operational standards well before discussions around Alessandro

the bill began. AML procedures, safe gambling practices, operational transparency and customer protection have always been fundamental pillars of the company. We recently invited the GRAI to visit our premises and received very positive feedback.

Surviving written records in Ireland can date gambling activities as far back as 110 BC under the rule of Conaire Mór, a High King of Ireland. In recent history, betting shops were leglised in 1926 and online gambling in 2015. Finally, in 2024, Ireland launched its own regulator with the hopes of streamlining, strengthening and modernising gambling in the country.

You’ve got experience in casino operations across a few different countries. What are some differences you’ve found in Ireland regarding customers, business attitudes and any interesting trends?

Gambling is really popular in Ireland but the market definitely has its own unique aspects. Casinos represent only a small part of Ireland’s broader ecosystem, with poker, bookmakers, horseracing and lotteries being the major players. Poker, in particular, has always had a strong following. The Irish Open Poker tournament is a constant reminder of this – it’s the longestrunning Texas Hold’em poker tournament in

Colnago

Europe and the second-longest worldwide, after the WSOP (World Series of Poker).

Casinos in Ireland are generally smaller than their European counterparts and focus primarily on the gaming experience. It’s rare to see a casino here with a large bar or a restaurant, and stages or shows are nonexistent. That’s what we envision for the future of the Carlton Entertainment Group – expanding the meaning of “entertainment” in our name to offer more than just gambling, creating memorable nights out for everyone.

What level of awareness do customers have in regards to the Gambling Regulation Authority of Ireland and upcoming changes, and do they care? Right now, I would say customer awareness is quite low. They may have heard about the GRAI in the news or on the radio, but they haven’t yet experienced its impact. We’ve occasionally had customers question our requests and procedures, especially when compared to other operators. However, we always take the time to explain the reasons behind these measures and how they’re affected by the regulations.

How do you think regulating Ireland’s gambling scene will change day-today operations?

Regulation will mainly change the framework within which casinos operate. It’s a great opportunity to improve our offerings, as some suppliers – especially from the US - are not

“Regulation is often misunderstood as a mere limitation. Our industry needs the right amount of regulation. Without it, we risk two extremes: a lawless ‘wild west’ environment with no protection or total prohibition, which also removes safeguards and pushes gambling underground”

currently allowed to provide their licensed products in unregulated markets. This means we could soon see new side bets, promotions and even games that are already available in the UK, and other parts of Europe, becoming accessible in Ireland. This is a crucial point for me, because regulation is often misunderstood as a mere limitation. Our industry needs the right amount of regulation. Without it, we risk two extremes: a lawless “wild west” environment with no protection for customers and workers or total prohibition, which also removes safeguards and pushes gambling into the underground economy.

The GRAI signed a partnership with the UK’s Advertising Standards Authority (ASA) almost immediately. What can you tell me about this? What are advertising

standards in Ireland currently like?

Advertising regulation is especially important nowadays, as we are constantly bombarded by ads, especially online and on social media. I recently saw multiple social media posts from fake profiles, promoting an online casino where people with gambling problems, single mothers and low-income workers claimed to have solved their issues through constant and legitimate wins. Obviously, these ads were fake and likely tied to illegal online casinos, but the fact that they specifically targeted vulnerable individuals is absolutely appalling.

Two pivotal points of the new gambling bill will be the consent for exposure and depiction of gambling. Gambling ads will only be shown to people who have opted in or subscribed to related services or pages – on platforms like YouTube, Facebook, Instagram, etc. Regardless of the platform, certain depictions will be strictly forbidden – such as presenting gambling as a solution to financial problems, a status booster or an activity for children. This may seem obvious, but given the examples above, it’s clear that some still exploit these narratives. Additionally, there will be a “no-ads” area between 5:30am and 9:00pm for traditional media such as TV and radio.

If you could single out one characteristic that makes the Irish market unique from the rest of the world, what would it be?

Right now, I’d say it’s the sheer number of possibilities the new bill is unlocking. After years of being something of a ‘black sheep’ in the European gambling market, Ireland is finally establishing a fully regulated environment. This opens doors for both large and small operators – online and brick-and-mortar alike. With cooperation from all parts, the future of the industry looks incredibly promising, with ethics and people at the core.

I’m fully convinced that, as often said in Ireland: it’s gonna be grand!

Carlton Casino Club

THE VALUE OF THE BRAND

Edward Carstairs, Partner at law firm GJE, discusses how challengers can compete in iGaming via the use of strong branding – and IP protection

Reputation matters in the gambling/gaming industry. It is therefore necessary to develop a strong brand that stands out.

As competition intensifies, establishing a unique brand becomes essential not only for attracting customers but also for fostering trust and loyalty. By protecting their intellectual property, gambling/gaming businesses can preserve their reputation, maintain competitive advantage and ultimately enhance their market position. In particular, a strong trade mark is a powerful weapon against copycats and counterfeiters.

This article delves into the significance of trade mark protection, outlining effective strategies for safeguarding your brand and addressing the challenges posed by imitators. Understanding these principles

is vital for any operator seeking to secure their business future.

ENSURING FREEDOM TO OPERATE

The business plan will identify the key markets. Make sure there is freedom to operate in those markets by adopting a brand name that is unique. If another business owns conflicting earlier rights, those rights could form the basis of an infringement action to prevent your continued use and application for registration in that market. A challenge of this nature can be fatal to a business.

This applies to businesses of all sizes, as demonstrated by the long-running dispute that has seen Aristocrat sue Light & Wonder in the US and Australia for misappropriating its intellectual property. The allegations include copying game mechanics and gameplay, and infringement of copyright, trade secrets and trade dress.

PRIORITISE TRADE MARK REGISTRATION

As well as adopting a brand that is different to competitors, a brand that is distinctive and not descriptive of the product can be registered as a trade mark. In the gambling/gaming industry “Coral” is a much stronger trade mark than a word like “roulette,” for example.

A registered trade mark is a strong basis to challenge a third party using an identical or similar mark for an identical or similar product. It may also be possible to rely on unregistered rights to take action, but then it is necessary to evidence that the unregistered right exists.

Compare this with the position where there is a registered trade mark. In that scenario, the only evidence that is required is the registration certificate. Some countries also place little or no weight on unregistered rights.

ESTABLISH IP OWNERSHIP AND CONTROL

Maintaining control over your brand and IP is crucial. When an external contractor

creates an app or user interface, they will own the IP unless there is a document that says otherwise. Address that early to prevent any potential ownership disputes down the line, which could frustrate attempts to enforce your rights against a copycat.

DOCUMENT THE BUSINESS GROWTH AND SUCCESS

A successful business will naturally see others follow a similar approach. However, you can improve your position against the copycats by taking some further proactive steps beyond simply registering your trade mark. A registered trade mark that also enjoys a reputation is an even stronger basis to challenge a copycat.

It can be possible to challenge use of a similar mark for identical, similar and dissimilar goods or services. It is not necessary for there to be any confusion amongst consumers. The best way to do this is to call on your data that documents the increasing numbers of customers, turnover and market share as well as positive media reporting and awards success to evidence a reputation.

Educating consumers from the start with consistent use of your distinctive registered trade mark will mean it becomes a trusted brand with consumer loyalty. Therefore, when a copycat launches a brand that appears to have used your own as the benchmark, it may support an argument that the copycat is trying to free ride on your reputation. Further evidence that the copycat has quickly obtained a strong presence in the market and high profit may lend further weight to such an argument.

By proactively addressing these IP-related considerations, you can enhance the overall strength of your brand in the fight against copycats and position it for successful investment or exit opportunities in the future.

If you would like to discuss any of the issues raised in this article, you can contact Edward Carstairs at Edward.Carstairs@gje.com

Edward Carstairs

UNBLOCKING INDIA’S POTENTIAL

Manav Bhargava, Indian gambling law expert and returning Gambling Insider contributor, explores the nation’s potential to be a regional betting leader

India has long been known for its twin passions of cricket and the Hindi film industry, colloquially known as Bollywood. It is perhaps no surprise, then, that several leading cricketers and Bollywood actors have been cashing in on their vast appeal among Indian audiences with the promotion of online gaming apps, which are popular but not always legal, and have come under regulatory scrutiny in recent months for doing so. Subsequently, this has drawn attention to the growing call for regulation of one of the world’s largest unregulated betting markets.

