Global Gaming Insider January 2026

Jan 2026

THE CEO SPECIAL Global Gaming Insider debuts with (from left to right): iGP CEO Jovana Popovic Canaki, Boyle Sports CEO Vlad Kaltenieks, Gambling Commission CEO Andrew Rhodes, Allwyn CEO Robert Chvátal and Yolo Group – B2B CEO Lara Falzon

A STRIKE OF FORTUNE The King of the Gods returns in this electrifying 7x7 slot featuring wins of up to 10,000x.

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COO, EDITOR IN CHIEF Julian Perry EDITOR Tim Poole Tim.Poole@globalgaminginsider.com STAFF WRITERS Will Underwood, Kirk Geller, Rory Calland CONTENT WRITER Megan Elswyth LEAD DESIGNER Claudia Astorino DESIGNERS Olesya Adamska, Callum Flett, Gabriela Baleva JUNIOR DESIGNERS Medina Mammadkhanova, Monika Petrova ASSISTANT DESIGNER Tanya Aleksova

Julian Perry, COO, Editor-in-Chief

Tim Poole, Editor

EDITOR’S LETTER W

elcome, all, to the first-ever issue of Global Gaming Insider!

The magazine you've all been reading and hearing about is here – and there is only one place to start...

The CEO Special is our most prestigious edition; that's why it goes to ICE and the US CEO Special travels to G2E. Indeed, we bring you the biggest, most influential and sometimes most up-and-coming leaders in our industry.

But we don't just ask them fluffy questions about how 'market-leading' or 'gamechanging' their latest partnership or technology deal is, we truly get to know the person behind the executive. This year's overarching theme, and the one we asked all our CEOs about, is the future of European regulation. Who better to get to know first, then, than Andrew Rhodes, Gambling Commission CEO? Who knew, for instance, that as well as running one of the foremost gambling regulators in the world, Rhodes has flown planes and is nicknamed 'Pep' when he coaches his son's football team?

Rarely, in fact, have I interviewed an industry professional while considering my readers' opinions so heavily. The Gambling Commission – and Rhodes himself, as he freely admits – receives criticism from all sides. In our interview, he discusses how he deals with that criticism, what he aims to achieve in the role and how successful he thinks he has been thus far.

Our other CEO Special interviewees are also fantastic value. Boyle Sports CEO Vlad Kaltenieks talks us through a career in data and tech; he is very much a modern leader, perhaps best exemplified by the fact he founded Skynet – even if it's a different Skynet to the one you might be thinking...

Meanwhile, iGP CEO Jovana Popovic Canaki discusses her love of literature and how golf has helped her navigate the gaming sector. And, in Robert Chvátal, we have a returning interviewee of real industry stature. The company he leads, Allwyn, is now worth $18.6bn after a series of mergers (and taking over the UK National Lottery).

Rounding off our main feature, Yolo Group's B2B CEO Lara Falzon discusses her journey, including when she persuaded her father to teach her about accounting at 10 years of age!

There is plenty of new material to get excited about in the rest of our magazine, too.

We have previews for the upcoming Global Gaming Awards ceremonies, our event calendar and gaming in pictures.

Beyond that, our magazine is broken down into regional sections: Americas; Europe, Middle East and Africa (EMEA); and Asia-Pacific (APAC). So, if you want to read about the whole global gaming industry, it's all right here – cover to cover. Equally, if you have a specific region of focus, it'll be tailored and personalised for you in one section. We have contributors, data, interviews and products galore, and even a separate Affiliate Focus for you at the end of the issue.

So, in short, we've got every corner of the industry covered heading into 2026 – and we're kicking our very first edition off in style. We hope you enjoy the improved and evolved magazine...

Here's to the now – and the new!

TP, Editor

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@globalgaminginsider.com Tel: +44 (0) 204 591 3117 ACCOUNT DIRECTOR Michael Juqula Michael.Juqula@globalgaminginsider.com Tel: +44 (0) 207 039 9186 SENIOR ACCOUNT MANAGER William Aderele William.Aderele@globalgaminginsider.com Tel: +44 (0) 203 884 9277 ACCOUNT MANAGERS Irina Litvinova Irina.Litvinova@globalgaminginsider.com Tel: +44 (0) 203 855 0662 Serena Kwong Serena.Kwong@globalgaminginsider.com Tel: +44 (0) 203 787 4615 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 CREDIT MANAGER Rachel Voit WITH THANKS TO: Andrew Rhodes, Vlad Kaltenieks, Jovana Popovic Canaki, Robert Chvátal, Lara Falzon, Bill Miller, Oliver Lovat, Rick Arpin, Itsik Akiva, Trip Stoddard, Paul Sculpher, Kyle Wiltshire, Gustaf Hoffstedt, Jan Fencl, Dr Joerg Hofmann, Edward Carstairs, Stewart Groumoutis, Marek Plota, Makrologik, Ranjana Adhikari, Sarthak Doshi, Shashi Shekhar Misra, Paul Newson, Adam Gros, Evgen Belousov, James Bennett and Eugene Ravdin.

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

by Players Publishing Ltd

All material is strictly copyrighted and all rights reserved.

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

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CONT 56

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REBECCA HALL

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AMERICAS

64 Growing too quickly?

16 Striking the balance

53 Taking stock

66 The ‘distraction’ of prediction markets

Gambling Commission CEO Andrew Rhodes on the fight against absolutism

24 Brick by brick

Vlad Kaltenieks tells us about a whirlwind career that led to the hot seat at Boyle Sports

30 Measuring by experience

Global Gaming Insider hears from Jovana Popovic Canaki on the top job at iGP

38 Four years of intent

Allwyn Chief Robert Chvátal makes his second CEO Special appearance

46 First in, last out

Lara Falzon, Yolo Group – B2B CEO, explains her passion for finance, family and leadership

Keeping track of operator share prices

54 Movers and shakers

Who’s going where in the Americas?

55 Facing facts

We take a look at some intriguing Q3 results across North America

56 Building on momentum for 2026 Bill Miller, AGA President & CEO, looks ahead to the new year

58 How to beat Las Vegas

Returning contributor Oliver Lovat explains how Las Vegas could be replicated... or surpassed

62 Enduring the life cycle

KPMG’s Rick Arpin reflects on highlights from the Global Gaming Awards – Americas & more

Itsik Akiva shares his expectations for the sweepstakes sector

Trip Stoddard from bet365 talks Missouri

67 Product reviews

What's new on the casino floor?

EUROPE, MIDDLE EAST & AFRICA 69 Taking stock

Who’s up and who’s down in EMEA?

70 Movers and shakers

All the big EMEA hires and promotions

71 Facing facts

Historical problem gambling data in Sweden

ENTS 86

72 Preview: The 2026 Awards Looking ahead to the return of the Global Gaming Awards – EMEA

74 Crowd testing

Regular contributor Paul Sculpher speaks with the Testa CEO

76 More access, less harm?

Gustaf Hoffstedt analyses Sweden’s problem gambling trends

78 Responsibility for engagement

Putting responsibility at the heart of betting, with the Responsiblo CEO

80 Germany’s gambling future

Dr Joerg Hofmann on whether Germany can meet its channelisation targets

82 Preserving your position Edward Carstairs returns to talk patents and IP

84 A safety net

98

MAREK PLOTA

Safeguards in modern gaming with Stewart Groumoutis

RANJANA ADHIKARI

86 Europe’s most 97 The NZ Bet undervalued opportunity?

Regular contributor Paul Newson returns Marek Plota on Poland’s untapped potential

88 Esports focus

Sponsorships and skin betting...

90 Product reviews

The latest offerings from across EMEA

ASIA-PACIFIC 93 Taking stock

Operator stocks in Asia from the last six months

94 Movers and shakers

APAC has seen movement in resorts and horseracing

with praise for neighbouring New Zealand

98 The building block powering global play

Ranjana Adhikari, Sarthak Doshi and Shashi Shekhar Misra focus on India

100 Product reviews

Dig into some new releases across Asia

BONUS BETS 102 Event calendar What's coming up?

104 Gaming in pictures

See the news a different way

95 Facing facts

Who has been hardest hit by Macau’s satellite casino closures?

96 Global Gaming Awards

What’s to come at the 2026 Global Gaming Awards for Asia-Pacific?

Affiliate Focus p.110

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CEO SPECIAL

THE CEO SPECIAL Featuring (from left to right): Gambling Commission CEO Andrew Rhodes (p.16), Boyle Sports CEO Vlad Kaltenieks (p.24), iGP CEO Jovana Popovic Canaki (p.30), Allwyn CEO Robert Chvátal (p.38) and Yolo Group – B2B CEO Lara Falzon (p.46)

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CEO SPECIAL – ANDREW RHODES

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CEO SPECIAL – ANDREW RHODES

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STRIKING THE BALANCE Gambling Commission CEO Andrew Rhodes joins Global Gaming Insider Editor Tim Poole to discuss everything from overcoming absolutism to the future of European regulation When you run the Gambling Commission, criticism approaches from all sides. Antigambling campaigners berate the regulator for letting the UK market run amok, while industry stalwarts claim the CEO himself bears a personal agenda against the sector.

Since June 2021 (as Interim CEO) and May 2022 on a permanent basis, this has become part and parcel for Andrew Rhodes. As we’ll go on to discuss, there is an inherent absolutism that forever shrouds the gambling discussion. That is not a plea for sympathy, rather a simple insight into the reality of daily life as the Gambling Commission CEO. “You do need to have a very thick skin,” Rhodes tells Global Gaming Insider to kick off our CEO Special. “I think you have to be very resilient and it’s unlike any other job I’ve done.

It is tremendously personalised and has been from when my appointment was announced – actually before I even started. You’ve got

people piling in with different views as to what they think of you and what they think you should do. Throughout the four and half years I’ve been in the job, there’s been a constant commentary.”

Rhodes admits this is something he can’t “ignore completely,” yet paying too much attention can lead you to “quite a dark place.” Different types of stakeholders hold “remarkably strong views” and, in their “strength of feeling, are prone to personalise.” That attribution of Rhodes’ supposed views and drivers is something one has to price into the job. In fact, Rhodes acknowledges this is true for public-sector roles more broadly in recent years, with social media’s “democratising effect” serving as a “megaphone for certain views.”

Rhodes is no longer on X (formerly Twitter).

Even when he quit the platform, this was interpreted as “meaning something.” All it

meant was Rhodes no longer believes X works as a platform: “You just can’t have a dialogue because, if you post anything, you get a load of people screaming across it with their views and trying to drown out anything they disagree with.” This is one of the hardest parts of the job, Rhodes remarks, due to just how “very, very activist” people on all sides of gambling are.

Perhaps it is the same for the water or energy regulator, he wonders, but the scrutiny Rhodes’ comments receive adds an extra microscope to proceedings. His recent discussions on cryptocurrency provide an example, with “numerous articles really stretching” his words.

And, with November’s UK Autumn Budget announcing an increase in remote gaming duty from 21% to 40% in April 2026 – among other measures – this scrutiny will be as heightened as ever. “From this interview, I can guarantee there will be a single sentence

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in it, which you and I will know is pretty innocuous or nuanced, but someone will extrapolate it into something it wasn’t. Maybe not wholly misrepresenting it, but conveying a certain strength that was never there. I’ve never seen that in any other job I’ve done.”

Well, let’s see, shall we? *** FLYING HIGH Our CEO Special features always aim to give a rounded profile of interviewees. As such, we delve extensively into their stories, rather than just asking about their latest conference appearance or financials. Rhodes and I will naturally go on discuss today’s hugest gambling topics – neither of us would be doing our jobs if we didn’t! But what of the person behind the day job, his story and his motivations?

It will not surprise readers to know the Gambling Commission CEO always held a strong interest in the law and debating. As an “upholder of rules in a general sense,” Rhodes

also grew up in the 1980s, when there were “a lot of cop shows on TV.” One of his early passions, though, had nothing to do with regulation (or gambling). Indeed, Rhodes always wanted to be an airline pilot and has even done a “little bit of flying.” That love of flight prompted Rhodes to spend seven years as a Non-Executive Director for the Royal Air Force Air Command. The role was independent and deliberately separate from the Air Force, so Rhodes did not serve in the military as such, though both his grandfather and uncle had done so.

At one point, after serving in the Air Cadets, flying was a genuine career direction Rhodes might have pursued. Years later, he applied for the Air Command job and was able to undergo several station tours, simulation work and tasks in an advisory capacity. Striking a balanced tone Rhodes will later apply to our conversations on gambling, he prefaces that he wouldn’t want to “oversell” his contribution, but he had small involvements in some “big programmes and drawdown from Iraq and Afghanistan.”

There are some in grassroots football who know Rhodes simply as ‘Pep!’ 18

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“I was very much at a distance. But it was a great experience and nice to be able to turn your mind to something that isn’t your normal day job, where you don’t have day-to-day responsibility for delivery. It makes you think a little differently and that’s something I think people sometimes miss. They’re so steeped in what they’re doing; it’s hard to step back and think: how would this look if I could think about it differently?”

SWANS, DARTS AND PEP GUARDIOLA Outside of the day job, another life-long drive for Rhodes has been his “absolute love” for sports – including watching “virtually any sport.” That passion has translated as much in his voluntary work as it has in his leisure time. A case in point, during our interview Rhodes is actually carrying a heel injury from playing squash. In a more formal capacity, Rhodes has been Chair of the Swansea City Association Football Club Foundation since August 2021. The charitable arm is a separate legal entity from the Welsh club and does a “huge amount of outreach”

CEO SPECIAL – ANDREW RHODES in the local community and across South West Wales. Rhodes tells us: “In partnership with the Premier League, we do all sorts of development work, particularly with disadvantaged kids and schools. It brings the structure and the fun of sports where that might be missing from someone’s life.

We run football camps in the school holidays, and it’s great for the kids to be in that environment. We also do a lot of community work to do with mental health, people getting older, health and well-being generally. I’ve been doing that for four and a half years.”

Rhodes is a season ticket holder at his beloved Swansea and has been for years.

Due to understandable time constraints in the day job, Rhodes is unable to travel to every away match but still attends several a season. Football, moreover, isn’t the only sport he has attended in person recently.

Having bought Premier League Darts tickets, Rhodes’ son “loved” the experience in Birmingham (tickets were sold out for Rhodes’ ‘home’ week in Cardiff). Interestingly, he describes the Premier League Darts as a “really long football match but where the match gets good lots of the time.” By contrast, he’s sat through numerous 90-minute football matches that have left him “wondering about my life choices...”

Still, Rhodes remains a “proper football fan” and even coaches children’s football, something he has been doing at grassroots level for around 10 years. Here is where a humorous connection comes to light and it’s one that – similarly to his love of flying – no one who simply deals with the Gambling Commission CEO in his day job would ever guess. Indeed, he is affectionally nicknamed ‘Pep.’ “I’ve got a qualification with the Football Association of Wales,” he tells Global Gaming Insider. “But the reality is now at the age the kids are, there’s less I can bring. One of the other coaches, she played for Wales at a young age and she’s very talented. She knows far more about football than I ever will, in terms of the technical side. So I can watch a game and see what’s going on with individual players, but as for the more technical side… the reality is, as they’ve got older, I find what I can offer as a coach is limited.”

That, however, does not preclude the Pep Guardiola comparisons. Working only with his children’s teams, Rhodes got into coaching “completely by accident.” In fact, none of the children or parents actually know his real name. For 10 years, he has instead been known as Pep! Not, Rhodes points out, because he shares the Spaniard’s “talent’ but because he has a “very animated coaching style on the touchline.” He adds: “There’s a long story I won’t bore you with, but one of the parents christened me Pep and it’s stuck.

It’s really funny that my son’s friends, who

I don’t even coach, all call me Pep because that’s just how I’m known.”

TIME AT THE DVLA AND FOOD STANDARDS AGENCY In our last major discussion point before we dive into the crux of Rhodes’ current role, it is well worth exploring his previous jobs at the Driver and Vehicle Licensing Agency (DVLA) and Food Standards Agency (FSA).

Especially as, if you set aside the topic of gambling, there is a “surprising amount of overlap.” At the DVLA, Rhodes was Director of Products and Services during a “channel shift.” His tenure oversaw a time when it was essentially a paper factory, but people were only just starting to buy their tax discs online.

His job was to transform the DVLA from a paper-based company to an online business. “It was all about consumer behaviours: how to influence people to do things differently, how to tap into things people naturally wanted to do: convenience, lower cost and speed of getting things done. We actually won best marketing strategy at the European Business Awards against multinational banks, which you wouldn’t imagine an organisation like the DVLA would – but it’s what we did.”

There are further similarities to when Rhodes was COO at the FSA. Food safety is about a “risk-based approach” and “protecting vulnerable people.” “The vast majority” will be fine, but some people “definitely won’t be.”

That will certainly sound familiar to gambling industry professionals. Rhodes joined the FSA a few years after a major incident in 2005 that saw a young schoolboy named Mason Jones (Rhodes says he will “never forget his name”) die from E. coli after eating a school meal. The episode cast a “very long shadow” on how regulation works and what it means to be risk-based.

“Food is the largest manufacturing industry in Britain,” Rhodes explains. “You’ve got a very strong consolidated arm of all the retailers that you would know, and then the tremendously long tail of smaller operators, which again, is very similar to gambling. But how you interact with them is quite different.

You’ve got strong lobbies, so those who think lots of things should be banned because they’re unsafe, and you’ve got others who are about personal choice: like people who want to drink raw, unpasteurised milk.”

There were even similarities when Rhodes was responsible for regulating the UK’s abattoirs (slaughterhouses) as part of his role. “It was a really strange profession to be in and, like what I do now, I always had a go-look-see approach. I visited all the different types of abattoirs on a regular basis.

It was partly about showing respect to the industry you regulate; you develop a deeper understanding of how things really work...

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You’ve got some tricky trade bodies in there.”

Referencing our earlier discussion on the need for a thick skin, Rhodes says there is one individual from a trade body who still “occasionally tweets rude things” about him over 10 years since his FSA departure...

Yet, “apart from the job I’m in now, the job I enjoyed the most was at the FSA because regulation, I think, is quite interesting. It’s quite challenging. You’re in an organisation where you are at an arm’s length for a reason, and that brings some challenges – with some freedoms as well – and the ability to do things in a way I could never do when I was in a central government department. I found it far more constraining being at the Department of Work and Pensions, for example, than I ever did at the FSA.” INDUSTRY ENGAGEMENT AND THE POLITICAL CLIMATE And so to the here and now, where Rhodes applies his career learnings in an industry that is equally as punishing as it is dynamically rewarding on a daily basis. Whatever one’s stance on the Gambling Commission, an undeniable tenet of Rhodes’ tenure is increased industry engagement. The UK’s regulator was once considered a closed book for operators. Media, too – this interview wouldn’t have happened under previous leadership. I ask Rhodes about this approach, as well as how much can improve. “There is always room for improvement,” he states.

“I think there is too much invested in

Rhodes in flight GLOBALGAMINGINSIDER.COM

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individual personalities, but I feel that if you want to effect change and have a reasonable dialogue, you have to invest in it. That involves being more open, more accessible, more candid and taking some risks. That’s just how I think it should be done; it’s how I’ve done it in other jobs, so it’s not unique for me in this role. But it has changed quite a bit, and it’s something people seem to value.”

As a regulator, Rhodes warns one must guard against “regulatory capture and being overly familiar.” Additionally, there are those who “just want to have a meeting because others have met you – and that’s not really what this is about.” A major challenge, Rhodes feels, is “just how poor the debate is” – especially when increased engagement is ongoing.

“So much information gets used poorly, wrongly and out of context, and people present arguments quite poorly in and around the industry,” he opines. “Sometimes the industry itself, sometimes campaigners – it’s both sides. I think sometimes there are good points to be made that get made badly, and they get made by overusing or overrelying on information that doesn’t quite say what people wish it did. I’ve seen poor discipline on that.”

The eventual arrival of the industry’s White Paper in April 2023 (after years of anticipation) gave Rhodes hope that this quality of debate would improve over time.

In his eyes, though, it has only gotten worse.

Gambling doesn’t particularly follow party political lines – a feature common throughout the world not just in the UK – so individual ministers can be “in quite different places to each other.” The Commission is right in the middle of this polarised debate: “People want

Swansea City’s football stadium 20

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you to take sides on issues where I don’t think there are always sides to be taken.” There is a balancing act for Rhodes: “Things are never all good or all bad, and people are rarely ever all good or all bad, with some exceptions in life.

Generally speaking, the regulator’s job is threading that needle. That’s very difficult and I don’t think it’s getting easier.”

ABSOLUTELY NOT For Rhodes, the Commission’s position is to be the “trusted voice” on the facts about gambling. In this regard, the CEO believes there has been “some success” – but he feels the regulator has not imposed itself here quite how he would have liked. “It’s hard actually turning up and being reasonable. It isn’t what the media wants a lot of the time,” he remarks. “They want ‘I absolutely love betting, don’t you dare touch it’ or ‘betting is an absolute moral evil and should be banned.’”

While Rhodes admits not all media work is like this, the competition for attention in today’s landscape can often relegate reason.

“We don’t want to referee all the arguments; that’s not our job. Being the authority on the facts about gambling, up to a point, is our job.”

Rhodes has regularly turned down other media engagements because they will be a “cross-examination” instead of an interview.

In a formal capacity, a cross-examination in front of a select committee is not something the CEO is opposed to. Other conversations, however, hold “no value” because the interviewer is simply pursuing “media clips of them giving you a hard time and you looking uncomfortable.” Having taken part in multiple podcasts and interviews over the

years, the CEO is unafraid of scrutiny and accountability, yet clickbait headlines that constantly fight each other for attention can be “quite dangerous” with a technical and nuanced topic like gambling. “The absolutism you see in a lot of coverage now – we see it a lot in the industry and different sports – is not going to help in the long run.”

This all ties in with how Rhodes aims to go about his role in leadership. Indeed, he emphasises his attempts to “strike a balance.” A common misunderstanding is the assumption everything the regulator does is because its CEO “wills it to be so.” “You can hold two things in your head at one time,” Rhodes says. “Gambling is something millions of people engage with and do not necessarily have a problem with. It is a lesser part of what they do socially, and they want to do that with a minimum of friction. But you can also acknowledge that gambling carries risk, and that some people have been severely harmed engaging with it.”

The Gambling Commission must therefore address gambling’s everlasting, inherent paradox – the regulator must not displace bettors unnecessarily but, at the same time, create a system that curbs potentially dangerous or harmful behaviour. Rhodes summarises: “What I’ve tried to do is be open, candid and engaging with all sorts of different groups. It’s getting harder to engage with some groups because of the absolutism, desire to take sides and to interpret that you are or are not on someone’s side – and I really don’t think that is our job as a regulator. That’s not how we were set up by Parliament. This is a job where you’re being pulled in many different directions, and those directions really do conflict with each other.”

CEO SPECIAL – ANDREW RHODES THE FOOTBALL INDEX SAGA When I ask Rhodes what some of his toughest times as a regulator have been, he is quick to single out two individual periods. Intriguingly, one is right now. The other is when he first joined the Gambling Commission – just a couple of months after the collapse of BetIndex (Football Index). Football Index was essentially a stock market where users could trade shares in professional footballers. It was a novel idea – and the platform was, frankly, fun to use. It built up a sizeable following – 500,000 accounts was a quoted number – and even embarked upon national advertising campaigns. But its messaging soon unravelled: marketing focused on investment without highlighting the fact this was still gambling. And, eventually, the floor underneath Football Index fell through; liquidity ran out amid accusations that this was, essentially, a Ponzi scheme where the initial investment needed to run the company ultimately came from later players – an unsustainable business model.

From bettors who lost their money, there was unequivocal fury. Rhodes recalls: “The collapse of BetIndex was an important moment for lots of different reasons and not all the reasons that some people argue. But the Commission was in a tricky place. We had the Gambling Act review still pending; we were towards the end of the National Lottery licensing process; there had been quite a lot of turnover in the Commission’s senior team within a 6-12-month period. We had a brand new Chair; we didn’t have a great relationship with the Government at the time or with the industry… or with campaigners either. I don’t dwell too much on the personalisation, but it was and still is super personalised around the collapse of Football Index. I’m almost reticent to talk about it, because it is still such a flashpoint for some people and their perceptions of me.”

And yet, despite all of the above, today’s environment still poses a greater challenge in the CEO’s view. While Rhodes qualifies this with the fact there are “lots of positives,” the Commission’s current difficulties are compounded by “a lot of litigation,” including an active case involving Richard Desmond and the National Lottery. Enforcement wise, the Commission is also engaged in around 90 current cases – an “unprecedented level.” Overall, the organisation is “very stretched,” according to Rhodes. The recent Autumn Budget announced £26m ($24.7m) in funding for the regulator, but the increasingly polarised nature of the job is not making it any easier.

“I think it’s more symptomatic about the broader environment and the differing perspectives that make it more conflicted,” Rhodes comments. “You are trying to lead an organisation of 400 people and give them the clarity they deserve. There are lots of different conflicting demands on your time

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and attention, and that’s where your resilience is important and being candid with people about some of the challenges. That’s not about making excuses; it’s about sharing the context.”

“COMPLIANCE AT THE EARLIEST OPPORTUNITY” Naturally, though, as a regulator, the Gambling Commission cannot be judged on its actions alone – but additionally how its licensees are operating. Here, Rhodes says “compliance has improved very, very significantly” in recent years. “We generally don’t see many of the same issues as we did before,” he tells Global Gaming Insider. “We can cite figures of how many times more compliant the industry is now compared to four or five years ago, in terms of serious failings and enforcement action being required.

It’s many, many multiples better today than it used to be. I would definitely say the industry is considerably more compliant than it was.”

Regarding the specifics of enforcement and compliance, Rhodes is unsurprised that some areas for improvement remain constant: interaction with customers, AML controls and adhering to policy are “common themes.” But these are, after all, consistent areas of discussion and focus within the industry. The Commission has over 2,400 licensees, so does not have a regular yearly auditing model – instead it heads where risk is highest. There is some frustration for Rhodes when the “exact same things get repeated,” because, as he puts it himself, “there isn’t really an excuse for that.”

As the CEO points out, there is further nuance, as the precision of other industries is something gambling can never offer. Going back to his time at the FSA, Rhodes recalls rules dictating a fridge’s temperature, contact time for a disinfectant, storage requirements and many more fixed conditions. Whereas in gambling, “your exposure and my exposure could yield quite different results. We might both not have a problem, one of us might, the other might not – with a seemingly

similar experience. So this is an outcomesbased regime and that’s where things are different. Someone’s whole life circumstances could affect their risk of harm from anything; but certainly gambling has an ability to escalate quite quickly at a financial level.”

When Rhodes first joined the Commission, there was a period of “significant activity” and the CEO remembers discussing ‘tackling recidivism.’ “That’s a terrible catchphrase, but I didn’t want to see the same things happening again and again. I think we see some repeat issues, but not generally at the same scale.” UK gross gambling yield has grown since, standing at £16.8bn for the 24/25 financial year, but a lot of “extremes have been smoothed out” in terms of consumer behaviour.

“On the whole, the overall compliance of the industry is considerably better than it was.

Some of that is about the relationships, and I coined a phrase a few years ago: ‘Compliance at the earliest opportunity.’ What I was really saying to the industry is, if we’ve identified an issue, I expect you to fix it quickly. I don’t expect you to wait for enforcement action because, if you are, that enforcement action will be worse.”

THE BLACK-MARKET DEBATE Thus far, Rhodes and I have only discussed the regulated, legal market. But, as the UK’s Autumn Budget approached, Entain CEO Stella David told us the black market will be rubbing its hands ready to claim market share if taxes go up. David is, of course, far from the only commentator to bring up the black market of late and the subject is, obviously, nothing new to Rhodes. “Something that is frequently misreported or misquoted is me having denied the existence of the black/ illegal market,” Rhodes states. “The reality is: I set up a specialist team in the Commission more than three years ago on this. We were the only regulator in the world, to my knowledge, to have done that and to have invested significantly in this.

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CEO SPECIAL – ANDREW RHODES

“What I did say several years ago is that people overstate the risk of it in relation to changes in regulation. Most sensible commentators, including the industry by and large in this country, will tell you that illegal gambling is not at scale in Great Britain.

And that’s partly to do with the work we do and partly to do with the environment.

The environment in other countries is quite different in terms of their regimes. I think it is a building risk because of how easy it is for criminals to engage in this, and we’ve got a lot of information about organised crime groups engaged in offering illegal gambling.”

Here, Rhodes says the Commission has an “obligation” to act. He states clearly that any regulatory action must benefit all consumers – as well as the legitimate industry. While the idea that you can completely remove the illegal market “is nonsense,” according to Rhodes, it is important to understand who is gambling illegally and how that can be disrupted. “I’ve said for the last few years that this was the fastestgrowing area of work in the Commission, and it’s remained so. We’ve published our research, we’ve been very open about it, which really is the opposite of what gets claimed sometimes.

