SiGMA Magazine 36

\Editorial by Katy Micallef

2025 has been a record year for print, with five editions of the magazine released in tandem with some of our biggest shows. But with a new event on the horizon, we couldn’t resist adding just one more as we close off the year. This issue celebrates the launch of our inaugural event in Colombo, Sri Lanka –a summit that takes the booming South Asian markets head on in what promises to be a three-day feast for the senses.

In an exclusive SiGMA Market Report, Jenny Ortiz-Bolivar, SiGMA’s lead senior journalist for Asia, explores how the region is emerging into the gaming spotlight – from Sri Lanka’s cautious, lowrisk approach to the youth-led interest driving mass marketing appeal in Bangladesh. Meanwhile, India, the largest revenue market in South Asia, delivers a demographic of young, educated players, fastgrowth revenue and digital engagement. There’s a lot to unpack. Get the full picture from page 50.

Meanwhile, the High Commissioner of Malta to India, Reuben Gauci, discusses the evolution of Malta-India relations, economic opportunities, and the future potential of collaboration in technology, iGaming, and investment. Find the full interview on page 12

In an interview on page 20, Raj Kapoor, founder and chairman of the India AI Alliance, breathes life into India’s blockchain story, where hundreds of startups and dozens of government pilots are building on rails like India Stack, ONDC, and Aadhaar to solve problems that matter.

“The real potential lies in how policy, public infrastructure, and private innovation now converge,” Kapoor says. “India has the rare opportunity to craft a blockchain model rooted in scale, inclusion, and trust, not imitation of the West, but creation of a new digital India paradigm.”

This is an impact-first building, not buzz-first. The challenge Kapoor poses is clear and timely: “Will India seize this moment to define the global benchmark for responsible, interoperable blockchain ecosystems, or will it let regulatory hesitation dim its transformative glow?”

Keeping to the innovation track, our cover story is an intriguing sit down with Mark Flores Martin, the ethical hacker-turned-CEO behind XGENIA, a node-based platform that allows creators to build their own systems without wading through endless lines of complex code. As we navigate unchartered waters in this new era of AI, change must also come from within – a transformation in mindset that eclipses technology – “The industry must pivot from viewing AI as a replacement to that of a collaborator.” he says.

For the next generation of AI developers, his advice reads like a hacker’s manifesto. Be skeptical, think in systems and stay ethically vigilant. Read his story in full from page 28.

No editorial is complete without a round of thank you’s. As always, gratitude goes to founder Eman Pulis – his bold choices and strong leadership leading lights as we navigate a new course. Designers Rocco Di Muni, Zoya Markova and Faye Paris have made an impact on the design side of things, while Jacob Sammut and Yvonne Zachariou give the issue its distinctive photographic edge. Last but not least, the editorial team delivers sharp, insightful copy, making this a must-read if you’re attending SiGMA South Asia.

\ Meet the Squad

SiGMA magazine is published by S.G. Worldwide Media Company Ltd, 6 Agias Marinas Street, 4044, Germasogeia, Limassol, Cyprus

rights reserved. Reproduction in whole or in part is strictly prohibited without prior consent in writing. Opinions expressed in this event guide are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations.

Katy Micallef \ Editor

Rocco Di Muni \ Senior Editorial Designer

Jenny Ortiz-Bolivar \ Senior Journalist and Reporter

Jacob Sammut \ Photographer

Yvonne Zachariou \ Photographer

Yanov Cutajar \ Head of Design

Hand delivered to various expos worldwide, executive lounges, embassies and government institutions. The event guide is also delivered by post to leading gaming and leading companies worldwide.

For information regarding promotion and advertising kindly email renee.m@sigma.world

Sales

Renee Micallef Decesare

Denis Dzyubenko

Elisa Martinotti

Marie Reyjal

Olha Kovaleska

Kian Sullivan

Pavel Piatkin

Sofia Pissoni

Chaimae Elabi

Kyle Mifsud

Zoya Markova \ Editorial Designer

Faye Paris \ Senior Editorial Designer

Naomi Day \ Content Writer

Rami Gabriel \ Content Writer

Matthew Busuttil \ Content Writer

\CONTENTS

Bridging worlds through diplomacy

The High Commissioner of Malta to India on the evolution of Malta-India relations, economic opportunities, and the future potential of collaboration in technology, iGaming, and investment.

Cultural Currency

EINPAYS Global explores the complexities of high-risk payments across iGaming, Forex, and fast-growing Asian markets, including Sri Lanka.

The Purpose-led Economy

Raj Kapoor, founder and chairman of the India AI Alliance, shares his perspectives on blending Blockchain, AI, and sustainability for inclusive growth.

COVER STORY: Becoming AI-First: A Hacker’s Mindset

XGENIA CEO Mark Flores Martin explores how a hacker’s mindset is redefining AI-first technology, game development and the path toward ethical, human-centric technology.

Kandy Crushes Gaming

Joe Pisano, CEO of Jade Entertainment on tech-driven growth, regional expansion, and responsible gaming.

Inside South Asia’s iGaming boom

An exclusive SiGMA Market Report on the South Asian iGaming market.

Scale, Speed, and Untapped Potential

Fresh off our Rome show we’re back with another first. As we gather in Sri Lanka for this landmark edition of SiGMA South Asia, we do so at a moment of extraordinary momentum for the region. South Asia today represents one of the most exciting frontiers in global gaming – a market of over two billion people, projected to exceed $7.5 billion by 2028, and expanding at a remarkable 20% annual growth rate. Nowhere else in the world do we see such scale, speed, and untapped potential converging at once.

Sri Lanka’s emergence as a strategic hub for iGaming could not be more timely. As the country deepens its digital transformation – initiatives such as the Federation of IT & Digital Industry Sri Lanka (FITIS) Roadmap, aims to support innovation, emerging tech through collaboration between the private sector, government, academia, and international partners, to reach a USD 15 Billion digital economy by 2030. Investor friendly, stable, and globally competitive, it stands poised to help shape the future of gaming across the subcontinent. What we are witnessing here is not simply market expansion – but market acceleration.

Across the region, the story is one of rapid diversification and evolving consumer behaviour.

India, a gaming powerhouse, continues to reach new heights in digital adoption. With gaming users projected to reach 724 million by 2029, the country has become South Asia’s revenue engine – rich in talent, driven by innovation, and supported by an increasingly sophisticated player base.

Pakistan, too, is stepping decisively into the spotlight. A young, mobile-first population and rising internet penetration have paved the way for an industry expected to grow at 6.4% CAGR and reach $0.51 billion by 2026. With 257 game development companies and 300 studios, Pakistan is quietly cultivating one of the region’s most exciting creative ecosystems, with forecasts suggesting the sector could expand by 21.9% in the coming years.

And then there is Bangladesh, a country whose digital enthusiasm continues to surprise even seasoned analysts. According to the latest Blask data, Bangladesh recorded an exceptional peak user interest of 80.25 million, signalling powerful demand among its youthful, mobilesavvy demographic. While motivations are strongly tied to earnings and adrenaline-driven gameplay, the country’s vast, young population positions it as one of South Asia’s most promising mass-market opportunities.

In contrast, Sri Lanka presents a different but equally compelling profile: a smaller yet stable, highly employed player base with a more balanced approach to entertainment and risk. With lower gambling risk levels and a steadily growing digital ecosystem, Sri Lanka is emerging as a market defined not by volatility, but by sustainable longterm potential.

What unites these diverse markets is a shared trajectory: growing digital penetration, expanding payment infrastructure, and a population that enjoys online entertainment. Yet beneath these similarities lie profound differences - and challenges.

This edition of SiGMA South Asia is designed to meet this moment of change. Whether you’re an operator evaluating new markets, a regulator seeking comparative insights, or an investor looking for the next surge of opportunity, the conversations taking place here will help shape the next chapter of the region’s gaming evolution.

Sri Lanka offers the perfect setting for these discussions –a country with the ambition, connectivity, and strategic position to anchor South Asia’s rise on the global stage. As SiGMA expands across continents, we are proud to bring the world’s brightest minds in gaming, technology, and regulation together here, at the heart of a region ready to claim its place in the global iGaming economy.

SiGMA’s success has always come from its community. I encourage you to make the most of these days: engage with the content, meet new partners, and immerse yourself in the cultural richness of Sri Lanka. The strength of SiGMA lies in the people who join us.

With eight strategically located events on the horizon and a world-class power-packed agenda of networking activities, SiGMA 2026 reflects our commitment to staying ahead of the curve, doubling down on high-growth markets, and making meaningful global connections happen.

Enjoy the show,

Pulis

Founder, SiGMA Group GP, Ikigai Ventures

Bridging worlds through diplomacy

The Malta High Commissioner to India, Sri Lanka, Bangladesh & Ambassador to Nepal, Reuben Gauci, sat down for an in-depth interview with Matthew Busuttil, discussing the evolution of Malta-India relations, economic opportunities, and the future potential of collaboration in technology,

“Sometimes, following the rules and trying to be helpful to people may not always be compatible.”

\ The human side of diplomacy

Gauci, who has been posted to India for five years, was asked to explain the multifactorial nature of a diplomat’s role. “Diplomacy is a very complicated thing, because there are a ton of different factors,” he noted. As the representative of Malta in India, Gauci’s responsibilities are political, economic, cultural and consular in nature, all while accounting for both Malta’s and India’s laws. Despite both these professional and procedural duties, Gauci emphasised that diplomacy is a human experience. “At the end of the day, behind every paper, behind every document, there is usually a person, an individual,” he said, explaining that, even though diplomacy operates in politics, it operates with human needs in mind.

\ Consular engagement and community ties

A human-centred approach is core to Gauci’s work in India. On the consular side of diplomacy, he remarked, it is susceptible, given the enormous population of India and the number of people needing visas to travel to Malta or the EU. “Sometimes, following the rules and being helpful to people aren’t the same thing,” he said. Yet, the guiding principle remains recognising the individual behind every document or application.

The High Commissioner also highlighted the advantage of Malta’s relatively small size, which allows more personal engagement with the Maltese community in India. With a population of around 1.4 billion in India, Gauci can still personally meet with Maltese nationals and cultural groups, something not possible for diplomats from larger nations. This close contact strengthens bilateral relations on a human level.

\ Historical and economic foundations

The discussion then moved towards the essential aspect of Malta-India relations, especially with the support of their 60th anniversary of diplomatic ties in 2025. Malta established diplomatic relations

on 10 March 1965, shortly after it gained independence. However, there have been historical relations between the two nations even before this point. Both countries were part of the British Empire, creating military and commercial links. For example, Indian troops served in Malta under the British Navy in the late 19th century, leaving behind etchings and paintings documenting these interactions.