As India decides on the future of its digital gaming landscape, it remains essential to distinguish between forward-looking regulation and regressive prohibition, particularly in light of the passage of The Promotion and Regulation of Online Gaming Bill, 2025 by the country’s Upper House of the Indian Parliament in August. While the Bill is presented as a progressive step, in practice it takes an approach that runs counter to global best practices and India’s own digital growth ambitions. By imposing a blanket ban on online money gaming, the legislation disregards proven regulatory models that focus on licensing, consumer protection

and responsible gaming. In effect, the proposed framework promotes e-sports and social gaming while simultaneously shutting the door on the very segment – regulated iGaming and sports betting – that has successfully driven innovation, compliance and revenue generation in leading jurisdictions worldwide.

According to industry estimates, India’s unregulated iGaming and sports betting sectors attract approximately 8.2 lakh crore ($100bn) in deposits each year potentially resulting in foregone tax revenue of approximately 2 lakh crore ($24bn) each year. This vast underground ecosystem not only drains public coffers but also exposes players to serious risks such as money laundering, terrorist financing, financial crime and mental health issues. Yet India continues to rely on a prohibitionist approach, which had proven ineffective. Offshore operators simply bypass domain blocks by shifting to mirror websites, apps and other digital channels, making them easily accessible to Indian users. This leaves millions of players exposed to unregulated platforms while keeping all activity beyond the reach of Indian regulatory and tax authorities.

“ India’s current prohibitionist stance presents both challenges and opportunities ”

THE SRI LANKAN EXAMPLE: A TURNING POINT IN SOUTH ASIA

Sri Lanka is taking decisive steps toward a centralised regulatory framework for its gambling sector. The Gambling Regulatory Authority (GRA) Bill has cleared the Parliamentary Committee on Public Finance (CoPF) and is set for parliamentary debate. The bill proposes a single regulator responsible for licensing and overseeing all gambling activities, including casinos and online platforms, while enforcing responsible gaming practices, anti-money laundering protocols and safety standards. With senior officials from finance, taxation, law enforcement and financial intelligence included alongside appointed members, the GRA is designed to standardise the sector, strengthen tourism and drive economic growth.

The move follows the August 2025 opening of City of Dreams Sri Lanka, a $1.2bn integrated resort developed by Melco Resorts in partnership with John Keells Group, marking the largest private investment in the country’s history. Positioned to attract tourists from nearby India and beyond, the resort highlights the importance of a robust and transparent regulatory framework to maximise economic benefits while protecting consumers. Analysts project that Sri Lanka’s gambling market could grow from $293.9m in 2020 to $410.04m by 2026, making timely regulation

crucial to capture investment opportunities before regional competitors like the UAE and Thailand advance further. While concerns regarding regulatory independence do exist, the Government emphasises that the framework will boost foreign investment, increase tax revenue and foster tourism. Sri Lanka’s approach illustrates both the economic potential of a regulated market and the importance of designing a transparent, credible, accountable authority – a lesson India could adopt when crafting its own iGaming and sports betting regime.

UAE: ESTABLISHMENT OF A FEDERAL REGULATOR, GCGRA

The United Arab Emirates is also making major strides in legitimising and regulating gambling for the first time. The General Commercial Gaming Regulatory Authority (GCGRA) was launched recently and now regulates lotteries, internet gaming, sports wagering and land-based operations under federal law. Its leadership roster includes internationally recognised regulators such as Kevin Mullally (CEO) and Jim Murren (Chair).

According to public notices from GCGRA, the authority has issued advisories regarding unauthorised operators, highlighting risks including potential fraud, cybersecurity threats and reputational damage. As of the date of this document, only specifically licensed entities such as The Game LLC, Big Ticket and Dubai Duty Free’s lottery services are authorised to operate in the jurisdiction.

These sweeping reforms and the emergence of a globally credible regulator underline the UAE’s strategic pivot toward a sustainable, safe commercial gaming ecosystem.

THAILAND’S SHIFT TOWARD LEGALISATION

Thailand has long maintained a strict prohibition on gambling, aside from its national lottery and horseracing. However, mounting pressure from illegal gambling activity and the success of regulated markets in neighboring countries had prompted Thai lawmakers to reconsider. A Government-commissioned feasibility study conducted in 2023 recommended the opening of integrated resorts with casinos as part of broader economic reforms, highlighting that legalisation could generate billions in revenue and curb underground betting.

Thailand has since U-turned on the legislation. But were it to proceed in the future, it would join a growing list of Asian jurisdictions such as the Philippines and soon Sri Lanka in actively embracing regulated gambling frameworks. For India, this development underscores the risks of clinging to prohibition. As more neighboring countries regulate and attract investment, India faces the dual challenge of tax revenue leakage and its

players remaining vulnerable to unregulated offshore operators.

A STRATEGIC OPPORTUNITY

Yet India’s current prohibitionist stance presents both challenges and opportunities. While billions of rupees are lost each year to unregulated markets, this gap also represents untapped potential for revenue generation, innovation and economic growth. By moving toward a regulated framework, India can reclaim significant tax revenue that could fund public services and infrastructure. At the same time, formal regulation would reduce criminal activity associated with illegal platforms, including money laundering and other financial crimes, while offering Indian players much-needed consumer protections.

As neighboring countries such as Sri Lanka, the UAE and Thailand develop robust regulatory frameworks, Indian users are increasingly exposed to cross-border options. This creates a clear incentive for India to act decisively. Capturing demand domestically would keep economic benefits within the country while ensuring safer, transparent and legally compliant gambling opportunities. Globally, markets that initially resisted regulation such as Ontario, the UK, Italy, Spain and the US ultimately embraced structured frameworks that balanced consumer protection with revenue generation.

A WAY FORWARD

India has the capacity to lead the region by introducing a well-structured, forward-

looking regulatory framework. Clear licensing and oversight mechanisms would establish accountability and fairness, while embedding robust responsible gaming and anti-money laundering (AML) standards would safeguard players and financial systems alike. By capturing billions in existing consumer demand, India can convert previously unregulated activity into taxable, transparent revenue. Leveraging modern technology for monitoring and enforcement ensures that operators remain compliant and risks are minimised. By adapting global best practices from jurisdictions like Ontario, the UK and Australia (perhaps less so here), India can position itself as a model market, driving growth, protecting citizens and setting a new standard for iGaming and sports betting.

INDIA: POISED TO LEAD

India stands at a moment of great opportunity. With one of the world’s largest digital economies, a thriving fintech ecosystem and a tech-savvy population, it is uniquely positioned to shape the future of regulated gaming. While neighbours like Sri Lanka, the UAE and Thailand are moving swiftly to establish frameworks, India has the scale, institutional strength and regulatory capacity to set higher global standards. Through the potential adoption of a regulated framework, India could work toward enhanced revenue collection, strengthened financial integrity, improved consumer protection and the development of a compliant iGaming sector, subject to appropriate legislative and regulatory oversight.

Manav Bhargava

A WISE MAN ONCE SAID...

WiseGaming Commercial Director Steven Paton speaks with Gambling Insider Editor Tim Poole about company strategy, goals for 2025 and which markets are showing the most potential right now

To start with, Steven, tell us about your role and duties at WiseGaming. And does your experience playing the cello and the drums help!

At WiseGaming, my role sits at the intersection of strategy, product and partnerships. On paper, I’m responsible for leading commercial development, and ensuring our platform and services are aligned with the ever-changing needs of operators. But in ans I’m deeply involved in everything from roadmap planning

and onboarding, to partner collaboration and market positioning.

Because we operate across multiple verticals –sportsbook, casino, live dealer, affiliate tech and more – I spend a lot of time ensuring we stay fast and responsive across the board, whether that’s launching a new white-label operator or integrating a new provider. No two days are the same and that’s exactly how we like it.

And yes, I’d say playing both the cello and drums helps! The cello definitely taught me structure and composure, the drums taught

me improvisation! All are essential in an industry like ours, where you’re often solving complex problems on the fly, with multiple teams needing to stay composed and in rhythm.

Let’s talk about WiseGaming’s recent product advancements. Which areas have you prioritised, given you offer several products, like platform, sportsbook and live casino?

We’ve had a strong focus in three key areas: platform agility, sportsbook expansion and elevating the casino UX through content localisation. On the platform side, we’ve invested in making the infrastructure even more modular. That means our clients – whether they’re newcomers or mature operators – can pick and choose the services they need, integrate faster and pivot (yes, a Friends reference) as markets evolve. One standout improvement has been our real-time data layer, which supports instant player segmentation, risk triggers and automated CRM actions across brands. It’s been a game-changer for operator agility and personalised engagement.

For sportsbook, we’ve expanded our in-house trading capabilities and added new APIs for real-time odds personalisation. We’re also integrating more niche sports content and regional feeds to support market-specific launches – which is crucial when you’re targeting growth outside traditional Tier-1 regions.