But I think some of that really stems back to the debate where people would say ‘everyone will go to the black market.’ That’s not true but, likewise, others say the black market is scaremongering. I don’t think that’s true either. The reality is there is more nuance to this than some commentators wish to regard.”

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THE FUTURE FOR EUROPE I close our interview with a question we’ll be asking every interviewee in this year’s CEO Special. Where is the future of European regulation headed – and not just in the UK? Given Rhodes was recently at the G7 European regulators’ meeting in Madrid, his knowledge on this topic is fresh – and his first key point is that he does not foresee harmonisation. That is “exceptionally unlikely,” due to the difference between EU countries in their political and social perspectives on gambling. While there is some universal EU rulemaking around AML, European countries will increasingly have their own regimes, the CEO says, adding: “There is a question, and this could spark some debate, about jurisdictions that have portable licences. Malta, Gibraltar, the Channel Islands, Isle of Man etc... what will their role in the future be?”

A broader principle Rhodes envisages is the continuation of gambling’s moral debate.

How do regulators and policymakers address licensing something that has an association with harm, versus the risk of not licensing it and the harm being “far greater” in the illegal market? “I’ve said many times, you could ban gambling, but you will not stop people gambling. That is one of my worries about some campaigns and policymaking.

The risk in policymaking is to remember that every time you displace someone into the illegal market who could be legitimately gambling in the legal market, the risk to them is higher and the likelihood of harm is higher.

“The biggest proportion of people in the illegal market are the self-excluded. We need to get to a position where the interventions operators make reduce the likelihood of someone’s gambling reaching the point where they should self-exclude. And I’ll be careful how I express that, because some people argue that Gamstop’s a terrible thing as those players should be kept in a legitimate industry. Well, I sort of see the point, but the problem with that is some people just are not in a place where they should be gambling, and there has to be a facility for them to stop.”

All this, of course, will also be externally influenced by “governments looking for different ways to get tax revenue... at a time when most governments are struggling economically to some degree.”

For a final word, conversations between Rhodes and his team have often emphasised “building relationships” with others in government and within the industry. Industry lawyers have been included a “a lot more” and there has been a focus on productive relationships – not just relationships for the sake of it. “There are people who think I’m the worst thing to ever happen to gambling,” Rhodes remarks. “I think that’s probably a bit harsh! But there are others who completely misinterpret things. Hopefully, the things I’ve tried to do and the things people think I did well are the same, but they won’t always be and that’s the nature of it. I’m clear on what people think I’ve done well – and I’m clear on what I’ve been trying to do for the last four and a half years.”

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CEO SPECIAL – VLAD KALTENIEKS

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CEO SPECIAL – VLAD KALTENIEKS

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BRICK BY BRICK Global Gaming Insider’s Rory Calland speaks with Boyle Sports CEO Vlad Kaltenieks, exploring his approach to leadership and a transformative two years at the Irish operator If you want to know how invested Vlad Kaltenieks is in Boyle Sports, ask him about horseracing.

He tells Global Gaming Insider: “There’s something magical about a day out at the races with the family, just watching the horses.

And in Ireland, it’s a part of the fabric, part of the heritage. It’s just so woven into it.

I would really love personally to see it preserved in the culture, because it makes the UK and Ireland very special.”

We sat down together before it became apparent that the ‘axe the tax’ campaign, led

by British Horseracing, had been successful in deterring the Treasury from raising taxes on the sport, but I think he’ll have been pleased as punch to hear the news. It may seem unsurprising to know that the betting partner of the Irish Grand National and the Galway Races doesn’t want to see horseracing taxed into disarray, but Kaltenieks has only been at Boyle Sports for two years, and his career started a long way from the grassy furlongs of Fairyhouse and Ballybrit.

One word pops up a lot in his job history: data. His first steps into the world of business were back in Latvia in 1999 with a company he co-founded, hosting websites and riding the dot.com boom. Skynet it was called (no not that one... hopefully).

In fact, Kaltenieks has only been in gambling since 2016 and this posting with Boyle Sports is his first CEO job. The first

impression, looking at his career before his appointment, is that the operator has gone all out trying to find someone raised in the new school, someone with blinkers for digital, to drag a heritage, retail-focused brand into the 2020s.

“I really like computers. But I like figuring things out and learning even more. I think the IT side, it was so new and fresh, it was so different to everything else. It was exciting, yes. It is just a reality in its own.” Jackpot.

Of course, the gambling industry has changed radically since 1999, and the value of having a technologically literate, data-driven mind high up in a gambling operation has increased

exponentially. Tech rules the waves. But this is not a simple modernisation narrative, and Kaltenieks’ success relies on a lot more than good timing. He is a far more rounded leader than that, he values and cherishes every inch of his kingdom, from software to retail, to the horses and the courses. When I ask him about his IT background and whether it was by this or by his entrepreneurship that he felt most defined, he replies: “Well, Rory, I think it’s even worse than that... I actually studied to be a lawyer.”

The ‘figuring things out and learning’ defines Kaltenieks more than anything else. If he didn’t have a profound curiosity and appeciation of the history of a company like Boyle Sports – the

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racing, the retail, the people – it seems unlikely he would have got this far. The eponymous John Boyle had not long stepped down from the role himself when Kaltenieks came aboard, and it sounds as though he is still never far away. “We’re in touch probably every other day or so. There’s pretty much nothing we don’t talk about.”

It’s evident the respect Kaltenieks has for the company’s Founder and the brand’s 43-year story.

He is clearly grateful, not just at having been given the role of CEO, but to have been given the space to grow into that title. “I had a good exposure to many different teams throughout my career, so I had a really good understanding, but it’s different when you are actually at the helm.”

It was only going back to the beginning that I could begin to appreciate just how he’d thrown himself into those “different teams” throughout his career and how unsurprising it is that this business leader has gained the trust of a major figure like John Boyle.

THE RESPONSIBILITY BRICK Slightly bashfully, Kaltenieks admits that he does have what you could call a philosophy of leadership, and as he walks me through his career up until Boyle Sports, it’s clear to see how much of it was crafted on the wing and as a result of the people around him. Skynet went live in Latvia in November 1999 – by contrast, the hellbent Skynet of the Terminator franchise is

HOW DO WE MAKE CUSTOMERS THAT HAVE NOT CONSIDERED BOYLE SPORTS CONSIDER US AGAIN? supposed to have gone online on 4 August, 1997, so don’t panic.

In fact, the origins of Kaltenieks’ company are far more benign, and were borne simply from that desire to learn. Messing around with computers, he was just keen to figure out how to set up websites and host them from “one server under a desk.”

From that “one server under a desk,” Skynet ended up hosting friends’ websites, and eventually even the national television broadcaster. He explains this sequence of events in a very ‘oh-I-just-fell-into-it-really’ manner, but it’s clear to see where he underplays his natural determination and drive. “I think the timing was excellent – just immersing myself and learning, and then once you are in that flow, it just starts to take you places.”

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I ask him about the mistakes that defined this period. “Nice mistakes,” he calls them. He shares a memory of being called up at 6am by a disgruntled client with a website on his server. He tells of how he scrabbled around trying to fix the problem, barely conscious of what that problem was. His intention in telling the story is almost to point out the folly in his early venture, while in fact, what stands out is his willingness to pick up the phone at 6am and get stuck into a puzzle he only half understood. That’s not good timing, that’s good minerals.

It was, of course, a frenzied learning curve; Kaltenieks was getting down and dirty with the data before it was cool, so he tells me, or: “When it wasn’t the new oil, when it wasn’t really sexy.”

But more important than the technical skills he honed in this period, is the pride he developed

CEO SPECIAL – VLAD KALTENIEKS in bearing responsibility and accepting accountability for a whole enterprise. These are the things, apparent back then, that have guided him to where he is now.

THE LEADERSHIP BRICK According to the CEO, he didn’t realise he enjoyed the weight of leadership until he entered the gambling industry with Betsson, not nine years ago. At this point he shares with me the names of those figures within gambling that made him the operator he is today. Ulrik Bengtsson is the first to come up, and a stonewall pioneer in Kaltenieks’ eyes. “He was a visionary in terms of looking forward, bringing that back into the reality of today and then setting up the pillars and structures to start realising it. [...] It’s nice to have ideas, etc. But let’s make sure we can deliver them in the best way possible and have the right impact.”

Bengtsson was the Betsson CEO under which Kaltenieks was drafted in. After visiting California, he was seemingly convinced that the company needed hands-on, knowledgeable leadership in the digital department. This was the way forward.

Two years on, he went to become the Chief Digital Officer at William Hill, and when he did, he brought Kaltenieks along with him. He was climbing quickly, but the relationship with Bengtsson is clearly far more than a rung on the ladder. That circumspection and impact-focused approach Bengtsson posessed has evidently become a central part of Kaltenieks’ own management philosophy.

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THE COMMERCIAL BRICK Another piece of the puzzle is filled in by Jesper Svensson, well known now as CEO of Betsson Group, but at the time that Kaltenieks was there, Svensson was CCO. It was from him that Kaltenieks came to see for himself how impact must mean profitability. “You also need to make sure you’re wearing a commercial hat and the things that we’re doing are commercially impactful and profitable for the business going forward.”

Of course, it won’t have been a revelation to Kaltenieks that a company tends to need to make money to survive. But to see first-hand from someone you admire just how and when you really need to don that ‘commercial hat’ is vital for a leader who is otherwise driven by a strong and holistic ‘philosophy.’

a heritage bookmaker looking to carve out a new space in the modern industry landscape. A delicate job... Change too much and you may lose that established, trusted reputation a newer brand would pay significant money for; change too little and end up stuck in the past. Kaltenieks straddles this dichotomy as well as his experience straddles all the various departments of a gambling operator. But this was a big job nonetheless.

On the CEO’s second day, he was shown a presentation of a rebrand. He’s sat around a table with his executive team, and everyone is asking each other how they feel about the idea. There’s a sense of uncertainty, and while the new boss would rather feel out the opinions in the room than go in all guns blazing for effect, he can tell that there’s a lack of cohesion.

Kaltenieks calls brand the slowest piece of the THE BOYLE BRICK puzzle. But it wouldn’t have to be. A new CEO The picture being painted is of a moulded leader, could quite easily make a snap decision in that neither of the new school nor the old, perfect for branding meeting to peacock his authority. But

THE RETAIL BRICK Some people succeed because they can deal with pressure; Kaltenieks has always seemed to invite new challenges. Despite the success he found in the furrow of his first speciality, his career steps have often been leaps into new departments altogether. “A different beast” is what he calls retail and, at William Hill, it was one he wrestled with for four years. This choice seemingly left him a different prospect as well.

Nicola Frampton is the COO of Domino’s these days, but over her time at William Hill it’s not hard to see the role she played in building the leader that Kaltenieks is. It was under her tutelage that he learned the ropes of retail: “People really loved her and were inspired by her leadership, so she left a really big and positive mark on me in that sense.”

It’s clear the appreciation he has for this side of the organisation – what he calls: “a very real business.” This is where the finest margins are, where efficiency and innovation are as important as the other and tiny drop-offs in either can sink an operation. As he explains the need for everything to “add up” in retail, there is a relish in his voice. The hunger he has for accountability and responsibility rises again to the surface. He can’t get enough.

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Kaltenieks’ priority is impact – doing things properly even if they take longer. It’s more than a lick of paint and a logo, it’s about changing how people think about the company. If no one could say for sure whether this rebrand presentation got to the heart of what the company was about, then there were clearly bigger problems than the colour scheme.

He explains: “I just landed my role. I’m not going to take this one to myself obviously, because I don’t know how we arrived at this point. So I said, as Boyle Sports we need to figure out what are we about, because at the moment, I think we’re just about everything to everyone.”

That’s what he told his team in that meeting, and what followed was a slow and steady, brick by brick, year-long project to get to the heart of that question. Bring on the consultations, the surveys, the studies, always making sure to involve the different leadership teams, the marketing team, the compliance team, mocking up various visual identities along the way. All of these things would be easy to rush but, if they want their changes to have real impact, a new leader has to understand where he is starting

from and know what really meaningful brand shifts are required.

“How do we make customers that have not considered Boyle Sports consider us again?”

Once that’s done, then and only then can you focus on the colour scheme. And with this rebranding effort now well underway, someone as thorough as Kaltenieks knows that the launch is only the beginning.

“Data, when it comes to the world of branding, is a bit more of an art than a science, but there is also a scientific part to it.”

Since the relaunch, the operator has systematically been making huge strides. It partnered with West Ham United as the club’s official front-of-shirt sponsor and made a deal with TNT Sports for exposure during the channel’s Premier League coverage. These are the types of sponsorships that are almost so wide-reaching, it’s difficult to isolate the channel and determine exactly what those growth effects are.

But, as ever, Kaltenieks wants to understand the effect these have on sentiment. The size of these deals is not the be all and end all.

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“Sentiment in terms of how people are perceiving Boyle Sports as a company, as a business, as a personality. What are some of the things that we are being associated with. Is it trust? Is it value? Is it something else? What do customers associate the new Boyle Sports with?”

The answer can’t be as simple as a positive attitude, but positive action, positive impact, these things are a little scarce on the ground at the moment within the UK and Ireland. And yet they are in abundance at Boyle Sports. It was amid that fog of doom surrounding the build-up to the Autumn Budget that Boyle Sports made the leap of investing £100m ($132.3m) in UK retail and digital innovation.

We’ve spoken a lot about branding together.

But the type of branding the CEO is interested in is interconnected with every business decision.

Evolving what the company means to people is a hands-on task. It helps to discover what can set the brand apart from its competitors. Strategically, it’s making great headway in this department.

The investment the company is making in the UK and in retail is very different.

It’s ambitious, it’s hopeful and it’s positive.

CEO SPECIAL – VLAD KALTENIEKS Crucially, it’s a stark contrast to the negativity coming out of British retail in recent weeks and months. “It is going to infuse cash into adjacent economic activities like the sandwich shops or the motor service. We’re spending money in media, in creative, that’s contributing to the economy.

We’re working with the sports brands, etc.”

I ask Kaltenieks about the threat of tax rises and the sense of retail fear emanating from the likes of Betfred, PaddyPower, Entain and Evoke.

That positivity doesn’t come for free, of course, Boyle Sports’ margins will be hit as well, but the CEO is reluctant to add his voice to the dissent.

If the company can make it through this, there will be one UK retail operator that is on the up, opening stores, boasting new jobs. That positivity cuts through; that’s a significant point of difference; and that can change a brand.

ESCHEWING EUROPE The Boyle Sports chief is not deaf to negativity.

He is conscious of regulatory challenges posed to industry across Europe – marketing restrictions, increased tax burdens etc. But again, he is not for complaining about the hand he’s dealt, calling the

UK: “One of the most successful, if not the most successful, regulated market in the world.”

For him, the uncertain future of Europe-wide regulation is mitigated by clear future-planning in core markets. In Ireland for instance, Kaltenieks is encouraged that: “The new gambling regulator just published a three-year plan, which gives a very good outlook in terms of what to expect.”

Consolidation in the UK and Ireland will guide Boyle Sports into the next era of European regulation and let them target expansion from a better foundation in the future. It’s a strategy Kaltenieks has called common sense. Where many might be fretting about the prospects of more diversified European operations, Kaltenieks showed decisive foresight by curtailing international expansion.

Concentrating resources in two markets equips the company to stand steady on two feet amid the headwinds unseating so many industry wigs. While many retail workers fear for their jobs, Boyle Sports can promise new jobs and new tax revenues, thanks to this proactive consolidatory policy.

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The less exposed to future European regulatory upheaval the company is, the more it can approach domestic regulation with a positive outlook: “I would like to see a balanced regulation where customers are protected and have a choice. I think the UK has been able to have that balance for a while. I look forward for that to continue and for us to figure out how we achieve all of our outcomes here.”

It’s also easier to build company-wide connectivity at this manageable scale, and this is utterly essential to his strategy – retail and digital must be one self-supporting unit: “We have a really good relationship between our retail and digital and we continue to strengthen that. Then when you layer on top of it a rebrand and refresh, my challenge to the team has always been: “How do we create an environment and experience for customers so it is delightful, where they enjoy being there in that retail environment?”

If the team manages it, this could be the start of a more connected relationship between customers, staff and management – something that would delight Kaltenieks.

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CEO SPECIAL – JOVANA POPOVIC CANAKI

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CEO SPECIAL –/JOVANA POPOVIC CANAKI

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MEASURING BY EXPERIENCE Jovana Popovic Canaki, iGP CEO, speaks to Global Gaming Insider’s Will Underwood about her journey to the top job, encompassing her love of literature, travel and golf As I pace along cobblestone streets, fending off the advances of a furious downpour with a struggling umbrella, underlying is a mixture of excitement and nervous anticipation – as I am in Lisbon for one of the biggest industry conferences of the year. This feeling is a familiar one echoed by iGP CEO, Jovana Popovic Canaki, as we discuss what turned out to also be her first major industry meetup with the company.

How fortuitous, then, that immediately as I step into the conference hall I am swept into the first stand on my right – iGP. Indeed, this would go on to be the very first stand encounter of a now countless number of interview interactions at industry conferences across the continent – and for that reason, one I would remember for the rest of my life.

Little did I know that in the very next room, Canaki and her iGP team were celebrating the decision to expand into lottery, a crucial move that came early in her CEO tenure – and one she now reflects upon as “one of the key things I’m proud of during my time here. We feel it has taken iGP to the next level.”

Marinating on the serendipitous nature of our ‘almost’ encounter, Canaki expresses a sense of pride around the rebrand that followed has propelled iGP into the lottery landscape: “Rebranding can be scary. Lottery opened up a lot of opportunities for us beyond B2B because it’s a B2G (business to government) product which, despite being an opportunity we recognised, was a brand new space for us. For me, when it comes to rebranding, there is no in-between. You either do it right or you or you fail. We succeeded and that makes me very proud.”

WORKING ‘UNDERCOVER’ Much like any good restructuring, the minerals necessary to effectively oversee a major business rebrand as head of a company are not acquired overnight. Born originally in the Serbian capital of Belgrade, Canaki spent the majority of her educative years in the Ukrainian city of Odessa as a self-proclaimed bookworm.

She tells Global Gaming Insider: “Growing up, all my best friends were books. At the time I studied much more than I socialised, partly because I simply loved the literature. I read American and British fiction and non-fiction – as well as French, German, Russian and Ukrainian.

My parents were always very supportive of my love of literature, they gave me a whole part of the library to fill in with my favourite novels, and I used to spend all of my pocket money on books.”

After completing her undergraduate studies in Odessa, Canaki briefly lifted her head from the page to conclude that she was not quite done with education, leaving her library

behind for the Slovenian capital of Ljubljana to pursue her MBA. Little did she know at the time, but the city was where she would spend the next 14 years of her life, settling into the social side of university where she would eventually find her long-term balance – “I discovered I was just an undercover extrovert all along!”

Canaki names Mikhail Bulgakov’s acclaimed The Master and Margarita as her favourite book, “I’ve read it in three languages,” she proclaims “it’s amazing how Bulgakov managed to capture the political situation at that time of censorship. But I would also say close behind is my second favourite is Erich Maria Remarque’s Three Comrades. I wanted to bring up this book because it’s about relationships, friendships, love and all these wonderful human emotions.

I really hope that reading these kinds of books through my youth gave me a wider insight into people and the world around me – which is something that is critical to my management style.

“I also believe I gained something similar from all the travel, I’ve left part

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of my heart and soul in every country I’ve lived in and have equally taken something, too; friendships, connections and the lessons you learn from being somewhere new.”

THE HAPPIEST OF ACCIDENTS Speaking to Canaki, it is easy to see how and why she has made a success of her first 18 months as iGP CEO. Reflecting on her early memories, she decisively dissects only the positives as she sifts through the metaphorically sunniest times of her life. Literally, however, one would have to imagine the sunniest times come at present, as Canaki moved to Malta with her family over four years ago.

Informally, Canaki began her working life early, tutoring students and translating contracts for her father in Ukraine from the age of 15, before going on to freelance in sports journalism as she moved into young adulthood. This endeavour, she tells me, was largely fuelled by a love of basketball.

Yet, following the conclusion of her postgraduate education, Canaki’s first formal employ came from the gaming industry. “My first job was customer support agent at a casino company.

“I took the job initially to fill some time, because four months later I was scheduled to move to Budapest, where I got a job that I had wanted in college – and I did not want to sit around drinking coffee all day. My ambitions were always in business and, at that time,

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I’M VERY HAPPY I MADE THAT DECISION...

THAT LITTLE START-UP WENT ON TO BECOME BRAGG GAMING finance. In Budapest, I was supposed to be overseeing a finance department at one of the biggest pipe producers in Europe – clearly quite different from gaming!

As things often are, for Canaki, the pipe business was not meant to be. She details how these anecdotes centre around the year 2007, a year that is perhaps most well-remembered worldwide for one of the worst economic crises in human history. “That company was hit really hard by the crisis, so I stayed at my job in the casino business.”

As is the case with many executives, Canaki knew little about gaming when she entered the industry, but it wasn’t long before she started to receive back-to-back promotions within the operational side of the business.

“One day, I got an offer to join a start-up.

This was, of course, very exciting at the time.

During what had become nearly four years of B2C casino experience, I had done shift management, telemarketing, VIP management, risk payment, fraud; I was a cashier, I did customer support and basically volunteered myself for anything I could. However, among all of that I never touched marketing or CRM at all. Because of that, saying yes to this start-up was definitely something of a leap of faith. But I did say yes, and I’m very happy I made that decision – that little start-up went on to become Bragg Gaming.”

B2C, B2B & BACK AGAIN...

Transitioning into the gaming world is a

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CEO SPECIAL – JOVANA POPOVIC CANAKI

process we have all been through – and doing so either from education or alternative professional industries is no mean feat.

For Canaki, she notes it was her natural curiosity that sent her tumbling down the rabbit hole. It’s an experience she looks back on nostalgically: “It happened very naturally. I fell in love with the industry. I fell in love with the idea, the dynamics and the mechanics of everything. It sparked a tidal wave of interest in me, and I wanted to learn more.

“I dedicated all my free time into reading everything I could find online. Over time, the more I learned and the more I experienced, I became increasingly reaffirmed that I was where I was supposed to be. Gaming also fit well with my aspiration to be in business and to do so at C-level. Ultimately business is business, whichever industry it is in. I suppose I found a lot of common ground with the industry – over the years you begin to meet so many different people and it all becomes very exciting.”

Starting out as one of a handful of people in a business now 500+ employees strong, Canaki’s inquisitive nature paid off as she helped shape Bragg Gaming into the powerhouse it is today. After spending eight years as an operations manager, she eventually ended her time with the company as Director of Business, iGaming platform and services. Steering such a sizeable ship within an industry that was, at the time, growing at incomprehensible speed – let alone guiding it through a global pandemic – is an effort that could only be described as gargantuan. Canaki, however, doesn’t see it that way: “Obviously, there was a lot of hard

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HAPPINESS BREEDS SUCCESS – WHICH IS SOMETHING THAT, IN THE END, WE ENJOYED A LOT OF work. But they were nine very happy years, and happiness breeds success – which is something that, in the end, we enjoyed a lot of. Especially in those last years after we went public, we started to grow very quickly; and it was a truly lovely and memorable time – but I wanted more.”

The spirit of adventure is something that is increasingly evident in Canaki as our conversation continues. After being with Bragg from the start, Canaki decided it was time to pivot back to another B2C venture – and another start-up. “It’s funny, my whole career I’ve spent jumping between B2B and B2C one after another.”

It’s at this point in the conversation that my suspicions of a Maltese harbourside backdrop are confirmed as Canaki informs me this was the point she relocated to Sliema – proudly giving me a closer view of the sun-drenched coastal scene on the other side of her office window.

Settling back from my much-needed virtual serotonin boost, Canaki reflects on revelling in

the B2C challenge – especially as it had been so different to what had become a large-scale B2B position at Bragg. She does, however, admit a slight preference for the latter: “We started completely from scratch again, there was no office, nothing. It was a fantastic challenge and I enjoyed the experience but, when another opportunity came along, I followed by heart back towards the B2B side of things.

“That’s when I joined Aspire Global, just before the NeoGames acquisition and after the sale of the B2C business. Because of that transaction, my primary goal at the company was to make sure they shifted mindset from a B2C company to a B2B company.”

COUNTING EXPERIENCES, NOT YEARS When casting an eye back over her career, Canaki also explains how she has found it helpful to ignore the constraints of time as a concept as much as possible: “I suppose I spent around two years with Aspire – which later became NeoGames Global. But I honestly can never say exactly how much time I spent in any role or company because I prefer not to count in years, months or days; but rather in experiences.”

If it was experience Canaki was looking for, she certainly found it within this role. Having seen Aspire Global turn into NeoGames Global, Canaki went on to oversee a second transaction when Aristocrat came in to acquire NeoGames in 2024 for $1.2bn. “Then, iGP came along.”

Having walked through her entire career journey up to her current position, Canaki stops to consider the experience of taking a trip down memory lane, “it makes me feel proud, nostalgic, appreciative and incredibly happy. Every single person that I met on this journey and every company I worked for brought me to where I am today. It’s almost as difficult to condense the story as it is to condense the emotions telling it evokes – but all those emotions are definitely good ones.”

Lessons and are an important theme Canaki carries in her life. As an extension, there appears to be a direct bridge that ties together the gap between personal and professional experiences,

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CEO SPECIAL – JOVANA POPOVIC CANAKI

intertwining in what she views as a balance that could either be viewed as perfect, or scarcely existent in the short term.

“What I mean is I’m not sure I believe in a short-term balance between work and life, or personal and professional,” Canaki explains. “I do believe in a work-life balance, but over a much longer period of time. This is something I personally came to terms with when I realised it’s a lot more of a choice than a balance. You choose what to do at a given point of time based on whatever parameters are relevant for the situation.

This mindset is freeing because it stops you from thinking about the bigger picture so much, allowing you to focus on what is right in front of you.

“Professionally, when I joined iGP, I had a whole company in front of me. With that in mind I made the choice to dedicate the first six months to getting to know the people, then the products, then the clients and slowly after that diving in a little deeper to learn how to lead these sectors within the business. Following that, it then became a process of learning how to dictate the direction and feeling for where the company needed to go. Once you’re at that point, you’re then able to wrap all the people, products and client expertise around everything to pull that vision together. In a nutshell, that was my first six months.”

One thing at a time is a key and evidently effective approach for Canaki, something she equates to her love of golf outside work: “It’s always only about the next shot. You have a goal.

You see the flag. And the only tactics that are

relevant are the ones for the next shot. You need to forget about what came before and what might be ahead of you... because if you carry that mindset, you’re going to fail, and it’s the same in business. This is what we’ve been doing with iGP. One ball at a time. Much like golf, business is one of those sports you play against yourself. You don’t play against anyone else. This require a tremendous amount of discipline and psychological stamina, which I also think is extremely important in any business, to be successful.”

NOTHING TO FEAR Looking back over the most important days in a lifetime, wedding days and birthdays spring to mind amid a swirl of New Years Eve, Christmas and related celebratory memories. Within this calibre of importance – if not personally, then certainly professionally – sits the day of one’s graduation. Be it school or college, the day you leave education is a big one. Terrifying and exhilarating in equal measure, graduation days truly represent the first lease of a new life stretching ahead.

It’s natural, then, for a conversation centred around professional life to eventually land on the memory of Canaki’s college graduation. She recalls it as she notes that just days before our interview, she had been watching Roger Federer give his now famous Commencement Address at the Dartmouth 2024 college graduation ceremony. Federer notes that throughout his career, he only won 54% of the points he played – a lower-than-expected percentage for what many

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consider to be the greatest male player in the history of tennis.

This statistic is the centrepiece of Federer’s moving speech, used to emphasise the normality of frequent failure – and the importance of focusing on one thing at a time. This sentiment echoes Canaki’s own previously noted disposition, as she details that fear of failure is a mindset that has no part to play in any success story: “If I could speak to myself at my graduation, I would love to tell myself to be less afraid. I graduated from university at the age of 21. When you’re that young, you don’t have the confidence that comes with time and experience; you harbour a lot more fear, more so of the unknown than the fear of failure, specifically.”

This lesson, Canaki explains, is something that has become important to her position as a leader, especially one who has had to steer a company like iGP through such transformative recent change, with big plans on the horizon. She is, though, quick to note that she could by no means do it alone: “Over the past two years the whole team has been incredible. We have all put in so much effort across so many vital campaigns, and these are the key things that make iGP what it is today. For one, in that time we’ve invested into rewriting our platform completely, changing it to a totally different system that brings scalability and speed. Honestly, the whole team – God bless their souls – have shown such amazing dedication.”