Economic connections also have deep roots. Gauci stressed the early role of Indian entrepreneurs in Malta when textile firms were exporting Maltese lace to other parts of the British Empire. Today, Malta has many Indian firms, particularly in the field of pharmaceuticals, while India has a sizeable diaspora in Malta, which has grown from 9,000 to 18,000 during Gauci’s time. “The Indian community is now the largest foreign community in Malta,” he observed, surpassing the Italian community.

\ Modern bilateral opportunities

Gauci emphasised that the modern relationship between Malta and India is mutually beneficial at multiple levels. In terms of political engagement, the two countries work together in the United Nations on aspects of climate and security, providing mutual support in Security Council elections. The two countries also collaborate economically, as Malta began importing India’s Chisk, Twisties, and Go & Fun products in 2022, the same year India had over 112 companies operating in Malta. The High Commissioner stressed that these exchanges make life easier for businesses and foster deeper bilateral cooperation.

The discussion also touched on Malta as a gateway for Indian investors seeking entry into the EU. Companies like Aurobindo and Torrent Pharma benefit from Malta’s regulatory framework, allowing products tested and certified in Malta to access the entire EU market. The ability to speak English and close historical connections with India can help Indian organisations to integrate more easily in Malta, making Malta a good base to launch in Europe.

On the other hand, Gauci sees more opportunities for Maltese businesses i n India as well, especially in hightech areas such as IT, microchip, and semiconductor manufacturing.

While India’s government prioritises job creation, requiring products to be produced locally to benefit from lower taxes, Gauci noted that initial trade and market exposure through importation is often the first step for foreign investors. He also pointed to ongoing EUIndia Free Trade Agreement negotiations, which, once concluded, would provide a more transparent framework for Maltese investment in India.

\ Opportunities in gaming and technology

The conversation explored the regulatory changes in India’s gaming and digital entertainment sectors. Gauci sees an opportunity for growth for the Maltese iGaming sector with new regulations that limit some money games, but create regulatory avenues for esports and skill-based games. He pointed out Malta’s reputation as an iGaming hub and expressed enthusiasm for the possibilities that exist for companies like SiGMA to invest and create jobs in India.

When Gauci looks ahead, he is optimistic about the future of Malta-India relations. He emphasised the importance of cultural exchange, and with the expanded Indian community in Malta, opportunities for the people of Malta to get involved with Indian culture. In terms of technology, there are significant cities like Bangalore and Hyderabad that will be essential hubs for collaboration in innovation, gaming, and digital services in the future. Overall, the sky is the limit, Gauci said while reinforcing India’s developing role in the global economy. When Gauci first arrived in India 5 years ago, India was the world’s sixth-largest economy; it is now the fourth largest and is pushing itself to be the third.

This growth trajectory is a cause for optimism in the future of Malta-India relations.

\ Investment as a catalyst

Gauci also underlined the significance of investment as a vehicle for strengthening bilateral ties. He explained that countries gain respect when they invest abroad and hopes that Maltese companies will increasingly pursue opportunities in India. Investment, he noted, must be profit-driven to be sustainable and meaningful. This emphasis on investment as a catalyst for stronger ties invites the audience to consider their role in the future of Malta-India relations.

\ A future built on cooperation

In conclusion, High Commissioner Reuben Gauci portrayed Malta-India relations based on history, enriched by economics and culture, and ready to grow in technology and innovation. His focus on the human dimension of diplomacy and a no-nonsense business and investment approach illustrates a way to develop more meaningful international partnerships.

For companies and investors interested in Malta-India opportunities in technology, iGaming, and trade, a wider path is opening. With SiGMA ready to launch events in Sri Lanka and grow its global footprint, the Commissioner’s comments highlight India as a key partner for Maltese businesses.

Kandy Crushes Gaming

In this exclusive interview, Matthew Busuttil speaks with Joe Pisano, CEO of Jade Entertainment, about tech-driven growth, regional expansion, and responsible gaming.

Since its inception in 2009, Jade Entertainment and Gaming Technologies has steadily evolved from a land-based distributor into a multidimensional force in the Asian gaming sector. At the helm of this transformation is founder and CEO Joe Pisano, whose forward-thinking leadership continues to redefine the boundaries of conventional gaming models.

“We’ve always been involved in tech, and now we’re going deeper into the tech sector… probably over the next few months we’ll be moving away from our traditional parts of the business.”

This transformation was sped up during the pandemic when land-based venues were closed and Jade began to look for other ways to use digital pathways. The organisation developed a remote gaming framework that connected their land-based gaming infrastructure and online capabilities, enabling a long-term tech-forward approach.

\ Tech-forward integration

With the worldwide gaming industry being influenced by AI, blockchain, and new Web3 systems, Jade is leading the way in advancing technologies. The organisation continues to implement these technologies into its platforms while also working with specialised developers to create more immersive experiences for our guests.

“We see the future moving into blockchain with payments, Web3 for entertainment… imagine entering a casino city and playing live slots in a Web3 environment.”

A significant milestone in this strategy is the development of a Board of Investment–approved facility in Kandy, Sri Lanka. Designed as a remote live slot site, the hub will stream slot and table content to markets across South Asia. It also aligns with Jade’s digital and landbased convergence model, enabling scalable content production for physical venues and remote operations.

Fantasy cricket is now live in Sri Lanka, a calculated move to tap into the country’s deep-rooted sporting culture. Jade has also entered an agreement with Sports Predictions of Australia to launch prediction-style platforms under the Sapphire Play brand. Additional expansion includes a partnership with Playwin, granting exclusive rights to NBA Virtuals and Cricket Virtuals for targeted rollouts in Sri Lanka and the Philippines.

This multi-layered approach is underpinned by increased investment in AI, blockchain, and Web3 as foundational components for Jade’s next-phase expansion. The Kandy hub is not simply a content pipeline: it is engineered as a future-ready environment capable of supporting new entertainment formats, hybrid Web3 features and distributed gaming architectures.

\ AI-led evolution and responsible play

Jade has made the shift from a testing phase to live AI and Web3 pilots in certain regional markets, with particular interest in Sri Lanka. The systems integrate personalisation and strong responsible gaming parameters to add benefits to the user experience and operational integrity.

Real-time AI models tailor recommendations, promotions and pacing for each player, improving engagement while reducing churn. At the same time, risk-detection engines identify behaviour associated with potential harm, such as rapid stake escalation, loss chasing or atypical deposit patterns. Automated interventions include timeout prompts, dynamic limit reductions and direct pathways to support resources.

Machine-learning technologies underpin enhanced identity verification, deposit checks and abnormalactivity monitoring. These innovations integrate seamlessly with the Kandy remote slot hub, which is being constructed as a fully synchronised live-streaming facility for regional markets.

This dual commitment to innovation and player protection reflects Jade’s long-held philosophy of self-regulation, aimed at preventing the types of reactive restrictions seen in other international markets.

\ Regional ambition anchored in Sri Lanka

Jade's influence in the Philippines is significant, but it is looking to deepen its regional footprint. The company is following developments in Thailand while expanding a diversified product ecosystem that is intended to appeal to South Asia. Its partnerships, including those with Tradex India for opinion betting and Sports Predictions Australia, are shaping a cohesive expansion strategy that pairs regulatory foresight with cultural localisation.

Jade’s presence at SiGMA Asia has played a meaningful role in supporting this momentum. Beyond exhibition floors, the event acts as a platform for thought leadership, collaborative innovation and high-value partnerships that reinforce the company’s cross-sector relevance.

“Last year, I judged the SiGMA startup pitch; we selected Blas, and they’ve proven to be the right choice.”

\ Sustainability shaping long-term growth

As demands for infrastructure for online gaming and land-based gaming increase, Jade has implemented sustainable values in its system-based operations. The Kandy facility uses IoT-based monitoring for predictive maintenance, reducing travel and unnecessary hardware replacement. Jade is migrating to renewable-powered data centres with more efficient cooling and server virtualisation, while adopting auto-scaling systems to reduce idle energy consumption.

Game clients are being streamlined through compressed assets and leaner streaming processes to minimise bandwidth use and overall emissions. At the back end, Jade is redesigning RNG and support systems to reduce compute cycles. The company’s digital-first strategy further reduces dependence on energy-heavy physical hardware production.

Jade’s environmental commitment supports its regulatory positioning, its commercial partnerships, and its ambition to build future-focused entertainment infrastructure across South Asia.

\ A strategic, sustainable, tech-aligned future

Jade’s South Asia push is now a structured and fully realised growth programme anchored in Sri Lanka. The Kandy hub is the linchpin of this evolution, enabling scalable digital and live content, strengthening regional product localisation, and powering advanced AI and Web3-backed innovation. Combined with its responsible gaming framework and sustainabilityled investment model, Jade is positioning itself at the forefront of a region entering a new phase of modernisation and growth.

Joe Pisano, Founder and CEO of Jade Entertainment, has over 40 years of global gaming experience. Since launching Jade in 2009, he has expanded its footprint across Asia, offering integrated land-based and online gaming solutions. With prior leadership roles at IGT, Entertainment Gaming Asia, and Automatic Totalizators Ltd, Pisano is recognised for bridging traditional and digital gaming. His expertise spans systems, slots, lotteries, sports betting, and skill games. He holds a Master’s in Business and Technology from the University of New South Wales.

The Purpose-led Economy

Raj Kapoor, founder and chairman of the India AI Alliance, talks with Rami Gabriel to share his perspectives on blending Blockchain, AI, and sustainability for inclusive growth.

\ Real-World Momentum

India’s blockchain story has moved beyond speculation into substance. As Raj Kapoor puts it, “India’s blockchain story is no longer a white paper dream and is in fact a living, breathing movement.” That momentum is visible on the ground, with hundreds of startups and dozens of government pilots building on rails like India Stack, ONDC, and Aadhaar to solve problems that matter. The work now spans agricultural traceability, tokenised carbon credits, land records, MSME financing, and cross-border settlements, practical, scaled, and increasingly citizen-facing. “The real potential lies in how policy, public infrastructure, and private innovation now converge,” Kapoor says. “India has the rare opportunity to craft a blockchain model rooted in scale, inclusion, and trust, not imitation of the West, but creation of a new digital India paradigm.”

India’s blockchain story is no longer a white paper dream, but a living, breathing movement.