When it comes to casino, our priority has been enhancing the user experience through content localisation. That means surfacing relevant games based on player language, market preferences and cultural behaviours –whether that’s through native game lobbies, market-specific jackpots or adjusted RTP ranges where applicable. We’ve also been working closely with content providers to build

Steven Paton, Commercial Director, WiseGaming

geo-targeted promotional mechanics, helping operators run more effective campaigns and boost retention without relying on generic incentives. Everything we do starts with the same question: “How does this improve revenue and retention for our clients?” That clarity has helped us stay laser-focused.

You’ve got the likes of Evolution, Softswiss and Pragmatic Play in your partner list. What would you say stands out about your record as a partner – and what do you think your partners would say?

What sets WiseGaming apart is how we approach partnership as a two-way commitment, not just an integration. Many of our partners would say we’re unusually hands-on – we don’t just sign a deal and move on.

We co-develop go-to-market strategies, test features collaboratively and even help optimise mutual clients together. That operational maturity comes from our background as former operators. We understand the day-to-day pain points and we make it our mission to remove friction wherever we can.

We’re also very honest with our partners. If something won’t work, we say so. If there’s an opportunity to improve UX or add value, we proactively suggest it. I think that transparency has built long-term trust – we’re not just another platform; we’re an active force in helping our partners succeed.

What about new partnerships? What kind of companies are you targeting and what are you offering new clients?

When we talk about new partnerships, we’re talking about ambitious operators looking for a white-label or turnkey solution that gives them a real edge in their market – whether they’re launching their first brand or scaling an existing operation. The types of companies we’re onboarding vary – from entrepreneur-led startups to established land-based brands going online, and even affiliate groups looking to convert their traffic into revenue. What they all have in common is the need for speed, flexibility and a partner they can trust to move with them, not just ahead of them.

What we offer is a white-label solution that isn’t just off-the-shelf – it’s adaptable by design. Clients can go live in weeks, not months. They get access to a robust platform, deep game and sportsbook content, proven payment

integrations and tools that support real growth –including CRM, loyalty and affiliate systems.

But, most importantly, they get a team that’s been in their shoes, understands the operational pressure, and delivers consistently, without excuses. We don’t just offer software – we offer partnership in the truest sense, and our clients know we’ve got their back from day one.

Where do you see the biggest growth forming off the back of these partnerships –both in terms of geographical markets and verticals?

Right now, our strongest growth is coming from Latin America. It’s a region that’s shown real appetite for mobile-first sportsbook brands with localised UX and agile delivery. Operators are looking for full-service solutions that move fast – and that’s where our white-label setup really shines.

We’re also seeing real traction in both Asia and Europe – particularly in regions where local player preferences demand more flexible product configuration. In these markets, operators value our ability to tailor content, payment flows and engagement tools without long development timelines. Looking ahead, Africa is becoming more prominent in our roadmap. While the market is still developing in parts, there’s a clear shift toward scalable infrastructure and mobile-led solutions – and we expect it to become a key focus area heading into 2026.

In terms of verticals, sportsbook remains a key driver, especially with in-play betting and regional content becoming more important. At the same time, live casino and personalised game lobbies continue to drive engagement, particularly where entertainment-style formats are in demand. More and more clients are also asking for advanced affiliate and retention tools, which we see evolving into a growth vertical of their own.

What are the biggest challenges right now – both for WiseGaming and the wider industry?

For us – and the industry more broadly – one of the biggest challenges is meeting the growing demand for tailored, flexible white-label setups at speed. Today’s operators don’t want to wait three to six months to go live. They want results fast – and they want technology that can adapt to their vision, not restrict it. That’s why we’ve

“ Today’s operators don’t want to wait three to six months to go live. They want results fast –and they want technology that can adapt to their vision ”

leaned so heavily into modular architecture and agile delivery – so we can spin up, scale and iterate without delay.

Another challenge is that many prospective operators are entering the space with great commercial ideas but limited operational experience. That’s where our team’s background becomes a real advantage. We’re not just a tech provider – we’ve run our own casinos and sportsbooks. We know the traps, we know the priorities and we act as true partners –guiding clients as they navigate early growth or expansion.

Lastly, talent remains a universal challenge. As the industry grows more competitive, finding people who understand both the commercial and technical sides of a white-label business is becoming harder. At WiseGaming, we’ve built our success around a core team of experts who’ve lived through the evolution of this space – and that institutional knowledge is what allows us to keep moving at speed while staying grounded in experience.

Finally, what are your biggest goals as we progress through H2 2025 and beyond? Our goals are centred around growth – but always in a controlled, sustainable way. First, we’re focused on expanding our operator network across four new markets, each with a tailored setup built around localised content, payment flows and onboarding experiences. Whether it’s regional sportsbook feeds or language-specific front ends, we’re making sure every launch feels truly native – not just adapted.

Second, we’re rolling out significant enhancements to our platform orchestration layer. This will give operators deeper control over promotions, content configuration and CRM automation – all from a single, streamlined interface. It’s a major step in reducing operational overhead and giving our clients more autonomy to move fast and make smarter decisions in real time. We’re also doubling down on event visibility. You saw us at iGB L!VE London and we’ll be at SiGMA Euro-Med and SBC Summit Lisbon this September, followed by SiGMA Europe Summit in Rome this November. As a clear signal of our intent in Latin America, we’re also proud to be sponsoring G&M Events in Mexico – a strategic move as we deepen our presence in the region.

These events aren’t just about visibility. They’re a core part of how we listen, learn and evolve. Some of our most valuable roadmap updates have come directly from conversations with partners, clients and fellow industry leaders at these shows. Looking longer term, our mission remains unchanged: to continue building the most agile, operator-focused platform in iGaming. One that gives our clients the power to adapt, scale, and thrive – no matter what the market throws at them.

A NATURAL EVOLUTION

Galaxsys CEO Hayk Sargsyan discusses the supplier’s expansion into the slot market, including how to stand out and emerging trends in the industry

What factors went into Galaxsys’ decision to expand into slots?

As a fast-growing games studio, this was a natural evolution for us. We’ve always prioritised offering a diversified portfolio, and slots remain one of the most-played categories in online gaming. Our partners consistently expressed interest in slot content from Galaxsys, and we saw a clear opportunity to bring our creative direction, fast-paced gameplay expertise and qualityfirst approach into this space. With increasing demand for unique, high-performing titles, slots became the logical next step in our journey.

Three slots in your portfolio include El Dorado, Funny Faces: Hoglet-Moglet and Olympian Legends. What was the process like designing these games?

Each of these games took a different creative path, and that’s exactly what we wanted – to show variety and bring something fresh to the slot space. El Dorado is all about adventure. We wanted to capture the thrill of exploring the legendary Golden City, so the game’s visuals, sound and mechanics are all built to invite players to that journey. Funny Faces: HogletMoglet is more lighthearted and fun.

Hayk Sargsyan

It’s packed with quirky characters and playful animations. One of the standout features is the Hoglet-Dice, which moves players along a track around the board and keeps things dynamic. Then there’s Olympian Legends, which focuses on ancient mythology. It’s fast-paced, with cascading symbols and bonus features that tie into the epic stories of gods and heroes.

Recently, we also launched a new slot called Fruity Wilds. With this title, we wanted to create a game that’s both familiar and new – something that brings back the charm of classic fruit slots but improves the experience with modern features. Overall, these games, and the ones we have in the planning, support our goal to keep things diverse, entertaining and full of personality.

Mythology is a popular visual among slot games. How does Olympian Legends stand out from other titles with similar themes?

Greek mythology is definitely a fan favourite but, with Olympian Legends, we wanted to take it further. We paid special attention to balancing the game’s features to ensure that the experience feels dynamic, without overwhelming the player. From the visuals and animations to the way the bonuses are presented, every element was designed to create a journey that feels both entertaining and authentic. With cascading symbols and special bonuses, the game delivers a dynamic adventure.

What have been the biggest learning experiences you have had in your expansion into slots?

One of the biggest things we learned is just how broad the slot audience is. Some players want fast, high-volatility action, while others are more into casual games with lots of features. Knowing this helped us plan a roadmap that speaks to different player types.

Another insight was the importance of math models. Great visuals attract players, but it’s the underlying game logic that keeps them engaged. We invested a lot in building a strong team and deepening our internal processes for testing, balancing and optimising every title.

What emerging trends and technologies do you feel will most impact slots in the future?

There are a few trends we’re keeping an eye on. Personalisation is definitely one of the big ones. We’re also seeing AI starting to play a bigger role, whether it’s in testing, balancing gameplay or even enhancing how players interact with the game in real time. Then there’s the rise of social features such as tournaments, missions

and leaderboards. These elements are becoming more popular, especially among younger players who are looking for a more interactive and community-driven experience. We’re developing a range of promotional tools this year to support those features and drive engagement.