It is not just the team Canaki notes as a key driver to iGP’s overall vision, however, “it’s also the clients – they cannot be ignored.

CEO SPECIAL –/JOVANA POPOVIC CANAKI “Another project, although not our newest product anymore, was iGP’s iGaming deck.

That is something I still enjoy reflecting on and take an enormous amount of pride out of that project. We talk to our partners and see the feedback from our clients on how this product helps them reach their potential, how it helps their business plans, shapes their campaigns... how it makes them re-think their strategies and how much easier it makes all of the above for them compared to the systems they were using before. That’s a massive reward for us. We don’t build products to feed our own ego and have them sit on the shelf. We build products for the users, for the operators and, ultimately, for the players. This process is what makes it all the more rewarding to see us help enable other people’s success.”

Since taking the helm at iGP, Canaki’s array of projects have encompassed a diverse spread of technological and gambling business sectors, with the most recent being the aforementioned foray into lottery, alongside propelling the company into a business-to-government world with which it was previously unfamiliar. The shift sparked something of a rebrand for iGP, which Canaki describes as a “transformational journey,” continuing, “it’s not only about the colours or the logo, but also about the messaging, the narrative and how the internal personnel within the company come to view the business.” The conclusion of this particular project, Canaki explains, led to her most memorable experience with the supplier.

“As a company, iGP has offices all over Europe and one in Venezuela, too. Then, on top, you have people who work remotely. Altogether, the team is now over 200 people. After the conclusion of all these projects I put together a big group call with everyone in the company to say thank you for all the hard work, and to just express my personal gratitude for getting all of this work over the line.

During the call, my screen became flooded with positive reactions and emojis and it made me incredibly emotional. It was basically the whole company sending these things through. That was my favourite moment.

“That tremendous support from everyone was worth more to me than anything else and meant more than any award possibly could. I’m a very strong believer that anything is possible, but only if you have the right people around you. And it is the people at iGP that make this company, as well as that moment in particular, so special.”

for thought: “The EU iGaming market will continue to grow, but regulation is set to become even tougher, with stricter rules, higher compliance requirements and increased pressure from national regulators, including changes to taxation regimes. Ideally, we would see greater consolidation at an EU-wide level, but in my view, we are a far way from that.”

Few have the time, drive or attention to commit to more than one ordinary job at a time.

Managing a company is a different ballgame, entirely. Yet, between industry conferences, meetings, managing roadmaps and all the many additional facets of her job as iGP CEO, Canaki has found a way to professionalise an alternative passion.

“There are people who ask me how I find the time on top of being iGP CEO, a wife and a mother to take on any more business. I know there is a saying, ‘where there’s a will there’s a way.’

I suppose that is just it, and I have a big passion for skincare – so I work as a Co-Founder of a company that we started three years ago in the skincare industry – completely different to gaming. We produce luxury skincare, mostly

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within the anti-aging bracket – although but we like to call it ‘well-aging.’ basically. That is a big passion of mine, too.”

Among all this, Canaki’s plans for iGP’s future remain vibrant and alive. When asked what is in the pipeline in the coming months and years, her answer is comically succinct: “a lot!” In that case, no further questions!

Jokes aside, Canaki underlines that she feels the company is now more powerful than ever – and is keen to emphasise that iGP is ready to take on the market in a way it hasn’t attempted before: “I believe we’re here now in 2026 to taken on a portion of the market that we think we deserve.

The whole journey of this company over the last decade has led to this moment and I feel very excited. I think we all do.

“We have taken all the correct and necessary steps to build a new ecosystem that is designed in a very modular, flexible and scalable way that will be capable of catering to tier one businesses in any jurisdiction – and around any regulations – with ease.

“Long story short, we are confident – and we’re here to stay.”

HERE TO STAY Of course, one of the most crucial, complex and often under-appreciated facets of a CEOs job is ensuring that a given company remains creative in a compliant manner. With regulations evolving at breakneck speed, especially in the European market, Canaki composed yet pensive response to being asked her opinion on the future of EU regulation is one that breeds yet even more food

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CEO SPECIAL – ROBERT CHVÁTAL

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CEO SPECIAL – ROBERT CHVÁTAL

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FOUR YEARS OF INTENT Group CEO of Allwyn, Robert Chvátal, returns for his second CEO Special interview, covering four years of rapid and focused growth and diversification for the operator, now valued at €16bn If you had faltering Czech lottery operator Sazka pegged as the future of the gambling industry back in 2012, you’re either Nostradamus or Karel Komarek, owner of investment group KKCG and Allwyn. Either way, your prophecy would seem well on its way to realisation here in 2026.

You might also have been this publication back in 2021, when we conducted our first CEO Special interview with the then-Sazka Group Chief Robert Chvátal. The interview does not in fact make many bold sweeping predictions, but to read it with the knowledge of what the operator has done since then puts a new colour on the piece.

Komarek may well have given us those grand one liners and auguries of immense success, but next to each ambitious owner stands the person charged with making those dreams happen. This is Chvátal, and the subtle difference in mindset is apparent early on in our conversation. He smiles as we bring up his paymaster’s stated ambition of building: “the world’s leading global gaming entertainment company.

Chvátal tells Global Gaming Insider: “The biggest sounds nice because it’s very ultimate, but I would say leading is still very good.”

For the time being, both men will surely be satisfied with how things are progressing.

When the announced merger with OPAP completes, the two companies will form an organisation valued at $18.6bn. From 2013,

when Komarek installed Chvátal, there was a lot of work needed to get anywhere that kind of target...

The four years since our last conversation have supersized the company, and Chvátal can certainly be confident of its ‘leading’ status. For him, however, this accolade would always be more about operational excellence than sheer size. Because of this, there are ways you could see these strong growth ethics clashing. But, if they have, it hasn’t been borne out in the operator’s actions, which over the past four years seem equally justifiable as symbolic statements of ambition and acts of shrewd efficiency.

Clearly, capital is a highly effective smoothing agent between these two things, and the immense wealth of the businessman, Komarek, gives the firm scope to speculate.

But back in 2021, the operator had also just had an injection of €500m ($582.2m) from Apollo Global Management to capitalise on acquisition and growth opportunities in Europe and the US. There was a lot of headroom and boy did the company use it.

We’ll start where Allwyn always has done, with lottery.

SLEEPING BEAUTY “We saw a stagnation in the UK; we saw that the spend on lottery products in the UK is lower per capita than the spend in other comparable Western European markets

like France or Italy or Spain.” And historically, where Sazka saw inefficiency in a lottery, they saw opportunity. This has been their MO since long before the events of the past four years.

Efficiency, digitisation, a steady hand on the tiller. Traditionally, Sazka/Allwyn takes struggling lotteries and makes them profitable.

An honest living as a lottery fixer-upper, the company has proved time and again that it understands how to make lotteries work, right from its beginnings with the Czech lottery. “From the very start we saw that this Czech lottery is a bit of a Sleeping Beauty. It’s uninspiring, nothing flashy, but we can make it really nice. We can make it really agile, innovative and appealing actually.”

It was a familiar situation, then, that led Allwyn to where it was in 2021, preparing to bid for the biggest and perhaps most challenging lottery contract yet: the UK’s National Lottery. With around £8bn ($10.62bn) worth of ticket sales a year, it’s a big deal, but with only 1% of revenues going to the operator in profit, the clout and recognition associated with running it becomes an even more significant part of the deal.

But what made Allwyn think it could wrest it off Camelot, who had been the incumbent since 1994 and whose products were entrenched in British culture? “We did not have any doubts that whatever we put in our bid is the best that we could. We couldn’t

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CEO SPECIAL – ROBERT CHVÁTAL

do better.” It’s a fine example of wild ambition and good sense overlapping, and not for the last time. It takes vision to be the Czech lottery company that thinks it will come and pinch the contract off the homegrown, Watfordbased company that has been the sole holder of the contract in the National Lottery’s history. It also just makes sense. Allwyn was tried and tested elsewhere, and built around the modernisation processes that most lotteries around the world are moving towards.

Here was another sleeping beauty. When it woke up, things weren’t quite so serene, though. Challenges from all sides made the company’s job a whole lot harder, but they also created a chance to make a powerful statement of intent.

SETTING THE TONE “The minute the verdict was announced, it was immediately attacked.” Camelot was not going down without a fight. Allwyn approached the issue uncompromisingly. The response to the problem was to buy Camelot’s entire business.

Chvátal explains: “We had to swallow and reduce this absolute complexity of transition where you have a very hostile environment into something which is at least manageable.

That’s why we wanted to reduce the risk level by acquiring Camelot. To make very clear

ULTIMATELY, YOU HAVE THREE GAMING VERTICALS... BUT NOW I WOULD SAY THERE’S A FOURTH PILLAR, WHICH IS CASUAL GAMING

that we want to go and get into the business of transition rather than be in the business of challenging everything.”

This move headed off Camelot’s legal challenge, bolstered Allwyn’s resources and pool of expertise, and took it into North America with the Illinois lottery. And it did it all, more or less, overnight. It was more than Allwyn had initially bargained for, but not, clearly, more than it was prepared to accept. For a company without huge forward momentum, it might have been suicidal – but for one consumed with growth and scale,

The Peace Race, a cycling event held in the Czech Republic first held in 1948 40

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it’s just part of the process. It’s the first of a few examples of Allwyn being set a challenge and meeting it with a response that not only seeks to deal with the challenge, but aims to turn it into another stride forward.

When Chvátal describes Allwyn’s bid, he made clear that nothing was based on ‘assumptions.’ It’s clear that post-bid, he was committed to staying in complete control of the situation and facilitating as risk-free a set of working conditions as possible. We describe how from the outside, the Camelot acquisition plays as a symbolic manifesto as much as

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CEO SPECIAL – ROBERT CHVÁTAL

anything else and Chvátal doesn’t shy away from admitting that it certainly “sets the tone.”

Somehow again, the desire to be perceived like the biggest fish in the pond, and the desire to behave like a ‘leading’ fish in the pond both seem sated in one fell swoop. Risk management and reputation enhancement dovetailing perfectly, blended together with the help of that capital wiggle room.

PŘEKOTNY There is a Czech word Chvátal wants to explain to us to describe the US: “A nice Czech word about a very fast development where you tumble and you stand up and, again, you tumble and you stand up again.”

This word and feeling defines both Allwyn and America, it seems. Both are moving so fast as to be almost ungainly. So decisive and powerful that challenges and stumbles are almost instantly swallowed up and rendered irrelevant. Norwegian football superstar Erling Haaland springs to mind – when he’s knocked off his stride, he almost doesn’t notice. In a flash and a blur of legs, his force and momentum rights him back on his feet and back on course.

North America was always on the cards for Allwyn, even though in a way, its entry into that market almost came about as an

afterthought to the Camelot deal. It was maybe inevitable that two such fast-moving entities would bump into each other.

Step one was Illinois. A total of 67% of adult residents in the state play the lottery regularly, and for online draw-based game sales, the Illinois lottery is number one in the US. It’s further proof, if needed, that what Allwyn has always done, it continues to do incredibly well. But the last four years and the future for Chvátal, especially in America, is increasingly defined by brand new territories. Top-level strategy, the CEO explains, is about wanting to be built on more than just the lottery vertical. By 2030, the company wants to be thriving in lottery, sports betting and gaming.

“Ultimately, you have three gaming verticals.

You have the lotteries, which always have been at least 30%, maybe 40%, of the market. Then you have sports betting and casinos. And now I would say almost there’s a fourth pillar, which is casual gaming.”

Daily fantasy sports is a casual gaming sector with that Allwyn factor. An air of inevitability.

The appetite is undeniable and regulatory headwinds never succeeded in blowing the vertical terminally off course. Indeed, in September 2025, Allwyn announced the acquisition of fantasy giant PrizePicks. An initial $1.6bn is on the table for 62.3% of PrizePicks.

The deal is expected to close early 2026.

Allwyn branding on The Sphere in Las Vegas (Hoch Zwei Photography) 42

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And speaking of moving quickly, PrizePicks was approved to start offering a prediction market product on the same day the Allwyn acquisition was announced. Wherever that bandwagon is leading, Allwyn is going to be right there, front and centre, leading the charge relentlessly. Bringing it back to the operational benefits, Chvátal makes the point: “I think the message PrizePicks is sending is that with our technological flexibility and by relying on our own tech stack, we are able to address any opportunity there is.”

It’s a key point. In our first CEO Special with Chvátal, we talked about the strength that comes from geographical diversity: having a presence in Northern and Southern Europe.

Now we are looking at the strength that comes from intercontinental diversity, vertical diversity and technological proprietorship. The wider the company can spread itself, the more it can rely on its own tech stack, the more insured it is against any one of those elements failing. Again, bigger is better, and better is bigger. CEO and Owner in harmony.

“These are the three pillars we want to build, because you stand not on one leg only, you stand on several legs, even on three legs. Three legs are even more stable than two legs.”

So, what of that third pillar?

CEO SPECIAL – ROBERT CHVÁTAL ADDING BALLAST While we discussed lottery and casual gaming at length, that third pillar, sports betting, was less conspicuous. If anything, all that proves is how many pies Allwyn has its fingers in because Betano is very much a proud part of the Allwyn family and flitters across our conversation plenty of times.

The Kaizen-Gaming operated brand represents that third pillar, trading across many European jurisdictions. Allwyn’s is a minority stake (36.75%) and Chvátal gave no indication that a takeover is on the cards, but a move in this direction in the future wouldn’t be a shocking diversion from company strategy. If this was a step they ever took, holding a 51%+ stake in Betano would add ballast to Allwyn’s sports betting operations. A deal to acquire Betano’s Greek-market rival, Novibet, is due to complete in 2026, and Allwyn’s involvement with both brands, on top of OPAP’s Stoixman, gives them a commanding presence in the region.

Chvátal said at the time: “Our Greek business OPAP acquired a sports betting and online casino market leader called Stoiximan, which means ‘the bettor’ in Greek. We’ll be building on Stoiximan’s own proprietary sports betting platform not only in Greece but also in other European markets.”

Look at the merger with OPAP. The splash that announcement made last year was immense.

Of course it was. If it is approved at the OPAP EGM it will create Allwyn as the world’s secondlargest gambling entertainment company in the world (not accounting for suppliers and land-based operations) and see it listed on the Athens Stock Exchange. But that quote from Chvátal was again from our 2021 interview, and he’s already calling OPAP ‘our Greek business.’

The merger merely built on Allwyn’s pre-existing controlling 51.78% stake in the Greek operator – a restructuring more than an acquisition and yet, you cannot argue with ‘second-biggest.’

Another win-win because, for the CEO, what it means is another growth of his operational freedom: “Instead of not being sure what technology works, you will rely on your own technology more and more, and I think that’s the compelling growth story.” A narrative he was keen to stress as part of his pitch to all those OPAP investors he wants to stick around.

global scale and diversity of Allwyn’s own investment. This concept works in many directions. For instance, where the more seasoned regulatory environment in Europe brings its own challenges and benefits to operators, this is constantly mitigated and balanced by the freedom and risk of the younger US market.

Chvátal touches on concerns about stifling regulation or over-regulation, but he is not for complaining. Looking towards the future of Europe, he is not in the market for regression: “We don’t want to go to the world which is absolutely unlicensed, unregulated and Wild West.”

However, he does concede that when there’s a sense that innovation and competition are not being allowed to flourish, it rubs him up the wrong way: “We, in the business, are used to being very fact, evidence and research-based.

Customer insight-based, too. We rationalise everything with numbers. If you sometimes get an explanation from a regulator saying, ‘Well, I feel like I’m concerned about this thing,’ without any evidence, it’s frustrating.”

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For now, at least, there seems to be only one direction of travel with this debate. In Chvátal’s eyes, it seems far more likely the US starts to transform into Europe than the other way around. The stopper in any hopes of Europe committing a philosophical U-turn and liberalising regulations to encourage innovation and competition will always be concerns over consumer protection.

He adds: “I’m sure even in the US certain things will get regulated. It’s a bit tumultuous with developments now in sports betting, iGaming and prediction markets, but it has to be put in order somehow. Otherwise, you could have an issue in the US about consumer protection or responsible gaming.”

GROWING TRUST In this interview, we speak a lot about the overlap between symbolic actions and business-first decisions. There is a similar mutually beneficial dynamic in how a CEO must seek to cultivate a sense of trust and public favour. The level of credibility your company has is a careful balance between the

EUROPE “We see the limits of Greece with its Greek boundaries. We see the limits of the growth rate, which is 2%. Whereas Allwyn is double or triple of that, and if you combine inorganic, it’s even more. So you want to consider that the geographical and product portfolio diversification is beneficial. As is the fact that we are able to invest into the local brand and in the global brand.”

His pitch to investors is a strong one: allow your local investment to be supported by the

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CEO SPECIAL – ROBERT CHVÁTAL

things you actually do and the noises you make about the things you do. A big public listing is a sign of real progress and success – it is also, crucially, ‘public.’

“If you are a listed entity, I guess you get an extra level of credibility, trustworthiness or profile.” It has long been a public goal of Allwyn to gain a major listing in New York or London. It nearly happened in 2022, but market uncertainty led it to pull out. Casual followers may think that seems out of character, but as we’ve explored there’s a lot more to Allwyn’s boldness than blind ambition. When the OPAP merger was announced, this goal was reiterated. And, with the company having taken over operations of the UK National Lottery in 2024, two years after winning the contract, it may seem like a listing in the US could provide more of a boost, particularly as the company dabbles in those divisive prediction markets.

Currying regulatory credibility and trustworthiness in the US these days is a tough exercise. Decisions that prioritise compliance and safety are often at odds with the desperate battle for market share. If growth was your one priority, PrizePicks looks like a prize opportunity.

It’s an operator on the up, well-equipped to be an industry leader if industry trends stay the course and as Chvátal says: “It enhances the total addressable market. They are present already in 45 US jurisdictions, whereas we are in one state of Illinois with our lottery, so it’s a big difference.”

But there’s no denying it’s not the safe choice.

Mixing with sports betting is fairly novel for a lottery-focused operator. To associate with ‘casual gaming’ makes an even odder match. The CEO agrees it would have “seemed quite unusual a few years ago.”

Over past months, we’ve seen more and more instances of lottery companies partnering with other forms of gambling. The merger of Intralot and Bally’s is one high-profile example.

Historically, lottery operators have taken extreme measures to distance themselves from the rest of the industry and justified that separation via miraculous feats of logical incongruity. Now, not so much. Allwyn clearly believes success in other areas will not have a strong negative impact on its lottery. But what’s changed?

Well, look at FanDuel and DraftKings. They both came from outside traditional industry margins to dominate sports betting in the US. Their acceptance by the gambling establishment and the American Gaming Association (AGA) was hard-fought, but recently both took their leave of the trade body because they feared they couldn’t afford to be caught napping with predictions, lest they be supplanted by Kalshi and Polymarket.

Would they have preferred to wait and see what the legal and regulatory outcomes would be with all the litigation surrounding

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prediction markets? We’re sure they would – their legitimacy and mainstream credibility is as important to them as it is to Allwyn.

Despite Chvátal’s fondness for decisive riskprevention action, when you’re as ambitious and relentless as Allwyn, new risks to reputation and profitability are always being introduced.

Something else that’s changed is maybe simply the ease at which a company like Allwyn could turn its hand other verticals and compete with the big players. Of course, sports betting is increasingly online, as are slots and casino games. It could be as simple as saying that diversifying your offering, both in the breadth of your content and the internationality of your reach, just becomes easier the more play moves online. The digital expertise Allwyn built up in those years before our first interview with Chvátal has since become far more applicable to running a more diversified operation. Allwyn’s decision to open a whole new business, Allwyn Digital, with Kresimir Spajic as its CEO, speaks to this fact.

THE ALLWYN FLAG It’s easy to look at any moment in time and inflate its significance as the beginning of

everything that happened next. But the start of 2021 was that moment for the entire world.

It was the beginning of a new year, during which we would tentatively emerge from under the shadow of the Covid-19 pandemic.

Allwyn and Chvátal never stopped emerging, and not very tentatively.

We ask Robert how much more difficult his job gets, the bigger the job gets.

“Proportionally more difficult,” he tells me.

“Maybe even disproportionately. What sort of keeps me awake at night is how to balance our size and scale with the initiative which brought us there.”

He seems to have managed it so far. Casting back once more to 2021, Chvátal tells me how the brand, though already international, felt it needed to lean into this. An English sounding name just “sounded immediately right, it’s also a powerful internal flag to rally around. We are ‘all’, we are the leading, not necessarily the biggest, but the leading lottery-led gaming entertainment company or platform.”

In 2021, it was a flag to rally around, it was aspirational. Now, in 2026, it is no longer a target; it is a reality.

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CEO SPECIAL – LARA FALZON

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CEO SPECIAL –/LARA FALZON

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FIRST IN, LAST OUT Yolo Group – B2B CEO Lara Falzon tells her story, looking back on a career of helping companies find their place in gaming, as well as how she found a passion for finance at just 10 years old In the hours most find themselves unwinding from what may have been a strenuous day at the office, a single desire ignites Lara Falzon, a light which has remained on throughout her decade-plus tenure in the gaming industry.

Even while beginning her financial career with companies such as Ernst & Young and the BMW Group, Falzon strived for greater challenges in life, a desire which may stem from a childhood of watching her father build his own company from the ground up.

Despite not seeing him as frequently as other children, Falzon understood the hard work required to accomplish what her father had set out to attain, as well as the long hours away from home it took to do so. Coming from a non-academic background, Falzon’s parents spent much of their time constructing a life full of opportunity for herself and her sister, passing on the value of working harder than those around you.

This was best exemplified after Falzon’s father spent an entire year saving up enough funds to purchase a small boat, helping the future gaming executive understand “anything can be achieved” if one is willing to put in the time. The chance to see firsthand which skills were necessary in forming a small business translated to an early passion forfinance, even to the point of a 10-year-old Falzon learning how to complete

value-added tax (VAT) statements and income returns.

“I remember my dad going to his accountant and asking all these hard questions, but this guy knew everything. So from a young age, actually at the age of 10, I already knew I wanted to become an accountant; because I saw this

man as the guy who knew everything and as the guy my dad relied on,” Falzon tells Global Gaming Insider. “He used to take care of all the VAT statements for my dad, so I asked him if he could teach me how to do them. He said I was too young, of course. But I wanted to learn, so he taught me and after that I started doing all the VAT statements and income tax returns for my dad, which also got me introduced to the world of accounting.”

STRAIGHT A’S Falzon’s interest in finance and accounting was multiplied by a motivation to attend the University of Malta, which many scholastic advisors stated was out of the realm of possibility for most students. Knowing she could never let a doubter be proven right, Falzon threw herself into her studies from that point on, even going as far as being reprimanded by her parents for “studying too much.”

“For me, getting a B wasn’t good enough.

It had to be an A. My parents used to fight with me to stop studying and stop stressing out rather than the other way around. From a very young age I was laser focused because I wanted to achieve things, and I was never happy with what I had. I was always looking at the next stage to a certain extent,” Falzon reflects.

Maintaining the required academic results

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and test scores throughout her teenage years, Falzon was accepted into the University of Malta and earned her Bachelor of Commerce, before also gaining certification from the Association of Chartered Accountants at the beginning her professional career. Starting at Ernst & Young in 2006, Falzon was immediately the first one into the office and last one out because she was hungry “to achieve more and learn more” from an industry she had been infatuated with just a decade into her life.

Going on to spend nearly three and a half years with Ernst & Young, Falzon found herself jaded with the specific realm of auditing in 2009, when she would eventually be appointed as an Accountant & Controller for the BMW Group by September. Falzon

The young accountant!

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explains: “I decided auditing was too boring for me, I really wanted to be in the industry and actually be part of a proper accounts department. I joined BMW, where my job was more treasury financial services back then, so I started exploring and traveling to other countries. I was working remotely between Germany and Malta, commuting a lot, but that opened the world of multinationals and obviously I didn’t look back after that.”

While Ernst & Young and BMW Group are certainly well-established companies, Falzon couldn’t knock the inherited desire to build success from square one. She ultimately chose to depart the BMW Group after nearly three years and just two months since taking over as Head of Accounting & Controlling in 2013.

GOING MOBILE Falzon would be exposed to the gaming industry for the first time after joining King Digital Entertainment as a Financial Controller, helping oversee the eventual launch of Candy Crush, a highly popular mobile game among global players. Even with Candy Crush featuring key differences to that of online slots or table games, the offering’s success helped Falzon understand the vast potential gaming held for driving revenue. By September 2023, King confirmed Candy Crush had generated more than $20bn in profit just over a decade since launch, entirely based around in-app purchases and advertising revenue for the supplier.

Finding King had been a “pure accident” for Falzon after wanting to gain more exposure to multinationals, even planning to “spend her life” with the BMW Group prior to getting approached by a King recruiter. Falzon, though, took a “leap of faith” and joined the online games supplier, spending her opening months questioning the decision.

“To be fair, I think it took me a good four months to say I made the right choice. You have no idea how many times I was sitting in an office asking myself ‘what have I done?

What are these people doing? Maybe I should leave.’ Thank God I didn’t, because that element of patience paid off in the end; but it wasn’t an easy ride in the beginning,” Falzon recalls. “I can still see it today. I was on a plane from Malta to London and, going to the bathroom and walking down the aisle, I could see people on either side playing Candy Crush. Probably 90% of the plane. I was actually seeing all that revenue myself in real time.”

In 2015, Activision Blizzard began efforts to acquire King for a cost of $5.9bn, representing what, at the time, had been the secondlargest gaming industry acquisition behind Microsoft’s purchase of Minecraft the year prior. Falzon was entrusted to lead the M&A strategy of King throughout the transaction, gaining notable recognition from those across the industry and even within more casinorelated verticals rather than mobile gaming.

C-LEVEL TRANSITION: FROM GAMING TO GAMING Having the supplier on her resume drew the eyes of various professional onlookers, as Falzon could not only speak to building King’s finance department and preparing its IPO, but also representing an original member from one of the industry’s largest success stories up to that point. Soon after King’s sale to Blizzard Entertainment, Falzon began the search for a new challenge, coming in the form of her first-ever C-level position with Evoke Gaming in June 2016.

CEO SPECIAL –/LARA FALZON As Group CFO, Falzon prepared the M&A process for Evoke Gaming’s eventual sale to Swedish operator Mr Green (itself eventually acquired by William Hill). She was quickly becoming an expert in merger transactions across gaming. The opportunity to become Evoke Gaming’s Group CFO also presented Falzon with her first direct leadership role, using a mixture of valuable lessons taken from early childhood and her professional career to guide her year-plus tenure with the organisation.

Falzon shares: “It was a lot of lessons mixed into one, but I give my 100% expecting everyone else to give their 100%. It’s also about treating everyone as a team. This is not about me, my title or my salary, it’s about what we can achieve together. I still adopt the same approach in my role today. There are hierarchies and there are managers, but at the end of the day how can we all achieve a goal together? What is our North Star and how can I help being in the capacity of CEO or CFO? I view it as a successful approach for every business I’ve been in.”

After departing Evoke Gaming in February 2018, Falzon would find herself working in yet another start-up environment with Red Tiger Gaming, earning the familiar role of CFO in April. Falzon had the opportunity to speak with the supplier’s first CEO Gavin Hamilton – somewhat of an industry celebrity today – and could “feel a sense of hunger” within the business, as well as signs Red Tiger Gaming was ready “to do things differently.”

Falzon’s M&A efforts into the spotlight once again. The merger allowed Red Tiger to expand its reach across gambling and represented the third time Falzon would lead a notable gaming transaction, only six years after first joining the industry with King.

Despite gaining a familiar sense of the challenges and long hours presented, “every deal was different” for Falzon, as well as the people, businesses and problems that followed thereafter. Falzon also dealt with challenges still plaguing the gaming industry today, as being a leading female voice within these negotiations was “never easy,” especially while she attempted to build a name for herself across the financial landscape.

EYE OF THE TIGER Perhaps due to a “love for working with ambitious people,” she was also determined to replicate the “family feeling” that came with start-up companies and, of course, the long hours it took to generate success.

Similar to Falzon’s decision to leave BMW nearly five years prior, joining Red Tiger Gaming was still a leap of faith, but a leap in which Falzon quickly became comfortable – due to a candid approach the supplier took in its early days.

“There was a sense of mentorship where it was not always easy getting criticism, but nowadays when I look back, I actually value the criticism because it made me better. It made me who I am today. One of the people I still admire most was Gavin, because we had a lot of difficult conversations and only now have I begun to realise those were actually very good mentoring sessions – which I still use in business today,” Falzon says.