This is an impact-first building, not buzz-first. The challenge Kapoor poses is clear and timely: “Will India seize this moment to define the global benchmark for responsible, interoperable blockchain ecosystems, or will it let regulatory hesitation dim its transformative glow?”

\ Regulatory Crossroads

“Regulation isn’t the enemy of innovation, ambiguity is,” Kapoor says and ambiguity still lingers. Frameworks like GIFT IFSC, tokenisation pilots, and digital identity schemes create room to build, but the absence of a whole digital asset law keeps investors and founders cautious. The result is a market that knows its direction but wants sharper road signs. “If India gets this balance right, it won’t just regulate blockchain, it will architect trust for the next trillion-dollar digital economy,” he adds. The call is for principlesbased, technology-neutral rules that govern use cases rather than only currencies, so clarity becomes a growth engine, not a gate.

If India gets this balance right, it will architect trust for the next trillion-dollar digital economy.

\ Impactful Innovation

Traceability is doing quiet, serious work. “In agriculture, states like Telangana and Maharashtra use blockchain to track farm produce from soil to shelf,” Kapoor notes, “giving farmers fair prices, curbing middlemen exploitation, and ensuring authenticity for export markets.” In education, DigiLocker-linked pilots at VIT, IIT Madras, and IIIT Bangalore are cutting out forged credentials and simplifying verification across borders. “Blockchain is quietly rewriting the rules of transparency and inclusion, enabling the unbanked to prove identity, access microloans, and own assets transparently.”

\ Sustainable Innovation

Tech Zero, for Kapoor, is a mindset, not a marketing line. “Tech Zero urges companies to decarbonize their digital footprints, adopt green computing, and embed ESG-by-design principles into every codebase, data centre, and blockchain protocol.” That shift takes sustainability out of CSR and into core business design, where carbon-smart models create value and resilience. He’s pragmatic and optimistic: “Tech Zero becomes both a moral compass and a market opportunity where sustainable code, ethical AI, and climate-positive blockchain can become national export strengths.”

Europe offers a useful mirror. “What Europe did well was make sustainability non-negotiable. They said, If you want to do business here, measure, disclose, decarbonize,” Kapoor says. For India, that means baking green into digital policy from day one and keeping compliance phased and capacity-aware, so MSMEs can adapt without being priced out. His caution is pointed: “Copy-pasting EU rules will choke MSMEs. India must avoid compliance first, innovation later.” It’s also where his guiding credo fits naturally: “Things don’t happen to me. I happen to things.” In practice, that means acting now, turning sustainability from a cost centre into a product India can scale and export.

\ Benchmarking Growth

Kapoor sees three shifts in view. “First, mainstream enterprise adoption… sectors like supply chain, BFSI, and public infrastructure will embed blockchain into core operations, not as pilots but as production systems.” Next, clarity will crowd in capital, aligning with GIFT IFSC, SEBI, and RBI to create room for tokenised funds and compliant exchanges. Finally, everyday visibility, from land records to microloans to verified credentials — will make the technology feel less like a niche and more like plumbing. “The next three years could define whether we become a blockchain powerhouse or a fast follower,” he says. “If the last three years were about proving blockchain’s potential, the next three will be about proving its purpose.”

Tech Zero becomes both a moral compass and market opportunity.

\ The Inclusive Future

Integrity, interoperability, inclusion; Kapoor returns to these as design choices, not slogans. “India’s next Blockchain and Tech Zero wave won’t be about who can build the flashiest platform. It will be about who can build the cleanest, compliant, and most trusted one.” That means trust-by-design, deep integration with national digital rails, energyaware architectures, and real ESG accountability. Tokenisation should serve utility, microloans, fractional assets, verifiable credentials, carbon finance — with norms aligned from day one. The test is simple and humane: “The ultimate success metric is not how many Tier-1 institutions deploy blockchain, but how many farmers, MSMEs, and small enterprises can use it affordably, in their language, and at their fingertips.”

Cultural Currency

EINPAYS entered Sri Lanka to make high-risk payments reliable for iGaming operators facing regulatory nuance, low card penetration, and fragmented rails, without sacrificing compliance or speed. The company leaned on local knowledge, banking relationships, and fraud controls, aligning onboarding, acquiring, and settlement to operational realities. “In a world where risk is high, innovation and resilience define success.”

Execution blended multi-rail routing, redundancy across processing and reconciliation, and optimised connections to wallets, bank transfers, and QR rails to keep approvals high and downtime low. Compliance-first documentation and transaction transparency built trust with banks and merchants. “We don’t just navigate challenges, we turn them into opportunities for growth and trust.”

In this interview with Irene Markou, Head of Payments at EINPAYS Global Ltd, Rami Gabriel explores the complexities of high-risk payments across iGaming, Forex, and fast-growing Asian markets, including Sri Lanka.

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“Where others see risk, we see opportunities to create solutions that build trust and growth.”

\ Local wins

Sri Lanka’s impact shows in faster settlements calibrated to high-volume gaming days, acceptance of cross-border APMs, and multi-currency settlement, including USDT and USDC, letting operators reinvest marketing spend with confidence. Approval gains came through local acquiring and high-risk merchant segmentation, helping banks calibrate risk tiers with fewer false declines: one-week onboarding and 24/7 fraud monitoring speed go-live.

What looks like hygiene is a strategic edge where liquidity timing shapes acquisition and churn. Instant rails plus predictable treasury make conversion and retention measurable. “Where others see risk, we see the opportunity to create solutions that empower businesses and inspire trust,” Markou adds, capturing the upside of disciplined compliance and operational design.

Across Asia, behaviour is mobile-first and intolerant of friction; super-app familiarity and QR norms make cards feel slow and costly. Players prefer e-wallets, bank redirects, and instant flows, while operators need partners that navigate patchwork rails and evolving rules. EINPAYS mirrors that split: deep regional wallet and bank-API integrations in Asia, card schemes and A2A in the West, and risk engines tuned to velocity and device signals versus chargebacks. Settlements follow suit, with dynamic FX and multi-wallet treasury in Asia versus card-led structures in Western contexts. “Players expect local payment options, not just cards.

“Where others see risk, we see opportunities to create solutions that build trust and growth.”

\ APM conversion

Alternative Payment Methods are a conversion engine, lifting first deposits and reducing declines by matching local habits. EINPAYS reports double-digit deposit success and 20–40 percent higher first-deposit conversion when instant APMs are enabled, compounding through activation and lifetime value. Local rails dampen chargebacks and align authentication with user norms.

APMs extend reach into hard-to-serve segments, including LankaQR and Sri Lankan wallets, or India’s UPI. EINPAYS’ routing switches dynamically to the rail likeliest to succeed for that user, in that moment, preserving uptime. “Speed is everything if a player can fund their account immediately,” Markou notes, tying latency to intent and economics.

\ Risk reality

The next two years bring tighter scrutiny across AML, cross-border flows, and iGaming oversight, pushing merchants toward partners with automated compliance layers and transparent reporting. Growth in A2A, e-wallets, local schemes, prepaid and cash-like methods, and stablecoin settlements will continue, with crypto often in and fiat out. Consolidation will favour multi-rail, compliance-forward providers. EINPAYS is fortifying KYB, source-of-funds checks, adaptive risk scoring, and jurisdiction-specific workflows to absorb policy shifts without disruption. “Governments are tightening oversight,” Markou says, underscoring resilience that is regulatory as much as technical and commercial.

Players expect local payment options.

Emerging markets bring rapid rule changes, banking de-risking, FX controls, and data-sovereignty demands. EINPAYS supports merchants with layered fraud prevention, device fingerprinting, dynamic scoring, and ongoing surveillance against bonus abuse and account takeovers. Settlement pathways respect currency monitoring while keeping reconciliation and audits clean.

Access to infrastructure is a chokepoint when banks step back; EINPAYS bridges with reliable channels and partners, mapped to each partner’s risk policy. The work is consistent: unified, audit-ready frameworks that satisfy local regulators and global standards. “We build long-term relationships through compliance transparency,” Markou notes.

\ People and pace

Markou blends partnerships, acquisitions, and hands-on payments marketing with regional exposure, showing up in a focus on merchant outcomes over abstract scale. A one-week onboarding target matters only with the right risk profile, reporting cadence, and bank comfort. The tone is pragmatic: convert more, settle faster, stay compliant.

The human thread is resilience, earned in categories where approvals and downtimes have real cost. As Sri Lanka shows, progress is cumulative: rails, routing, reconciliation, and relationships, layered until conversion, liquidity, and compliance pull together. “Where others see risk, we see the opportunity to create solutions,” she says.

Becoming AI-First: A Hacker’s Mindset

Naomi Day sat down with XGENIA CEO Mark Flores Martin to explore how a hacker’s mindset is redefining AI-first technology, game development and the path toward ethical, human-centric technology.

XGENIA CEO Mark Flores Martin with Board Member Tyson Debattista.

\ Cracking the code

Mark Flores Martin never set out to become just another tech CEO. Before founding XGENIA, he was an ethical hacker, a digital locksmith, paid to break systems in order to make them stronger. That early instinct for dismantling complexity and rebuilding it became the foundation of his philosophy, that true innovation begins with curiosity. “Being an ethical hacker isn’t just about spotting a bug, it’s about understanding an entire system at a depth even its creators might overlook. You deconstruct it, challenge its assumptions, and uncover the true rules beneath the surface,” he says.

AI is rapidly reshaping how games are built. The boundary between engineering precision and artistic instinct is blurring. At XGENIA, that shift has become the foundation for a new kind of game development workflow. “We don’t simply tack on features. We dissect the vibe.” Mark explains. “That core emotional pull developers aim for. Games are hacks on human psychology. Our tools let developers dismantle a reward system, integrate an AI agent to simulate unexpected player behaviours, and reconstruct a more compelling, engaging retention loop in minutes rather than months.” It’s an approach that treats game design as a living dialogue between human and machine intelligence, each iteration learning and adapting.

Across the industry, developers are searching for ways to make complex systems more intuitive. XGENIA’s visual, node-based platform is central to this. It allows creators to build or “hack” their own systems, rapidly, visually and intuitively, without endless lines of code. For Mark, it’s a way to democratise power, “Ironclad security provides resilience against emerging threats.”

Behind the clean, visual interface sits a robust technical backbone.“The conventional game dev pipeline is riddled with weak points. Asset creation, repetitive coding, endless iterations, and clunky integrations. That's why we engineered a novel AI protocol, inspired by concepts like MCP servers, to enable seamless system connections. This foundation lets us layer additional applications, instantly integrating over a thousand AI-first tools.” The next generation in game design may not be about better graphics and bigger worlds, but smarter systems that learn alongside their creators.