This time next year, what do you hope to have achieved with your slots segment?

By next year, we’re aiming to have a strong, well-rounded slot portfolio that truly shows what Galaxsys stands for – creativity, quality and innovation. Our goal is to expand our reach, deliver personalised content for our partners and launch breakout titles that put us firmly on the map in the slot space, just like Ninja Crash and Tower Rush did in the instant category. We’ve set an ambitious roadmap for this year, so I’m confident we’ll end up with a diverse portfolio of slot games. And of course, we’ll keep exploring new themes and mechanics that offer something fresh for players around the world.

“ Great visuals attract players, but it’s the underlying game logic that keeps them engaged ”

A GROWING FIELD

BetBlocker’s Pedro Romero speaks to Gambling Insider about how magic mushrooms could hold the key to treating gambling addiction, with research going mainstream...

What determines whether a drug is licensed for medical use? Does efficacy trump side effects? Clearly, it’s a sliding scale. A pill giving you earache isn’t going to preclude it from clinical approval if it cures deafness. There is a sifting and measuring of benefits that goes on, and sometimes there is compromise, because ill people do not have all day.

To imagine that those decisions are made utterly clinically is wrong. Or at least, approvals are not free from ‘clinical risk’. But for the public, it can feel like a personal offence when uncertainty is visible in the equation. Think of the outrage when two recent Alzheimer’s treatments weren’t deemed cost-effective for the NHS. Healthcare is emotional, and where it is emotional it will become politicised. Long-term effectiveness vs clinical risk are particularly

uncertain metrics, and the Covid-19 vaccines are prime examples of how paying off that uncertainty with effectiveness can breed outrage and social division. Medical sectarianism should be an intrinsic impossibility, and yet...

Psilocybin, or the Magic Mushroom, has been, in equal parts, researched and baulked at as a medical device since the 1950s. In the ‘60s, political posturing and puritanical outrage saw it confined to a scientific ghetto. But in the ‘90s, that particular field of research was resown.

Pedro Romero epitomises the increasing curiosity in the manifold medical applications of classic psychedelics. But he, unlike some predecessors, is not out on his own. In the UK, the NHS, with Imperial College London, has commissioned a pilot study into that very topic. So, putting both politics and the Grateful Dead to one side, where are we scientificallyspeaking? We put it to Romero that, thus far, the pay-off between effectiveness and uncertainty hasn’t convinced despite promising early results. In one study treating subjects with major depressive disorder, a single moderate dose combined with psychotherapy led to an absolute decrease in symptoms compared to the placebo, with 54% of those tested meeting remission criteria 14 days later. But the effectiveness of medical grade doses of psilocybin vanquishing mental disorders beyond six months is still very debatable.

It can take a lifetime of controlled study to know with anything resembling certainty, what long-term effects a treatment has, and though as Romero’s paper claims, classic psychedelics are “generally considered physiologically safe,” this claim might not be all that it seems either. Some critics might say conflating physiological health with overall health is a deceptive workaround. There are plenty of non-psychoactive past-times that can create a dependency and disrupt your life, and subsequently mental health, in a way that isn’t physiologically traceable.

The thing is, six months without major depressive disorder from one dose would be an outstanding result, particularly considering the questionable smorgasbord of mind-altering drugs that have been prescribed over the decades for mental health complaints. Romero also has a compelling rebuttal to fears of dependency: when a person faces down the demons of their addiction in the dreamlike state induced by the exercise, it can be deeply healing, but it is no joyride. What a regulated, medicinal use of the drug can do is create guard rails, but the process of confronting the roots of trauma and addiction still represents a trial of our humanity. It can be overwhelming, and it can alter minds in the long term as any powerful moment in our lives can, but moreish it is not. And the question marks themselves again seem small and foolish when we think of the addictions caused throughout history by over-the-counter pharmaceuticals.

Of course, we discuss the resistance, even from sympathetic parties, to engage with what is still, in most quarters, seen as a countercultural symbol. Within gambling, Romero feels that stigma all the more. There aren’t many in the industry that want to add psychedelic drugs to the list of ‘vices’ they’re professionally involved in. This Autumn, ‘Heroic Hearts UK’ is running a fully funded gambling research retreat in the Netherlands and is currently searching for participants. It will take a lot of research rocket fuel to help this branch of medicine break out of the academia and ‘hippy science’ biospheres. But this retreat, Romero hopes, will mine some of that research, and encourage potential spokespeople to emerge from “the psychedelic closet.”

Romero’s final appeal to me describes both the seriousness of the research and his frustration better than we could. He tells us that he is a clinician, he wants to help people, and please could we avoid the mocking tone that pervades some of the coverage of this field of research. On that front, we apologise for namechecking the Grateful Dead.

Pedro Romero

EXHILARATION IN THE NATION

Neil Montgomery, Brazilian gaming law expert and regular Gambling Insider contributor, underscores the thrills and challenges of operating in the Brazilian regulated gaming market

Brazil is recognised for being one of the world’s largest markets for any industry –and its gaming industry is no exception. With all the attractions for foreign investors that global profile entails, newcomers to the market have also had to adapt quickly to a very dynamic and challenging jurisdiction. Following the opening of the licensing process at federal level in May 2024, the Brazilian regulator, the Prizes and Betting Secretariat of the Ministry of Finance (SPA/ MF), has seen more than 400 gaming licence

applications filed, with 78 licences (covering more than 180 brands) having been granted. This has been excellent news for the Federal Government given the BR30m ($5.5m) price tag for each licence. The Federal Government has also collected additional taxes and fees from ongoing betting activities since the opening of the regulated market on 1 January 2025, thereby contributing to reducing its fiscal deficit.

Unfortunately, the Federal Government’s thirst for collecting taxes is imposing an

additional burden on licensed operators, since a Provisional Measure issued earlier this year will, if approved by Congress, see the tax on gross gaming revenue rise from the current 12% rate to 18%, as of October 2025 (it being noted that 18% had been the initial rate proposed by the Federal Government when the legislative process that culminated in the enactment of Law No. 14,790/2023 began but was ultimately negotiated down to 12%). This 50% increase could have a profound impact on operator revenues, thereby

reducing advertising spend and contributing to increasing the black market (which does not pay any taxes), potentially responsible for 50% to 60% of the market.

To make matters worse, the Federal Government has since March this year also been studying charging more than BR12bn of taxes retroactively from 135 operators acting in the Brazilian market for the five years prior to the above-mentioned 1 January 2025 opening. If the Federal Government does indeed intend to move forward in this direction, it will certainly face many legal challenges from operators (which at the time accessed the Brazilian market from offshore jurisdictions) to avoid this additional cost. Such action was prompted by the activities of the Parliamentary Commission of Inquiry held earlier in the year to investigate the betting market (CPI das Bets) but that did not have its final report approved, where many Senators urged the Federal Government to take action to recover such revenues from

the market. In addition to the abovementioned challenges faced by enhanced taxes, licensed operators are also facing other challenges; (i) continued competition from the black market; (ii) potential restrictions on advertising; and (iii) increasing number of customer claims.

Channelisation is still a major issue in Brazil and the Federal Government is struggling to find effective tools to clamp down on the black market. While it has successfully managed to block more than 12,000 illegal websites, the black market will continue to thrive until effective payment blocks are imposed on financial transactions, mostly conducted by Pix. There is consensus in the market that black-market operators will only start to suffer when Pix transactions are effectively blocked. In this regard, rumours have it that the first PSPs transacting business with the black market are soon to be assessed and sanctioned by the SPA.

“ When multinational companies set up shop in Brazil, they quickly experience the saying that ‘Brazil is not for beginners’ ”

Challenges have also arisen in terms of advertising, with Bill of Law No. 2985/2023, which imposes restrictions on advertising by licensed operators, progressing at the National Congress, although without a set date for being duly approved. Operators infringing upon already established advertising standards have also started to be notified by the Public Prosecution Service and CONAR – the self-regulatory advertising watchdog.

Litigation lawyers have also been kept busy with a rising number of customer claims being brought by consumers against licensed operators in Brazilian courts, especially in Small Claim Courts (where the processing of claims worth up to 40 minimum salaries is expedited). This can be a nightmare for operators as such claims can surface anywhere in Brazil (given that they can be brought by customers in the city where they live) and apply Brazilian consumer legislation, which is very strict and is based on certain pillars. The first is the concept of strict liability, the second is that all providers in the supply chain are jointly liable towards the impacted consumer. The third is the possible reversal of the burden of proof where it is up to the service provider – as the defendant – to prove it did not contribute to the event of loss.