Red Tiger Gaming would continue building an extensive portfolio of popular titles while Falzon served as CFO, gaining the attention of many goliaths across the industry. In September 2019, Red Tiger would be acquired

by NetEnt for approximately $280m, putting

Falzon with her daughter

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THERE WAS A SENSE OF MENTORSHIP WHERE IT WAS NOT ALWAYS EASY GETTING CRITICISM, BUT NOWADAYS WHEN I LOOK BACK, I ACTUALLY VALUE THE CRITICISM BECAUSE IT MADE ME BETTER Believing it’s “knowledge that counts” at the end of the day, Falzon does give credence to the significant strides gaming has made with female leadership since she first began taking part in M&A transactions.

While C-level titles between men and women “are still not equal” in Falzon’s mind, she went on to state “we have made leaps of improvements and progress” even if “we are not there yet.”

Once the sale of Red Tiger to NetEnt was complete, Falzon would remain with the supplier until April 2021, during which time she also served as Group CFO for NetEnt, specifically to assist in its eventual sale to Evolution Gaming Group in June 2020. A $2.1bn all-stock deal in its own right, Falzon

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had now been part of four transactions within the gaming industry and overseen more than $8bn worth of purchase agreements in less than 10 years.

NetEnt’s sale to Evolution came with a new set of challenges for Falzon and her associates, however, as the Covid-19 global pandemic brought never-before-seen difficulties. According to Falzon, NetEnt’s transaction with Evolution was still “more special” than her previous M&A experience because she now found herself handling “two jobs at once.” Tasked with “restructuring the teams and company” as a whole, such efforts represented the first time Falzon was responsible for maintaining a stable financial footing while preparing the company for an acquisition within the same period. Mixing the new responsibilities with a global pandemic certainly made for an enervating period of Falzon’s career, even to the point of taking a break from the day-to-day grind she had become accustomed to since leaving the BMW Group.

NOT ONE TO BRAG...

In March 2021, as the world was returning to a semblance of normalcy, Falzon decided to join Bragg Gaming as a Non-Executive Director and officially concluded her tenure with NetEnt by April of the same year.

Attempting to step away from a day-to-day

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grind could only last so long for Falzon, who was appointed as President and COO of Bragg Gaming just eight months after originally coming on board. “Bragg was important for me because the Non-Executive position was coming on the back of NetEnt’s sale, where I wanted to have a little bit of a break from the day-to-day grind. Obviously that didn’t last long, because as a person I’m very ambitious and didn’t want to be on the retirement stage for a long period of time. I wanted to get back in action,” Falzon says.

“Also, America was a territory I wanted to explore and where I didn’t have any experience at all. It gave me the opportunity to branch off from that pure CFO role and go up the ladder, which would be the President/COO position.

I wanted to build the network required to eventually help me make the CEO step.”

Falzon was forced to move out of her comfort zone with Bragg, as the President and COO role meant “going out more, being on planes more” and giving up on hiding her face “behind two monitors for 12 hours a day.” Falzon shares: “I had to take that extra step of being this outgoing person to build my network. But besides that, I also appreciated running a business. When I was a CFO, it was, ‘this is bad, this is good, we’re not making money, let’s cut off this deal.’

“Working at Bragg and obviously getting to be more on the commercial side, I started valuing relationships more than numbers and realised you can’t make decisions without involving the relationships formed with your employees. This was probably the biggest lesson I took away while working for the company.”

The executive also described how her tenure with Bragg featured more traveling than she had ever experienced in her time spent with previous roles. Although she describes herself as “quite an introvert,” Falzon began spending more time in bars and clubs than she was accustomed to, all while balancing her motherly responsibilities to a three-year-old waiting at home. “From a family point of view, having a daughter and not being constantly home, being on completely different time zones, coming back from jet lag, that was quite an adjustment which had its own expense. There were rewards but, I won’t lie, it wasn’t easy,” Falzon looks back. “I think that’s also where you feel the difference between a man and a woman, where you’re having dinner and the customers want to go to a bar or a club after and even when I really want to go home, you kind of have to say ‘let’s join them.’”

COMING FULL CIRCLE By the third quarter of 2022 and less than 12 months since Falzon took over as President & COO, Bragg reported record highs in revenue, gross profit and adjusted EBITDA, as well as entered into an agreement with Sega Sammy to distribute iGaming content to operators in the US, UK and other global markets.

And yet, despite the success witnessed throughout her tenure with Bragg, getting the opportunity to explore the US rekindled Falzon’s desire for the “start-up mentality.”

Inspired by the chance to once again build something from the ground up, Falzon departed Bragg Gaming in April 2024, taking on her first CEO position with AvatarUX studios. Surrounded by a close-knit group of coworkers, or “family” as Falzon prefers to use, she began to face the difficulties of not only being part of the foundation, but leading the charge of a start-up entity. Even with her CEO title secured, Falzon quickly realised the days of handling responsibilities typically seen by a CFO or COO were far from over.

“At AvatarUX, because it was a small group, you cannot just wear your CEO hat.

This is what was different from the other roles, including with Bragg, where if your account manager quits, that means you need to manage until you find a new one. At the same time, I was sitting down and looking at consolidation, so even though my title was CEO, I was constantly wearing different hats,” Falzon explains. “One minute I was an

CEO SPECIAL –/LARA FALZON account manager, the second I was a CEO and the third I had to be a CFO. And that’s what I like, because while obviously there’s that hunger, you get to go to the different levels and see more on the product side, what’s working, what’s not, whereas if you are working for much bigger companies, you would have teams doing that for you.”

Interestingly, Falzon often finds the CEO role to be “quite lonely,” as there is no hiding behind the days in which positivity is not at the forefront. While never in doubt of her own or her team’s capabilities, it was near impossible for Falzon to not let doubts creep into her mind throughout the early days of her tenure with AvatarUX. As many of AvatarUX’s early team members joined because of her, Falzon realized she “couldn’t let these people down,” even if building success from a start-up level entity was never “roses and flowers” for the first-time CEO. On the days where Falzon found herself wondering, “maybe I can’t do this,” she was still the first one into the office and the last to leave, with early memories of her father helping fuel the passion of turning AvatarUX into a competitive brand.

Helping to also do so was AvatarUX’s presence as

Falzon (left) with her mother

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a subsidiary of Yolo Group, which gained a quick interest in having Falzon run its B2B division in July 2025. Transitioning from the CEO of AvatarUX to Yolo Group – B2B certainly offered new perspectives for Falzon, but similarities she was becoming well-accustomed to under the Chief Executive position.

Those who resist will increasingly struggle in a market where legality and reputation matter more than ever.”

According to the CEO, though, Yolo Group’s B2B division finds the “biggest opportunity” stems from entering the United Arab Emirates (UAE), where the “initiative will be turning the company into a market leader.” Starting with the THE UAE, LOOKING AHEAD UAE in 2026, future expansion is in the cards for AND A “SPECIAL INDUSTRY” Yolo – B2B, especially as the company focuses On our wider CEO Special theme of the future on offering a “more regulated space” for players of European regulation, Falzon explains: “I to interact with online casino and sportsbook believe we’ll see a clearer divide between platforms. With over a decade of experience operators and providers chasing short-term in gaming, Falzon now prepares for her next growth and those building for long-term challenge, but one that can still provide that sustainability under regulation. With European added sense of family-oriented teamwork and markets – from Germany and Netherlands to collaboration she’s come to love within the space.

Finland – continuing to tighten frameworks “Being a CEO at Yolo B2B, I would say around licensing, advertising, deposit limits, it’s still a very lonely job where obviously AML and player protection, this shift is cultural, you’re constantly trying to lead everyone yet not just operational. Companies accustomed also restructuring at the same time. Yolo is to moving fast will need robust, flexible technology undergoing a transition where we’re attempting stacks and compliance-first mindsets. In my to enter regulated markets, so that means we view, the future of regulation in Europe depends have to adjust our processes and our mentalities,” on brands who treat regulation as an advantage, Falzon says. “Even though I have much bigger not a constraint – embracing transparency, teams than I had at Avatar, it’s still pretty much responsible gaming and long-term stability. the same thought process, the same grind you have to endure, so it’s a natural path from being the CEO of AvatarUX to taking over as the CEO of Yolo B2B. It’s the same role at the end of the day, it’s just bigger teams and a bigger company.

“What I love about gaming is that it’s fastpaced; no day and no business is the same.

I’ve had a lot of roles for a lot of companies and you would think it’s the same job over and over again, but it’s not because you’re dealing with different owners and their different processes. That in itself makes the gaming industry so special.

“Besides that, I saw a big change in the gaming industry from where I started to where I am now. I think before it was the start-up mentality, let’s spend like there’s no tomorrow.

It was more of a hobby or project for many owners, but now the gambling industry has turned into a proper business. You need focus, experience and you need to know what you’re doing, otherwise you’re out of this business in no time. This is how it’s shaped me as well, because as a person who’s been in different C-level roles, you need to adapt and be very flexible depending on what circumstance is thrown at you.”

No matter what circumstance may be thrown at Falzon, however, it’s safe to say the light in her office won’t be turned off anytime soon. Just as it has since learning how to fill out VAT statements at 10 years old. With an extra cup of coffee in hand and a laptop charger working to its fullest extent, Falzon prepares to lead Yolo Group – B2B into its next era of gaming expansion, no matter how much overtime it may require.

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Taking Stock

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Movers & Shakers

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Facing Facts

56 Bill Miller: The AGA President & CEO lays out plans for 2026

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Oliver Lovat: The Las Vegas blueprint – can it be beaten?

62 Rick Arpin: Our KPMG contributor looks back at G2E

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Itsik Akiva: Sweepstakes grew too quickly, but where next?

66 Trip Stoddard: What are bet365’s plans in Missouri?

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Product Reviews

AMERICAS

SHARE PRICES

STOCK PRICES

AMERICAS

TAKING STOCK: AMERICAS Global Gaming Insider takes a look at monthly high stock prices from the past six months for operators across the Americas, analyzing July 2025 – December 2025

DRAFTKINGS

MGM RESORTS

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• Six-month high: August – $48.23 • Six-month low: November – $32.20 • Market capitalization: $16.51bn (as of December 1 2025)

• Six-month high: August – $39.77 • Six-month low: October – $34.75 • Market capitalization: $9.65bn (as of December 1 2025)

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• Six-month high: July – $31.51 • Six-month low: November – $22.94 • Market capitalization: $4.84bn (as of December 1 2025)

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• Six-month high: September – $87.48 • Six-month low: November – $83.30 • Market capitalization: $6.68bn (as of December 1 2025)

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PEOPLE & HR

MOVERS AND SHAKERS As iGaming and sports betting continue to take off in South America, integrated resorts in North America are pivoting to new strategies. The below appointments reflect these changing trends, as companies look to thrive in their next chapters

Michael Daly SVP Business Development & Strategic Execution Global, Aristocrat

Ayesha Molino COO, MGM Resorts International

Dyego Cabral de Jesus Head of Compliance, Flutter Brazil

No stranger to the industry, Michael Daly has started a new chapter with Aristocrat as its SVP of Business Development and Strategic Execution.

Here, Daly will be responsible for creating global growth initiatives and developing customer journeys for long-term success.

Daly is best known for his time as Catena Media CEO, but he has also worked for Shuffle Master, Bally Technologies, GAN, Marker Trax and more over the years. Daly has featured in our CEO Special before, telling us all about his time in the navy, gaming... and his cat Betty White!

Ayesha Molino will take on the position of COO at MGM Resorts International from 1 January 2026, as Corey Sanders steps down after 30 years of service.

She has more than a decade of experience in law, having worked for the US Department of Commerce, the US Senate Finance Committee and ultimately as Chief Counsel for US Senator Harry Reid.

Molino joined MGM in 2017 and is currently President and COO of Aria and Vdara, two of MGM’s most high-profile luxury brands. Under her leadership, Aria posted all-time records in EBITDAR, hotel and casino revenue.

Not only does Dyego Cabral de Jesus have years of experience behind him, his career has international reach, too. De Jesus began his career as a legal intern in São Paulo before becoming a Corporate Lawyer. He would later move to Dublin, Ireland, where he joined Flutter as a Customer Support Advisor.

Flutter was quick to recognize his talent, however, and quickly progressed him to the compliance team, where he worked as Compliance Officer in Ireland for many years. He returned to Brazil last year as General Manager of Compliance for Betfair, before finally being appointed to Flutter Brazil’s Head of Compliance.

Daly is currently open to volunteering for animal welfare causes or projects related to arts and culture

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Molino is a Non-Executive Director of MGM China and is on the American Gaming Association’s Board of Directors

De Jesus was responsible for overhauling the alcohol aisles in Irish Lidl stores to comply with new advertising legislation

DATA

AMERICAS

FACING FACTS We take an inside look at some intriguing financial results from a busy Q3 2025

FanDuel/DraftKings Q3 Revenue History (in $m)

Both DraftKings and Flutter reported an intriguing mix of positive and negative results in Q3 2025. Revenue-wise, each company continued to grow, FanDuel by 9% and DraftKings by 4%.

Though this still points them in the right direction, it is a clear deceleration of growth for both operators. In fact, FanDuel sportsbook revenue fell by 5% to $783m.

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Q3 Revenue History from Las Vegas Operations In Las Vegas, the big hitters also had mixed fortunes in Q3. MGM experienced a 7% decline in revenue year-over-year, a fact made more damaging as the company recently incurred a $285m charge for pulling out of its New York casino bid. Caesars also suffered over this period, with Vegas operations down more than 10%. On the other hand, Wynn Resorts managed to increase Sin City revenue by 2.3% and Bally’s posted a notable uptick as well.

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Century Casinos – $31.1m Penn Entertainment – $194.9m Boyd Gaming – $321.8m Bally’s Corporation – $176.7m

A look at adjusted EBITDA figures shows that Boyd Gaming is still a prominent figure in the US-wide land-based sector. The casino operator delivered its best third-quarter adjusted EBITDA performance in three years. Major operating losses hurt Penn in Q3 – adjusted EBITDA only grew 0.7%, but at $194.9m, the scale is still there.

Bally’s Corporation followed closely behind, while Century Casinos experienced a hit to its EBITDA in Q3, with a decrease of 6%.

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LOOKING AHEAD

BUILDING ON MOMENTUM FOR 2026

Bill Miller

American Gaming Association (AGA) President and CEO Bill Miller introduces us to the new year, focusing on integrity, cooperation and battling the illegal market As we enter 2026, the US gaming industry moves into the new year with strength and a clear sense of direction. We see that momentum reflected in the numbers: commercial gaming revenue continued its upward trajectory in 2025, with Q3 marking the 19th consecutive quarter of industry growth, and its keeping pace for another strong year.

Just as important as the topline figures is what’s driving them. Americans increasingly view gaming as a trusted form of mainstream entertainment. Our most recent American Attitudes research shows 9 in 10 Americans find casino gambling to be acceptable for themselves or others. It’s a strong signal of the market’s durability.

We also heard this optimism directly from industry leaders in our latest CEO Outlook.

Executives overwhelmingly expect continued growth in the year ahead, remaining confident in business conditions and consumer demand. As we build on this momentum, the AGA remains focused on ensuring the legal state-regulated gaming industry continues to operate as intended – responsibly, transparently and with integrity.

EFFORTS IN THE CAPITOL AGA continues to advocate for policies in Washington, DC that strengthen the market.

Tax policy took center stage this past year. We secured a long-overdue modernization of the slot tax reporting threshold, raising it from $1,200 to $2,000. Looking ahead, we ‘re committed to working closely with Treasury and the IRS on implementation while continuing to press Congress to raise the threshold higher.

Several other important pro-growth provisions were passed like lower corporate rates. However, a procedural change resulted in gambling loss

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deductions dropping from 100% to 90%. AGA’s if a product looks and acts like a sports remains focused on restoring full deductibility. bet, it must be regulated like a sports bet.

Platforms offering these contracts RIDDING THE ILLEGAL MARKET, sidestep state-regulated frameworks STATE BY STATE that ensure critical oversight, consumer Progress in cracking down on illegal gaming has protection, and responsible gaming accelerated thanks to coordinated engagement safeguards that are fundamental to the legal across regulators, legislators and law enforcement, marketplace and followed by regulated and notably, state attorneys general. The AGA operators They also violate state law and continues to support these efforts with research undermine tribal sovereignty. That and guidance that distinguishes legal, regulated is unacceptable. gaming from the illegal market.

In 2026, we will continue urging the In 2025, we released new data showing illegal Commodity Futures Trading Commission gaming still accounts for one-third of the legal to recognize these products as gambling US market. That research spurred action: a and enforce its rules prohibiting futures coalition of 50 state attorneys general, followed contracts on gaming. The AGA will also by a bipartisan group of US Senators, urged the continue working closely with state regulators, Department of Justice to address illegal gambling. sports leagues, and industry partners to We also released research that revealed defend the longstanding sovereignty of Americans overwhelmingly recognize states and Tribes to regulate gaming. That sweepstakes casinos as gambling. States took collaboration is essential to ensuring integrity significant action: 13 issued cease-and-desist remains at the core of the US sports orders, California passed a statewide ban, and betting market. several others are evaluating legislation.

In the year ahead, combating the illegal market A STRONG PATH FORWARD remains a top priority. We urge each state to As we face new challenges in the year continue targeting illegal sweepstakes casinos, ahead, our industry is aligned and ready to skills games and other offshore, illegal operators. continue leading responsibly. Embedding We remain an active partner to law enforcement, responsibility across the sector remains regulators and state leaders to eradicate illegal central to our mission. We will continue operators, protect consumers and bolster trust in leveraging initiatives like Have A Game the regulated industry.

Plan.® Bet Responsibly.™ and Play Smart from the Start to reach players where they PREDICTION MARKETS AND are and promote safe, responsible play.

PROTECTING INTEGRITY With strong public support, a resilient This year, a new threat to the integrity of the business outlook, meaningful policy wins legal, state-regulated marketplace made itself and a clear agenda, we are well positioned known: prediction markets offering sports to keep this industry strong and respected event contracts. The AGA’s position is firm: in 2026.

Blast Off with Atomic Gold!

Introducing Venus & Mars, the high-energy slot machines that takes players on an out-of-this-world adventure. Choose your mission and launch into thrilling gameplay featuring Atomic Wilds that appear on reel 3, pulsing the screen and firing wilds with powerful multipliers across the reels.

AMERICAS

LAS VEGAS

HOW TO BEAT LAS VEGAS We welcome Oliver Lovat, regular contributor and Denstone Group CEO, to the pages of Global Gaming Insider. He walks us through how lessons from Las Vegas can be leveraged to surpass its success elsewhere The rise of Las Vegas from a desert outpost to global destination is a remarkable story.

Across tourism verticals, from gaming, entertainment, sports, events, to leisure and business, it has matured as a location far beyond its size and historic significance.

Consequently, Vegas has continually been one of the fastest-growing locations in the US, and a hub frequently emulated in other cities.

2024 tourism spending in Vegas was over $55bn, greater than the GDP of all but 87 of the world’s nation-states in 2023. The tourism sector contributed to over 385,000 jobs and generated over $2.5bn in direct taxation.

The success of Las Vegas when it first emerged was far from assured, and some of those older residents and insiders recall the fear that, at any time, the golden goose would

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lay its final egg. Over the past 75 years, Las Vegas has been challenged, but it has endured, reinvented and thrived. That isn’t luck. If you want to compete against – and indeed beat – Las Vegas as a global tourism and hospitality hub, it can be done only by understanding the evolution of the city and learning from the successes, failures and times where challengers have fallen short.

CRITICAL SUCCESS DRIVERS There are five critical success factors that have remained constant in Vegas, namely political leadership, location, ongoing infrastructure investment, placemaking and people.

Observing other narratives, you can see that when any number of these are absent

or break down, inevitably there is market stagnation or failure.

Whether it be social or moral impediments, resistance to tourism in general, or existing competitive interests blocking monopoly (tribal) positions, casino-led destinations have often been stymied, thus restricting gaming and hospitality opportunities.

When gaming is being introduced or increased in a market, there are no assurances that the intended outcomes demanded by policymakers are met. These are typically direct tax receipts associated with gaming revenues and associated benefits of investment, economic growth and job creation. But, when deregulation has been matched with the criteria below, markets have flourished, with benefits seen across tourism and economic verticals.

POLITICAL LEADERSHIP Do not underestimate the importance of politics in determining the success of a casino-led tourism strategy. Few thought the decision to legalise gaming by Nevada Governor Fred Balzar in 1931, the promise of a casino referendum in New Jersey Governor Brendan Byrne’s re-election bid or the handover of Macau to China, would have such transformative impacts to those markets.

For decades, Las Vegas has benefited from the close relationship between political leadership and the gaming industry. Whether it was Governor Grant Sawyer or Senators McCarran and Reid, Las Vegas was able to carve out a unique place in American Society by maintaining a national monopoly for many decades.

However, in other markets, early political enthusiasm for gaming as a catalyst for economic growth has not always endured as political dynamics changed and casinos became mere cash machines for policymakers.

From Cuba to Atlantic City to Mississippi, many cities have benefited from encouraging gaming and hospitality investment. Over time,

LAS VEGAS political reticence in planning, absence of investment and complacency saw the market decline. The early breakneck rapid expansion of Macau’s gaming market was refocused by the 2023 renewal of licenses, which insisted on diversifying the business model through demanding greater tourism resources outside of gaming. Now, Macau’s revenues are coveted all over.

Indeed, oftentimes politicians themselves have killed initiatives before they have even seen the light. The recent optimism of a potential investment boom in Downstate New York has seen major operators, which had often invested hundreds of millions of dollars in pre-development costs, withdraw from the process prior to selection. Many pointed to a poor process, overinfluence of government and policymakers’ failure to understand the complexities of the industry.

As insiders to Las Vegas’ success will attest, the secret weapon is the LVCVA. This unique body of government and operators has promoted the destination both nationally and internationally, coordinating strategy and managing internal cooperation in a highly competitive market. Having such a forum is essential for strategic growth and success.

LOCATION Location is a prerequisite for the success of any casino destination, either micro or macro.

In the case of creating a tourism destination, a cluster of casino resorts with an accessible population center is essential. If there is a secondary (or even a primary) alternative tourism driver, then it should be a slam dunk!

Las Vegas had California and the Southwest, with Vegas an easy place to access The Grand Canyon and Hoover Dam. Atlantic City (like New York) is on the doorstep of major population centers and on the Boardwalk (although one questions whether this became a help or a hindrance to tourism!). Biloxi is on the Gulf Coast, with access to customers from across The South, Florida and Mexico. Macau has easy access to China and Hong Kong as well as a beautiful Old Town.

However, for many destinations where the casino was the sole driver, the arrival of Tribal gaming, which in many cases was closer to the intended population centres, has had negative consequences in visitation. Atlantic City and The Gulf Coast properties saw a decline, while ones in Nevada, Reno, Laughlin and Primm were decimated.

INFRASTRUCTURE INVESTMENT In every decade, there has been significant planning and investment in both public and private infrastructure. It is this that has enabled and supported growth in the tourismfocused economy.

In the 1940s and 1950s, the introduction of

AMERICAS

Marina Bay Sands, Singapore the interstate freeway system ushered in the age of private automobile ownership. People could get in their cars and drive from Arizona and the newly populous California to Las Vegas. Moves were made to invest in water supply (from Lake Mead) and build sewage and other hospitality infrastructure for a city that was yet to exist. A convention center was built (and subsequently expanded) to encourage midweek demand, opening up an entire segment.

In the 1980s and 1990s, airline deregulation and increased competition, combined with new resorts, allowed supply to meet existing demand. Today, Harry Reid is one of the busiest non-hub airports in the USA and another airport is in the planning stages.

The monorail is operated by the LVCVA, Elon Musk’s Boring Company is tunnelling through the caliche underfoot for a network of tunnels and Brightline-West is preparing to connect Las Vegas to Los Angeles once again.

The means of transport is key to developing location. The late academic, Bill Eadington, observed that in 2006, 46% of Las Vegas’ visitors arrived by air, compared to 2% in Atlantic City. The average length of stay in Las Vegas was 4.6 days, compared to 13.5 hours in Atlantic City. Encouraging average length of stay is crucial in allowing tourism diversification to prosper, and being part of a national – and international – air network is key.

It is no surprise that the increase in visitation to Macau coincided with the opening of the 55km Hong Kong-Zhuhai-Macau Bridge (HZMB) in October 2018, allowing access by sea, air and road.

In 2024, trips by Hong Kong and Macau residents across the bridge reached 16.2 million, up from 4.5 million in 2019. For the first half of

2025, mainland China and Hong Kong accounted for over 90% of total visitor arrivals to Macau.

The ease and convenience of private transportation allowed Macau to learn from the Las Vegas’ experience. It is now challenging Hong Kong for business. Next, it will likely expand into mass live entertainment and sporting events. These steps are crucial, and likely inevitable.

PLACEMAKING Not all destinations are created equal.

The casino resort can trace its roots from the grand palaces of Europe, but it was Las Vegas where the concept evolved. The Las Vegas story owes much to the developers: Jay Sarno, Steve Wynn and Sheldon Adelson.

They imagined the likes of Caesars Palace, The Mirage, Bellagio and Venetian. Each had a vision of more than what was in the market and advanced what was possible.

Las Vegas’ lessons were both imported and exported. Through exchanging notes with Cuba, Miami, Sol Kerzner’s Sun City, Atlantic City and the Nevada/Arizona border hamlet of Laughlin, ideas of placemaking within destinations took shape. They remain dominant today.

Outside of Atlantic City, gaming expansion in the 1990s saw regional American “megaresorts” arriving on tribal land. Both Foxwoods and Mohegan Sun led as regional giants, while in Mississippi, the Gulf Coast become a regional gaming destination, dominated by Biloxi’s Beau Rivage. Built by Wynn and operated by MGM, the property featured more than the comparable casino offer and was developed simultaneously with Las Vegas’ Bellagio.

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LAS VEGAS

Over the 30-year period, resorts once built to meet demand started to face mature markets, and it is those properties that were more than glorified gambling halls that have fared the best.

Perhaps the most famous (and profitable) commercial building in the world today is Marina Bay Sands. Opening in 2010, architecturally it has little resemblance to Sands Hotel and Casino in Las Vegas, which joined the nascent Strip in 1952, but the games played on the casino floor are remarkably similar. Without The Sands, The Mirage and The Venetian(s) there would be no Marina Bay. The legacy of placemaking has a clear lineage, but it helps to be located in a citystate of over 6 million people. It also is handy to be situated near Singapore Changi Airport – it’s frequently cited as the world’s best and sees over 67 million annual passengers.

When one thinks of potential North American markets considering expanding gaming, New York, Niagara Falls and the populous South-Eastern states spring to mind.

Globally, you may think also of Thailand, Brazil and Japan; but one must be cautious, because what has been successful in one market doesn’t necessarily work in another.

However, in nearly every case, the examples of placemaking that were formulated in Las Vegas are central to successful sustainable projects.

PEOPLE It is something of a wake-up call to us real estate guys (my own professional training is as a Chartered Surveyor) who were schooled in finance, development and strategy, to see

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that the gaming industry is now recognised by many as a series of digital engagements.

Nowadays, iGaming is highly lucrative – certainly more lucrative than land-based casinos – but ultimately transactional, with location and jurisdiction based on population, tax and regulations. Although there may be some customer crossover, what we hope to achieve in land-based development has significantly more long-term economic value than merely transaction taxation.

You need a diverse pool of skills to develop a resort, those that can build the structures, and those that staff and operate the resorts. All of these require skills, training and experience that must be cultivated, transferred, taught and learned. Where there is alignment and investment, the destination will grow over time.

This allows everyone that is either fortunate enough to be involved in the process, or brave enough to invest in the associated markets, to be successful. The emergence of the UNLV as a leading academic institution has been a key enabler, as has the space to develop residential neighbourhoods.

In 1990, the population of Las Vegas was 741,000; today it is close to 3 million. Over the same period, the coastal population of Mississippi grew from 180,000 to over 416,000, while Atlantic City remained relatively unchanged. Macau produced $5.6bn in gaming revenue in 2005, growing to over $28bn in 2024. Over that period, the population increased by 52% to 722,000, in what is already one of the most densely populated places on the planet. Around 20% of the population are employed in the gaming and hospitality industries.

From Mississippi to Macau, the casinos themselves follow a pattern. You’ll see hotels, showrooms, restaurants and large halls with places to play games. Usually, they are the same games, played with the same cards and featuring the same slot machines. And they are only new until the next big box with newer places to play the same games appears. What differentiates them are the people that build them, the people that operate them and the people that visit them.

Understanding, training, valuing and empowering people has been at the heart of Las Vegas’ success; and the expertise that has been bred there remains one of the city’s greatest exports for those seeking to emulate its growth.