\ The hacker mindset

The hacker mentality never really leaves you, it evolves. That instinct to dismantle, focused on finding flaws now drives new possibilities. “The enduring trait is relentless curiosity, a refusal to treat any system as a black box. In my early days, it was adversarial: how do I break this? Today, I channel that curiosity generatively,” Mark explains.

Instead of seeking exploits, XGENIA’s team seeks innovations. “We ask things like: how many fun game

mechanics can an AI agent invent from a handful of rules? If I dissect this massive LLM, can I fine-tune a compact version that embodies a game's villain and make it run light on a mobile phone?” That blend of creativity and precision has become the company’s hallmark. “We’re not chasing failures anymore. We’re engineering successes,” Mark says.

One of XGENIA’s most fascinating projects is what Mark calls “Dark AI”, an autonomous red-team AI that exists purely to attack XGENIA’s own systems. “Ethical hackers think like adversaries to fortify defences. At XGENIA, we go further. We create our own adversary,” he explains. Confined to a secure sandbox, Dark AI’s job is relentless in order to exploit, manipulate and break. Every time it finds a weakness in code, game logic or model behaviour, XGENIA learns from it. “Restricted tools can't counter unrestricted dangers. We mitigate risks not through policies, but through empirical validation.” In the world XGENIA is building, even the enemy has something to teach.

\ Decode, rebuild

The hacker ethos that once drove XGENIA’s game experiments is now rewriting how entire businesses think about transformation. Across industries, companies are rushing to become AI-first, however, most stumble at the starting line. Legacy systems patched with new tools, old workflows dressed in machine learning wrappers and executives mistaking automation for innovation.“Most companies botch the shift to AI-first. It isn't slapping an LLM license onto legacy processes; it's a complete architectural overhaul. And you can't overhaul what you don't comprehend.”

Mark’s approach is pure hacker logic. Take the system apart before you rebuild it. “We map a company’s business logic visually, exposing choke points and assumptions. Once you see the vulnerabilities, you can rebuild as an AI-native architecture.”

Rather than layering AI as an afterthought, XGENIA embeds it into the operational DNA. Using lightweight tools like Vercel and Supabase, they replace bulky infrastructure with modular, adaptive workflows.“We’re ushering in a ‘vibe coding’ era. AI becomes the core, not a peripheral add-on, with humans shifting to collaborators or overseers,” Mark says. The result is less like upgrading software and more like rewriting the source code of an organisation.

\ The intelligent rebels

The AI revolution has created a new breed of companies. Part studio, part research lab, part startup accelerator. XGENIA stands at the forefront of that shift. Their evolution from startup to serious AI player owes much to a culture that mirrors a fundamental duality: technical

precision fused with creative freedom. Innovation is cultural before it's technical. "We hire mindsets, not resumes." That ethos manifests in XGENIA's structure. No silos, no hierarchy of ideas. "AI researchers collaborate directly with designers, engineers, marketers. A morning research insight becomes an afternoon prototype." Failure, too, is celebrated. "We reward intelligent failure. What's the oddest application of this model? How do we solve the impossible?"

This philosophy has attracted unlikely collaborators, including narrative designers from the traditional gaming world who bring storytelling intuition to XGENIA's hackerengineers. Together, they explore how AIs and humans can co-create worlds, stories and mechanics in real time. Their experiments in real time co-creation are a microcosm of what generative AI promises across the industry, "dissolving barriers between imagination and execution, empowering solo devs to rival 100-person studios," as Mark says.

However, Mark is clear-eyed about the challenges. For every genuinely transformative tool, dozens of flashy solutions appear overnight. "Many tools are superficial overlays on generic API's like ChatGPT, novelties unfit for production. Many are black boxes, outputs without inspectable internals reducing creators to promptpushers, not architects."

XGENIA's mission is to keep creators in control. "Our AI is a collaborator, a copilot, embedded in the visual editor, letting even novices achieve sophistication. Describe an intent, like an AI-managed shop adapting to player demand, and it generates editable node logic. This extends to infrastructure as well. Experiments with platforms like Vercel or Supabase offload burdens, making power intuitive. We're the F1 team whose innovations empower everyday drivers."

“Ethical hackers think like adversaries to fortify defences. At XGENIA, we go further. We create our own adversary.”

\ The strategic architect

Board Member Tyson Debattista's path to XGENIA reads like a masterclass in pattern recognition. A veteran of affiliate marketing and venture strategy, he was building and scaling affiliate networks back in 2006, before most companies even knew what "performance marketing" meant. His experience in iGaming and startup consulting taught him how to weaponise psychology and data for growth. A sharp-eyed investor and marketer, he saw something in Mark's hacker-driven vision that others missed.

When he encountered XGENIA, it was not the tech alone that drew him in, it was the philosophy. Tyson recognised this was not solely a product but a platform for AI-first infrastructure. He invested early, helping shape the company's market entry strategy and distribution pipelines that now carry XGENIA's tools worldwide, and continues to guide the direction of the company.

\ Foundations of trust

As XGENIA turns its attention to fast-emerging digital economies like Sri Lanka, the company faces a challenge that transcends technology. How do you earn trust in an era of AI skepticism? In regions where innovation often arrives faster than regulation, credibility becomes the ultimate currency.

“The industry must pivot from viewing AI as a replacement to a collaborator.”

Mark knows this well. “Trust is paramount.” XGENIA’s approach rests on three pillars. Total transparency, security through stress-testing and localised value. “Our node-based system exposes logic for audits. We run ‘Dark AI’ attacks to prove resilience. And we deliver tangible solutions, lower costs, stronger competitiveness, and real creative autonomy.”

It’s this mix of proof and partnership that Mark believes will anchor AI’s next chapter in emerging markets. "We don't sell software; we build partnerships on proof."

\ Reprogramming the future

Amid the AI revolution, Mark recognises a change that goes beyond technology. It’s a transformation in mindset. “The industry must pivot from viewing AI as a replacement to that of a collaborator.” he says.

For the next generation of AI developers, his advice reads like a hacker’s manifesto. Be skeptical, think in systems and stay ethically vigilant.

“This is AI’s ‘Blockbuster vs. Netflix’ juncture,” he says.“Either you embrace the hack or fade away.” In the end, that might be XGENIA’s greatest innovation. Not its technology, but its belief that the future belongs to those willing to take things apart, understand them and reimagine them from the ground up.

The OGs of Online Gaming

Part One

Words by Jillian Dingwall

Trigger warning: This article contains images of retro facial hair and questionable fashion choices that some readers may find distressing.

The year was 1987, and a fresh-faced, bright-eyed Pontus Lindwall had just begun his studies at the Royal Institute of Technology in Stockholm. The mullets were flowing, the jeans were stonewashed, and Pontus was on his way to creating a world nobody had a name for yet: the world of online casinos. Pontus Lindwall, founder of NetEnt and co-founder of Betsson Group, is one of the original architects of the online gaming revolution, helping to shape the industry’s growth from the chaotic dial-up days to today’s billion-euro powerhouse. In this two-part series, Pontus tells SiGMA News all about the scrappy, rebellious spirit of the early iGaming scene, and how he built an empire with mathematical talent, a modem, and an ever-evolving beard.

\ Floppy disks and blunt-force keyboards

“I studied computer science and engineering at university, but at the time I had no idea what I was going to do,” Pontus recalls. “I just wanted to work with computers. It was all very basic back then, no internet, no mobiles.”

We’re talking about an era when PCs were the size of beer fridges and keyboards could be used as literal weapons, not the metaphorical ones favoured by today’s keyboard warriors.

“There was a recession around the time I graduated, so my plans were up in the air, and that’s when I went to work for Cherry Casino. My father was one of the four founders; he had left by then, but I thought I could work for them while waiting for the job market to get back on track.” At Cherry, Pontus began working on video lottery terminals (VLTs), gaming machines that could be connected to a central computer.

“I was interested in slot machines and, you know, I could do the math. I put a lot of effort into the VLT project and proposed it as a new form of gaming in Sweden. But at the end of the day, although the politicians thought it was a good idea, they would only allow it to be done through the stateowned monopoly.”

So, a frustrated Pontus quit Cherry and said to himself that he would “Never, ever work in the iGaming industry again because it was completely controlled by politicians.”

\ The End.

Just kidding. By the mid 90s, while the rest of us were painstakingly trying to record the Top 40 off the radio, Pontus was realising the potential of the internet.

“I think the first time I heard about the internet must have been around ’93, ’94,” he recalls, “I understood that it was something that would change the world, and so I landed back in the gaming industry again, because I thought that with the help of the internet, we could create online casino games that would not be as easy for the government to interfere with.”

\ NetEnt at ICE, London, 2004.

So, in 1996, Pontus founded NetEnt (or Net Entertainment as it was called back then). After raising a small bit of investment from Cherry and investment company Kinnevik, and roping in some developers from his old university, they began building everything from scratch. There were no operators or suppliers at that time, so the architecture, platform, games, front end, and game servers were entirely homemade.

It was also at this time that he made a solemn promise to himself: “I decided that I wasn’t going to shave my beard until we had something online, up and running.”

\ All work and no play makes Pontus a dull boy

Building everything yourself obviously takes time, so when Pontus first started to develop the system, he searched the internet to try to find someone who had done something similar, with the aim of teaming up to save time.

“I found a company that was based in St.Kitts, in the Caribbean. So we went over there for six months and joined forces. We made the games’ front end and game servers while they worked more on the backend, which is nowadays called the PAM.”

Pontus’ memories of his time in St. Kitts are less sand, sea and cocktails, and more work, work, and work. However, looking at the photos from his time there, there is definitely a distinct tan not usually associated with a Swede, so we find it hard to believe that he spent the entire six months hunched over a computer in a Caribbean basement.

“We definitely worked harder than we played. We knew we only had a limited time there so we wanted to get the most out of it, working all hours of the day and night. Of course we had some weekends to enjoy the weather and the entertainment, but it was mostly work.”

\ A hairy monument to success

It wasn’t until 1999, three years after Pontus’ beardshaving promise, that they launched their first games. And still he didn’t shave the beard, “I decided to keep it for just a while longer, you know, as a kind of memento to our achievement and to remind myself that what we had built and grown had actually become something.

“But then, of course, the investors started to ask me, okay, but when are you gonna make money?”