In addition to all the above, federal licence holders are also seeing more competition from the state. This is especially true for municipal licence holders, the legality of whom is still highly controversial despite continuing to proliferate across Brazil. While some municipalities have attempted to offer nationwide licences at prices as low as only BR5,000 (and have been the subject to enforcement measures by the federal regulator), most are providing new opportunities for operators willing to operate land-based video lottery terminals (VLTs). While these machines may look like slot machines (which are still prohibited in Brazil), they are technically different and are legally authorised to run instant lottery games. This has also prompted the regulator in the State of Rio de Janeiro (LOTERJ) to conduct a public consultation with a view to issuing regulations on the operation of VLTs within the state. It is no wonder, therefore, that the more than 5,000 municipalities are looking eagerly for new business opportunities arising in this market sector.

Despite the many challenges being faced in Brazil by licensed operators, the market continues to attract new licence applications, showing that there are still opportunities for those who persist in chasing success in this top gaming market. But circumstances are certainly increasing in difficulty.

Neil Montgomery

INNOVATING RETAIL GAMING

Industry experts provide Gambling Insider their insights into the expanding uses of AI, including Interblock, Grosvenor Casinos, Paul Sculpher, RGB and Amatic Industries

JOHN CONNELLY CEO Interblock

MARK HARPER Managing Director

Grosvenor Casinos

John Connelly is the Global CEO of Interblock, a Las Vegas-based provider that develops and supplies electronic table games to the global gaming market. He has served as the head of Interblock since January 2015 and has over 20 years of gaming industry experience across a variety of sectors.

Mark Harper is the Managing Director of Grosvenor Casinos, a role he has held for over two years. Throughout his career, he has amassed experience in a variety of sectors spanning across the UK. His previous posts include a range of executive-level appointments, including a stint as CEO of Park Leisure in the North of England.

PAUL SCULPHER Consultant & Contributor

Sales Services & Marketing

Paul Sculpher first began working in the retail gambling sector 35+ years ago and, in that time, has managed numerous land-based casino and sportsbook operations across the global gaming industry. Currently and for the past 17 years, he has managed his own consultancy firm in the European casino landscape, advising major operators and local governments on development, licensing and operations.

Chow Bong Weng , General Manager of Sales Support & Marketing at RGB Limited since 2019, oversees the distribution of leading slot machine brands across Southeast Asia.

DANIEL HUBER Marketing Team Amatic

Daniel Huber is a member of the Amatic Industries marketing team, with over two years of experience managing the manufacturing and supplication of landbased gaming solutions, casino cabinets automated multiplayer systems and video lottery terminals.

WHAT HAVE BEEN THE STANDOUT RECENT INNOVATIONS IN RETAIL CASINO

DO YOU SEE A FUTURE FOR PREDICTIVE AI TECHNOLOGIES IN THE WORLD OF LAND-BASED GAMING

RG ADVOCATES ARE CALLING FOR MORE CASHLESS CASINO PRODUCTS. HOW WOULD YOU APPROACH THIS

HOW IMPORTANT ARE THE VISUAL ELEMENTS OF A CASINO FLOOR FOR CUSTOMER ACQUISITION AND RETENTION

THE INSIDERS

In every issue, Gambling Insider commissions guest columns and interviews with people at the heart of the gaming industry – to discover more about the challenges its leaders, pioneers and innovators face. These contributors form The Insiders

its leaders, pioneers and innovators face. These contributors form The Insiders

ARAKSI SARGSYAN DSVIRTUALGAMING

MARKUS BUECHELE NOVOMATIC

VOLODYMYR SARATOVSKYY CHAMPION

STEVEN COMTRADEVALENTINE GAMING

ANASTASIIA SHCHERBYNA MELBET

A new design perspective

Araksi Sargsyan, Chief Commercial Officer at DS Virtual Gaming, speaks to Gambling Insider on its new pre-recorded video slot and making a casino game ‘cinematic’

You’re currently working on a roulette game in collaboration with the studio that worked on the Marvel movies. Given their filmmaking experience, how did collaborating with them differ from other game launches?

In this project, it’s important to highlight that our roulette games are partially animated, as the final result is presented using highdefinition pre-recorded video. What makes this launch particularly significant is that it will be our first roulette game available to players in full 4K quality, thanks to it being a fully in-house production on the transmission side.

Our collaboration with the studio known for its work on the Marvel films was a natural fit. Roulette is the most iconic and time-honoured game in our industry, and as a company with over 20 years of history, we wanted to pair our experience with a fresh, cinematic perspective. The studio’s expertise in visual storytelling and innovative effects brings a unique dynamic to the animation and overall player experience.

Although we are a well-established company, we still see ourselves as young and evolving. With this project, we’re writing a new chapter for a game that’s been around for over 200 years. We believe this innovative

blend of tradition and modern cinematic quality will be well-received by both online and land-based operators.

How do you make a casino game ‘cinematic?'

If you’re familiar with the products launched by DS Virtual Gaming, you’ll know that we place a strong emphasis on visual quality. For us, making a casino game “cinematic” means going beyond functionality to create an immersive, visually compelling experience that keeps players engaged.

The build-up to each round ‒ where the history of the game is shown and players prepare their strategy ‒ is a key moment. It’s during this phase that clarity, atmosphere and visual storytelling truly matter. The visuals must be not only clear and intuitive but also captivating enough to maintain the excitement and suspense that drive player engagement.

That’s why we decided to collaborate with professionals from the film industry. Their expertise in visual storytelling and cinematic production brings a new level of polish and creativity to our games. We’re very pleased with the results of this collaboration and confident that players will feel the difference.

What was something new you learned from the process of creating this game?

One of the key takeaways from this project was gaining a new perspective on visual design. We already had a well-established roulette game, which has been particularly popular among players of our lottery-focused business partners. However, developing this new version required a completely different approach.

Visually, the game is far more modern and dynamic. It was specifically designed to appeal not only to traditional land-based players but also to an online audience. Many of our partners are expanding into the online space, and this project will give all of us valuable insight into how to adapt our visual and user experience to meet the expectations of digital players. It’s been an

important learning experience in balancing innovation with the core elements that make roulette so timeless.

You are also preparing for a new launch at ICE Barcelona. How is it different from a launch at other events?

Launching at ICE Barcelona offers a completely different context compared to SBC Summit, and the products we’re introducing reflect that distinction. This time, we’re presenting a fresh perspective on a classic game, reimagined as a non-stop, visually captivating experience.

The product we’ll unveil at ICE Barcelona is truly unique – there’s nothing comparable to it in the industry at the moment. It’s fastpaced, highly engaging and designed to be both visually stunning and adaptable to the individual needs of different markets.

What makes this launch particularly special is its deeper message. With this game, we aim to celebrate the multiculturalism of our global player base. It’s a tribute to diversity, uniqueness and unity – values we believe are essential not just in gaming, but in how we connect with people around the world.

Can you give us a sneak peek of the game you plan to launch?

What I can share for now is that the upcoming game will be entirely focused on creating a rewarding experience for the player. It’s designed to keep players engaged through constant opportunities to win ‒ not just within the main gameplay, but also through a variety of bonus features and mechanics that extend the excitement beyond a standard session.

There will be multiple ways to win, encouraging players to explore different strategies and play styles. This depth will give the game strong replay value and broad appeal across different markets.

We believe this title has the potential to become a major hit – possibly even a strong competitor to our popular Racing Dogs game. It’s built with that same level of excitement and momentum, but with a fresh concept and unique mechanics that set it apart.

Building infrastructure

Mariia Shmelova , CEO of GR8 Tech subsidiary Aff.Tech, explains its place within the affiliate ecosystem, changing traffic trends and more

The affiliate market is quite saturated. What gap in the market is Aff.Tech attempting to fill?

We built Aff.Tech to solve problems that most affiliate platforms still ignore. While many systems give delayed reporting, rigid interfaces and poor visibility, our platform offers operators real-time insights, full control and operational flexibility.

This means decisions can be made on the spot, optimising campaigns in real time, reallocating budgets faster and reducing marketing costs. We’ve also heavily automated routine tasks on both the operator and affiliate sides, cutting manual overhead and allowing teams to focus on growth. But, above all, Aff.Tech is built to adapt. Operators don’t have to restructure their workflows to fit us –we tailor the platform to fit them. That’s the gap we fill: giving operators ownership of their affiliate operations.

What research do you need to conduct on your clients when creating a product that's specific to them?

We dig deep to understand how each business operates. That means looking at the full picture:

• Business model & KPIs – Are they casino, sportsbook or multi-vertical? What metrics define success?

• Traffic sources and user flows – How does traffic arrive, how is it segmented and how are redirects and tracking handled?