TAKING ON LAS VEGAS Any forward-thinking policymaker seeking to understand global trends, create prosperity and future-proof their economies, needs to understand that Las Vegas is not unique. The lessons found in our story can be replicated with structured thinking and dutiful planning, as evidenced in emerging challengers globally.

The UNLV Office of Economic Development, led by Bo Bernhard, defined the combined industries of tourism, sports, and entertainment as “the Fun Economy.” It valued the sectors at roughly $13.7trn and 14% of the world’s economy.

With the rise of the global middle class and a shift towards prioritizing experiences over material ownership, the next 50 years will be marked by an increase in destination development and experiential tourism. Dubai knows this, having studied and copied much of the historic Las Vegas template. Although there are currently no operating casinos in the region, this will change when Wynn Al Marjan opens in 2027. Expect it to be among the highest-grossing casinos in the world in 2028, and it will no doubt be the first of several casino resorts to appear across The Emirates in subsequent years.

Furthermore, a new, top-tier class of private wealth has emerged. Las Vegas has always provided this, with Bellagio scaling the experience and starting the trend that turned Las Vegas into the party town for the world’s elite. Others are challenging.

Despite the recent headlines, Las Vegas is still well placed. Much to the chagrin of lovers of $0.99 shrimp cocktails, Las Vegas has changed to meet the needs of profitable customers. And if it does not continue to meet those customers’ needs, there is no doubt that any one of a dozen other markets is ready to step in and challenge.

If strategic policymakers combine with private capital and entrepreneurial operators, heed the lessons set out above and play their cards right, Las Vegas can be beaten at its own game.

AMERICAS

MARKET DEVELOPMENT

ENDURING THE LIFE CYCLE KPMG US Gaming Leader Rick Arpin joins Global Gaming Insider to reflect on the Global Gaming Awards, and his belief that the industry will continue adjusting to new verticals Having participated in the Global Gaming Awards – Americas for the first time, what were your highlights from the celebration?

First of all, you all do a great job with that program, from beginning to end. The event was great. Early in the show, you see a lot of faces and get to reconnect with folks. When you look through that Shortlist and see the Award winners, the depth and breadth of what this industry has to offer, the quality of product, the quality of company, of the people in this industry, I think it’s something we maybe don’t celebrate enough. We’re happy to be a part of the process to celebrate that.

Where can gaming and services provided

by KPMG intersect strategically?

As a US gaming practice, we serve clients across the spectrum in a couple of different ways. One, we serve folks in all the different sectors of the industry, so land-based operators, Tribal, online operators, suppliers, racing, lottery, you name it. From a geographic perspective, with the way gaming has expanded, we coordinate globally when needed for our clients. Certainly core audit tax services are the bread and butter of any firm like ours, but we’ve seen our strengths go beyond that. This industry goes through cycles of consolidation, deconsolidation, new products, all sorts of things that drive transactions and private equity interest, so we help companies throughout that life cycle.

and automation may be a little bit easier to get our head around. As scary as that is given the transformative nature of technology, we definitely see it as a value driver that will be around for years to come. Three years ago, we were all in a froth about the metaverse. We don’t talk about the metaverse anymore, but I don’t think that’s going to happen with AI. The idea of automation to make us more effective in communicating with our customers, complying with our regulations and in getting our books and records right on the back end is really powerful. We should be doing that with any tool we can and, of course, AI can drive significant efficiency in some of those areas, but there’s a long way to go.

On prediction markets, or just call it any form of emerging gaming, it would be silly for companies to certainly put their head in the sand and hope it goes away. I think the key is going to be finding how to position yourself in these spaces. There are a few different ways to do that in the prediction markets space. There are probably a few different ways to do that with daily fantasy, peer-topeer or sweepstakes, but my general sense is these things will get resolved, in most cases through our existing regulatory structures.

That’ll continue to happen with those types of products. Whether that tug and pull is done through legislation or legal battles, I’m not so sure; but I think it’ll get resolved.

As someone who can view the industry from a broader perspective, which verticals do you expect to capture attention in 2026?

There’s really no bad opinions or wrong answers when it comes to these things. AI

What challenges present themselves with the rapid growth of verticals such as prediction markets, contract trading, etc.?

Prediction markets are harder to foresee because you have so many more factors in play,

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including the idea of a federal regulatory body, which is just not something we’re used to. It’s an unknown factor for us in terms of how that affects the calculus of how we’re thinking, but one thing we’ve talked to folks about and are starting to hear a little bit is, for all these sorts of products, there is no free lunch in this world.

It’s an economic sort of theory, but I think it’s true here. I’m not suggesting those companies believe they’re going to have a clear path, but markets can be frothy and bullish, right? And that’s what we’re seeing now. I think there will be a bit of a reality check on that path.

Rick Arpin

AMERICAS

SWEEPSTAKE FOCUS

GROWING TOO QUICK? Itsik Akiva, Founder of Headway Consulting and sweepstakes expert, provides his view on the opportunities and challenges of the shifting sector, one that is opposed by the American Gaming Association and state regulators At this busy and pivotal moment for the sweepstakes sector, what is one key challenge and one key misconception facing the market at present?

The main challenge is domestic banking and payments. The appeal of sweepstakes gaming is its legal status, which provides access to local banking and proper domestic payment processing in addition to a variety of marketing channels.

In my experience, securing these banking and payments relationships has become more difficult over the past year, primarily due to a more cautious approach from the acquiring banks.

The encouraging news is that we are seeing new, sometimes even better, solutions introduced on a regular basis.

Regarding misconceptions, operators launch sweepstakes sites based on their knowledge of real money gaming or traditional social gaming but fail to realize that a compliant sweepstakes product is a very different animal that requires significant adaptations across the board. We have worked with multiple companies to ease that transition and noticed that when organizations embrace sweepstakes as something different, and take the time to make the adjustments, their performance improves significantly.

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Following the outlawing of sweeps in numerous US states – including California and New Jersey – as well as the recent Google gambling categorization, some are worried that sweeps is a dying sector.

What do you think?

In my view, Sweeps is not dying. It’s changing and adapting. As a category it grew very fast, maybe too fast, which in some states led to a strong counterreaction and a more challenging operational and legal landscape. In my work with sweepstakes operators, I insist that they take a responsible approach and operate within each state’s legal framework based on ongoing consultation with reputable lawyers. I believe those who follow these guidelines will be able to solidify and scale their business.

Let’s not forget that the social gaming with sweepstakes model answers a very strong consumer demand, providing the closest possible experience to traditional online gambling without venturing into offshore gambling sites.

My recommendation for those seeking to outlaw sweepstakes would be to focus on providing a reasonable and attainable path to a licensed online casino offering. This scenario, unfortunately, is not currently on the cards for most states.

that impact their bottom line – are far better positioned to show strong ROI and scale up while maintaining healthy margins.

How do you expect the sweepstakes sector to adapt to what are evidently changing regulatory perceptions around its role within the gambling sphere during 2026?

I believe the combination of the current legal pressure and the challenging profitability some operators may be experiencing will require sweepstakes operators to adjust their product and focus on more casual and recreational users. In my view, products that provide a better social gaming experience, which focus more on engagement and less on transactions and that keep the sweepstakes model complementary to the social gaming experience will be able to appeal to larger audiences.

This should also further distance them from being labeled as gambling sites and, hopefully, will result in reduced friction with regulators. However, overcoming the existing perception of the sweeps category and familiarizing users with a new product type could be a difficult endeavor.

Finally, what are the key pitfalls and growth areas sweeps operators should be paying attention to when scaling their operations over the next 12 months?

Do you believe that, historically, there The vast majority of operators are relatively new has been an attitude or perception of and are still working through growing pains. In sweepstakes as ‘easy money?’ Is this addition to staying compliant and within legal something you see changing in the boundaries, the main areas I’d recommend they current climate? pay extra attention to are maintaining a healthy and Definitely. The sweepstakes market has seen a balanced coin economy, and ensuring their product rapid influx of operators over the past two years, is built to increase organic and natural engagement many of them drawn by the prospect of quick as a complement to the economy. I would also urge profits. Those who came less prepared, or simply operators to step outside their comfort zones and thought they could apply the same practises consistently work on diversifying their user used in their real-money operation, quickly acquisition channels. While working with affiliates realized that this model has many unique can be the most familiar path to growth, it challenges; the first of these challenges is is expensive, highly competitive and prove its coin economy, which when not properly limiting. To mitigate risk, I’d strongly recommend managed can lead operators to very slim ensuring variety and redundancy in banking margins or even losses. and payment processing. In the current That said, opportunities absolutely still exist, atmosphere, dependency on a single bank or and there is still a significant profitable market payment processor is likely the biggest threat to a out there. From firsthand experience, I can attest sweepstakes operation. Lastly, operators who feel that operators who take the time to properly confident should consider a multi-brand strategy, understand the ins and outs of the sweeps enabling them to address different audiences, economy – and all the different elements different offerings and cross-sell.

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AMERICAS

MISSOURI FOCUS

THE DISTRACTION OF PREDICTIONS Head of Development Trip Stoddard speaks with Global Gaming Insider to discuss bet365’s upcoming launch in Missouri, as well as previewing which states are next Talk us through your Missouri launch, with the market opening up December 1?

To expand into Missouri is just big for us.

Missouri has a long history of having great teams and really passionate fans. So for us as a sportsfirst company, we’re really excited for it. We’re partnering with the St. Louis Cardinals out there, which is another legacy play for us.

in non-legal states where legalized online sports betting doesn’t yet exist, unlike Missouri. If you release them in the same place, I’m not sure how FanDuel and DraftKings will be releasing much predictions would eat into sports betting prediction-market offerings by 2026; market share just because, as of right now, it’s a could this be a vertical bet365 eventually very different experience. expands into or is already considering?

You’re able to bet on core things with prediction Right now we’re monitoring the situation, markets, but if you look at bet365 in legal states, you because it’s changing incredibly fast. If we would can bet on everything. We’ve got markets, we’ve got How has the St. Louis Cardinals have talked two weeks ago, before FanDuel and parlays, if you’re betting on the Chiefs, you can do collaboration helped bet365 familiarize DraftKings made that announcement, I’m not anything from Patrick Mahomes yards to a Travis itself with the Missouri community? even sure what they would’ve said. For us, we Kelce touchdown plus Kansas City moneyline. That’s Working with the Cardinals has been awesome to want to provide the best legalized online sports currently not available in the predictions space. Our get to know the state. They know the people, they betting experience, and right now that’s what we’re core experience just offers a lot more to customers. know the fans, the history. For us to come in and focused on. What that means for us is in every But, as you’ve already mentioned, it’s changing partner with them has been really, really good as single one of the 16 states we’re currently in, we every day, it’s changing every week, so we’re going to we try to figure out what sports to put front and want to work with those regulators to ask how keep monitoring it. center, or which offers and markets. It felt like they’re viewing prediction markets; and what the perfect partner at the perfect time. they think the future looks like before we make Is additional expansion on the cards in any decisions on how we’d actually move forward 2025? Which markets are of interest?

Are there activation opportunities that in that type of industry.

We’re trying to expand everywhere that’s legal in stem from the partnership?

2026. Two markets we’re incredibly excited about Yes, we’ve got sponsorship all over the ballpark. Does bet365 foresee prediction markets next year are going to be Michigan and West Virginia.

We’ve got outfield signage, specifically in the having a notable impact on traditional We’ve also got two or three more we can’t announce upper deck near left field. You can also find our sports betting in the US? right now. Yet, while the world is distracted with offers out there, like bet $10, get $365 back. It’s Everything that’s been positioned by our predictions, we’re using it as an opportunity to go something we’re really proud of and we hope competitors has been keeping them separate up to live and ensure we can offer promotions in new Missourians are going to see that, try our app and this point. Predictions would be a way to operate areas, build up our consumer base and focus on our have a great experience. core products.

Given the competition, how can bet365 gain market share and vie for pole position with the likes of FanDuel and DraftKings?

FanDuel and DraftKings are good competitors; we like what they’re doing, but we just think with our global history, we’ve got a little bit of a faster app and a better betting experience. We’re the largest single-brand betting company in the world and it goes back 20+ years in terms of what we’re doing in the UK. The UK is great, but we care about what the Missouri bettor’s experience is going to be like, which includes making sure when people get there, it makes sense. The UX design, the offers, we want to provide free money to start off so you can learn our product. And once you start to use it, everything from the same-game parlays

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to the live in-game betting experience, we think once you feel it, you’re going to keep using it.

Trip Stoddard

What type of features or promotions can bet365 offer to help differentiate the operator from US competition?

There are two parts to this; first the promotions and then the core product experience. Promotions are needed to get you in the door. If you’re betting with us in Missouri, you’ll receive the bet $10, get $365 back, early payout offers and deals we have running all the time. Number two for us is eventually that free money goes away. Where we can not only compete, but win, is through our product experience.

We’re always making sure we have the fastest and easiest-to-use product. Whether that’s deposits, withdrawals, same-game parlays or in-game betting, you’ll still get your bet in right away with a live spread. When it comes to our core product experience, we really feel we can beat anyone.

PRODUCT REVIEWS

AMERICAS

WHAT’S NEW ON THE MARKET? Need to know the latest products on the gaming market?

Global Gaming Insider has you covered AINSWORTH – ATOMIC GOLD Wrapped up with an attractive and dynamic sign package that reacts when the bonus round is entered, Atomic Gold is sure to make a big impact on casino floors.

Ainsworth’s second entry into the premium product space, Atomic Gold, will be blasting into casinos in early 2026. Two brand new titles, Venus and Mars, will feature a playful retro art style and charming astronaut dogs to accompany players on their outer-space journey.

These high-energy games will take players on out-of-this-world adventures and launch them into thrilling gameplay featuring Atomic Wilds that appear on reel three, pulsing the screen and firing wilds with powerful multipliers across the reels. This action can occur up to three times, creating the potential for massive line wins and building anticipation with every spin.

Adding even more excitement, the base game is designed with frequent visual and audio cues that enhance the premium experience, drawing players deeper into the cosmic theme.

At any moment, a mystery trigger may activate, sending a shower of coins across the screen and launching the player into the Atomic Hold ’n Spin feature – an extended and engaging bonus round where players have the chance to win big, including progressives and other lucrative awards.

A surprising twist adds additional layers of suspense: if a special box lands on the reels during bonus play, an extra feature is revealed, offering even greater winning potential and encouraging repeat engagement.

Wrapped up with an attractive and dynamic sign package that reacts when the bonus round is entered, Atomic Gold is sure to make a big impact on casino floors. Its explosive combination of bold art direction, immersive features and premium presentation positions this series as one of Ainsworth’s most compelling launches yet. Let the countdown begin.

GLOBALGAMINGINSIDER.COM

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EUROPE, MIDDLE EAST & AFRICA 69

Taking Stock

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Movers & Shakers

71

Facing Facts

72 Global Gaming Awards

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Paul Sculpher: Our contributor speaks with Testa CEO Kyle Wiltshire

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Gustaf Hoffstedt: Problem gambling rates in Sweden explored

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Jan Fencl: Responsible gaming strategy

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Dr Joerg Hofmann: The latest from Germany

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Edwards Carstairs: Brand, tech and IP

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Stewart Groumoutis: A personal problem gambling story

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Marek Plota: Exploring the Polish opportunity

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Esports focus

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Product Reviews

EMEA

SHARE PRICES

TAKING STOCK: EMEA Global Gaming Insider takes a look at monthly high stock prices from the past six months for operators and suppliers across the region, analysing July 2025 – December 2025

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• Six-month high: August (308.60 USD) • Six-month low: December (208.81 USD) • Market capitalization: $36.53bn (As of 1 December 2025)

• Six-month high: July (1021.9 GBp) • Six-month low: December (774.6 GBp) • Market capitalization: $6.6bn (As of 1 December 2025)

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• Six-month high: August (885.40 SEK) • Six-month low: December (646 SEK) • Market capitalization: $13.6bn (As of 1 December 2025)

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• Six-month high: August (436.5 GBp) • Six-month low: November (283 GBp) • Market capitalization: $1.08bn (As of 1 December 2025)

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PEOPLE & HR

MOVERS AND SHAKERS As online casinos continue to evolve in Europe, Dubai is preparing itself for the first integrated gaming resort in the region. The latest appointments tell a story about how each of these companies are developing internal strategies for the shifting landscape

Kaveh Emami Chief Growth Officer, Relax Gaming

Rebecca Hall Executive Director of PR, Wynn Al Marjan Island

Sam Leggott Director of Gaming Operations, LeoVegas Group

Already part of Relax Gaming, Kaveh Emami has moved from Head of Data and Analytics to the provider’s Chief Growth Officer. He will use his experience in analytics and trends to spearhead strategy at Relax Gaming, while relying on his pre-existing company knowledge to maintain and strengthen brand identity through any initiatives.

This reflects a similar transition in his prior company, where Emami worked as Head of Data and Analytics for Aller Media, a Nordic media publishing group, before becoming its CTO. At Relax Gaming, Emami has explained he is most excited to strengthen bonds between different internal teams, creating a unified direction for the company.

With almost 10 years of experience running PR for resorts in Dubai, Rebecca Hall was a clear choice for Wynn to lead its Al Marjan Island teams ahead of launch. The property will be the region’s first integrated resort and the UAE’s first licensed casino experience. Hall will be responsible for forging connections with regional and global partners, brands, creators, journalists and other industry behemoths.

Prior to her appointment with Wynn, Hall worked at Atlantis Resorts in Dubai, where she led a team of 14 agencies across MENA, APAC and EMEA regions. She also worked with Minor Hotels in Bangkok City, Thailand, as the Area Director of Public Relations and Communications.

After almost six years at LeoVegas, Sam Leggott has been appointed as the new Director of Gaming Operations at the group going forward. He has worked his way up the division, starting out as Head of Gaming in 2020, before becoming Head of Retention and Engagement, Head of Casino Strategy and Business Development, Head of Gaming Commercial and Head of Gaming Performance throughout his stint at LeoVegas.

Leggott is a true industry veteran, starting his career with William Hill as a Telephone Betting Agent in 2008 and Sports Writer in 2011. He has also worked with Betclic Everest Group, Kindred, Paddy Power Betfair and Playzido.

Emami was a professional poker player for many years, where he honed his data analyst skills, before carving a separate career out of them

Hall worked for several years in luxury fashion before pivoting to hospitality brands

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Leggott graduated from Leeds Beckett University with a Bachelor’s in Politics in 2010

DATA

FACING FACTS

EMEA

SOURCE: Makrologik

Is it possible that more access could line up with less gambling harm in Sweden?

BOS Secretary General Gustaf Hoffstedt commissioned some historical research to find out (read more from him on the topic on p76) Problem Gambling line graph (percentage of population) Gustaf Hoffstedt, Secretary General of Swedish Trade Association, BOS, has commissioned research into the growth of Swedish gambling throughout the years to understand the drivers of problem gambling. Scored as a percentage of the population, problem gambling has been marginally decreasing over the past 27 years.

Included in that 2% are individuals ranging from those in a moderate risk category to those with more severe issues.

25 20 15 1 1998

2009

2015

2018

2021

Number of games estimated The decline in problem gambling rates speaks well of increasing regulation in Sweden over the years – it also defies a preconception that more access to gambling must equal more problem gambling. The number of online casino games has been going up and up consistently for the past 20 years, reflecting consumer demand.

Yet this trend didn't bring about an increase in problem gambling.

300 250 200 150 100 50 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Advertising investment (millions of SEK) 8000

Gambling advertising is often held up as another channel for problem gambling and, around Europe, operators are consistently facing more stringent marketing rules.

Nonetheless, or perhaps in spite of this fact, more and more money is being spent on advertising all the time. Either the checks and balances on marketing practices are working, or advertsing might not have quite as significant an impact on problem gambling rates as one might think.

6000 4000 2000 0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

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EMEA GLOBAL GAMING AWARDS

PREVIEW: THE EMEA 2026 AWARDS Global Gaming Insider discusses past winners and things to come at the Global Gaming Awards EMEA 2026 in Barcelona, including a new category...

With ICE Barcelona looming on the horizon, so too is the industry’s most prestigious awards ceremony – the Global Gaming Awards. Fira Barcelona Gran Via did not disappoint at last year’s ICE. The new location, not a 10-minute drive from the nearest airport, offers up to 240,000 sq feet of space. While both this and last year have yet to utilise the full extent of the venue, it is certainly roomier than the halls of ExCel London, which despite offering 100,000 sq feet of space, simply became too small.

Of course, between the eye-catching stands, colourful cocktails and celebrity appearances, the Global Gaming Awards are also a standout on day one of ICE week. The event offers networking, entertainment and the chance to leave with an Award symbolic of the highest quality a gambling industry company can provide.

Every year, the Awards bring something new to the table. The industry never stays still, after all, so neither can the accolades up for grabs.

In the May/ June 2024 edition of Gambling Insider we described crash games as a “growing phenomenon,” being simple in design yet wildy lucrative in their execution. Since its inception in 2017, the genre has skyrocketed – and Crash Game of the Year will now land on the Global Gaming Awards stage.

Breakthrough Company of the Year, launched at the 2024 Awards show, will also make a return this year. Providing an opportunity to spotlight new and emerging brands, this category highlights the continuous shifting of

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the industry landscape, and the talent that may soon come to define the industry.

The Awards have also updated to better reflect today’s gaming market. For instance, he retail and online sports betting operator categories will now be merged in the Sports Betting Operator of the Year Award.

Of course, we will be keeping on staple categories such as Land-based Casino of the Year, Online Slot of the Year and Executive of the Year. Last year, The Hippodrome Casino took home the Casino of the Year prize. Executive Chairman Simon Thomas thanked the team, stating: “What we do is entertain London fantastically, and we’re very proud of what we do.” Online Slot of the Year went to Light & Wonder’s Squid Game: One Lucky Day. Said iGaming CEO

Simon Johnson: “For a company that says it’s all about the games, it’s wonderful to have all of our hard work recognised.”

Executive of the Year, the ceremony’s only Award to recognise individuals, was won in 2025 by Soft2Bet CEO & Founder Uri Poliavich. One of three Awards claimed by the supplier that year, Poliavich said he felt “amazing,” and spoke of the hard work and recognition the Award symbolised.

“Barcelona has proven itself a more than fitting new home for ICE, and I am excited to host our second Global Gaming Awards EMEA event at The Market Restaurant at Fira Barcelona Gran Via,” said Global Gaming Awards Event Manager Mariya Savova.

“To each and every one of you who has been Shortlisted this year, congratulations.

2025 has been anything but slow, and to stand out among the crowd is an accolade to hold with pride. Thank you for making the EMEA region the lively, fast-paced, innovative hub that it is, and I wish you all the best in your nominations.”

Alongside networking opportunities, the Global Gaming Awards is set to offer entertainment and refreshments before the main presentation. 2025 saw live music, with the grand piano doubling as a complimentary drinks station. 2026 is set to host something new and exciting too – though you will have to wait and find out what it is!

As the newly formed Global Gaming Insider, we are proud to power the Global Gaming Awards in this new era.

COMING SOON

MEET US @ICE #2M70

EMEA

A NEW CONCEPT

CROWD TESTING Paul Sculpher speaks to Testa CEO Kyle Wiltshire about the origins of the company and how crowd testing can uncover the subtler customer pain points With my consultancy hat on, I’ve done plenty of mystery shopping/undercover casino visits.

What you’re looking for is sometimes obvious (step forward, comedically lazy F&B attendant in a Scottish casino reading a book behind the bar and ignoring all the slots players) and sometimes subtle (one of the stereo speakers being out of order on a Novomatic slot machine).

Anyone can have a walk round with a mental clipboard and tick off the obvious service elements that could be better, but it takes a little more specialist knowledge to understand the details that really make a difference to the customer. And what about online casinos and sports betting sites?

Again, anyone can see howling UX failures, but there’s a more subtle layer of insight, as well as massive regional variations in what works and what doesn’t.

That’s where crowd testing comes in – I spoke with Kyle Wiltshire, CEO of Testa, to find out more.

Kyle, can you give us an overview of what Testa is all about?

Testa is a crowd-testing company specifically

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for the online gambling industry. We have over 1,000 qualified testers in over 100 countries around the globe who can test gambling websites, game and applications.

Our network of testers do traditional Q&A + UAT testing looking for bugs and defects.

They also test performance and quality on real world devices and internet connections.

They can test payment channels, KYC and promotions and even give feedback on UX or local language translations. The idea is to let our customers see their products through the eyes of the end user.

What gave you the idea?

I run another company which does technical consulting, mostly for gaming clients. Its primary focus is on uptime and performance of complex software. Think Live Dealer or modern slots.

We’ve always done some form of crowd testing to validate the projects we work on, getting real users to test things before and after various software and infrastructure improvements. As projects wrapped up or entered a maintenance mode, we received more requests to test in different markets.

“Wow, we liked those five testers you used in the Philippines, could you do something similar in Brazil?”

Eventually, we learned a bit more about the crowd testing industry and had the “lightbulb moment” to launch Testa in 2023.

What are the more subtle elements that crowd testing picks up better than a single specialist?

So many. When we use any software, we bring certain biases with us. This includes the engineers, the product people and so on. They are limited by locations, by real devices to test with, often simulating results on different screens and operating systems. They are not using a local internet connection. They may not even speak the language of the target market.

Using crowd testing lets you see things “on the ground.” Sometimes the most basic things that can improve a brands image or help conversion and retention. One operator in Brazil was using bónus in their copy instead of bônus. A simple insight for a local tester.

Impossible for anybody operating outside the market.

When we compare the examples above with competitors in the market, suddenly all this information has context. If I tell you it took two mins and 20 seconds to register a new user, well that’s useful but the information stands alone. If I tell you your competitor did it in half the time with half the steps and is bound by the same regulations, you would probably want to dig a little deeper wouldn’t you?

Where do you aim to be with Testa in five years?

We want Testa to be a no-brainer for any operator or provider in our industry. One of those easy decisions where the investment is recouped quickly and the value is obvious.

Crowd testing is a fairly new tool and we’re focusing on this industry specifically – so we’ve got work to do in terms of building a reputation and educating the market on the benefits of having real people on the ground around the globe. So, for the immediate future, we’re focused on building the best network of testers and the longest list of happy clients that we can.

Kyle Wiltshire

EMEA

SWEDEN

MORE ACCESS, LESS HARM? We are delighted to welcome our long-term contributor to the first-ever Global Gaming Insider issue. Gustaf Hoffstedt, Secretary General of Swedish Trade Association (BOS), takes a closer look at Sweden’s problem gambling trends...

Ask Google whether problem gambling is on the rise and you’ll likely get a resounding “yes.”

The explanation usually goes something like this: gambling companies now operate around the clock, bombarding consumers with advertising and offering more products than ever before.

Access is unlimited and temptation is constant.

The result of all this is an out-of-control maelstrom that’s sweeping players, especially vulnerable individuals, along with it.

In this world, the solution seems obvious. Ban gambling. Or maybe ban gambling advertising.

At the very least, prohibit certain so-called “highrisk” products.

This message isn’t just echoed by AI-generated summaries, it’s reinforced by major media outlets that can usually be trusted for reliable reporting.

Headlines warn that problem gambling is growing, sometimes dramatically. But when you read the stories behind the headlines, the evidence often tells a more nuanced story.

Yes, more people are seeking help for gambling-related harm. But this may reflect greater awareness of available support services, reduced stigma and expanded access to treatment. And, yes, studies occasionally flag rising prevalence among certain groups, typically young men. But these increases are frequently offset by declines or stability in other groups.

Despite these complexities, media coverage often remains sweeping and definitive in its proclamations that problem gambling is increasing.

Let’s be clear: any rise in harm among a specific group warrants serious concern and focused intervention. Even in times where problem gambling rates are in overall decline, individuals and families can still suffer deeply. Yet if we want to address problem gambling effectively and sustainably, we must begin with an accurate description of the problem. Policy, prevention and support measures should be grounded in facts, not fear.

To better understand the situation, I asked

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independent economist Ola Nevander to analyse long-term trends in problem gambling in Sweden, and to compare those trends with developments in advertising, product availability and accessibility. His analysis draws on government data, including from the Swedish Longitudinal Gambling Study (Swelogs), a population-based study that explores the relationship between gambling and health outcomes over time.

The numbers are striking. Between 2009 and 2019, gambling advertising increased fivefold as dozens of new entrants competed for visibility in a freshly liberalised market. And yet, during that same period, the share of the Swedish population experiencing problem gambling fell from 2.2% to 1.3%. That’s not what you’d expect to see if advertising were directly fuelling addiction.

The data related to product offering tells a

Gustaf Hoffstedt

similar story. The number of online casino games and overall product breadth in Sweden more than tripled between 2009 and 2019, reflecting the impact of digitisation and consumer demand.

Once again, this expansion did not coincide with an increase in problem gambling.