At the time, this was a difficult question to answer. “People were very sceptical about e-commerce, and they didn’t trust it yet. There was hesitation when it came to putting your card details into a website, as you weren’t sure where your money would end up.”

After launching in the late 90s it took until around 2002 for them to finally start getting real traction. The first external company to feature NetEnt’s games was a sports betting site, kicking off the whole concept of hosting online casino games within a sportsbook, which was not at all natural at the time.

However, it wasn’t long before other similar gaming sites started popping up and overtaking NetEnt in terms of size and traffic, so the company organically forged a path towards a more B2B operation, where it became very successful, until it was eventually acquired by Evolution in 2020.

\ Betsson? Never heard of ‘em

As NetEnt was growing up and finding traction in the early 2000s, there was a real risk of empty nest syndrome kicking in. It was around this time that Pontus met some London-based Swedes who had just started a gaming company called Betsson. They were aiming for the Swedish market but needed financing.

“By then, we already had some decent cash flow,” Pontus explains, “so we agreed to finance Betsson if we had the option to acquire them at a later stage when they became bigger.”

I mean, it’s your money Pontus, but don’t come crying to me if it all goes tits-up.

Check out part two here, where Pontus talks more about the early days of the internet and how Betsson grew to the powerhouse it is today.

Inside South Asia’s iGaming boom

Words by Jenny Ortiz-Bolivar

The South Asian iGaming market is evolving rapidly, with varying levels of engagement, revenue, and player behaviour across Bangladesh, India, and Sri Lanka. In this exclusive SiGMA Market Report, iGaming operators, regulators in the region, and investors seeking insight into the opportunities and challenges across the region will gain insight into how these dynamics are crucial in the future of the sector.

According to the latest data, Bangladesh shows exceptionally high user interest, with a peak Blask Index of 80.25 million, reflecting a young and digitally active population eager to participate in online gambling. By contrast, data shows that India generates the highest revenue in the region, surpassing $241 million in a single month, supported by a more educated and higher-income player base. Meanwhile, Sri Lanka represents an emerging market, with smaller revenue figures but a more stable and employed demographic, reflecting cautious engagement with iGaming products.

Across the three markets, player motivations, product usage, and risk behaviour differ notably. This report provides a comprehensive view of these trends, allowing a clear comparison of South Asia’s diverse iGaming landscape.

Bangladesh: High user interest and youth-driven market

Bangladesh shows the highest peak user interest in the region, with the Blask Index reaching 80.25 million in June 2025. Revenue ranges from $162.1 million to $194.6 million from November 2024 to October 2025. The country’s population of 168.7 million and 63.3 million internet users as of September 2024 suggest a substantial potential for iGaming expansion relative to online accessibility.

Bangladeshi iGaming users are concentrated among younger age groups, with 40% aged 18–24 and 30% aged 25–34,

making the total youth concentration of 70% in the country. Only 25% of players have attained higher education, split between 20% university graduates and 5% post-graduate holders. Employment rates show 35% of users employed for wages, primarily in retail (20%) and information services (15%). The dominant income bracket is under 300,000 BDT ($2,457), reflecting a lower-income player base.

Monetary gain drives both sports and casino betting in Bangladesh. Sixty percent of users report betting to earn money in sports, while 55% cite the same motivation for casino games. Secondary motivations include enjoyment and adrenaline, with 40% enjoying sports betting and 30% seeking adrenaline. For casino users, 35% bet to escape routine, and 30% seek adrenaline.

Traditional sports are the most commonly used product at 50%, followed by lottery (40%) and slots/instant win games (25%). Generalized Esports attract 20% of users, while poker and rummy have lower adoption at 15%. Fantasy sports were not reported.

Social media is the leading engagement channel at 50%, followed by online search (30%) and friend recommendations (25%). Mobile app notifications and YouTube engagement are not recorded for Bangladesh.

Bangladeshi players show a lower overall gambling risk. Sixty percent are non-problem gamblers; 25% are low-risk, 10% moderate-risk, and 5% problem gamblers, combining to 15% in moderate/problem categories.

BLASK INDEX REPRESENTING THE AGGREGATED LEVEL OF USER INTEREST IN ALL GAMING BRANDS IN BANGLADESH. (Source: Blask)

India: Revenue leader with high-risk player base

India is the largest revenue market in South Asia, ranging from $194.5 million to $241.1 million, peaking in April 2025. While the peak Blask Index of 64.19 million is lower than that of Bangladesh, India maintains a high level of user engagement relative to its revenue. Indian players are younger but slightly older than their Bangladeshi counterparts, with 25% aged 18–24 and 35% aged 25–34, resulting in a total youth concentration of 60%.

Education levels are higher than in Bangladesh, with 35% holding university degrees and 15% post-graduate qualifications. Data also shows that employment for wages accounts for 45%, and primary career sectors include software (15%) and finance/insurance (12%). The dominant income bracket is 200,000 to 1,000,000 INR ($2,254 to $11,271), indicating a mid-to-upper-mid income market.

Monetary gain is the primary motivator in sports and casino betting in the country, with 60% of users seeking earnings through sports betting and 50% through casino games. Indian players also show broader engagement drivers: 50%

report that betting makes sports more exciting, 50% enjoy the process, and secondary motivations include passing the time (40%) and engaging more deeply with sports events (40%). In casino betting, 40% of the players said that they enjoy the process, while 35% bet to pass the time. Adrenaline remains essential, with 45% of sports bettors seeking excitement.

Meanwhile, traditional sports dominate at 70%, followed by poker/rummy at 50%. Lottery usage aligns with Bangladesh at 40%, while fantasy sports have 35% adoption. Instant win or slot games are used by 30%, and Esports by 15%. The Indian market shows a stronger focus on skill-based and competitive games compared to Bangladesh and Sri Lanka.

India utilises mobile and video platforms extensively. Social media engagement reaches 60%, online search 45%, mobile app notifications 50%, and YouTube 40%. Friend recommendations account for 30% of brand engagement. These channels show India’s diverse digital approach for player acquisition and retention.

Indian users display higher risk levels than regional peers. Only 10% are non-problem gamblers, 25% low-risk, 55% moderaterisk, and 10% problem gamblers. The combined moderate/ problem risk category totals 65%, the highest in South Asia.

MARKET DYNAMICS REPRESENTING ESTIMATED MONTHLY REVENUE FOR INDIA, CALCULATED AS THE SUM OF PROJECTED BRAND-LEVEL REVENUE FOR EACH COMPLETED MONTH DURING THE SELECTED PERIOD. (Source: Blask)

Moreover, traditional sports lead at 30% in Sri Lanka, lottery at 20%, slots/instant win at 15%, poker/rummy at 10%, and fantasy sports at 5%. Esports adoption is 10%, excluding console-based products. Sri Lanka’s usage shows limited penetration across most product categories.

Monetary gain is less central in Sri Lanka. Only 20% of users cite earnings as a primary motivator for sports and casino betting. Users are motivated by entertainment or time-passing factors: 25% bet to make sports more exciting, 25% to pass the time in sports, 25% to pass the time in casino games, and 20% to enjoy casino betting. Adrenaline is less prominent, with 15% seeking excitement in sports betting.

Social media remains the primary channel at 50%, with online search and YouTube at 45% and 35%, respectively. Mobile app notifications reach 25%, and friend recommendations are 25%. Engagement is concentrated on social and search channels rather than mobile or video-first strategies.

Sri Lanka also shows the lowest gambling risk in the region. Seventy percent are non-problem gamblers, 15% low-risk, 10% moderate-risk, and 5% problem gamblers, resulting in only 15% in combined moderate/problem risk categories.

PRODUCT PREFERENCES IN SOUTH ASIA. (Source:

Blask)

Comparative insights across South Asia

To conceptualise these differences, the South Asian iGaming market can be divided into three tiers based on size, demographics, and risk behaviour.

India as the revenue engine: India leads in total revenue, product diversity, and digital engagement, but its player base exhibits the highest proportion of moderate-to-problem gambling risk. Players are mid-to-upper-mid income, highly educated, and concentrated in competitive skill-based games like poker, rummy, and fantasy sports.

Bangladesh as the mass appeal market: Bangladesh shows the highest user interest, a very young and lower-

income demographic, and strong motivation for monetary gain. Sports and casino betting are motivated primarily by earnings and adrenaline, and product usage is focused on traditional sports, lottery, and slots. Risk levels are comparatively low.

Sri Lanka as an emerging market: Sri Lanka has smaller revenue and user engagement. Its players are older, highly employed, and more stable financially, with lower reported gambling risk. Product adoption is narrower, and motivations centre around entertainment rather than monetary gain.

The region reflects diverse player profiles, engagement channels, and risk behaviour. India drives revenue and advanced product adoption, Bangladesh attracts volume through youth-led interest and earning motivation, and Sri Lanka presents a cautious, low-risk emerging market.

BETTING MOTIVATIONS IN SOUTH ASIA. (Source: Blask)

Sports Betting – Top Motivation

Bangladesh

India

Sri Lanka

Earn money (60%), Enjoy process (40%), Adrenaline (30%)

Earn money (60%), Enjoy process (50%), Excitement (50%)

Pass time (25%), Excitement (25%), Earn money (20%)

Casino Betting – Top Motivation

Earn money (55%), Escape routine (35%), Adrenaline (30%)

Earn money (50%), Enjoy process (40%), Pass time (35%)

Pass time (25%), Earn money (20%), Enjoy process (20%)

Building a smarter future for gambling in Europe

Maarten Haijer, Secretary General of the European Gaming and Betting Association (EGBA), outlines how AI-driven tools, responsible advertising, and self-regulation are shaping a more sustainable European gambling sector.

Across the European gaming landscape, the conversation is shifting, from compliance to innovation, from regulation to responsibility. In Brussels, at the heart of European policy, Maarten Haijer is spearheading a vision grounded in safe, data-driven, and forward-looking principles.

Representing the continent’s leading online betting and gaming operators, the EGBA is no stranger to the legislative complexities that define the sector. However, amid the challenges lie clear priorities: smarter regulation, safer gambling, and more resilient enforcement frameworks that prioritise consumers.

“Responsible gaming is the heart and soul of the association. And also, it has to be the heart and soul of the industry.”

\ Responsible gaming at the core

For Haijer and his team, responsible gambling is not a regulatory checkbox; it’s the foundation of long-term industry sustainability. Policymakers across Europe are increasingly attentive to consumer protection, and EGBA is working proactively to meet and exceed those expectations.

