SiGMA Magazine Issue 39

\Editorial by Katy Micallef

As is tradition, we’re releasing a new edition of the SiGMA Magazine to complement the next summit in our World Tour lineup. Special features, such as the SiGMA Asia report add a very necessary layer of insight into the continent’s gaming markets. With many rising markets still navigating the wild west of gaming, there’s plenty to unpack. As Founder and CEO of Jade Entertainment and Gaming Technologies, Joe Pisano, suggests, “Asia is not an emerging market for gaming; it is an existing market that is still formalising.” Jenny Ortiz-Bolivar, Asia Lead for SiGMA News has the full report on page 56.

Four years in and SiGMA Asia has become a staple on our global events calendar. It wasn’t always that way. Plans to launch back in 2020 were severely set back by the arrival of a global health crisis that effectively brought the events industry to its knees. It was three years before we were able to return to Manila for our inaugural show. Still, some things are worth waiting for. Delegates who were along for the ride will enjoy our Through the Ages Gallery, starting on page 156. All the best moments captured over the last four years are here - you may even spot yourself amongst the faces.

Meanwhile, SPRIBE takes the cover story for this issue. The affable David Natroshvili offers a refreshing approach to leadership - one that honours their early days. He has remained committed to preserving the entrepreneurial mindset that helped shape their rise - ensuring his teams can operate with the speed, curiosity, and ambition of a startup.

As he explains in an exclusive interview starting page 48, “People perform best when they clearly understand the vision, feel trusted to make decisions, and are encouraged to challenge conventional thinking.”

The design team has me on a tight leash when it comes to word count, so time to wrap things up with a few thank yous.

As always, gratitude goes to Eman Pulis, SiGMA’s founder. Whether calm or troubled waters, he has steered SiGMA safely through each time. And, of course, there would be no magazine without the team behind it. Now on our 39th issue, the magazine has become a showcase for their talent - from sharp writing and beautiful photography to thoughtful design, their love of their craft shines through.

Thanks also go to Yin Chin for translating these pages.

按照惯例，我们特别推出了最新一期《SiGMA Magazine》，作为 SiGMA 世界巡回峰会下一站的 重要配套内容。像《SiGMA 亚洲报告》这样的特别专 题，为亚洲博彩市场提供了极具价值的深度洞察。 随着许多新兴市场仍在“博彩西部荒野”般的环境 中摸索前行，行业中仍有大量值得探讨的话题。

正如 Jade Entertainment and Gaming Technologies 创始人兼首席执行官 Joe Pisano 所说：“亚洲并不是博彩行业的新兴 市场，而是一个仍在逐步正规化的既有市 场。”SiGMA News 亚洲负责人 Jenny OrtizBolivar 在第 56 页带来了完整专题报道。

四年过去，SiGMA 亚洲已经成为我们全球活动日 历中的固定重要一站。但这一切并非一开始就如 此顺利。我们原计划于 2020 年启动活动，却因全 球公共卫生危机的爆发而遭受重大挫折，那场危 机几乎让整个会展行业陷入停摆。直到三年后， 我们才终于得以重返马尼拉，举办首届展会。

不过，有些事情值得等待。一路陪伴我们走来的与 会者，一定会喜欢从第 156 页开始的《Through the Ages》图片特辑。过去四年里最精彩的瞬间都被收录 其中——也许你还能在这些熟悉的面孔中找到自己。

与此同时，本期封面故事聚焦 SPRIBE。亲切随和的 David Natroshvili 展现了一种令人耳目一新的领导 方式——一种始终铭记企业初心的领导哲学。他始终 坚持保留创业时期的精神与文化，确保团队能够持 续以初创企业般的速度、好奇心与雄心开展工作。

正如他在第 48 页的独家专访中所说：

“当人们清楚理解企业愿景、被信任去做决策， 并被鼓励挑战传统思维时，他们的表现最佳。”

设计团队对于我的字数控制一向非常严格， 所以也是时候以几句感谢作为结尾了。

首先，依然要向 SiGMA 创始人 Eman Pulis 表达诚挚感谢。无论顺境还是逆境，他始终 稳健地带领 SiGMA 穿越每一个阶段。

当然，没有幕后团队，也就不会有这本杂志。如 今来到第 39 期，《SiGMA Magazine》已经成为 展示团队才华的重要平台——无论是犀利的 文字、精美的摄影，还是充满巧思的设计，都充 分展现了他们对这份工作的热爱与投入。

同时，也特别感谢 Yin Chin 为这些 页面所完成的翻译工作。

Meet the Squad

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

All 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.