And, finally, let’s consider accessibility. Few aspects of modern gambling have changed as much. Today, the industry lives in people’s pockets, accessible anytime, anywhere, on any device. But even amid this profound shift, problem gambling prevalence has declined.

Let me be clear: this does not mean problem gambling is not a serious issue. It certainly is and we as an industry have a responsibility to help prevent and address it. But it also means we need to be careful about the conclusions we draw.

More advertising doesn’t automatically mean more harm. More products don’t necessarily lead to more addiction. More access doesn’t always equate to greater risk.

Rather than fuelling moral panic, we need an honest, collaborative conversation about gambling-related harm, which is rooted in data, not assumptions. That conversation must involve all relevant stakeholders, including regulators, public health agencies, non-profits, researchers and the industry.

Operators across Europe are investing in safer gambling tools, developing early detection systems and funding prevention programs. But these efforts must be aligned with broader public health strategies. The goal should be not only to reduce harm, but to ensure interventions are targeted, effective and proportionate to the actual risks.

Problem gambling deserves serious attention, but addressing it requires more than dramatic headlines and reactive policy. It demands evidence, transparency and cooperation. As we continue to develop regulation and improve consumer protections, let’s start from a shared understanding of the facts. Because when it comes to harm prevention, truth is the most powerful tool we have.

EMEA

RESPONSIBILITY

RESPONSIBILITY FOR ENGAGEMENT Jan Fencl, Responsiblo CEO & Co-Founder, explores the potential of bridging the gap between sports and gambling by utilising the tool of responsibility There has always been a natural connection between sports and gambling. Both are built on competition, excitement, skill and the desire to test one’s limits. Over time, this relationship has grown stronger. Gaming draws inspiration from the sporting world, while sports increasingly relies on the engagement and community that gaming provides.

As these two worlds continue to overlap, so does the shared responsibility to keep the experience healthy and sustainable. It is no longer just about compliance or image – but about trust, culture and the future of engagement itself. From my experience, building responsible innovation at the crossroads of technology, gaming and sport, I have learned that this connection is both powerful and delicate. However, when guided by responsibility, it does not restrict the experience.

It makes it better.

Sports and gambling rely on the same energy. Both depend on emotion, strategy and the human need to compete and belong.

Sponsorships, shared audiences and new forms of fan engagement have made the two industries almost inseparable. The early days of the Covid-19 pandemic made this dependence clear. When live sports came to a sudden stop, it was not only stadiums that went quiet. Entire ecosystems built around sporting events paused overnight. It was a reminder of how closely the two worlds are linked and how important it is to build that relationship on something more resilient than constant activity alone.

This connection became even more personal to me when I began discussing the idea of Responsiblo with my long-time friend Petr Nedved, a former NHL player. Petr often spoke about how education around responsibility worked during his career. Clubs would invite experts to talk to players, but those sessions were occasional and easily forgotten. From the beginning, our idea with Responsiblo was to change that approach and make education part of everyday experience. We wanted to create a system that delivers responsible content directly to each individual through a digital compliance

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module, so that learning becomes continuous, relevant and personal. At the same time, the system gives each partner a clear record that education has actually taken place, turning responsibility into something that can be demonstrated, not just declared.

The relationship between sports and gambling only works in the long run when it is built on responsibility, serving as the bridge that connects ambition with trust and innovation with integrity.

For me, responsibility has never been about limiting what people can do but about giving them the awareness and tools to make better choices. True engagement comes from confidence, not from risk or pressure. The same applies

Jan Fencl (on the right)

to companies and organisations. When clubs, operators and partners take a transparent approach, they gain loyalty and demonstrate the industry can set high standards on its own, reducing the need for restrictive regulation.

Responsibility becomes real only when it moves from policy to practice, becoming visible, measurable and part of everyday engagement.

Across the industry, technology now makes it possible to combine behavioural insights with personalised education – and give both individuals and organisations a clear overview of progress. Operators can identify patterns that signal potential risk, then connect those individuals with targeted educational interventions. This creates a system where detection leads to support, not just restriction.

In practice, this creates a loop of awareness and improvement. With Responsiblo, we enable this through continuous education rather than one-off compliance exercises. Individuals receive training tailored to their context, organisations gain documented proof that responsibility measures are in place, and regulators can verify that proactive standards are being met. The industry demonstrates commitment beyond minimum requirements. When everyone can see the benefits, responsibility stops being an obligation and becomes a competitive advantage.

The future of sports and gambling will depend on how well both worlds handle responsibility.

Regulation will always play its part, but real progress comes from within the industry itself.

Embedded in culture, supported by technology and guided by education, this approach becomes natural. The next phase of growth in gaming will not be driven by bigger bonuses or louder marketing, but by smarter engagement and deeper trust. As responsibility becomes part of the product, not a reaction to external oversight, everyone benefits. Players gain confidence, operators build sustainable businesses, clubs secure lasting partnerships and communities thrive on transparent practices. Those who lead now will not just respond to change. They will drive it. That is the direction worth pursuing.

EMEA

GERMANY

GERMANY’S GAMBLING FUTURE Can Germany achieve its channelisation objectives in 2026, or will players continue their exodus to illegal operators? Regular contributor Dr Joerg Hofmann, senior partner at Melchers Law, returns with his first Global Gaming Insider article to analyse SECTION 22C: REGULATORY NONSENSE Section 22c of the Interstate Treaty on Gambling 2021 regulates the licensing of online casinos, and it is important to understand that this doesn’t include slot machine games, which are called virtual slots in Germany. So, licences for games like roulette and blackjack can be THE EVALUATION RECKONING offered by individual Federal States either by a An interim report to determine whether state monopoly or through a private operator. regulatory measures are doing their job was So far, only two of the 16 Federal States have submitted in June 2025, with a summary report considered licensing private operators: North due by 31 December 2026. Early findings are Rhine-Westphalia and Schleswig-Holstein. While discouraging, with the number of illegal German- Schleswig-Holstein has already issued such language sports betting websites surging from licences, North Rhine-Westphalia is still working 281 in 2023 to 382 in 2024. That’s compared to 34 on the tender process. The other Federal States legal websites. The GGL (the German regulator) have so far either not made use of this option or estimates unauthorised offerings comprise decided against it entirely. around 25% of the overall online market, though Bavaria has gone down the state-owned route the German Sports Betting Association (DSWV) but, otherwise, anyone wanting to play online puts the actual black-market share significantly roulette in Germany inevitably resorts to the higher at 30-40% for sports. black market in at least 14 Federal States. Player The situation for virtual slots is even worse.

Recent analyses by H2 Gambling Capital assume a black-market share here of up to 80%.

Germany’s restrictive approach is failing the channelling test.

The German gambling market finds itself at a crossroads. Since the Interstate Treaty on Gambling 2021 came into force, the legal sports betting market has experienced declining tax revenues and stakes, bucking international trends. Looking into 2026, will it turn this around or continue to flounder?

IP BLOCKING: A DIGITAL ARMS RACE A new legal basis for IP blocking needs to be established soon. The current regulation on IP blocking has met various legal obstacles that restrict its application. An amended Section 9 of the Interstate Treaty on Gambling 2021 now references the Digital Services Act, directly applicable across EU Member States since 17 February 2024.

However, these measures alone are insufficient, as blocks can be quickly circumvented. It’s a digital arms race the regulators are struggling to win. As I always say, the best – and probably only – efficient tool to combat the black market is the sufficient attractiveness of licensed offerings.

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Dr Joerg Hofmann

protection? Below zero! This represents disastrous legislative failure that is also likely to be contrary to both European and constitutional law. A state monopoly can only be justified if it is clearly established that only the state is suitable for achieving the objectives, or if there are other significant reasons for excluding private companies. However, if – as in Section 22c of the Interstate Treaty on Gambling 2021 – both stateowned and private companies are simultaneously considered suitable, there is no justification for a state monopoly.

The demand is clear: this section must be deleted. Licences for games like online blackjack and roulette should be merged with the virtual slot machine licence, under the more internationally recognised definition of online casino.

TAXATION: THE COMPETITION KILLER The current taxation of effectively 5.03% on stakes has carious effects on channelisation.

Following neighbouring countries’ example and implementing gross gaming revenue taxation would be the only right way. Current taxation deprives licensed operators of any competitiveness against illegal competition.

Italy, over 10 years ago, faced a comparable situation and drew the consequences, eventually moving away from stake taxation towards gross gaming revenue and allowing more demand-oriented gambling offerings. Italy’s channelisation success proved them right. An initiative by the Federal states in the Bundesrat is needed to achieve change here.

LOOKING AHEAD As 2026 dawns, the industry watches nervously. Will Germany learn from Italy’s success and embrace pragmatic reform?

Or will regulatory rigidity continue driving players towards illegal operators? The new year will provide answers – and they’ll determine the German market’s trajectory for the next decade.

EMEA

PATENTS

PRESERVING YOUR POSITION Edward Carstairs, Partner at GJE, is a chartered trade mark attorney and returning contributor. Here, he writes for the first time in Global Gaming Insider – explaining how to protect your technological innovations from copycats and competitors In the November issue of Gambling Insider magazine, we looked into key IP trends for 2026, covering digital rights management, game licensing, global market challengers and enforcement, all alongside technological innovation, which this article focuses on.

Technological innovation in gambling spans Virtual Reality (VR), Augmented Reality (AR), native mobile applications, desktop platforms and blends of mechanical and electrical systems. And that’s before artificial intelligence (AI) is even considered. This ever-evolving ecosystem breeds innovation not only in the user experience but also in the mechanisms that put that experience into effect.

There are opportunities for operators and companies developing this technology to grow market share and create exclusive growth areas.

But there are equal numbers of threats from competitors. One way to stave off those threats is through judicious use of the monopolies granted by intellectual property (IP) rights. That’s the way

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you protect against copycats while preserving and parts of software is significantly easier, simply enhancing your market position. requiring images or screengrabs of the aspects of a GUI to be protected. There are even RIGHTS AVAILABLE techniques that can be used to push the limits As well as branding and logos, the look and of what is protected beyond only what the feel of a user interface can be protected using user sees. GUI details and animations can also registered designs. You can use them to protect be protected, offering real value in the animated sequences and transitions in graphical right circumstances. user interfaces (GUIs) for instance.

Patents are another useful tool. These protect HARDWARE the way that software running a GUI operates, The oldest patents and designs centre on how software interacts with hardware in hardware. For as long as physical products and a gambling machine or in a game and how complex machines are manufactured, IP rights the mechanical and electronic systems work. will be available for these products and machines, They grant exclusive rights over their subject along with the means to manufacture them and for at least 20 years and can be extended to the operating electronics and software. markets of commercial importance around the Patents and designs can be legitimately world. You should apply for a patent while the granted for cardboard boxes, so the significantly details of the invention are still confidential. greater complexity and sophistication of the Though in the US and some other jurisdictions, gambling and gaming sector has plenty of there is a one-year grace period after public IP potential. As long as it is new and does disclosure in which you can still register something clever, or looks unique, then patents your application. and designs are within reach.

A registered design must have its own character, look and feel, and patents have a BENEFITS further requirement which states that the All the monopoly rights: patents, registered innovation must not be “obvious.” Innovators designs and trade marks, can be used to stop often wrestle with this second requirement of a competitors, their suppliers and the companies patent and this is where an attorney can provide that manufacture or develop the products on significant benefits, helping work through their behalf. These can also be used to recoup development stories and highlighting key steps lost income and profits, as well as acting as along with the problems addressed. a deterrent if you make noise about holding those rights.

AR/VR, AI AND SOFTWARE The UK additionally offers tax benefits Whether it takes the form of a control system, relating to products with a patented component. game, AR or VR platform, or AI algorithm, This provides a tax reduction up to 10% on software has gained a reputation for not being profits made from these, which can save patentable. This is patently false. significant sums every year.

It is true that it is more challenging to gain patent protection for software than for hardware. However, often it simply comes down Gill Jennings & Every LLP regularly assists clients in to how the story is told. AI is treated the same devising and implementing patent, design and trade as “classical” software, so it is generally only mark filing strategies. Get in touch with Edward to protectable with a patent via its implementation. discuss your options at Edward.Carstairs@gje.com Securing design protection for user-facing

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EMEA

CSR

A SAFETY NET Stewart Groumoutis, Co-Founder of Recovery in Gaming, shares his story of addiction, explaining the imperative requirement for additional safeguards within the modern gaming industry “Please take a minute and introduce yourself to the person directly to your left and right.”

This was one of the first things I was asked to do once arriving at a treatment facility in the summer of 2022, in another attempt to get my alcoholism under control. I had been part of this type of exercise before at conferences and industry events, so it didn’t seem like an odd request. In a moment, the task was complete.

What the counsellor said next wasn’t what followed in those past experiences.

“Five years from today, assuming this group follows the statistical norm for our programs, only 1 in 3 of you will be alive. So, take another look around and decide if you plan to be an outlier.”

Only one year prior, I had checked into another treatment facility just down the road but had been asked to leave after four days. A blood test indicated that my liver was failing quickly, and I likely had only days to live. The staff viewed me as a liability and discharged me that afternoon. Somehow my body did recover after being discharged but now, a year later, following another year of excessive daily drinking, I wasn’t very optimistic I would be one of those outliers.

I’m not sharing this story to shock you. And I’m not sharing it as a badge of honour. I’m keenly aware that the stigma around addiction means this article could close many doors for me in my career, as being open about my recovery has already cost me a lot in my personal and professional life for the same reasons.

I’m sharing this because, while all of this was happening, the people closest to me and the colleagues I worked beside every day had no idea what I was going through. And in all likelihood, there are people in your organisation today with similar stories who feel just as terrified, empty and alone as I did that day.

THE INDUSTRY’S HIDDEN CRISIS Research conducted by Bupa Group reveals the scope of what we’re dealing with: 51% of people surveyed believe stigma prevents people from seeking help at work. Nearly 6 in 10 employees (57%) admit to having struggled with some form of addiction. And 71% of employers report being concerned about addiction-related issues in the workplace.

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These numbers are climbing.

The gambling industry is fuelled by high energy, brilliant minds and intense pressure. We celebrate wins, chase growth and operate in an environment where the stakes, both professional and personal, are always high. But we’ve been missing something critical; a safety net for the people who power this dynamic world.

That’s why we created Recovery in Gaming.

BUILDING THE INDUSTRY’S SAFETY NET Recovery in Gaming is a network of support, founded on the principles of anonymity and service, for those navigating recovery from alcohol and drug addiction within the gambling industry. Our ambition is to become the industry’s safety net, woven from shared experience.

We recognise these things, much like recovery, happen one day at a time. Over the coming months, we’re focused on raising initial funding to establish our organisation. Following that, we’ll build programs including: • Awareness campaigns about available support resources • Training and education for leadership teams on supporting employees in recovery • Research to understand the specific needs of the gambling industry around addiction We have a long way to go, and we’re going to need support from leaders across the industry.

HE DESERVED BETTER I want to further explain how things played out for the group of people I was in treatment with that first day. Unfortunately, we were not a statistical anomaly. It hasn’t been five years or even four years since I left treatment but by my last calculation, we are right on schedule to reach 66% by the time we hit year five. But none of those deaths hit me as hard as Michael O. Michael, who sat to my left that first day and became a close friend, passed away in February 2023, around six months after we left treatment. We were supposed to meet for dinner the weekend that he died, but I had to travel for work and didn’t make it back on the Friday night. He passed away the next night. I often wonder if he’d still be here if I hadn’t cancelled.

WHAT’S NEXT Every executive reading this knows someone fighting this battle, even if you don’t know it yet. The question isn’t whether addiction exists in your organisation. It’s whether your people feel safe enough to ask for help before it’s too late.

Recovery in Gaming is building that safety net, but we can’t do it alone. If you’re an industry leader who wants to be part of the solution, we need your support, whether that’s financial backing, platform sharing, or simply helping us reach others who need this message.

I just hope that one day we’ll be able to say Recovery in Gaming isn’t a longshot bet anymore.

That the odds have changed. That Michael and so many others didn’t die in vain.

Learn more about our mission and how you can help at recoveryingaming.com or reach me directly at stewart@recoveryingaming.com.

Stewart Groumoutis

EMEA

POLAND FOCUS

AN UNDERVALUED OPPORTUNITY? Despite structural frictions and political deadlock, Poland is positioning itself as one of the most compelling long-term plays for international operators. Marek Plota, gambling lawyer and Founder, RM Legal and Gaming in Poland, writes for Global Gaming Insider Poland is a market too big to ignore. Those who delay risk ceding the field to faster movers.

With 38 million consumers, Poland is the largest gambling market in Central and Eastern Europe and one of the fastest-growing regulated sports-betting jurisdictions in the EU. The market’s momentum is particularly visible in the 2024 figures, with sports betting turnover reaching €3.49bn ($4.04bn) and GGR amounting to €567m, reflecting a robust 25% year-on-year growth rate. Online betting channelisation remains high at approximately 75-80%, signalling effective migration of players into the regulated offer. At the same time, the cost of securing a licence is comparatively low by European standards, reaching only €175,000 for a six-year period, with no additional annual maintenance fees.

Even more striking is the competitive story.

Between 2019 and 2024, two foreign operators, Betclic and Superbet, entered the market from zero and built 20–25% market share each, rapidly reshaping an industry historically dominated

by STS (now owned by Entain) and Fortuna.

In a market where operators often overestimate barriers to entry while underestimating its scale, this kind of ascent is exceptionally rare in Europe; and it demonstrates that strong product, brand discipline and local understanding still translate into meaningful, defensible market share.

REGULATION UNDER PRESSURE Poland’s regulatory framework is a hybrid

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unlike any other in Europe. The 12% turnover tax burdening bookmakers continues to distort pricing, while the state monopoly on online casino leaves a large part of consumer demand unserved by the regulated offering. As a result, around 1.2 million Poles still use offshore platforms. Yet for the first time since 2016, the political atmosphere around gambling is no longer one of avoidance or defensiveness, but of

Marek Plota

cautious institutional engagement. This change is structural, not cosmetic.

Over the past 18 months, the Ministry of Finance established the Department for Gambling Market Regulation and Gambling Tax, creating the first truly specialised regulatory arm in the sector’s recent history. In parallel, the Inter-Ministerial Team on Countering the Grey Market has begun coordinating enforcement, data exchange and technological tools aimed at cutting off the economic infrastructure of unlicensed operators.

For the first time in over a decade, public institutions are not treating gambling as a problem to be contained, but as a market to be managed. That shift alone opens the door to reforms that were previously politically unthinkable.

Discussions on replacing turnover tax with a GGR model and on the future of the monopoly are now taking place across parliamentary committees, ministerial briefings and stakeholder roundtables. While the adversarial post-election dynamic between the President and Prime Minister will likely slow any legislative vote until 2027, the reform infrastructure is being quietly built today.

A WINDOW OF OPPORTUNITY Many international operators hesitate to enter Poland, preferring to wait for clearer rules. Yet this “wait-and-see” instinct is one of the biggest strategic miscalculations in the

POLAND FOCUS

Legal Online Sports Betting GGR Growth in Poland YoY 2020 - 2024 (€M) €600 €567 €500 €400

€454

€407 €342

€300 €232

€200 €100

47%

0

2020

2021

YoY Growth

region. Enforcement tightening is already pushing players from unlicensed to licensed channels. Payment blocking, most importantly restrictions on BLIK, the country’s dominant payment method, has materially weakened the offshore ecosystem. Domain-blocking tools are improving, and cooperation with fintechs and Big Tech is increasingly standardised.

Each enforcement step strengthens the value of holding a licence and accelerates channelisation.

Equally important is the political reality.

Operators who are not present in Poland have no influence on shaping the upcoming regulatory framework. Those who expect others to fight their regulatory battles will find themselves at the back of the queue when the Polish market inevitably modernises. Policy development in Poland tends to favour stakeholders who demonstrate commitment, invest early and build credibility with regulators, rather than those

19%

25%

12%

2023

2022

2024

EMEA

as Maltese or other EU hubs, while their local responsibilities are handled by an Appointed Representative. This representative acts as a formal interface with public authorities, including the Ministry of Finance, tax office, customs, police and prosecutors. They prepare all tax filings, statutory reports and handle audits on behalf of the operator.

This model keeps overheads lean, enables staged market entry and allows operators to secure a licence now while launching commercially at the ideal moment. Poland is one of the few major European markets where you can secure a licence, wait strategically, and enter on your own terms. This flexibility, combined with market scale, is a unique offering.

THE KEYSTONE OF CEE STRATEGY Poland is the economic anchor of Central and Eastern Europe and the region’s largest waiting abroad for someone else to shape digital consumer market. Any operator aiming the environment. to build a credible CEE footprint cannot The Polish market also consistently rewards bypass Poland without leaving a structural early operators who execute decisively. The gap in its strategy. With €3.5bn in turnover, meteoric rise of Betclic and Superbet clearly shows strong year-on-year growth and increasingly that the market continues to value product quality sophisticated enforcement, Poland is evolving and consumer engagement above incumbency. into a primary regional hub for sports betting, Those already positioned in the market when despite unresolved tax and monopoly issues. reforms arrive, whether on tax, casino With consolidation accelerating and early movers liberalisation or enforcement, will have a structural shaping the policy debate, the opportunity is advantage in capturing the next growth wave. already materialising.

ROUTE TO MARKET: LICENSING VIA A REPRESENTATIVE One of Poland’s least understood strengths is its simplicity and low cost of entry. Foreign operators are not required to set up a Polish company, and there are no restrictions on nonEU board members or shareholders. They may operate using existing EU infrastructure, such

Year Operator

2019

2020

2021

2022

2023

2024

STS

45,10%

45,80%

40,62%

35,15%

31%

31,86%

Betclic

1,70%

4,20%

8,06%

9,54%

13%

20,31%

Superbet

0,87%

1,02%

4,31%

9,48%

17%

17,93%

Fortuna

30,90%

27,80%

31,56%

26,52%

21%

13,39%

*The data presented is based on open-source materials, including publicly available financial statements, reports from the Ministry of Finance and media publications. The figures may differ from actual market values

A MARKET ON THE EDGE OF TRANSFORMATION Poland is a market in transition. It is complex, imperfect and politically polarised. Yet it is also one of Europe’s last remaining large-scale opportunities where early regulatory engagement still delivers a disproportionate competitive advantage. Population size, robust channelisation growth, proven scalability of new entrants and low-cost licensing, make the country too valuable to overlook. Operators who move now will shape the next regulatory chapter. Those who wait will find that by the time reforms arrive, the most strategic positions in the market have already been claimed.

Marek Plota is a gambling lawyer and founder of RM Legal and Gaming in Poland. He advises international operators on Polish and EU gambling regulation, with a focus on end-to-end support at both the licensing and post-licensing stages, including regulatory, tax, technology and compliance work. He also acts as an authorised gambling representative for foreign operators before Polish public authorities, providing a local interface for regulatory and tax matters. Marek has participated in industry consultations with lawmakers, the Ministry of Finance, regulators, and the financial sector aimed at improving Poland’s gambling framework and countering the grey market. He is a member of the International Masters of Gaming Law (IMGL).

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EMEA

ESPORTS FOCUS

SHEDDING ITS SKIN Megan Elswyth explores how Valve’s ban on skin gambling may shape esports betting sponsorships Gambling sponsorships are nothing new in sports betting. Nor are they a stranger to esports, either. In fact, some may argue esports and gambling have a tighter relationship than bookmakers and traditional sports betting fans, owing to the interactive elements intertwined within them. Many fans spend hours playing these titles each week, all while following their favourite teams and players as they compete for trophies and glory.

A GAMBLING ECONOMY WORTH BILLIONS Another interactive element to this relationship is skin gambling. Skin gambling manifests itself in a few different ways. Players can either directly stake their in-game skins on the outcome of games, or they can acquire lootboxes or skins to then sell for real-world money. Both of these drive an underground gambling economy that is worth billions.

A 2025 UK Government review found that some of the skin gambling sites targeting British customers were bringing in more traffic than Betway and Betfred.

As such, it made sense for skin gambling sites to begin sponsoring popular esports teams and events. All of this aside, skin gambling is actually unlicensed and illegal in most jurisdictions – and frowned upon by

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many of the casual fans. While many of them could overlook the skin gambling sites as part of the ecosystem, a few events seemed to turn the tide against these operators.

During the 2024 CS2 Major in Copenhagen, fans stormed the stage as part of an initiative from CSGO Empire, who were protesting against rival skin website CSGORoll, which CSGO Empire deemed a “scam.” Neither company had a relevant gambling licence. “Some of our men are on the ground in handcuffs. But we ******* did it, boys,” CSGO Empire Founder ‘Monarch’ wrote on Twitter (X) immediately after the stunt, but what “it” was remained ambiguous; as one year later, Valve stepped in to ensure that no skin gambling content can be shown during broadcasts.

VALVE IP Everyone involved in esports was making a mint from these skin gambling sites. They were sponsoring players, teams and quite often the events themselves. There was too much money flowing to stop the momentum, but one party did not consent to this: Valve.

This company created and owned CS2, one of the largest esports games, and so they had a significant say over how these games could be played. Valve updated the terms and conditions to say that licensees could not

show anything on jerseys that violates Valve IP, “for example, game case opening sites or skin trading sites” and nor can licensees “generate revenue through activities that violate applicable Valve agreements or violate local law or rely on Valve’s game economies.”

Valve has also made it easier to gain some of the most expensive items in the game, such as the knives, through another recent update. All of this is part of an initiative to reduce money passing through the game and platform in potentially illicit manners that may induce regulatory action. Also, it simply does not look good for Valve to be so tightly linked to illegal gambling sites through these sorts of events. In response to the ban, fans took to social media sites such as Reddit to applaud the decision, mostly lamenting how illegal skin gambling sites prey on children as part of their business model.

So, how will this affect the esports scene?

Well, after gambling logos were banned from football jerseys, clubs have been forced to find less lucrative sponsors, because gambling was the issue. In terms of esports, only unlicensed skin gambling sites are banned from jerseys, leaving potential sponsorship spots open for regulated casinos. If sportsbooks wanted to push their esports offerings and gain exposure, this ban has presented a wonderful opportunity for them.

2026

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LEAD PARTNER

THE MOST

PRESTIGIOUS AWARDS IN GAMING

EMEA PRODUCT REVIEWS

WHAT’S NEW ON THE MARKET? Need to know the latest products on the gaming market? Global Gaming Insider has you covered

PRODUCT REVIEW: ZITRO’S FANTASY As the gaming industry sets its sights on ICE Barcelona 2026, all eyes are on Zitro – and on Fantasy, the company’s most advanced cabinet yet. Following its spectacular debut at G2E Las Vegas, Fantasy is set to make its European premiare in Barcelona, offering a carefully crafted experience that seamlessly blends design, technology and emotion.

Built on the pillars of – design, movement, change and precision – Fantasy redefines how players engage with a cabinet. Its sculpted, illuminated curves aren’t just visually striking – they respond and evolve, inviting players to explore what’s beyond the surface.

Fantasy is designed to be discovered, not just seen. Its dynamic lighting and shifting colours reflect the game’s rhythm and mood, creating a constantly changing environment. Each form factor is unique, offering players a new experience every time.

A new library of exclusive Fantasy games completes the package, including Gold Space, Brave Dragon, Lion Falls, Fantasy Mine, and Rock N’ Racoons, offering immersive graphics, reactive sound, and intuitive gameplay. This is not just play – it’s a sensory journey.

“Fantasy is not a machine. It’s an experience that wakes up your senses,” said Johnny Ortiz Viveiros, Founder of Zitro. “We wanted to build more than just a cabinet—we wanted to build a gateway to new sensations. Every light, colour, curve, and texture was designed to tell a story, one that invites players to step beyond the game and into an immersive world where emotion and technology merge. That’s the power of Fantasy.”

At ICE Barcelona 2026, the global gaming community will see Fantasy in Europe for the first time, as Zitro – a recognized leader in the industry – showcases the full scope of its product offering.

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PRODUCT REVIEW

E-GAMING: MULTIBONUS E-Gaming’s new MultiBonus system represents the next generation of linked gaming technology, combining innovation, flexibility and visual appeal to deliver an immersive experience for players and a powerful management tool for operators.

Designed with both entertainment and performance in mind, MultiBonus transforms traditional gaming areas into excitement.

At its foundation, MultiBonus consists of a bank of gaming machines connected into an intelligent network that allows players to enjoy their favourite slot games while participating in a shared, community-style bonus game. The system can be configured into flexible groups of three, six, or 12 machines, creating a scalable setup that fits seamlessly into different floor layouts. This linked structure encourages friendly competition and interaction between players, enhancing engagement and retention.

Each MultiBonus bank features either three high-definition large-format displays or extra wide LED panel positioned above the machines.