“Together with our members, we try to elevate the level and raise the bar around responsible gambling,” he explained. “That’s the one policy area that’s always of most interest and importance to policymakers, both in Brussels and at the national level.”

This includes the rollout of tools such as self-exclusion systems, player interaction mechanisms, and personalised safer gambling messages. In its latest sustainability report, EGBA revealed that its members sent over 100 million messages to their players to encourage safer gambling, and 25% of those communications were tailored to individual user behaviour.

\ Artificial intelligence as a regulatory ally

With regulatory pressures mounting, AI is becoming a crucial component of safer gambling. Gambling operators are increasingly deploying algorithms and predictive technologies to detect problematic behaviour before it escalates.

Haijer described artificial intelligence as essential for bridging the gap between regulatory intent and operational effectiveness.

“What’s good about AI and algorithms is that they allow predictive models to be developed... It allows individual behaviour to be tracked and to be intervened with, if necessary.”

By anticipating risks early, operators can minimise harm while maintaining a commercially sustainable business model, a goal that traditional, rigid regulation often fails to achieve effectively.

\ Quality over quantity in advertising

One of the most contentious topics across Europe’s gambling debate remains advertising. From Italy’s tight limitations to increasing restrictions in Germany and the Netherlands, worries about the amount and tone of gambling advertising is widespread.

While acknowledging this public concern, Haijer argues that advertising is a necessary component of regulated markets,

as being able to distinguish between licensed operators and unlicensed players is essential for consumers.

To address concerns, EGBA has introduced a comprehensive Code of Conduct on Responsible Advertising, which addresses content moderation across all channels, including TV, social media, and digital platforms. The code also includes standards on age gating, clear warnings, and prohibitions on targeting minors.

\ Regulation: not less, but better

Haijer rejects the standard industry narrative around overregulation. Instead, he urges stakeholders to embrace the inevitability of public scrutiny, while demanding smarter, more effective rules in return.

Rather than resisting regulation, EGBA’s strategy focuses on improving it. Poorly designed policies, those that fail to differentiate between technologies or impose outdated methods, can stifle innovation and ultimately harm both operators and consumers.

“There are absolutely instances where regulation stifles innovation,” Haijer noted. “Some of the things that member states ask to be applied are very restrictive.”

The goal, he argued, should be technology-neutral frameworks that allow for alternative methods of achieving compliance outcomes without prescribing exact procedures.

\ Standardisation over harmonisation

Calls for a unified, pan-European regulatory regime have persisted for years, but Haijer is clear-eyed about the political realities in Brussels.

Instead, EGBA champions standardisation through voluntary alignment, best practice sharing, and compliance with overarching EU law. This strategy is already bearing fruit, with multiple member states moving towards the licensing-based model first popularised by Malta.

“If you can comply with licensing requirements, which are strict in Malta, and you’re able to provide services responsibly, that is the model now spreading across Europe,” Haijer explained.

Outside Europe, jurisdictions such as Brazil and several African markets are also adopting similar frameworks inspired by the Maltese approach.

\ Tackling the black market

Of growing concern is the expansion of black market activity across EU borders. As enforcement gaps widen, unlicensed operators, many based outside the EU, are capitalising on regulatory inconsistency.

Unlike licensed firms, these operators often bypass safeguards, offer no consumer protection, and pay no local taxes, giving them a significant and unfair competitive edge. EGBA’s advocacy efforts include urging regulators to strengthen enforcement and close loopholes that allow black market actors to reach EU players with impunity, as well as encourage industry partners to only promote operators who are licensed and regulated in the EU.

\ A sector under scrutiny, and in transition

The coming months will see the rollout of new AML rules and digital fairness directives. According to Haijer, these developments represent both challenges and opportunities.

He also acknowledged the dilemma facing European policymakers who want to stimulate economic growth while ensuring they do not introduce an unmanageable regulatory burden. EGBA is closely following these developments, prepared to assist with independent data, self-regulation, and proactive policy engagement.

\ A roadmap for a brighter future

When asked about EGBA’s top priorities for the year ahead, Haijer did not hesitate. Very clearly: the black market and safer gambling.”

The association will continue to publish data, enhance its sustainability activities, and engage with regulators to improve standards across the board. Its members are committed to a safe, transparent sector based on best practice, and to creating positive social value, including through annual tax contributions of €3.8 billion to the EU and UK.

In an industry often marked by headlines about risk, addiction, or restriction, EGBA is pushing a different narrative, one of responsibility, cooperation, and intelligent innovation. EGBA is organising the 5th annual European Safer Gambling Week on 17-23 November and invites all stakeholders to join in promoting and raising awareness of safer gambling across Europe.

Ethics over algorithms

Naomi Day sat down with Brando Benifei, Member of the European Parliament, to discuss AI regulation, ethical frameworks and Europe’s approach to shaping the future of artificial intelligence.

\ Global AI governance

Benifei has spent three terms in the European Parliament, spearheading one of its most ambitious legislative projects: the EU AI Act. As chief negotiator, he now leads the working group on its implementation while chairing the delegation for relations with the United States.“I work to maintain a dialogue with the rest of the world about the global regulation and direction of AI innovation,” he explains.

Europe’s approach could provide a universal framework. “We classify AI by risk level. Low-risk AI can be lightly regulated, while higher-risk AI requires stricter rules to mitigate potential harm. This idea of risk-based regulation could serve as a universal language in global discussions.”

Transparency is key, especially in fast-evolving areas such as generative AI. “We must prevent abuses, whether it’s deepfakes or AI used to mislead people. There’s a lot of space for convergence internationally on these issues.” Benifei sees Europe’s model as a way to lead by example, demonstrating that AI can be both powerful and responsibly governed.

“Risk-based regulation could serve as a universal language in global discussions.”

\ Ethics at the core

Benifei argues that legislation alone cannot govern AI responsibly, ethics must guide its development. He insists AI should respect human dignity and keep people at its centre. “Ethics are crucial when dealing with AI. Law can only go so far. We must ensure AI development respects human dignity and places humans at its centre.”

While Benifei recognises AI’s potential to boost productivity and free up time, he warns that public trust will only come if people feel protected. “It can enhance productivity and help us use our time better, but we need safeguards so people can embrace AI without fear.” That balance between opportunity and caution runs through his broader vision, extending even into sectors like gaming.

Benifei sees huge potential for AI in gaming, from richer storytelling to more immersive experiences. However, he is quick to stress that innovation cannot come at the cost of player safety. “AI can enrich the gaming experience, but it must be regulated to avoid exploitation or manipulation, especially techniques that are forbidden in Europe.”

The same principles apply to iGaming, where AI intersects with data use and the protection of minors. “We focus on real-world use cases, ensuring technology is safe and ethical in practice.” Here, the focus remains on practical, real-world safeguards.

\ A global race

Europe has been watching closely as the US and China lead the charge on AI innovation. “The EU has lagged behind for various reasons. We need to accelerate innovation to remain competitive and uphold a model based on democratic values,” he says, highlighting the stakes.

Strengthening strategic independence is another critical piece of the puzzle. Benifei underscores the importance of diversifying sources to secure Europe’s technological future. “We’re planning a second Chips Act to reduce reliance on rare materials and semiconductors. Diversifying sources and building strong partnerships is vital.”

Collaboration extends beyond legislation. Benifei points to gatherings of policymakers, industry leaders, civil society and consumers as essential for driving coherent AI strategies. These events allow ideas to cross borders and build consensus. As Rome prepares to host key discussions this year, he reflects on the significance of bringing people together. Events like SiGMA Central Europe, he believes, can spark dialogue and strengthen Europe’s collective effort to shape AI responsibly. “This year is important for Italy, and events like this help connect people, share ideas and strengthen our work together.”

\ Shared responsibility

Benifei stresses that regulating AI is not about controlling technology but about shaping its future around fairness, transparency and human dignity. “We must mitigate AI’s risks to ensure it serves everyone’s best interests. The goal is to build a future where innovation and ethics go hand in hand.”, he says, guiding AI toward a future defined by responsibility and trust.

Growth Principles in Practice

Francesco Postiglione, CEO of Casumo, discusses his strategic vision for transforming the company’s operations, embracing both technology and human connection, in this interview by Rami Gabriel, focusing on innovation, compliance, and leadership in the gaming industry.

In January 2023, Francesco Postiglione stepped into Casumo’s top job with nearly two decades of industry experience already behind him. “I’ve worked in the industry for almost 18 years,” he notes, having founded two start-ups, led Betclic’s international markets, run Belgium’s Napoleon Sports & Casino, and helmed Croatia’s PSK before arriving in Malta. Casumo itself, established in 2012, is now “13 years old” and firmly focused on regulated territories such as Spain, Ontario, Sweden, and its largest market, the UK.

Postiglione’s priority is clear: “transitioning Casumo from unregulated to fully regulated operations.”

\ Tech with Touch

Casumo’s strategy intertwines efficiency behind the scenes with empathy on the surface. Internally, technology must remain “fit-for-purpose tools that let employees work efficiently and productively.”

Externally, the aim is frictionless play: intuitive navigation, personalised offers, and AI-driven safeguards that spot risky behaviour early. Yet automation stops at the point of human need.

“Our customer-service team offers real voices ready to help,” Postiglione stresses, ensuring that when emotion overrides the algorithm, people, not bots, solve the issue.

Back in 2013, Postiglione launched Italy’s first mobile casino, predicting handheld dominance. Today, “about 90 per cent of gaming activity is mobile,” fulfilling the vision he once viewed as self-evident. The smartphone has matured from a supplementary screen to a primary stage, validating early bets on pocket-first design.

\ Collective Compliance

Europe’s regulatory screw continues to tighten, and Postiglione advocates unity over solitude.

“Operators in a market should align on marketing, communication, and compliance.”

A single, coherent voice engaging regulators can propose pragmatic rules while “combating the black market.” With legislation only set to intensify, collaboration becomes the industry’s seat at the policymaking table-a chorus rather than competing solos.

\ Social & Reality Check

Virtual-reality hype circulates yearly, yet Postiglione remains unconvinced of its short-term payoff. Uptake “remains limited” even in mainstream gaming, so the idea that players will don headsets merely to “spin a roulette wheel” feels distant. He pencils VR into the five-to-ten-year column, contingent on a new cohort of users and hardware habits.

Postiglione draws a bright line between pointsfor-clicks gamification and genuine community. “Gamification equals automated mechanics that reward player actions.” Social interaction, by contrast, is players “engaging with each other-chat rooms, shared bet slips, live-streamed games.” Both boost retention, but only the latter forges palpable bonds, turning solitary spins into shared stories.