• Commission structures – What payout logic do they use? Are there negative carryovers or custom revenue share rules?

• Reporting needs – What data do their teams need daily, weekly, monthly and at what level of granularity?

• Compliance & access control – What are the internal roles, data privacy standards and geo-specific rules?

• Existing tech stack – What tools are already in place? How can we integrate without disruption?

Detailed research ensures we deliver a platform that fits smoothly into our clients’ operations.

Some of the major affiliates, like Better Collective and Catena Media, have been struggling lately. What in your opinion is causing this and how does that impact operators, as well as affiliate software providers? What we’re seeing is a shift from scale to quality.

As markets mature and regulations tighten, the old playbook, driving massive traffic through SEO and scaling aggressively, is no longer enough. Operators want targeted, compliant and high-value traffic, not just volume. For affiliate software providers, this means rising to meet new demands:

• Advanced compliance features like geo-blocking and content verification.

• Multi-channel attribution models that reward

• affiliates based on actual performance, not just last-click.

• Traffic scoring, LTV tracking and real-time data access to help operators evaluate affiliate ROI with precision.

The bigger affiliate setups often struggle to pivot quickly. They’re built for volume, but not necessarily for agility. Operators, in turn, are seeking platforms that help them identify value faster, reduce inefficiencies and adapt in real time. Those who can’t evolve, whether affiliates or software providers, will feel the squeeze.

What emerging technologies have most significantly impacted the development of affiliate marketing software for iGaming operators in recent years?

Three emerging technologies have significantly reshaped affiliate marketing software for operators. First, real-time data and business intelligence (BI) have become essential. Operators now expect instant access to traffic and player data. Real-time BI enables faster decision-making, campaign optimisation and transparency. Platforms that can’t deliver on this are quickly left behind. Second, AI and machine learning transform how affiliate performance is measured and managed. We’re using AI to detect fraud patterns, adjust commission models and forecast outcomes. It enables smarter segmentation and helps operators identify affiliates who bring long-term value.

Third, API-first architecture has become the backbone of modern platforms. Interoperability is key – operators want systems that integrate directly into their CRM, back office or payment processes. An API-first approach allows them to scale and customise without rebuilding their entire infrastructure. These aren’t just “nice to have” features anymore – they’re the baseline for any serious platform aiming to stay competitive.

What’s next for Aff.Tech?

We’re focused on building an affiliate ecosystem, not just a platform, because we believe there’s a better way to run affiliate marketing. That’s why we’re taking the next step: Introducing features that shape the future of affiliate operations. Here’s what’s coming soon:

• Integrated CRM features – A smart notification center and advanced audience segmentation to improve affiliate engagement.

• Agent system – Multi-level partner structures for more complex markets, especially those with layered payment rules.

• Business Intelligence tools & cohort reports – Giving operators deep visibility into performance patterns without thirdparty analytics.

• AI-generated creative library – Affiliates will be able to instantly create high-quality banners for campaigns, drastically cutting design time and costs.

Gamified rewards system – Motivation matters. We’re applying game mechanics to help operators incentivise and retain top affiliates. Every new feature we roll out is designed to make operations more efficient, transparent and profitable. Affiliate marketing in iGaming is evolving fast – and platforms have to evolve even faster.

The operators that win will be those who control their data, move with agility and focus on quality over quantity. At Aff.Tech, we’re not chasing trends – we’re building the infrastructure that lets operators stay ahead of them.

A 360-degree strategy

Markus Buechele, Novomatic Italia CEO, discusses Europe's most attractive-yet-demanding gaming market

Novomatic, with its local subsidiary Novomatic Italia, has been in Italy since 2007. How have the tastes of players changed in that time?

Certainly, in the last 18 years the Italian market, and therefore also the players, have changed significantly. Novomatic Italia has adapted to this transformation by continuously developing and refining its product portfolio. When Novomatic Italia entered the market, the only type of slot machines available were the AWPs, traditionally installed in bars or smaller arcades. But with introduction of new product category VLTs in 2009, the arcade segment could evolve as these machines were dedicated by regulation to the arcades – and players followed this evolution. Today, Novomatic Italia goes far beyond gaming machines. We offer the full spectrum of regulated gaming products permitted under Italian law, holding licences that range from sports betting and online gaming to bingo and traditional lotteries. We also operate

Italy’s largest chain of gaming arcades, with over 300 venues across the country.

Over time, we’ve expanded and completed our offering, increasingly aligning with player preferences and anticipating market trends. In the post-pandemic era, and with a new generation of customers emerging, the industry’s challenges have clearly shifted toward the digital realm. That’s why we’ve placed a strong focus on developing products and marketing strategies tailored to this segment. Not only to complement our strong land-based presence, where we maintain a leading market share in gaming machines, but also to promote our offerings across digital channels.

How do you adapt your games to appeal to the Italian market?

To best meet the preferences of Italian players, we established a dedicated game studio in Italy that works closely with our game studio at Novomatic headquarters in Austria. As a result, our game portfolio offers a powerful combination: internationally successful titles from Novomatic, alongside localised content developed under our Italian brand, NovoElsy.

NovoElsy focuses specifically on the Italian market, developing game content and mathematics, analysing player trends and anticipating market needs. This local expertise ensures we offer highly tailored entertainment experiences that resonate with Italian players.

I must say that this blend of global innovation and local insight has been very well received

by our customers. In the B2B segment, we’ve consistently earned the trust of operators thanks to the strong performance of our games. And in terms of player appeal, our portfolio successfully aligns with local preferences, delivering entertainment that remains relevant, engaging and highly competitive.

Brightstar (formerly IGT), in a consortium that also included Allwyn, Arianna 2001 and Novomatic Italia, secured the bid for the Italian Lottery licence earlier this year. What does that mean for Novomatic?

Our collaboration with the Lottoitalia consortium is a prime example of what I mentioned earlier. Since entering the Italian market, Novomatic Italia has consistently pursued a 360-degree strategy, aiming to establish a presence in every gaming vertical permitted by the regulator. Italy remains one of Europe’s most attractive yet demanding gaming markets – and we are fully committed to it.

The new Lotto concession not only underscores our continued interest, but also highlights the depth of our commitment to operating in this important and competitive environment. Within Novomatic Italia, we hold concessions across a wide range of sectors, from the machine gaming network to bingo, land-based to online sports betting. This broad presence enables us to play a truly significant role in the Italian gaming landscape.

"In the B2B segment, we’ve consistently earned the trust of operators thanks to the strong performance of our games"

Sharing values

Volodymyr Saratovskyy, Head of Business Development at Champion, discusses the ingredients to a good partnership, standing out in the slots market and more

In February, Champion received an MGA licence. How does attaining a licence like this impact your ability to engage in strategic partnerships?

Acquiring the MGA licence was a huge step forward for Champion and a significant milestone in our international growth strategy. It not only demonstrates our commitment to transparency and compliance but also opens doors to new markets, and partners who value operating within a regulated framework. This licence gives our existing and future partners the confidence that they’re working with a trusted and reliable provider – one that’s here for the long haul and focused on delivering sustainable value. It also reinforces our long-term ambition to expand Champion’s footprint in Europe and beyond, while staying fully aligned with the highest industry standards.

You recently partnered with Softswiss and Maxbet. What was it about these brands that made you want to partner with them?

We’re very selective when it comes to partnerships – and both Softswiss and Maxbet were a perfect fit for us. Softswiss is a powerhouse in the aggregation space, known for its robust infrastructure and exceptional reach. Through

this collaboration, we can bring our games to a much wider audience, while benefiting from their advanced technological capabilities.

Maxbet, on the other hand, is one of the strongest brands in Romania. Partnering with them gave us the opportunity to connect with a dedicated player base that truly values localised, high-quality content. We see both partnerships as strategic moves that align with our goal to become a leading game provider across tier one and tier two markets.

What makes a good partner?

For us, a good partner is someone who shares our values – transparency, innovation and longterm thinking. It’s not just about distribution, but about creating synergy and mutual growth. We appreciate partners who are proactive, open to collaboration and equally invested in delivering great player experiences. Strong communication and flexibility also play a key role. When both sides understand each other’s goals and are aligned in strategy, the partnership becomes more than just a business deal – it becomes a shared journey.

You also recently released Olympus: Wine & Wonders. Greek mythology is a popular theme in iGaming – how do you ensure your title stands out? That’s a great question – Greek mythology is definitely a well-loved theme, but with Olympus: Wine & Wonders, we aimed to create a unique atmosphere of celebration and warmth. Rather than focus solely on gods or battles, we took a different angle – an open air feast on Mount Olympus, filled with sun, seagulls and joy.