These screens present synchronized, visually

captivating animations for the shared game, as well as real-time jackpot progress, player achievements and other attention-grabbing visual effects. The result is a highly attractive setup that draws players in and keeps them entertained through continuous visual stimulation and dynamic gameplay.

The system is offered in two main configurations: • VLT/SBG (Server-Based Gaming) designed for centralized network management and remote updates, ideal for large-scale casino operations.

• Local SSG (Server-Supported Gaming) a versatile on-site solution that provides high performance even in smaller venues or standalone setups.

Both versions are built for seamless integration with external casino management systems through an extensive library of interconnecting

EMEA

protocols. This ensures compatibility with existing infrastructures, efficient reporting and simplified monitoring of performance data.

The latest generation of MultiBonus introduces local progressive jackpots, further enhancing player engagement by offering additional layers of excitement and reward opportunities. Operators can tailor these jackpots to suit specific promotional or operational strategies, providing full control over game dynamics and payout structures. With its advanced architecture, flexible configurations and visually stunning presentation, MultiBonus redefines the concept of linked gaming.

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ASIA-PACIFIC 93

Taking Stock

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Movers & Shakers

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Facing Facts

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Global Gaming Awards: Looking ahead to the Asia-Pacific ceremony

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Paul Newson: Why New Zealand should be commended

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Ranjana Adhikari & co: The lawyers’ view of ‘Incredible India’

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Product Reviews

SHARE PRICES

APAC

TAKING STOCK: APAC Global Gaming Insider takes a look at monthly high stock prices over the past six months from operators across the Asia-Pacific region, analyzing July 2025 – December 2025 LAS VEGAS SANDS

GALAXY ENTERTAINMENT GROUP

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42

60

38

50

34

0

0 Jul

Aug

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Nov

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Aug

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Nov

Dec

• Six-month high: December (69.68 USD) • Six-month low: July (52.50 USD) • Market capitalisation: US$48.04bn (As of 1 December 2025)

• Six-month high: September (43.5 HKD) • Six-month low: July (38.29 HKD) • Market capitalisation: US$22.61bn (As of 1 December 2025)

MELCO RESORTS

WYNN MACAU

6.5

10

6

9

5.5

8

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7

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• Six-month high: September (6.29 HKD) • Six-month low: December (5.03 HKD) • Market capitalisation: US$3.96bn (As of 1 December 2025)

Jul

Aug

Sep

Oct

Nov

Dec

• Six-month high: August (9.68 USD) • Six-month low: December (8.23 USD) • Market capitalisation: US$4.58bn (As of 1 December 2025)

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APAC

PEOPLE & HR

MOVERS AND SHAKERS The APAC region has traditionally been focused on integrated resorts and horseracing, and this year is no exception. Take a look at how the latest appointments may affect some of the biggest companies and their land-based ventures

Thomas Arasi Chief Financial Officer (CFO), Galaxy Entertainment Group While Galaxy Entertainment Group primarily operates in Macau, it seems to be turning its eyes to the global stage, appointing Thomas Arasi as its new CFO. Arasi has over 16 years of experience in integrated resorts and has managed businesses in North America, Japan, Singapore and the Philippines. Arasi stepped down from Bloomberry Resorts Corp last year as President and COO. According to Galaxy, it has “the largest pipeline of any concessionaire in Macau” as it continues to develop Cotai and considers opportunities in the Greater Bay Area. The operator also emphasized how “multi-culturally sensitive” Arasi is, lending more clues to the direction the business may take with him at the helm.

Not one to hide in the boardroom, Arasi has been known to give large-scale pep talks to workers before resorts are due to open

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Terecina Kwong Executive Director, Membership and Customer Excellence, Hong Kong Jockey Club

Chen Si COO, Resorts World Sentosa

After over 25 years at HSBC, Terecina Kwong has transitioned to HKJC’s Board of Management, spearheading its new customer experience initiative.

She will oversee lifestyle, culinary and racecourse events with the hope that these will strengthen engagement with the racehorse culture and industry as a whole.

Kwong previously held the role of COO at HSBC in China and later Europe, before being made COO of International Wealth and Premier Banking. She will use this experience to drive data strategy and harmonize it with customer journeys.

Previously COO and then CEO of Inspire Entertainment Resort in Incheon, South Korea, Chen Si oversaw the development and operations of the $1.6bn integrated resort from 2022 until late 2025. Across his career, Si has also worked with McKinsey, The Blackstone Group, Las Vegas Sands, Marina Bay Sands and Macau Legend Development, where he was responsible for growing Macau Fisherman’s Wharf.

At Resorts World Sentosa, Si will spearhead the strategies and development of the core business. He will also be involved in the transformation of RWS 2.0, the $5.05bn project that hopes to keep Resorts World competitive in the changing casino landscape.

She was featured in the 2024 Outstanding Role Model Lists for LGBTQ+ inclusion, supported by INvolve and YouTube

Chen’s first job was an intern with PGA Tour, where according to his LinkedIn, he handled brand management and “played TPC Sawgrass every day”

DATA

APAC

FACING FACTS In 2022, Macau’s concessionaires were given three years to close any satellite casinos or bring them under their full oversight – with the 31 December deadline in mind, who has been hardest hit?

Pre-2022

From December 31 2025

6

Galaxy

3

18

SJM

5

7

Melco

3

2

Wynn

2

2

MGM

2

4

Sands

4

More of Macau’s arms-length, self-operated satellite casinos were registered under SJM Holding’s license than any other. The operator began its closures in 2022 with Babylon and Casino Diamond. By 2025, there were still 11 satellites open, registered with SJM, Melco and Galaxy. Now, all are closed apart from L’Arc Macau, which SJM bought. Following the satellite closures process, though SJM still runs more properties than any other concessionaire, the spread is more even.

Estimated employees needing reassignment 6.0K

In the casinos that faced closure, around 5,800 local employees were stationed. The Macau Government announced that, if concessionaires opted to close the venues rather than take over management, it was their responsibility to absorb the employees into other areas of their workforce. For SJM, far more than Galaxy and Melco, this represents the biggest challenge.

4.0K Melco

2.0K

Galaxy SJM

0 Reassigments (2025)

SJM Q3 satellite revenue HK$ SJM was clearly the concessionaire with the most extensive satellite operations. And, while the company made some closures early on in the three-year transition process, the majority were not closed until Q3 and Q4 2025.

Satellite operations remained a significant proportion of the company’s overall revenue right up until the 31 December deadline, presenting a potentially huge shortfall going forward.

‘21 ‘22 ‘23 ‘24

Satellite revenues

‘25 0

2.0BN

4.0BN

6.0BN

8.0BN

Overall gaming revenues

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APAC

GLOBAL GAMING AWARDS

SIX MONTHS TO GO With the next Global Gaming Awards Asia-Pacific set to take place in June 2026, we look ahead to what might be in store at the ceremony The Global Gaming Awards Asia-Pacific celebrates its fifth ceremony this year, and its third held in person, after the 2022 and 2023 awards were held virtually. Set to be presented at a luncheon event during the same week as the SiGMA Asia Summit 2026, the Global Gaming Awards Asia-Pacific is set to offer the same level of sophistication, excitement and celebration as its sister ceremonies: the EMEA and Americas Awards.

As usual, the 2025 Awards will not only be decided upon by our Judging Panel, but will also be independently adjudicated by KPMG in the Crown Dependencies. This ensures votes remain fair, allowing the true stars of the current Asia-Pacific market to stand out from their competitors.

Staple categories include Casino Operator of the Year and Casino Supplier of the Year, which in 2025 went to Galaxy Entertainment Group and Light & Wonder, respectively.

These, of course, will be making their return, as will Digital Operator of the Year and Digital Casino Supplier of the Year, Casino Product and Table Game Product of the Year, and more.

Two highly sought-after categories, Integrated Resort of the Year and Executive of the Year, will also make their return. Last year’s Integrated Resort winner was Galaxy Macau, and with earnings of HK$10bn (US$1.29bn) in Q2 2025, up 16% from the year before, it is understandable why it was able to claim such an accolade. Meanwhile, Executive of the Year went to SJM Holdings Chairman & Executive Director Daisy Ho, following 2024’s winner, PAGCOR Chairman & CEO Alejandro H. Tengco.

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Nominations for the Global Gaming Awards Asia-Pacific will be opened at the start of the New Year, so be sure to keep your ears to the ground for updates on things to come.

The Global Gaming Awards Asia-Pacific, as mentioned, will take place during the same week as the SiGMA Asia Summit in Manila, Philippines, Last year, the conference drew 16,000 delegates from around the world, with over 250 speakers, 300 exhibitors and sponsors, and 3,100 operators. In total, 87% said they would likely return next year and, alongside new attendees, it is more than likely that 2026’s event will be even bigger than the last.

Opportunities for networking will be available across the three-day event, including dinners, drinks and the SiGMA Official Celebration. However, an exclusive opportunity will be available to those attending the

Global Gaming Awards Asia-Pacific, with entertainment and drinks set to provide the background for networking among the AsiaPacific markets most prominent businesses and executives.

With the 2024 Awards also seeing wins from Aristocrat, Bet88, Pragmatic Play, Las Vegas Sands, Wynn Resorts and BetConstruct, attendees can expect to rub shoulders with a star-studded executive guestlist.

For those looking to familiarize themselves with major players, or those simply looking to celebrate the best of the gaming industry, getting to the Awards before the presentation begins is a must.

“We are so proud of what the Global Gaming Awards Asia-Pacific has become over the last five years,” said Global Gaming Awards Event Manager Mariya Savova. “As the sector recovers from the effects of Covid-19, we are seeing new innovations and markets opening for the first time. The UAE has been particularly fascinating to watch, even with its flagship land-based casino still in development.”

Established markets are also seeing development, with Macau beginning to close the gap on pre-Covid-19 earnings. October 2025 saw the territory earn MOP 24.09bn ($3.01bn), up 15.9% year-on-year, which accounts for 91% of what was earned in October 2019. Will 2026 see that final 9%?

“I look forward to welcoming this year’s nominees to our presentation on day two of one of our industry’s biggest Asia-Pacific events,” Savova continued. “Every nominee should be proud of themselves, as just to be nominated proves much about the quality of your work.

“I wish you all the best of luck!”

ONLINE CASINO

ASIA-PACIFIC

THE NZ BET Paul Newson, Founder of Regulating the Game and regular contributor, argues that New Zealand’s decision to launch online casino shows rare discipline – in contrast to Australia New Zealand’s decision to license and regulate online casino gambling presents a rare instance of policy clarity in a domain often hindered by inertia and moral posturing. Where some jurisdictions continue to prefer prohibition despite its track record, Wellington has opted for evidence over optics. The Online Casino Gambling Bill, which passed its first reading in July and is now under detailed scrutiny by the Governance and Administration Committee, accepts a straightforward proposition: people will gamble online whether policymakers approve or not.

Therefore, proportionate regulation, not slogans, is the credible path to protecting the public.

New Zealanders already spend around NZ$700m (US$392.2m) a year on online casinos, largely with foreign operators that pay no local tax, provide limited consumer protection and operate beyond domestic oversight. Prohibition has not prevented harm. It has displaced it offshore while diluting accountability and public revenue.

Licensing does not sanctify gambling, but it restores the state to its proper role as designer and supervisor of the market it governs.

Set against Australia, the contrast is instructive.

Successive governments have tended toward the comfort of prohibition even as total gambling spend reached AU$31.29bn (US$20.16bn) in 2023–24. Officials speak of harm minimisation and enforcement, yet the offshore market remains resilient. Independent analyses estimate an illegal offshore wagering segment of material size, with familiar consequences. Operators that are unburdened by tax or consumer-protection obligations undercut licensed providers, siphon activity overseas and erode confidence in the regulated system. The resultant policy is frequently more theatrical than it is effective.

New Zealand’s approach broadly aligns with regulatory thinking in the UK and parts of Europe, where legalisation coupled with firmer compliance frameworks has improved transparency and consumer safeguards. Even so, experience abroad indicates that black-market activity can persist for different reasons.

More generally, unlicensed sites attract consumers with wider product choice, sharper odds, fewer frictions in verification and a marketing environment that can blur the line between legal and illegal. The underlying lesson is methodological: effective regulation turns as much on proportionality and clarity as on enforcement. Systems retain users when

they are credible, competitive and trusted.

The contrast is sharper when viewed through online poker. Its continued prohibition in Australia sits uneasily alongside the country’s pervasive gambling environment, where wagering and lotteries are actively promoted and gaming machines are widely available under strict regulatory controls. Poker’s blend of skill and chance has long been recognised, including by the 2010 Australian Productivity Commission, which recommended the managed liberalisation of lower-risk online products such as poker.

Jurisdictions in Europe have demonstrated that online poker can be regulated safely within strong compliance and harm-minimisation frameworks.

Australia’s prohibition, by contrast, does not eliminate the activity; it merely displaces it offshore. Australian players continue to participate on unregulated platforms, without consumer protections, responsible gambling measures or contributions to public revenue. The issue is not opposition to gambling itself, but an unwillingness to govern it consistently.

Prohibition is often described as resolute. In practice it resembles withdrawal. The activity continues offshore, untaxed and unmonitored, while harms remain local. Digital markets are porous; moral boundaries rarely are.

Australia’s illicit tobacco market offers a parallel.

Steep excise and expanding restrictions have

Paul Newson

widened the price gap between legal and illegal products, making the black market attractive to price-sensitive consumers. Enforcement has intensified, but the trade remains resilient and increasingly organised. The pattern is familiar: punitive policy generates scarcity and theatre, then shifts consumption beyond regulatory reach. The analogy is not perfect, but it is instructive.

From a public-law perspective, the question is not whether regulation is virtuous in the abstract, but whether it is designed and administered with institutional competence. Governance demands clarity of purpose, independent oversight and the humility to balance competing objectives in view of imperfect information. That is slow and sometimes uncomfortable work. Yet it invites scrutiny, improves transparency and strengthens the policy conversation over time. Where regimes are principle-based and supervisory judgments evolve, judicial articulation can also help stabilise expectations and enhance legitimacy – this is an observation that has particular salience in Australia’s AML/CTF setting: guidance often outpaces settled doctrine and issues remain untested in court.

New Zealand’s reform shows that gambling regulation can be disciplined and socially responsible.

By calibrating market entry and mandating robust harm-minimisation programs, the proposed framework aims to be large enough to compete with offshore supply and small enough for meaningful supervision. This is not a liberalisation spree. It is a modernisation project grounded in the public interest.

The broader effect is coherence. Online operations are set to align with the principles that already govern casinos, lotteries and Tab wagering, replacing a patchwork of exceptions with a single regulatory philosophy. Australia should watch closely. Whether in gambling, tobacco or emerging digital markets, the strategic choice is constant: regulate intelligently or concede the field to illegality. Prohibition in mature markets is less prudence than pageantry; the costs fall on consumers and law-abiding businesses.

Regulation requires resolve. It asks governments to engage with complexity, accept scrutiny and withstand the criticism that follows any disturbance of settled interests. It cannot hide behind moral certainty or political safety. It must reconcile competing objectives in full view of the public. That is its strength. Regulation brings sunlight to contested spaces, builds accountability and allows policy to mature. New Zealand’s willingness to enter that terrain is more than a gambling reform. It is an assertion of responsible governance.

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APAC

’INCREDIBLE INDIA’

THE BUILDING BLOCK POWERING GLOBAL PLAY Regular contributors return: Ranjana Adhikari, Equity Partner, Sarthak Doshi, Principal Associate, and Shashi Shekhar Misra, Senior Associate, at Shardul Amarchand Mangaldas & Co, focus in on India for their first op-ed in Global Gaming Insider magazine ‘Design in India, Design for the World’ was one of the key statements made by India’s Prime Minister in one of his recent addresses, calling upon India’s IT professionals to “lead the world of gaming” and “make an impact globally.” The statement is reflective of India’s current positioning vis-à-vis the gaming sector and compliments its broader ‘Make in India’ programme. Once known as an IT outsourcing haven, India is now emerging as a global hub for game development.

LETTING THE NUMBERS DO THE TALKING Several key parameters make India a conducive market for game development.

First, the country has a sizeable talent pool experienced in developing globally accredited games. Currently, India has more than 5.8 million software engineers, 18,000+ game developers and the country produces over 2 million STEM graduates annually. Secondly, the cost of procuring a mobile gaming device and access to the internet is amongst the lowest globally. As per Counterpoint Research, the average selling price of a mobile phone in India is currently below $250 as compared to the global average of $370. Average internet pricing is at $1.89 per month compared to $49 in the USA. Thirdly, India has a sizeable population of gamers across genres. The digital gaming market (non-online money gaming) is currently valued at $2.4bn and expected to

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grow at 18% CAGR to $4.3 billion by 2030.

There are more than 1.02 billion internet users and over 500 million active gamers.

Fourth, a plethora of game studios and companies are operational in India with support from ancillary service providers for marketing, operations, VFX, animation, etc. As of late 2025, there are more than two thousand companies in the Indian gaming industry.

The presence of global players like Krafton, Electronic Arts, Ubisoft, Rockstar and Zynga, some having presence in India since the 1990s, is reflective of India being conducive for game development across genres.

Ranjana Adhikari

Lastly, India has a stable regulatory and policy environment for game development within the overall focus on the Animation, Visual Effects, Gaming, Comics and Extended Reality (“AVGCXR”) sector.

KEY GOVERNMENT INITIATIVES AND INCENTIVES At the federal level: In 2022, the AVGC Promotion Task Force was established to formulate a national strategy for nurturing India’s AVGC-XR ecosystem, which was instrumental in recommending India’s National AVGC-XR Mission. Startups in the AVGC-XR sector can avail funding under the Startup India Seed Fund Scheme if they satisfy the prescribed eligibility criteria. In May 2025, the Indian Institute of Creative Technology was announced as the National Centre of Excellence for the AVGC-XR sector and has now partnered with Google, Meta, Adobe, Microsoft, NVIDIA and JioStar to co-develop curricula, offer internships, scholarships, incubation and mentoring.

At the state level: Most states are increasingly focusing on incentivising local game development. Karnataka, India’s IT hub, under its AVGC-XR Policy 3.0 is reimbursing infrastructure and training costs for startups; providing grants for game development; has a dedicated AVGCXR Fund; and a ‘Centre of Excellence for Gaming’ and over 300 specialised AVGCXR studios. Kerala, another southern state, provides subsidies on leasing space at

‘INCREDIBLE INDIA’

government-owned facilities; incentivies new technology adoption; and reimburses companies developing games on duly licensed global IP. Lastly, Maharashtra, India’s financial hub, has laid out a 25-year vision and an outlay of $360 million for the sector. It has proposed to reimburse up to 25% of project costs for gaming and promised that units will be allowed to operate 24x7, enjoy industrial power rates and fast-track clearances.

SOME LEGAL ASPECTS TO CONSIDER Intellectual property: Under Indian law,

Sarthak Doshi

games are protected through a composite of copyright, design, trademark and contractual rights. This makes game development agreements particularly important. It is crucial for parties to ensure that rights vis-à-vis each game asset - whether code, art, sound design or live-ops – is contractually unambiguous and legally sound. Clear assignment of present and future rights and clarity around derivative works and postlaunch content is also essential to avoid disputes.

Foreign investment: India permits 100% foreign investment in IT, software development, animation and VFX under the automatic route. There is, however, an express restriction on foreign investment in gambling and betting. Hence global gaming companies offering various gaming products using same or similar brands should position their investment in India as purely for game development, with no exposure to gambling or betting.

Structuring decisions like whether to use a wholly owned subsidiary, set-up a global capability centre, or have a contractual development structure must also align with India’s exchange-control rules, transfer-pricing norms, and royalty and licensing regulations.

Data governance: India recently enforced its comprehensive law on personal data – applicable equally to domestic and foreign operators servicing India. Some key aspects to consider include processing of children’s data

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and cross-border data transfer. For several aspects, compliance with GDPR may not be sufficient to demonstrate compliance with India’s personal data law.

CONCLUSION With India’s recent ban on online money gaming, the ever-strong game development ecosystem in India has now taken centre stage. For global publishers and game studios evaluating new development destinations, India now offers an unprecedented mix of scale, skill, incentives and regulatory clarity.

Shashi Shekhar Misra GLOBALGAMINGINSIDER.COM

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PRODUCT REVIEWS

WHAT’S NEW ON THE MARKET? Need to know the latest products on the gaming market?

Global Gaming Insider has you covered EGT’S POWER RED SELECTION In one of the latest additions to the company’s multigame portfolio, Euro Games Technology has stunned again with its lastest addition – the Power Red Selection mix. It joins the popular Power Series, which features some of EGT’s most popular games.

Powered by EGT’s Exciter IV platform, Power Red Selection includes 54 titles, which in the company’s characteristic style offer a rich variety of different themes. From beloved fruit offerings through Ancient Egypt and magical worlds inhabited by mythological and fairy-tale creatures, this multigame has a suitable proposal for every type of player.

Along with well-known titles such as Burning Hot, Sugartime, Shining Crown and Flaming Hot, which have quickly established themselves as favorites in a number of markets around the world, fans of high-quality

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slot entertainment will also be able to enjoy brand-new games like Flaming Phoenix Cash Heat, The Great Exploit Shiny Cash and Athena’s Legacy Jumboways. They will challenge players to embark on exciting adventures, with the boldest ones among them hitting the biggest wins.

In addition, the mix features also several roulette games, which can be set as Single Zero (European) or Double Zero (American) roulette. The operators can add even more thrill to the game by linking Power Red Selection with some of EGT’s top-performing jackpots - Coin Jackpot, Jackpot Cards, Premium Link, and Lady’s Cards.

Compatible exclusively with EGT’s General, Supreme and Phoenix Series, Power Red Selection has enormous potential to become one of the next hits in the company’s portfolio.

It will be available to visitors to ICE Barcelona at EGT’s stand 3J40.

PRODUCT REVIEWS

JUMBO TECHNOLOGY’S MǍN FÚ BǍO JACKPOT LINK SLOT Three-PotFeature sets a new standard for Entertainment Innovation. Jumbo Technology proudly introduces its newest flagship product, Măn Fú Băo, featuring an exclusive Three-Pot Feature that allows multiple mechanics to be triggered simultaneously. This powerful design delivers a gameplay experience filled with surprises, intensity and an unmatched level of excitement. Players can activate the Măn Fú Băo features simply by collecting gold coins, creating a sense of anticipation with every spin. The thrill reaches its peak when all three features activate at the same time, including the Double, Multiple and Extra features.

DOUBLE FEATURE An additional 3x5 reel appears, replicating coin symbols from the original reel in the

exact same positions. Collecting 15 coins unlocks the Grand Jackpot, offering a dramatic boost in win potential.

MULTIPLE FEATURE Players can randomly trigger multipliers on coin credits, reaching up to 24x. Even Mini and Minor coin values can be multiplied, creating continuous high-excitement and rewarding anticipation.

EXTRA FEATURE Free spins increase from three to four, with the count resetting to four each time a coin appears. This significantly extends gameplay duration and enhances overall player engagement.

Market feedback has been overwhelmingly positive, with particular praise for the Double and Multiple features, which add

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depth, strategy and strong replay value to every spin. Jumbo is confident that the Măn Fú Băo Jackpot Link will continue to draw new players, retain loyal fans and deliver strong long-term performance as operators recognize its revenue potential.

ABOUT JUMBO TECHNOLOGY As one of Asia’s premier entertainment equipment manufacturers, Jumbo Technology delivers innovative and high-quality solutions that combine advanced technology with polished design. The company is dedicated to creating immersive and memorable experiences for players across global markets.

GLOBALGAMINGINSIDER.COM

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EVENTS CALENDAR

2026

UPCOMING 19 EVENTS: JAN

JAN

ICE 19 -21 Fira Barcelona Gran Via, Barcelona, Spain

ICE is the European gaming industry’s biggest event for a reason, and now at year two in its new location at Fira Barcelona Gran Via, it is bigger than ever. Expect anyone who’s anyone to be in attendance, with 2025’s event recording over 600 exhibitors and over 65,000 attendees.

Networking: With both public and private events throughout the conference’s run-time, there will be plenty of opportunities to meet new faces. Whether you prefer casual mixers over coffee or late-night parties at the finest bars and clubs, ICE will have something to offer. icegaming.com

JAN

IGB AFFILIATE 20 -21 Fira Barcelona Gran Via, Barcelona, Spain

For affiliates attending ICE, iGB Affiliate is a must-visit. The ‘business in the front, party in the back’ attitude is palatable, with activations, drinks and experiences available to all in attendance. This is not to say only affiliates will find use here, however, as iGB Affiliate offers operators, suppliers and regulators the chance to speak to this sector of the industry directly, with plenty of opportunities for new business.

Networking: Drinks, merchandise and conversations make up the heart of the iGB Affiliate experience. While it may be tricky to find a spot for a quiet conversation, the affiliate sector has never been particularly known for its subtlety. barcelona.igbaffiliate.com

GLOBAL GAMING AWARDS The Market Restaurant, Fira Barcelona Gran Via, Barcelona, Spain

The industry’s most prestigious Awards ceremony returns for its EMEA edition on day one of ICE. The Global Gaming Awards promises a celebration of the industry’s greatest players from across Europe, the Middle East and Africa.

Networking: The industry’s top names will be in attendance to celebrate their achievements over the last 12 months. For those invited, it is a networking opportunity not to miss. globalgamingawards.com

FEB

3 -5

MEGA (MEXICO GAMING) Mexico City, Mexico

The regulated LatAm region has seen rapid development, especially after the legalisation of online gaming in Brazil at the start of last year. Now, MEGA brings the conversation to Mexico’s iGaming market, focusing on football, regulation, emerging technology and more.

Networking: With a welcome fiesta on day one, and networking drinks on days two and three, opportunities to forge connections have been baked into the DNA of MEGA. With lawyers, industry consultants and experts in attendance, gaining and developing new industry knowledge should be a high priority. eventus-international.com/mega

FEB

9 -11

AIBC EURASIA Festival Area, Dubai Festival City

With over 14,500 delegates, 300 speakers and 250 exhibitors and sponsors, AIBC Eurasia provides a hub for exploring the developing Asian region in one of the world’s most watched markets: The UAE. As the market holds its breath for the opening of Wynn Al Marjan Island, AIBC Eurasia provides a chance to see what else is on offer.

Networking: Networking dinners, auctions, government official meetings and a closing party are just some of the ways delegates can connect at AIBC Eurasia. With the city of Dubai as a backdrop, attendees are certain to be stunned. sigma.world/eurasia

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2026

MAR

1- 3

SIGMA EURO-MED Malta Fairs and Convention Centre (MFCC)

EVENTS CALENDAR

MAR

THE 9 - 11 REGULATING GAME 2026 SYDNEY Sofitel Sydney Wentworth, Sydney, Australia

Speakers are set to include the Prime Minister of Malta and CEO of the Malta Gaming Authority, so it is no surprise SiGMA EuroMed is able to draw in over 12,000 delegates, 1,920 affiliates and over 400 exhibitors and sponsors. For those wanting to see just why Malta is seen as the global hub of iGaming, SiGMA Euro-Med is the show to be, this time moving earlier in the year.

Networking: Events include a C-level golf tournament, the SiGMA Poker Tour and, of course, networking drinks. SiGMA Euro-Med comes with ample chance to rub shoulders with some of the biggest names at the heart of the global iGaming industry.

Speakers from Tabcorp, AUSTRAC and will be in attendance at this year’s event, as Regulating the Game 2026 shapes up to be a defining conference for discussing the sometimes challenging Australian gaming market. For those with an interest in compliance, crisis management and other subjects, this show will provide food for thought and talks from high-profile CEOs. Networking: Including its Pitch! event, dinners and awards, there are opportunities for innovators, compliance experts and more to combine and forge crucial partnerships at one of Australian gaming’s leading events.

sigma.world/euro-med

regulatingthegame.com

MAR

APR

24 - 26 Cartagena de Indias

GAT EXPO CARTAGENA

Convention Center, Getsemaní, Colombia

6-9

BIS SIGMA SOUTH AMERICA Transamerica Expo Center, São Paulo, Brazil

2025’s event sees 3,000 visitors, 70 exhibitors and 29 speakers across 42 countries. Indeed, GAT Expo Cartagena offers a more intimate – but no less valuable – learning experience. With a notably higher presence of land-based operators, GAT Expo Cartagena proves the sector is still thriving.

Networking: Three networking events are scheduled across the three days, all across different locations to give attendees the opportunity to see what the area has to offer. Smaller numbers mean more chance for longer, less disrupted conversations, making it ideal for those looking to get into the details of a topic or partnership.