\ Principles in Practice

His leadership lexicon distils to five words: Integrity, Fairness, Ambition, Belief, and Care. He treats them as compass points, checking each move against this quintet before giving the go-ahead.

Decisions must be ethical, transparent, and inspiring yet grounded; serving “stakeholders, and especially players whose well-being is paramount.” In his view, standing by these values builds trust quickly and cushions the business when turbulence hits.

The personal motto he lives by, “Hope for the best, prepare for the worst,” encapsulates pragmatic optimism, a hallmark of someone steering a company through regulatory rapids.

\ Final Play

From mobile foresight to regulatory foresight, Francesco Postiglione’s narrative is one of anticipating tides rather than reacting to waves. By coupling robust tech with genuine human connection and rallying competitors into a collective conversation, he aims to keep Casumo and the broader industry in tune with an ever-changing rhythm of rules and realities.

“By coupling robust tech with genuine human connection, we aim to stay ahead of regulatory changes.”

Rome’s rising stage

Quirino Mancini from WH Partners sits down with Matthew Busuttil and explains why Italy remains a leading European gaming market, how regulation is shaping industry dynamics, and what Rome’s emergence as a hub means for operators and international events.

\ Italy’s gaming landscape

Italy proudly stands as one of Europe’s most regulated, developed, and exclusive gaming markets. This exclusivity, shaped for almost two decades by the country’s regulatory framework, has created a fiercely competitive environment and a magnet for international operators seeking credibility in a first-tier jurisdiction. As industry professionals, investors, regulatory experts, and stakeholders, you are part of this elite group.

“Italy is one of the most developed, regulated, and crowded European gaming markets,” Mancini explains. “All the big players are licensed in Italy, and despite demanding conditions, the appetite for a licence remains significant.”

\ A market designed for the big players

The recent licensing round highlighted Italy’s high entry barriers, which have significantly influenced market dynamics. With a €7 million licensing fee and increasingly demanding compliance obligations, the system has intentionally filtered the market towards stronger, well-capitalised operators. This has led to a market where only the big players can continue or start operations, as evidenced by the 46 licences awarded by the Italian gaming regulatory authority (namely Agenzia delle Dogane e Monopoli or “AdM” in short) on 17 September 2025, with major groups having applied for multiple licences tied to different brands.

“The goal was to raise good money for the state coffers while creating a more selective and strictly regulated environment that would facilitate AdM’s monitoring and supervisory job.

Smaller operators, who previously held licences granted in 2018, have either exited or been absorbed by larger competitors.

“The goal was to raise good money for the state coffers, while creating a more selective and strictly regulated environment that would facilitate AdM’s monitoring and supervisory jobs.”

You can’t afford not to be in Italy,” he stresses. “Although it is crowded and compliance-heavy, the Italian market is a must for any global operator with IPO ambitions or a focus on regulated markets.”

For industry giants, however, the price of entry is not prohibitive. “You can’t afford not to be in Italy,” he stresses. “Although it is crowded and compliance-heavy, the Italian market is a must for any global operator with IPO ambitions or a focus on regulated markets.”

\ Compliance as a competitive test

Italy’s demanding framework extends beyond financial investment. Maintaining a licence requires teams dedicated exclusively to technical compliance, responsible gambling, anti-money laundering, GDPR, and even the newly introduced Accessibility Act.

“Running a license in Italy requires a fully dedicated operation and team. Compliance is an ongoing challenge, but one that keeps the market professional and transparent,” says Mancini. This commitment to professionalism and transparency should instil confidence in the market’s integrity and reassure stakeholders of its soundness.

\ No harmonisation on the horizon

While Italy continues to tighten its own regulatory framework, many wonder whether the European Union might eventually harmonise gaming laws across member states. Mancini is sceptical.

“Harmonisation is unrealistic. Each country is very protective of its taxation and regulatory prerogatives,” he argues. “The only alignment we may see is in areas such as AML and consumer protection with special focus on responsible gambling, where broader EU directives already apply across industries.”

Taxation models and rates, however, will remain firmly within national hands, perpetuating the fragmented regulatory landscape across Europe.

\ Lottery remains untouchable

One sector that remains distinct is the lottery. In Italy, the licence is held exclusively by IGT, with no indication of the exclusive licence rule being eased or revisited in the foreseeable future. Unlike other forms of gambling, lotteries are exempt from Italy’s strict advertising ban.

“Lotteries are a world apart, a golden cow for the state coffers, generating billions in tax revenue,” Mancini highlights. “In Italy, as elsewhere in Europe, lotteries operate in their own sphere and rarely intermingle with the rest of the gaming industry.”

\ Rome as a new hub for SiGMA

With SiGMA bringing its flagship event to Rome, Mancini is enthusiastic about the timing and potential impact. As a Roman himself, he sees it as a landmark moment for Italy’s gaming sector.

“SiGMA moving to Rome is a very clever move at the right time,” he says.

Italy has vast potential, but it has lacked large-scale international gaming events. Rome, despite its logistical challenges, is a beautiful city and will attract a broad audience. This event could boost the visibility and appeal of Italy’s gaming sector, paving the way for future international gaming events in the country.

Mancini confirms that he will play an active role in the agenda. “How could I not be involved?” he adds with a smile.

Italy’s gaming sector is undergoing a significant transformation, with regulation aimed at ensuring sustainability and professionalism, potentially at the expense of smaller players.

As the industry gathers in Rome for SiGMA Central Europe, the spotlight will not only shine on Italy’s unique market dynamics but also on its position as a crucial pillar in Europe’s gaming landscape.

Shaping the future of regulation

Carl Brincat, Director of Policy and Regulatory Affairs at LeoVegas Group, joined the company in August 2024 after a distinguished career at the Malta Gaming Authority.

He recently sat down with Matthew Busuttil for an interview, sharing insights on how he ensures that LeoVegas Group not only meets regulatory expectations but also continues to deliver engaging and safe entertainment across its global markets.

\ Building a strong foundation

“At the outset, my priority was to approach the new role with the humility of knowing that I needed to understand the group deeply to contribute where I can truly add value,” Brincat explains. His first year centred on building a strong team, establishing robust structures, and enhancing LeoVegas Group’s visibility in trade associations and formal consultations. He emphasises that these foundations are essential to maintaining transparency and open communication with regulators.

“Going forward, the priority is now to keep strengthening direct relationships with our regulators, as we firmly believe in transparency and open communication with them,” he adds. This approach ensures that regulatory engagement is proactive rather than reactive, a principle Brincat sees as vital for a company operating in multiple highly-regulated markets.

\ Navigating diverse regulations

LeoVegas Group operates across numerous jurisdictions, each with distinct regulatory frameworks. Brincat works closely with many internal stakeholders, including the Compliance, AML, Governance, Responsible Gaming, and Commercial teams, to monitor regulatory developments and respond effectively.

“By making sure that we have the right people and tools to monitor and respond to those developments in a timely way, and scaling according to our global footprint, we ensure that we remain competitive and compliant,” he says. Governance structures within the company reinforce a consistent ethos, ensuring that regulatory standards are upheld across all markets while supporting operational agility.

\ Responsible gaming at the core

Player protection remains central to LeoVegas Group’s brand identity. Brincat describes the company’s approach as embedding responsible gaming directly into the design of its services.

“Our service is designed from the ground up with the intention of being the pinnacle of entertainment, and for our customers to enjoy our services as entertainment necessarily means that they must do so safely and responsibly,” he notes. His team supports these efforts by communicating the company’s initiatives to regulators and driving cooperation with other operators and suppliers to help shape frameworks that allow operators to remain competitive while protecting players.

\ Balancing innovation with compliance

Rapid technological advances pose both opportunities and challenges for operators. Brincat highlights the importance of designing regulatory frameworks that are flexible enough to accommodate innovation.

“Regulation is, by its very nature, normally reactive and trails behind innovation,” he explains. “Legal certainty and clarity are essential, for operators and suppliers alike to have full awareness of what is required of them to be compliant; however, the only way regulation can keep pace without stifling

innovation is for it to be designed in a manner which, as far as possible, enables industry players to embrace and implement innovative products and technologies as early as possible.”

This is an approach which LeoVegas Group advocates for legislators and regulators to take, as it enables highlyregulated operators to be at the cutting edge and leverage tools to make the gaming experience ever safer, but also implement regulatory requirements in a manner that makes it easiest for the players to come on this journey with us.

\ Challenges and strategic advantages

Operating in highly regulated markets presents inherent challenges, from overlapping legal requirements to complex platform development. Brincat notes that regulatory obligations can sometimes create friction in user experience or restrict marketing and product flexibility. At the same time, LeoVegas Group competes against unregulated operators, who are not subject to such requirements and undermine the objectives that regulatory frameworks seek to achieve.

This makes regulatory engagement and operational efficiency even more critical. According to Brincat, what distinguishes LeoVegas Group is the company’s commitment to transparency and long-term regulatory engagement. “Continuous and transparent engagement with regulators and legislators is the only way for the industry to thrive and regulators to fully achieve their objectives at law,” he explains. Without such engagement, unregulated operators will continue to thrive at the expense of regulated operators, regulators, and – crucially – at the expense of society.

\ Looking ahead at Central Europe

With the upcoming SiGMA Central Europe Summit in Rome, Brincat believes industry conversations must focus on technology, consumer protection, and combating the black market. He stresses the importance of understanding how artificial intelligence intersects with sector-specific legislation, as well as the need to create balanced frameworks that allow regulated operators to compete effectively.

“The discussion of how best to educate consumers on the benefits of only interacting with regulated operators, and to create balanced legal frameworks that allow regulated operators to be highly competitive, should be a mainstay,” he says.

\ A rewarding intersection

For Brincat, working at the intersection of regulation, policy, and business provides a unique professional reward.

“Conversing with legislators and regulators at a policy level on what we believe that should look like, and working to try and implement regulation in a manner which enhances, rather than detracts from, our services, is what I find really rewarding,” he reflects.

By combining deep legal and regulatory insight with a strategic focus on innovation, Brincat is helping LeoVegas Group maintain its reputation as a responsible and forwardlooking operator in Europe’s competitive gaming landscape.

The gaming industry’s untold story

Naomi Day sat down with Bill Pascrell, III, Esq. affectionately known in the gaming industry as BP3, to explore his 30-year journey in gaming, the US regulatory landscape and the ethical responsibilities shaping the future of iGaming.