Mechanically, the game introduces a special

bonus reel with interactive modifiers like Plus, Multiplier and Gold that dynamically influence gameplay. We also included the chance to win up to four jackpots during the bonus round. The combination of a relaxing summer vibe with rewarding mechanics has made the game a hit with a wide range of players.

Have you got any other new titles in the works you can tell us about?

Absolutely. Our latest release, Shake & Roll, is launching with serious summer energy –vibrant, rhythmic and irresistibly fun. It’s a fast-paced, highly engaging slot inspired by retro beach parties and disco vibes, designed to draw players in from the very first spin. This title was built to stand out both visually and mechanically. It combines dynamic animations, catchy sound design and a game structure that keeps players coming back for more. Thanks to its smooth gameplay and high retention features, Shake & Roll has strong potential to become a go-to title in any portfolio aiming to drive player engagement and session longevity.

In addition, we’ve introduced Turbo Spins across our entire slot portfolio. This gives players the flexibility to control their game speed and experience – whether they want a laid-back session or rapid-fire spins. It’s a small change that adds a lot of power to player engagement and personalisation. All our games are built in-house by Champion Studio, allowing us to maintain full creative control and consistently deliver high-quality, original content. We’re constantly working on exciting new titles – stay tuned and follow our latest updates at Champion.

"We appreciate partners who are proactive, open to collaboration and equally invested in delivering great player experiences"

Building a modern partnership

Comtrade Gaming Chief Commercial Officer Steven Valentine explores the evolution of B2B relationships in the iGaming industry

How have partnerships in the B2B gaming industry changed in recent years?

The type of relationship between B2B provider and operator really depends on how big an operator is and how skilled they are at operations. At the entry level for small operators, I don’t think much has really changed.

It’s for larger operators where things have changed more over the years. There used to be two choices: outsource or build in-house. Now, many larger operators take a hybrid approach with certain components being built in-house and other parts being outsourced. B2B providers have to be a lot more flexible in what is supplied by them and what is controlled directly by the operator. The number of third-party integrations has expanded significantly. Now, third-party BI, CRM and an operator’s own data warehouse can mean much much bigger and deeper integrations. This requires B2B vendors to have far larger technical teams outside of their own product development.

What factors have had the biggest impact on this changing relationship?

There are two major factors: the ambition level and investment appetite of both the operator and the supplier. For some operators, the bottom-line price is always the deciding factor in major strategic decisions – and like most things in life, you get what you pay for. With over 20 years of experience, I’ve seen some hugely successful operators emerge from nowhere – and every one of them was initially more focused on the top line than the bottom line.

On the provider side, some vendors don’t want to change their model, and many simply don’t need to. If you have hundreds of clients and are successful, it doesn’t even make sense for them to change. So, in essence, the relationship between B2B supplier and operator is highly dependent on how that B2B supplier is structured operationally, and whether their modus operandi can work on a much deeper level.

To you, what makes a good partnership?

A good partnership sees both a vendor and operator's long-term goals strategically aligned. Growth is typically the main goal for both; however, if growth for the vendor comes from many more clients, it’s harder to be aligned with an individual operator’s long-term growth.

A good partnership also exists where both vendor and operator feel true mutual value from each other, and where they feel

like actual partners rather than just a supplier relationship.

How do you tailor your offering to effectively support your clients?

We have always been a business built around a tailored offering. Comtarde Gaming has been in business for over 20 years, initially solely doing bespoke development projects. As we transitioned to building our own products, that bespoke element has always remained. Each client typically has their own dedicated Comtrade Gaming team that works very closely with an individual operator on a daily basis. They understand their business and work as an extension of their internal team.

Sometimes, a client may not know exactly what they need. How do you work together to come up with effective solutions?

One of the strongest parts of our offering is our business analyst team. We employ 400 people, and 10% of them work in this area. Whether it be features or functionality, all of it stems from a business need or goal.

Our business analysts work with our clients to understand that goal and translate it into a feature or functionality that can then be developed. For this to be efficient – and not be a drain on the operator’s time –requires a lot of domain knowledge and industry experience. That is where over 20 years in the industry working with top operators really has an advantage.

"A good partnership sees both a vendor and operator’s long-term goals strategically aligned"

Getting Kenya right

Anastasiia Shcherbyna, CMO of MelBet Partners Affiliates, speaks to Gambling Insider about navigating the Kenyan market, its differences to other markets in Africa and what other brands can do to prepare for their own launches

Tell me about the process of entering the Kenyan market.

Entering Kenya for MelBet wasn’t just another achievement – it was a strategic step in expanding the MelBet brand across Africa. First came immersion: market research, player behaviour, user profiling, local legislation and payment systems. At MelBet, it’s crucial for us to carefully assess the market’s potential, opportunities and risks.

Naturally, we focused on mobile platforms. Internet speed in the region isn’t always great, so we immediately optimised the website and app for mobile traffic ‒ fast loading, stable performance and minimal data consumption. Then came the licence, local partnerships and a Swahili-language launch. Everything according to plan. All to not only enter the market – but to reach the top.

How does Kenya differ from other African markets?

Kenya is a tech leader in the region, one of the most advanced markets in Africa in terms of digital services and infrastructure. Mobile payments are everywhere ‒ especially M-Pesa. However, there are nuances: Competition is extremely high. Only licensed operators are allowed, and the audience is mature and very demanding. They don't just want entertainment but an honest and technological service – which is closely monitored by local regulators. Bonuses alone won’t impress them. You need to show quality, speed and above all –transparency. Users are highly active and social. That makes community engagement and content particularly important. Thankfully, we’ve succeeded here.

How did you first develop your strategy for the Kenyan market, and how has it evolved?

We started with digital: social media, programmatic, CPI and CPA traffic with rapid A/B testing. SEO and ASO were also priorities. At the same time, we launched promos tailored to local realities and regulations.

But attracting users is only half the job. Retention matters just as much. That’s why we added personalisation, bonuses linked to favourite leagues (like the EPL and local FKF Premier League) and Swahili-language chatbots in messengers like Telegram. MelBet continually adapts offers to match real user interests.

How do you think the Kenyan market will develop in the coming years?

We expect steady growth ‒ but also structural changes. Stronger regulation is likely. Those who operate transparently and invest in technology will win. And so will the players, of course. Mobile platforms will become even more dominant. Lightweight Android apps and webview solutions will be a priority.

Competition in the sports betting niche will intensify. Personalisation will be key to player retention. We also anticipate rising interest in sports formats, live betting and social integration within the betting experience.

For other brands looking to enter this market, what advice would you give?

Entering Kenya is a real challenge. Having scaling experience is good – but it’s not enough. You must understand local player behaviour. The decisive factor is localisation: language, payments and sports culture.

If you want success, build a strong local team, work with trusted partners, adapt your product, test your creatives and speak the language of the players – literally. Most importantly, don’t be afraid to experiment. In Africa, speed is everything. Especially in Kenya.

"Competition is extremely high. Only licensed operators are allowed, and the audience is mature and very demanding. They don't just want entertainment but an honest and technological service"

WHAT’S NEW ON THE MARKET?

Need to know the latest products on the market in gaming?

Gambling Insider has you covered

NOVOMATIC’S IMPERA PROLINK

Impera Prolink: Multi-feature innovation with maximum impact

Impera Prolink is Novomatic’s bold answer to the rising trend of Multi-Feature Games, blending captivating game design with dynamic progressive jackpot mechanics. This powerful link concept presents four distinctive titles – including the iconic Book of Ra Prolink – each offering a unique bonus experience driven by three engaging features: Mega Spins, Double Reels and Chain Reaction. These features can be triggered randomly in the base game via special feature symbols, which are collected in distinct feature pots.

Mega Spins begins with three initial spins and two Mega Spins frames, indicating the positions where up to six Mega Spins can be won if feature coins land. During the Mega Spins feature, all cash prizes are substituted with Mini, Minor or Maxi bonuses. Double Reels introduces a dual-reel setup, spinning both simultaneously for doubled opportunities. Chain Reaction delivers a visual thrill as a reaction pulse jumps from coin to coin, multiplying their respective prizes.

From ancient Egyptian adventures in Book of Ra Prolink to dragon-filled riches in Long Fu Gong, Irish folklore in Fairy’s Cap and sparkling fruit-themed charm in Sparkling Fruits – each game offers a distinctive setting while sharing the same core feature mechanics and jackpot structure.

Impera Prolink combines engaging math, standout graphics and thrilling progressives in a proven formula that energizes gaming floors. Optimised for Novomatic’s latest cabinet range – including the sophisticated Diamond X Quattro 1.55J – Impera Prolink delivers both visual excellence and technical performance to meet the demands of modern gaming environments.