Set to host over 18,500 delegates, 400 sponsors and over 250 speakers, BiS SiGMA South America takes place at the heart of LatAm’s emerging regulated market: Brazil. Speakers are set to include Malta’s Ambassador to Brazil John Aquilina, Lottopar President Daniel Romanowski and many, many more.

Networking: Drinks are planned throughout the event, as well as the iGathering Dinner on day one and an executive networking reception on day two, among others. So BiS SiGMA South America provides ample opportunity for connection, while the Centurion MMA Fight on day two may also be a particular highlight for many.

gatevents.net/gat-expo-cartagena

sigma.world/south-america

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PHOTO GALLERY

GAMING IN PICTURES An industry is more than numbers; it’s people and ideas. Here we look at some of the big stories in recent months that are best told through images

Unlikely protestors outside UK Parliament, participating in the Axe the Tax campaign. On 10 September, the entirety of British Horseracing went on strike in response to proposals to harmonise duty rates for gambling.

Protestors in Sacramento call for the rejection of Assembly Bill 831.

Governor Gavin Newsom signed the bill into law in October after it passed unchallenged through the state legislature. (Source: SGLA)

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PHOTO GALLERY

The New York casino licensing process was whittled down to three final contenders.

The New York State Gaming Commission is empowered to give three licences at the end of the year. Which do you think look most deserving?

Architectural illustrations of Bally’s Bronx casino proposal.

Architectural illustrations of The Hard Rock Hotel & Casino Metropolitan Park project developed in partnership with New York Mets owner Steve Cohen.

Architectural illustration of Resorts World New York City, proposed by Genting.

GLOBALGAMINGINSIDER.COM

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PHOTO GALLERY

GAMING IN PICTURES: SIGMA! An industry is more than numbers; it’s people and ideas. And that was demonstrated best at SiGMA Central Europe in Rome...

A busy show floor saw exhibitors like BetConstruct (among others!) capitalise on the Roman theme

The gelato, too, was popular – namely Uplatform’s limoncello gelato

Marketing campaigns were creative but several routes were repeated. No one is complaining, though, about SiGMA having supercars galore!

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PHOTO GALLERY

It was GR8 to catch up with Global Gaming Insider’s industry network!

Some stands, like Soft2Bet’s, were a hub for meetings and activity throughout the show

Some exhibitors, like RedCore Group, put on a whole ‘town’ of stands to showcase several different brands

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The SiGMA panels, as ever, addressed regulatory and political considerations related to Europe and, specifically, Malta

AFFILIATE FOCUS

XXXXXX Xxxxxxxx

Gambling Insider

CONTENTS 112

ADAPT OR FALL How can affiliates adapt to increasing regulation in 2026?

114 TAKING STOCK 115 FACING FACTS 116

ADAM GROS Everything you need to know about crypto heading into the new year

118 EUGENE RAVDIN SEO tips for affiliates and casinos for 2026

120 EVGEN BELOUSOV When do iGaming firms need consultants?

121 JAMES BENNETT An all-about Q&A guide to sweepstakes

AFFILIATE FOCUS BANS

ADAPT OR FALL As more and more countries restrict the traditional affiliate business model, market share is increasingly trickling towards influencers and social media platforms. The clock is TikTok’ing; so Global Gaming Insider’s Megan Elswyth asks: what does the future hold for affiliates?

The humble wristwatch. This convenient timepiece first caught the public’s eye in 1810, but it gained immense popularity during the First World War. It was easy to carry and could tell the time, which was truly revolutionary back then. Fast forward to the modern day and watches are now expected to track your heart rate, sleeping patterns, take phone calls, make payments, and even switch your house lights on and off. Technology has not only advanced the products themselves, but customer expectations as well. While the sound of a ticking clock may be a lost medium, it can certainly be heard by affiliates, particularly those in the iGaming space.

Many industries rely heavily on affiliate marketing, and this model is certainly not unique to the gambling world. Cosmetic brands have always advertised through beauty YouTubers, travelling blogs contribute to the tourism industry and streaming brought along a meteoric rise in gaming affiliates. The main difference is: most of this engagement comes from organic interest in the industry itself. Millions of people proudly present themselves as makeup fans, or free spirits who want to travel the globe, but few are loud and proud about being slot aficionados.

Thus, gambling affiliates have always had to think a little outside the box. They started as simple websites listing the best and safest platforms to play at. However, much like our humble wristwatch, simply telling the time or listing companies on a blog was no longer enough. Affiliates had to begin incorporating reviews, demos, news and analysis pieces, guides, community events, interviews, exclusives and daily tips from experts, just to stay relevant. The ecosystem became stretched, but somewhat settled, until a few years ago. The clock continued to tick, but the market did not follow the predicted path and began to warp away from expectations. The affiliate market stumbled, but refused to fall, and now we are at a point where the model has to adapt if it wants to thrive once more.

CAPITULATE, AFFILIATE Before we examine how trends have changed, we must understand the why behind it. Changing regulations have forced affiliates out of several countries, most recently Finland, after the new ban ignited a fierce debate over whether this would result in a crackdown on crime, or a crack in the market that would see players bleed out into the illegal sector.

Finland is far from the only country to act against affiliates, though.

Marketing has grown increasingly unpopular with regulators around the world. Norway, Poland, Switzerland and the Netherlands are now very picky about how affiliates can operate; while regulators in Denmark, Germany, Greece, Sweden, Romania and the UK are placing more restrictions on affiliate advertising seemingly by the day. It seems like half of Europe turned its back on affiliates all at once, perhaps put off by the actions of some brands that took things too far.

Those will exist in every industry – but whether the whole sector is punished, or whether the whole sector is at fault, is a common moral quandry.

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Many countries were already moving to place restrictions on gambling advertising anyway, and the rise of ‘NotOnGamstop’ affiliate sites made the legitimate ones an easy target. As for North America, the market did not replicate its European counterparts in terms of hundreds of brands competing for market share. Instead, a handful of brands dominated immediately. In South America, influencers gained, well, influence, over their viewers on a scale we’ve never seen before – and affiliate companies struggled to adapt to all of the above.

So a change of plan was needed. As long as people are buying and selling things, which is guaranteed to be forever, affiliate marketing will remain a viable business model. Doing it successfully is the catch, though. Traditional advice urges affiliates to partner with brands to expand their reach, but this is borderline impossible to achieve outside of the industry, thanks to the stigma against gambling.

SOCIAL ‘ME’-DIA Marketing is all about the media nowadays. Social media, that is.

Viral content translates to click-throughs, and many brands have proved that you don’t need to spend a lot of money to get eyeballs on your content. Duolingo, Ryanair, Scrub Daddy and the various KFC regional accounts are all known for their own personal brands of humour on TikTok – particularly with content that comes across as low-budget and low-brow. Snapchat started off as a platform to send selfies to friends, but has since grown into a marketing behemoth. Reddit, Discord and Twitter (X) all have strong communities, but most importantly, all of these aforementioned platforms have loyal Gen Z and Millennial users. Your audience is there, and they are begging for content; you just have to deliver something they want to engage with.

Enter stage left: the influencers. As it becomes increasingly difficult and expensive to partner with brands outside of the space and see tangible results, one bright spark saw the potential in influencers. It was about time, too. The beauty and esports industries have thrived on influencer marketing for years; so why not gambling, too?

Mid-sized influencers already have a loyal audience that will watch whatever they upload and are always looking for ways to get closer to them in the

BANS AFFILIATE FOCUS

process. These influencers create fun, engaging content and scratch that itch for human connection along the way. But as is always the way, regulators are cracking down on influencer marketing, just as it was gaining traction with gambling, too! It might be time to go back to the whiteboard and start again.

CONTENT IS KING But do affiliates really need to throw away all of this progress?

Perhaps not. Rather than relying on influencers or companies to bring in views, some affiliates have taken the bull by the horns and have begun creating their own content for potential customers to engage with. But this is the difficult part. After all, Gen Z and Millennial customers are increasingly rejecting anything that feels too corporate or AI-manufactured. As more technology is being pushed onto the public, they have found themselves turning more and more towards human connections for ‘real’ recommendations that have not been paid for by companies. These demographics no longer have the spare pennies to try out every casino listed on an affiliate blog – you can thank the cost of living for that – instead, they want one strong recommendation from people in similar situations to them. Trust in casinos is down. Trust in companies, also down.

Trust in the fellow man is up.

Affiliates can be that guy, though. It just requires yet another facet to be added to their already swollen repertoire of skills; and likely another talent hire to strain a thinning revenue margin. Just as many brands have done before them, affiliates must now find their authentic voice and create an environment that is fun to exist in, first and

foremost, and where the product comes second. Some affiliates are already excelling at this, giving customers the option to choose whether they want to join the Light or the Dark side when they join a platform. Not only does this storytelling give customers a natural way to engage with others in the community, it also opens the door to themed bonuses, rewards and objectives for them to complete as part of the onboarding process.

Understanding what makes something fun is a skill not everyone has, but affiliates have a great opportunity ahead of them if they can achieve that. Customers are looking for personalised recommendations based on product preferences, rather than whichever company was the highest bidder; operators are begging affiliates to reject the albeit lucrative black-market money; and the wider public is looking for easy content that entertains them during their daily lunchtime doomscroll. Sometimes funny videos translate to conversions, after all!

Affiliates may have found themselves in the unenviable position where they need to perform a dozen roles at once just to stay afloat. But if they can pivot fast enough, they might just be able to beat the clock this time around.

GLOBALGAMINGINSIDER.COM

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AFFILIATE FOCUS SHARE PRICES

TAKING STOCK: AFFILIATE EDITION Global Gambling Insider tracks stock prices of affiliates who made headlines in 2025.

Stock prices are taken across a six-month period (July 2025 – December 2025) – and include the high point from each month

BETTER COLLECTIVE

CATENA MEDIA

155

3

140

2.5

125

2

110

1.5

0

0 Jul

Aug

Sep

Oct

Nov

Dec

• Six-month high: July – SEK 146.20 • Six-month low: December – SEK 114.8 • Market capitalisation (as of 1 December 2025): US$720m

Jul

Aug

Oct

Nov

Dec

• Six-month high: October – SEK 2.535 • Six-month low: December – SEK 1.632 • Market capitalisation (as of 1 December 2025): US$19.53m

GAMBLING.COM GROUP

GENTOO MEDIA

14

20

11

15

8

10

5

5

0

0 Jul

Aug

Sep

Oct

Nov

Dec

• Six-month high: July – SEK 12.16 • Six-month low: December – SEK 5.58 • Market capitalisation (as of 1 December 2025): US$249.81m

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Jul

Aug

Sep

Oct

Nov

Dec

• Six-month high: July – SEK 13.9 • Six-month low: December – SEK 8.1 • Market capitalisation (as of 1 December 2025): US$110m

DATA AFFILIATE FOCUS

FACING FACTS Global Gaming Insider compares Q3 and annual data from the industry’s largest affiliates Affiliate Q3 revenue results (€m)

80 While results are somewhat mixed among these four major market players, for the most part, results are down. For some, like Raketech, this decline has been gradual, while for Better Collective and Gentoo Media, a slight boost last year gave way to decline over the past 12 months.

Catena Media was the only affiliate to show any development and, even then, its 2025 results fall behind those of 2023.

Generally speaking, the affiliate market is showing stagnation and decline, with any growth reported struggling to be maintained.

Changing search behaviour, including the use of AI over Google, the impact of influencer marketing and tightening gaming advertising laws may all play a part in this.

70 60 50 40 30 20 10 0

2023 Better Collective

2025

2024 Catena Media

Raketech

Gentoo

Raketech vs Catena vs Gentoo: New depositing customers Declining revenue and operating profits across the board are also reflected in the number of new depositing customers (or first-time depositors) recorded by Raketech, Catena Media and Gentoo. In all three instances, sign-ups were down year-on-year, though Catena is notably the least effective, especially in the last year.

A decrease in new depositing customers means business is no longer growing at the rate it once was. While old customers may remain, those that do not will leave a gap in revenue and, if these numbers cannot be replaced, business will continue to dwindle.

New depositing customers may be depositing elsewhere, or forgoing affiliates entirely in pursue other advertising strategies, such as influencer marketing. A shift away from Google searches and towards AI may also play a part in this.

120,000 100,000 80,000 60,000 40,000 20,000 0

2025

2023

2024

Raketech

Catena Media

Gentoo

GLOBALGAMINGINSIDER.COM

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AFFILIATE FOCUS CRYPTO

CRYPTO: STILL UNPREDICTABLE Adam Gros, returning contributor and Gamblineers Head Affiliate, discusses crypto trends to watch for the casino and affiliate market in 2026 It’s that time of year again when every headline starts predicting the “future of gaming.” You already know the script. The usual buzzwords roll out like clockwork. AI, gamification, Web3 and some vague talk about “immersive engagement.” Instead of guessing what might happen next, let’s talk about where we really stand heading into 2026.

What changed? What didn’t? And what does it all mean for the gambling industry?

CRYPTO MARKETS IN 2025 – THE SHIFTS NOBODY PLANNED FOR If 2024 was the year of optimism, 2025 was the year crypto grew up. The crypto industry changed in ways I don’t think any of us fully expected.

For starters, Bitcoin finally crossed $100,000. I’ve been in this space long enough to remember when that sounded impossible. And yet the price has been slipping again. This is an important reminder that crypto is still unpredictable. For casinos and affiliates, that means every spike and dip still matters.

Additionally, the EU ban on USDT caused another major shift.

Overnight, operators had to adjust their payment systems accordingly.

This led to USDC quickly becoming the safe alternative. However, while this coin is definitely reliable, it also introduces additional conversion steps for both players and affiliates. Meanwhile, Ethereum has taken a hit this year, sliding by nearly 30%.

So where does this leave us? The chaos might be calming, but the pace hasn’t slowed. We’re in a market that finally looks professional, yet still moves faster than most can handle.

CRYPTO CASINOS – PAYMENTS AND PAIN POINTS If you work with crypto casinos, you already know payments can still be a headache. While the tech does keep improving, the systems running it haven’t caught up. For example, Lightning Network adoption is moving far too slowly. It’s been around for years, yet many casinos still aren’t using it.

And, players have already adapted. They know which networks and address formats to use. So why haven’t casinos?

What I’m seeing is that instead of updating their systems, too many still rely on outdated processors and then blame the player when transactions fail. This is an easy fix. Select partners who genuinely understand cryptocurrency or bring payments in-house and do it correctly. Casinos that invest in better payment infrastructure aren’t just providing high-quality care for their players. They’re also helping their entire affiliate network. Fewer transaction errors mean fewer support tickets, faster reporting and better conversion data.

CRYPTO AFFILIATES – FROM HYPE TO MATURITY The gold rush is over. You can’t just throw in a list of “top Bitcoin casinos” and expect to rank anymore. It takes a lot more to be

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successful as an affiliate today than it used to. We’re juggling data, compliance and more currencies than ever before.

This is exactly why automation is no longer optional. You need it to manage tracking, reporting and conversions across multiple coins without losing your mind. At Gamblineers, we use our own in-house tools to keep that chaos in check so that we can focus on what truly matters: growth.

Then there’s authority, which is now all about proving legitimacy.

Being accurate with data, having truly honest reviews and being transparent about every detail matter now more than ever. Furthermore, today’s internet is full of AI-generated garbage. That’s why your brand’s authenticity matters more today than it ever has before. If your voice, tone and humour disappear, so does your brand.

WHAT WILL 2026 BRING US? If 2025 was the year crypto grew up, 2026 will be the year it faces reality.

Regulation isn’t slowing down, and that’s a good thing. The days of operating in the dark are over, and the industry is stronger for it.

Bitcoin’s wild swings might finally calm a little, but don’t expect stability to last forever. The big players are moving in, which means fewer surprises but also fewer excuses for poor execution.

Casino tech is still slightly behind blockchain innovation, and that needs to change. If operators want to keep up, they need to build real blockchain integration. And affiliates? We need to keep evolving faster than the systems we rely on.

Next year isn’t about chasing the next coin or trend. It’s about how we adapt, work smarter (not harder) and continue to grow with the evolving market.

Buzzwords fade. Execution doesn’t.

ADAM GROS

AFFILIATE FOCUS SEARCH

SEO TRENDS FOR 2026 Eugene Ravdin, Head of PR for SEOBrothers, discusses the biggest search trends affiliates should be aware of in the year ahead SEO is an ever-present for affiliates. And yet it is always changing...

USER INTENT ABOVE ALL Most likely, things will continue as they are now. The main focus is on AI and all the things related like zero-click, and so on. SEO is shifting away from traditional keyword optimisation and page improvements.

That foundation still matters and needs to be done, but the main focus is on addressing specific, usually very clear, user intent. For example, if someone searches for “best welcome bonus in Spain,” they should get a concise answer right away. Content should be structured so that users can immediately obtain an answer to their question.

In the past, we might have written: “Bonuses come in this and that form, pay attention to such and such factors,” and created long blocks of text. Now, long blocks may still exist, but they must include a clear, direct answer to the user’s query, fulfilling the intent. Maximum specificity. Ideally, the answer should be available right at the beginning of the page. FAQ sections, which were once placed at the end of the text, now appear at the top. They can still be used for inserting additional keywords and phrases, but their main goal is to provide quick answers to users.

AI For us, AI has more of an impact not in terms of adapting our websites to get into AI Overviews, but in how much we are using AI in our work. For example, when we’re unsure of what the user’s intent is, we might ask: “What intents could this query correspond to?” Or when creating technical briefs, we feed AI the text, asking if it’s good enough or to highlight other aspects, or analyse our competitors. You feed a few competitors and ask AI to compare them with your own content. What patterns emerge, what are you missing, and so on.

Because even if you rank high, that traffic and those rankings might not bring you any meaningful results.

TECHNICAL SEO Technical SEO is the foundation that basically remains unchanged. The key is to avoid errors. Everything just needs to be done properly and carefully. There are no groundbreaking innovations here. In fact, some aspects seem to be becoming less important. For example, in our practice, the hreflang tags used to pass some of the link juice to the pages in the same language but targeting other geos. For instance, if you had English content for the UK and for Kenya, and the UK page was well-optimised, the hreflang would show Google which page to serve to users in the UK, and which to serve to those in Kenya. The hreflang would also pass some link juice, so a weaker page for Kenya might get some boost. Now, that seems to be working less effectively.

GOOGLE DOCUMENT LEAK This wasn’t something revolutionary. It was just a huge list of factors that Google takes into account in its algorithms. There are hundreds, if not thousands of them. Algorithms are a combination of all these factors. You might take a couple of isolated factors, test them, and if they don’t work, think, “This is nonsense, it doesn’t work.” But the truth is the factor does work, but you might be missing other key elements. So, you failed to get results not because that factor didn’t work, but because it didn’t connect properly with the other factors. Food for thought!

PROVEN EXPERTISE, NOT JUST EXPERTISE When it comes to content, it needs to be more authoritative. In the past, it was enough to write an article, regardless of who wrote it, cover the topic and that would suffice. Today, it’s not enough to simply say “this is the best bonus.” You need to explain why it’s the best bonus, who decided it’s the best and why they have the authority to make that decision. For example, because the expert has been working in the niche for 20 years or has won awards which prove his credibility. You need to be trusted both by Google and users.

The reputation of your website, the author or the expert providing the information also matters. Of course, the content quality must be good too, that’s a given.

LINK-BUILDING & KPI SHIFT Again, I can’t really say that much is changing here. Good links still work as they always have. This isn’t a trend; it’s a fact. Quality matters.

Three of four good links are better than a hundred low-quality ones.

What is changing is how KPIs are evaluated. Previously, we focused on rankings and traffic but, now, while rankings are still important, traffic isn’t always in line with them. Even ranking #1 doesn’t guarantee traffic. So KPIs are now more often evaluated through conversions.

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EUGENE RAVDIN

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08/12/2025 12.47

AFFILIATE FOCUS CONSULTANCY

TO CONSULT OR NOT Evgen Belousov, independent iGaming consultant and former GR8 Tech CEO, discusses when to hire a consultant in gaming – and when not to After spending over a decade in iGaming – first as CRO, then CEO at GR8 Tech, and now as a consultant – I’ve had the chance to see both sides of the hiring decision. The question I get asked most often is straightforward: “Do we actually need a consultant, or should we just figure this out ourselves?”

The answer isn’t about company size or budget. It’s about whether you’re facing a specific challenge that requires specialised expertise you don’t have in-house. Here’s how to know the difference.

WHEN YOU DON’T NEED A CONSULTANT

Let me start with this, because it matters: Don’t hire a consultant when you’re looking for someone to do work that should be done in-house but isn’t, because you haven’t found the right person yet.

Consultants aren’t substitute employees or quick fixes for understaffing.

If your challenge is ongoing operations management, customer support scaling or day-to-day platform maintenance, you need to hire internally.

A consultant can’t and shouldn’t replace the people who need to live and breathe your business every day.

The clearest sign you’re not ready is if you can’t articulate exactly what problem you need solved, or what success looks like when the engagement ends. Figure out the problem first. Then decide if you need outside help.

WHEN YOU DO NEED A CONSULTANT

1. Launching or optimising your sportsbook Sportsbook operations are deceptively complex. The maths behind odds compilation, risk management, trading operations and all related topics needs to work seamlessly with your technology stack, or you’re giving up margin without realising it.

I’ve seen operators lose 2-3% of their margin simply because their risk parameters weren’t calibrated correctly, or their trading team didn’t have the tools to spot patterns in player behaviour. When you’re working with thin margins to begin with, that’s the difference between a profitable sportsbook and an engagement tool that costs you money.

An outside perspective can identify what your internal team might miss – they’re often too close to the operations to see systematic issues.

Someone who’s built and scaled sportsbooks before knows what breaks at different volume levels, which vendor integrations actually deliver on promises and how to structure your trading operations for efficiency.

2. Major tech stack decisions or migrations Platform selection and technology migrations are high-stakes decisions with long-term consequences that you can’t afford to get wrong; the alternative is locking yourself into a system that limits your growth or costs you far more than projected. Switching to the better tech is not a big issue, but it’s a double investment just because you didn’t do your due diligence at the start.

Your internal team, no matter how talented, has inherent limitations.

They’ve typically worked with one or two platforms deeply. They have preferences based on past experience. And they’re often evaluating vendors who are very good at sales presentations but whose products perform differently under real-world load.

A consultant brings exposure to dozens of platform implementations across different markets and scales. They’ve seen what works at 10,000 daily active users versus 100,000. I gather a library of insights and can basically tell which providers deliver on their SLAs and which ones leave

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you waiting weeks for basic integrations.The cost of bringing someone in for a few weeks to evaluate your options is minimal compared to the cost of migrating off the wrong platform two years later.

3. Rapid scaling or revenue model shifts When you’re scaling faster than your current systems and processes can handle, or when you’re transitioning from one business model to another, you need someone who has navigated this before.

I’m not talking about modest growth. I mean the kind of scaling where your support tickets triple in a month, your infrastructure costs spike unexpectedly or you realise your payment processing can’t handle the volume. Or, when you’re shifting from casino-first to sportsbook-heavy, from B2C to B2B, or want to operate your own brands in addition to B2B business, and suddenly your unit economics look completely different.

These transitions require systematic thinking about what needs to change and in what order. Which bottlenecks will you hit first? What can you patch temporarily versus what needs rebuilding? How do you maintain service quality while everything’s moving?

Someone with an engineering background, like mine, approaches this methodically: Identify the constraints, model the scenarios and sequence the changes so you’re not trying to fix everything simultaneously. You’re paying for pattern recognition – they’ve seen this specific movie before and know how it ends.

THE COMMON THREAD

Long story short, you need specialised expertise for a defined challenge, not someone to run your operations. If you can clearly articulate the problem and define what success looks like at the end of the engagement, you probably need a consultant. If you’re hoping someone will “just make things better” without being able to specify how, you probably need to clarify your strategy first.

The goal isn’t dependence – it’s bringing in someone who has solved a problem similar to yours multiple times, letting them transfer that knowledge to your team, and then having your team own it going forward.

That’s how you build sustainable growth rather than papering over structural issues.

EVGEN BELOUSOV

SWEEPSTAKES AFFILIATE FOCUS

DEFIANT SWEEPS Marketing expert, James Bennett, who runs SweepChecker.com, makes the case for the longevity of sweepstakes casinos, despite a challenging US environment YOU’VE HINTED AT THE POTENTIAL FOR AB 831 BEING REPEALED IN CALIFORNIA...

Once a bill is signed, the window for reversal is narrow and rarely used but it’s not impossible. Governors can introduce clean-up legislation, negotiate amendments or influence regulatory guidance that softens a bill’s impact.

The unanimous vote and Governor’s signature make a dramatic reversal unlikely, but there are whispers that there is recognition the bill’s language may have wider-than-intended consequences for legitimate sweepstakes casinos operating under the long-standing promotional-gaming model.

While Governor Gavin Newsom’s team hasn’t publicly floated a rollback, it’s common for staff to monitor industry fallout and assess whether additional clarity is required. My honest opinion is a full reversal won’t happen, but a ‘correction bill’, regulatory memo, or enforcement-priority adjustment could be on the table. This is especially if the law jeopardises innovation, consumer choice or tax-adjacent economic activity in a state already wrestling with budget pressures… and of course there are rumblings of Newsom’s interest in a larger white house in which to sign his bills.

WHERE IS THERE THE MOST UNTAPPED, BUT REALISTIC, GROWTH? IF CALIFORNIA AND OTHERS STAY OUT OF IT, IN WHICH STATES WILL GROWTH BE CONCENTRATED? Even with California stepping back (around 17% of the market we believe), the US sweepstakes casino market has enormous potential. The most realistic near-term expansion could come from the Midwest, states like Ohio, Wisconsin, Nebraska and Kansas, where regulatory climates are stable, consumer adoption is strong and policymakers avoid knee-jerk crackdowns.

Georgia, Alabama and the Carolinas continue to show huge, underserved demand for low-friction, legally compliant gameplay. Sweeps operators have succeeded for years by offering entertainment where realmoney casinos aren’t legal, and as frictionless fintech, crypto-lite continues to grow, these states stand to benefit the most. Growth isn’t about one California-sized play, it’s about cumulative expansion across 25 to 30 states that welcome promotional gaming.

world figured out years ago: community drives retention better than bonuses. We’re now seeing some real-money operators adopt in-app missions, social leaderboards, progression systems, community challenges and even low-stakes virtual economies.

Sweeps, however, continue to innovate, often faster than their counterparts. Newer models involve creator-led ecosystems, tokenised ingame assets that remain fully promotional and enhanced prize redemption flows that feel instant. As operators lean into social commerce and shared experiences, sweeps maintain their edge through agility, gamified engagement loops and the ability to innovate without restrictive regulatory overhead.

HOW BIG A THREAT IS GOOGLE’S RECLASSIFICATION OF SWEEPSTAKES CASINOS? It’s a concern. It affects ad visibility, SEO positioning and even app-store policies, however, the sweepstakes ecosystem has dealt with worse.

Operators are already adjusting with improved compliance, clearer consumer language and stronger policy alignment. The reclassification is less an existential threat and more something that pushes the industry to standardise best practices, sharpen value propositions and prove legitimacy.

Operators who embrace transparency will grow faster, because the reclassification filters out low- quality entrants.

WHY ARE SWEEPS SEEN AS AN EASY TARGET FOR CLASS ACTION LAWSUITS? Sweeps operators are high-visibility digital businesses operating in a legal grey-but-permitted framework, which makes them attractive for opportunistic law firms. Many lawsuits rely on mischaracterising the model as gambling, despite decades of precedent affirming otherwise. Operators often settle to avoid lengthy litigation, not because the claims have merit.

As the industry matures, so must its legal defensibility. Clear disclosures, third-party audits and consistent user-journey transparency will reduce these attacks. Sweeps isn’t fragile, it’s simply growing fast enough to attract attention.

ONTARIO HAS BEEN TOUGH ON SWEEPS AND PREDICTION MARKETS – WILL THAT CHANGE IF GROWTH IN OTHER NORTH AMERICAN MARKETS CONTINUES? Ontario’s market is structured, arguably rigid and focused on consumer protection. That’s not changing. What may evolve is how regulators view adjacent digital entertainment categories. If sweeps and prediction market operators continue proving they can scale responsibly, Ontario could soften.

Not towards full legalisation of sweeps, but more formal recognition of low-risk promotional models. Regulators often watch market outcomes, not hype and if growth across North America continues, Ontario may be forced to differentiate between rogue offshore casinos and legitimate, third party-audited US sweepstakes and prediction market platforms.

ARE MAINSTREAM IGAMING OPERATORS ADOPTING MORE OF SWEEPSTAKES’ SOCIAL AND COMMUNITY ELEMENTS AND NARROWING THE DIFFERENTIAL? Traditional iGaming brands have finally recognised what the sweepstakes

JAMES BENNETT

GLOBALGAMINGINSIDER.COM

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