\ The long game

As a lawyer, regulatory expert and partner at Princeton Public Affairs Group, Bill Pascrell has spent more than three decades in the political trenches of gaming, advising governors, guiding operators and shaping landmark legislation that defined the U.S. online gambling market.

From horse racing to lotteries, predictive markets to iGaming, his career has mirrored the industry’s transformation. In 2009, PokerStars founder Isai Scheinberg approached him after years of fruitless lobbying. “He’d been spending $40 million a year lobbying Congress. I said, ‘I’ll make a deal with you. Give me 10% of that $40 million and give me two years. I’ll get you an iGaming bill done.’ By 2011, we passed the bill and launched 18 months later. The rest is history.”

It wasn’t without sacrifice. “When I got hired by PokerStars, every land-based casino client I had fired me. I lost millions. But I believed in what I was doing. It was David against Goliath, and we got it done.”

Pascrell warns that one of the biggest hurdles is awareness. “Most politicians don’t understand that in their state where there’s no iGaming yet authorised, people are betting online. They’re just doing it on the black market.”

\ Boots on the ground

Despite America’s reputation as a gaming powerhouse, Pascrell stresses that the digital market is still emerging. “The U.S. gaming market, which is very mature in terms of land-based and retail, is in its infancy in terms of digital online.” Sports betting may be accelerating but he believes iGaming still faces a long road. “The top states like Texas and California aren’t moving anytime soon,” he says, citing political hurdles and tribal interests.

Pascrell warns that one of the biggest hurdles is awareness. “Most politicians don’t understand that in their state where there’s no iGaming yet authorised, people are betting online. They’re just doing it on the black market.”

The key, he argues, is stronger advocacy. “The industry has an incredibly powerful story to tell, but nobody is telling it. iGaming creates jobs. It creates taxes. It helps penetrate the black market.”

However, getting that message across has to go further than sending emails or scheduling calls, “You cannot lobby virtually. If you do that, you’ve failed from the jump,” he insists. “Get your messaging down, be sincere, be passionate. Muster up some supporting documentation, knock on the doors and be persistent. Talk to people face to face, respect them.”

He also emphasises the importance of results, “Ask your lobbyist what they’ve accomplished in gaming. If they haven’t achieved anything, they’re not adding value.”

In Pascrell’s view, progress in iGaming isn’t won in Zoom calls or policy papers. It’s earned in person through one handshake, one conversation and one legislator at a time.

\ Integrity as currency

For Pascrell, success in gaming depends on ethics above all. “Ethics and integrity are the result of the leadership of each organisation. You do not produce ethics and integrity

by regulators producing strict laws because if you’re not ethical and if you have no integrity, you’ll find the way around any rule or law”

He applauds operators investing in real-time integrity monitoring and responsible gaming tools. “Becasue you know what most people think? Well, if there’s one corrupt politician, they’re probably all corrupt. So unless you address it in a strict way, I don’t believe there’s any room for ethical breaches”

Pascrell’s commitment to ethics goes beyond compliance,“I was invited by the University of Faulkner to attend a debate at their university in Montgomery, Alabama. I debated the biblical dean of the school on the ethics of gambling. There is no reference in the Bible that says gambling is a sin or immoral. If it’s handled properly, responsibly, I think it’s fine. Where it gets immoral is when it gets to irresponsible gambling, problem gambling, gambling addiction”

This distinction underscores a broader principle for the industry. That integrity and responsibility must come from within. Operators cannot rely solely on regulators to define ethical behaviour. Fostering a culture of accountability and responsible play is essential to sustaining both trust and long-term growth.

\ The next level

As a mentor and father of four, Pascrell is acutely aware of the pressures facing young professionals. “Timeless skills matter more than ever; writing, analysis, critical thinking. And work ethic,” essentials in an industry of rapid growth and complex regulations.

Even with hurdles ahead, Pascrell is optimistic about the future of iGaming. “The American market is evolving, and the companies that succeed will be those that combine strategy, integrity, and adaptability,” he says. His advice resonates across generations: tell your story, be ethical, engage your lobbyists wisely and stay committed to the work that truly moves the industry forward.

Bridging lottery and iGaming

Frank Cecchini, Head of Lottery at Evoplay, explores how Italy’s deep-rooted lottery tradition blends with modern iGaming innovation, creating engaging experiences for players while unlocking new opportunities for operators across a competitive and evolving market.

\ Evoplay’s take: Italy in focus

The lottery and iGaming markets are both about excitement and entertainment, but they differ in player base, motivation and pace. Whether they compete or complement each other, creating a bridge between them opens up new possibilities. This bridge is built on innovation, creativity, and a bold vision.

Building on its experience in reshaping classics and driving innovation in iGaming, Evoplay is now applying the same approach to iLottery. As the industry faces the challenge of engaging a younger generation, Evoplay’s modern take on entertainment provides the solution.

Digging deeper into each market, both are growing. The lottery market, however, is slowing, while iGaming is booming but becoming increasingly crowded. Success in either requires resourcefulness in creation, presentation, and promotion. For lotteries, attracting the new generation is key to long-term growth. It was with this approach that Evoplay created its first iLottery game, Adrenaline Rush: Scratch, which sits at the intersection of the two industries and clearly stands out from classic online lotteries.

Lottery and iGaming thrive on shared excitement.

Evoplay offers dynamic gameplay with a wide choice of modern themes, from sports to racing. Smooth animation, vibrant design, and immersive sound make the experience fun and engaging while all the time respecting a responsible approach to gameplay and mechanics. Players can enjoy instant results with one click or savour the classic thrill of scratching step by step.

\ Italy’s gaming landscape: tradition meets innovation

Tombola, a Christmas favourite with roots in family and religion, is more than a game – it’s a ritual. Though official statistics don’t fully separate bingo, similar games remain widely popular.

The Italian gambling market has recently undergone a major regulatory overhaul, making entry more expensive and complex. Growth in the digital channel continues to outpace land-based options, though

casinos, local arcades, and betting shops remain culturally important, especially in smaller towns. Online lotteries currently hold around 16% of the market, compared with nearly 30% in the UK – a clear sign of growth potential in Italy. When discussing the Italian lottery market, what stands out is the interplay of competition and culture: the challenge is competition, and the answer lies in cultural focus.

Blending centuries-old

lottery

traditions with cutting-edge iGaming innovation opens pathways to growth, engagement, and sustainability.

\ Opportunities amid competition

A love of lotteries is ingrained in Italian culture, from young to old. Just like coffee culture in family circles, scratch cards over coffee are commonplace. Yet online, this tradition is still growing, leaving clear room for Evoplay to make its mark. This challenge can be addressed in various ways. But since the future of the gambling and lottery industry lies with the new generation of players – millennials and Gen Z – they are the primary focus. Providing them with quality content is a given, as they're techsavvy. More importantly, they look for experiences that combine fun with a sense of community and trust. That’s where localisation, personalisation, and gamification become essential.

\ Italian culture at the heart of design

From haute couture to fine cuisine, Italians love beautiful things, and many of their creations have gained worldwide acclaim. In Evoplay’s portfolio, Italian themes are already present and will continue to grow, particularly in lotteries, reflecting how much Italians value their cultural heritage.

Offering quality and familiarity is a given, while delivering resonant content leaves a mark. Evoplay does both.

OG powerhouses sweep SiGMA Central Europe Awards

From BetConstruct and Betsson Group to Novamatic Italia and Riddick Partners, industry OGs put on a strong show at the SiGMA Central Europe B2B and B2C Awards in Rome, taking home titles such as Best Casino Provider, Regulated Markets Champion, Best Affiliate Network and B2B Industry Leader Italy 2025.

AVIATOR by Spribe also received top honours, recognised for its marketing excellence. Its presence has indeed been everywhere this year, with champions Alex Pereira, Merab Dvalishvili, Tom Aspinall and Nina Drama all flying the Aviator flag.

This edition also honoured Vardges Vardanyan, Founder of Digitain Group – a visionary who has built one of the world’s most respected iGaming technology ecosystems.

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SMSala helps Businesses and developers enrich their Customer experience, Generate New Leads using Promotional Messages or adding the much secure SMS Alert and Verification Functionality and Transaction SMS with our easy-to-use APIs, Robust Platform, and round the clock support, you can focus on innovating!

Suhail Hussain Sr.Manager Global Sales smsala.com

The SMS Retail company offers a wide range of services in the field of spam mailings. We place great emphasis on mailings in messengers. Our clients are large casinos knows all over the world.

sms-retail.io

Established in 2018, SPRIBE transformed iGaming with Crash games vertical. With 4,500+ global operators, its flagship “Aviator” attracts over 12 million monthly players from Gen Y and Z. SPRIBE pioneers innovation with turbo games, poker, slots, and the Broadway Platform, offering quality and diverse gaming experiences.

Giorgi Tsutskiridze Chief Commercial Officer spribe.co

WINWIN Partners is an international affiliate program and the direct advertiser of the brands WinWin Bet and Gold Pari. We specialize in the iGaming and Betting verticals, combining deep industry expertise, cutting-edge technology, and a strong team to deliver exceptional results.

Arina Head of Marketing

winwinbet.partners

ROIBest is a leading provider of the Android Progressive Web App (PWA) solution designed to help businesses expand globally, reduce risk, and boost ROI.

roibest.com

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company on a mission to help build a better Internet. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

cloudflare.com

Independent studio delivering Slots, Live, and Crash Games built for performance. Our high-quality, bold titles release fast and feature event-driven mechanics designed for streamers, shareability, and long-term player engagement.

Karl von Brockdorff Head of Brand

www.wicked.games

INOUT GAMES is a brand that burst into the iGaming world and immediately made its mark as a creator of bright, unforgettable gaming universes.

Ilya INOUT GAMES

www.inout.games

SMSala helps Businesses and developers enrich their Customer experience, Generate New Leads using Promotional Messages or adding the much secure SMS Alert and Verification Functionality and Transaction SMS with our easy-to-use APIs, Robust Platform, and round the clock support, you can focus on innovating!

Suhail Hussain Sr.Manager Global Sales smsala.com

Led by Co-Founder Oliver De Bono and CEO

Phillip Pistauer, Quantum Gaming Platform is a high-performance, modular iGaming system built on Java Spring Boot, AWS, and Apache Ignite. It delivers nanosecond processing power, crypto/ fiat wallets, CMS/front-end options, aggregator integrations, compliance tools, tournaments, and scalable white-label or software-only deployments— engineered for true global tier-1 performance.

Oliver De Bono Co-Founder/CCO quantumgaming.com