PRODUCT REVIEW: EGT’S ZHAO

CAI SHUANG YU

Catch the wave of wins with EGT’s Asianthemed jackpot Zhao Cai Shuang Yu

The Bulgarian gaming equipment manufacturer with leading positions on a global scale, Euro Games Technology (EGT), continues to expand its portfolio of innovative gaming solutions. The next event, where it will present its new developments, is G2E Las Vegas 2025. Among the highlights in the company’s selection for the show will be the multi-level Asian-themed jackpot Zhao Cai Shuang Yu.

Having made its official debut just a few months ago, this product immediately received positive feedback from operators, players and industry experts.

Powered by the Exciter IV platform, Zhao Cai Shuang Yu features 2 progressive (Grand and Major) and 2 non-progressive levels (Minor and Mini), offering a high level of excitement and win potential. The jackpot is available in 2 games: Rising Coins and Prosperity Strike. In Rising Coins, the Keep & Spin bonus is being activated with 1 to 5 special symbols, while Prosperity Strike triggers the Free Spins & Wheel feature with 1 to 3 special symbols.

Players can unlock each jackpot level by collecting 3 special symbols during the bonus game. This dynamic system allows wins at any bet level, with higher stakes increasing the chances of hitting the highest Grand Jackpot.

Zhao Cai Shuang Yu is available with the top-performing slot cabinets from the popular General Series, as well as with the models from the latest Supreme Series. Offering an attractive design and unparalleled comfort, they further enrich the gaming experience.

Thanks to all this, Zhao Cai Shuang Yu will definitely catch the attention at G2E Las Vegas 2025, where visitors will have the opportunity to see and experience it in action at EGT’s booth 2452.

JUMBO TECHNOLOGY’S LÓNG LÁI FĀ

Lóng Lái Fā: Strategic Thrills with Dual-Stage Features

The Lóng Lái Fā series combines strategic gameplay with dynamic pacing, delivering excitement that builds from anticipation to explosive rewards. With its dual-stage bonus system, players collect Dragon Coins to unlock enhanced features and multipliers, creating a deeply engaging experience.

Key Features:

• Fa Cai Jackpot Feature: Collect 3 [Upgrade] symbols to boost all jackpot levels and unlock the Fortune Jackpot.

• Stage-Based Bonuses: Stage 1 – Duo Fu / Duo Cai: Dragon Coins lock in place, and filling all 15 reels awards the Fortune Jackpot. Stage 2 – Fu Lai / Cai Lai: Filling a column with 3 Dragon Coins collects and accumulates scores, resetting the reels for bigger wins.

Cai Lai (Jin Long Cheng Xiang, Hua Hao Yue Yuan): Filling 3 Dragon. Coins triggers up to 4 spins on a multiplier reel, awarding effects like [X2], [X3], [Upgrade], and [X2 + Extra], with upgrades up to [X6].

About Jumbo Technology

As one of Asia’s premier entertainment equipment manufacturers, Jumbo Technology delivers

innovative, high-quality solutions that blend advanced technology with refined design, creating immersive experiences for players worldwide.

ZITRO’S LEGENDARY SWORD

Prepare to wield Excalibur – and claim victory with honour and glory!

Valor and victory await in Legendary Sword, Zitro’s latest Class III 3x5 multiway slot that transforms players into valiant knights on a quest for glory. Armed with the mystical Magic Sword, players journey through a realm where Honour multiplies rewards, Glory grants extra lives and the Magic Sword duplicates any linked symbol appearing on the centre reel.

These features can be activated –individually or in combination – via mystery trigger, unveiling up to seven bonus link combinations that keep players engaged and on edge. The game also introduces three Extra-Level Bonus Links, each offering its own unique variation on the core gameplay. Once triggered, players enter a 6x5 reel bonus round, where the upper rows gradually unlock – dramatically increasing win potential. Legendary Sword features two standout jackpots; the Mega and the Grand Mega. When 15 link symbols are collected, players activate the jackpot wheel for a shot at these prizes. Additionally, during the bonus link feature, a single symbol can deliver either the Minor or Mini jackpots. With its engaging features, mechanics, and visually stunning graphics, Legendary Sword ensures every spin is a legendary experience.

dramatically increasing win

SPINTEC’S CHARISMA STAND-ALONE MULTIGAME PLAY STATION

One of Spintec’s latest innovations is an exciting new single player solution.

all rolled into one attractive machine. It features the advantages of the Charisma line and boasts two additional ones that make it a breakthrough innovation.

It may resemble a slot machine, but it is anything but. It is Roulette, Sic Bo, Craps, Blackjack, Baccarat, or any combination thereof,

The first is the potential for a very fast-paced play featuring dynamic switches between various simultaneous gaming sessions, hosted by realistic virtual croupiers who can speak different languages. And the second advantage is its tiny footprint. It acts completely independently and can be positioned in any corner of the casino, be it in a boutique gaming hall or a large arena.

The player can participate in one or several different games at the same time. Most of the games also offer attractive side bets, additional bonuses and payout multipliers. But that is not all: Spintec’s proprietary new game Galactic Spin can also be included. It offers so much to win and so many opportunities to take advantage of. Apart from large payouts on top of the normal Roulette hold, it introduces three different games that take place after the bets are closed, making waiting for the ball to drop the most intense part of the game.

Even though this play station is built for fastpaced sessions, it is extremely comfortable. It has lots of leg room, a footrest, softly padded armrests and a phone charging port. Its intuitive interface on the 27” touch screen has adjustable contrast and the possibility to seamlessly switch between different games. The vertical monitors, where the croupiers and the game action are displayed, are available in different variations (one, two or three 27” monitors, or one 43” one).

FINAL WORD

Gambling Insider speaks with the Z-Gaming Asia team about adapting to emerging markets, the potential of Thailand and the UAE, upcoming projects and more

What are the emerging markets Z-Gaming has its eyes on at the moment?

Z-Gaming Platform has already built a strong foundation across Southeast Asia (SEA), where we’ve proven our ability to support local operators with adaptable, high-performing technology. Now, we’re actively expanding our reach into Latin America, South Asia and selected regions of Africa. These emerging markets present similar dynamics to what we’ve encountered in SEA, rapid digital adoption, increasing mobile penetration and a growing appetite for online entertainment, making them a natural next step for us. Our flexible white-label infrastructure is designed with these growth markets in mind.

When a market moves from unregulated to regulated, how do you adapt your solutions? Can you give examples? We keep a close eye on market movements and trends, not just to react, but to anticipate and strategise. Our platform was built to be modular and adaptable from day one, and we’ve invested heavily to ensure it can meet our goals with minimal friction. A concrete example is the Philippines: In response to the evolving local framework, we obtained BMM certification to align with compliance standards and allow licensed operators to use our system. We’re also currently progressing

through ISO 27001 certification to reinforce our commitment to information security and enterprise-grade governance. It’s about staying agile without compromising on stability.

With Thailand previously looking at land-based casinos, and the UAE slated to launch land-based gaming in 2027, how is Z-Gaming preparing?

Asian is incredibly dynamic, and as you rightly point out, much is said. But not everything materialises. The case of Thailand’s proposed land-based casino legislation is a perfect example, where the conversation has recently been put on pause. Rather than speculate, we take a measured approach: We observe, assess the legitimacy and direction of change and prepare contingency strategies. If a market does indeed regulate, we move quickly to adapt but we don’t waste resources chasing uncertain futures. Flexibility and adaptability is key – and we’re well-positioned to move fastwhen the time is right.

How do you adapt your strategies to different markets? What research and data do you use?

We combine on-the-ground insight with structured research. A big part of our success comes from our close ties with experienced professionals and consultants in every market we enter. These connections give us real-

time feedback that’s far more valuable than generalised reports. Of course, we also leverage analytical tools and third-party data platforms to complement that local knowledge, but our edge comes from being relationship-driven. We treat every market as unique culturally, operationally and in terms of player behaviour, and tailor our strategy accordingly.

What upcoming launches does Z-Gaming have in the works?

There’s a lot happening behind the scenes at Z-Gaming Platform. One major milestone is our integration with Golden Whale to introduce AI-powered predictions, enhancing everything from player segmentation to churn prevention. We’re also rolling out a significantly upgraded version of our Smart Trigger system and bonus engine, making it easier for operators to run contextual, realtime campaigns and strategies.

On top of that, we’re finalising our new competitions module, which enables flexible gamified competitions across brands, such as tournaments and races. All of this is aimed at giving our partners more tools to engage players intelligently and creatively. We want to be known as a platform built for growth, and constantly and iteratively improving our retention tools – which are already our main strength, is something we put plenty of effort towards.