Rocco Di Muni \ Senior Editorial Designer

Jacob Sammut \ Photographer

Yvonne Zachariou \ Photographer

Katy Micallef \ Editor

Jenny Ortiz-Bolivar \ Senior Journalist and Reporter

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 companies worldwide.

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

Chief Commercial Officer (CCO)

Chloe von Brockdorff

Managing Director Asia Market

Neil Shih

Head of Media Sales

Renee Micallef Decesare

Head of Sales Americas & UAE

Elisa Martinotti

Head of Sales South America

Giselle Bernardino

Head of Sales North America

Juan Manuel Rodriguez O. Head of Sales Europe & Africa

Marie Reyjal

Sales Manager

Benjamin Joseph D. Pablo

Sales Manager

Shobhit Behal

Customer Sucess Manager

Chantal Tsai

Customer Sucess Manager

Daisy Chang

Customer Sucess Manager

Sabrina Kuo

Design Contributors

Jeanine Meli

Matthew Seychell

Dian Chua

Hisham Ismail

Zane Da Silva Pires

Jana Borojevic

Maria Arevalo

Vikrant Chaudhary

Marcelo Zuleta

Contributors

Carolina Vallejo

Lea Hogg

Duncan Barry

Naomi Day

Translation Yin Chin

Zoya Markova \ Editorial Designer

Matthew Busuttil \ Content Writer

Rami Gabriel \ Content Writer

Faye Paris

Senior Editorial Designer

\Contents

\ JonVlogs and BGaming on turning content into strategy

How is influencer culture changing the way operators do business?

\ Rebuilding the Casino

Nick Hill, CEO of Premier Chain and CLS Technology Solutions explores how regulation, blockchain and real-time compliance are reshaping global gaming.

\ Game-changing regulation

Marina Ivanenko Managing Partner at ADWA Consult explores the evolving legal landscape of iGaming, the challenges of regulation and what it takes to succeed.

\ Why judgment will matter more than automation

PwC India’s Puneet Singh on the next phase of enterprise decision-making.

\ Carl Munsayac on compliant crypto payments

The co-founder of Altswitch and Payxn. app on building a payment framework

\ Leadership built on trust

Alfred Barias, Philippines Country Manager at Zitro reflects on the importance of trust in a market shaped by long built relationships.

\ Reshaping lives

Lito Villanueva on how his career started and how RCBC and Fintech Alliance.PH has reshaped the lives of many.

\ 1win: Mastering Global iGaming Affiliate Innovation 1win on how effective marketing in gaming extends far beyond the digital banner.

\ SiGMA Asia Market Report

Asia’s iGaming landscape: Scale, fragmentation and shifting regulation

\ Data That Scores

Stats Perform discuss how sportsbooks can leverage Opta data, interactive insights and engaging content formats that entertain and attract bettors before, during and after the 2026 World Cup.

\ Scaling leadership at SPRIBE

For this edition’s cover story

Matthew Busuttil meets with David Natroshvili, CEO of SPRIBE, for an in-depth conversation around cultural aspects, leadership style and sustainable growth of the organisation as the company grows internationally in preparation for SiGMA Asia 2026, taking place once again in Manila.

The discussion provides insight into how the organisation is navigating scale but does not lose its agility, how to maintain cultural cohesiveness between its many markets and how to continue to drive what they view as the greatest source of competitive advantage, innovation, especially given the increased complexity of the global iGaming environment.

在本期封面专题中，Matthew Busuttil 与 SPRIBE 首席执行官

David Natroshvili 展开了一场深度 对话，围绕企业文化、领导风格以及 组织的可持续增长进行探讨。随着公 司持续推进国际化发展，并为再次于 马尼拉举行的 SiGMA Asia 2026 做 准备，SPRIBE 正面临新的发展阶段。

此次访谈深入解析了 SPRIBE 如何在 不断扩大企业规模的同时保持敏捷 性，如何在多个市场之间维持文化一 致性，以及如何持续推动他们视为最 大竞争优势的核心——创新，尤其是 在全球 iGaming 行业日益复杂的环 境之下。

Welcome to SiGMA Asia

We are always glad to be back in the Philippines - a country that has come to feel like home to SiGMA. With an energy deeply rooted in community, warmth and entrepreneurial spirit, this is a place that reminds you of the value of human connection - a philosophy that has become the lynchpin in how our events work. Our side events certainly deliver on that energy, with highlevel networking activities set right across the week.

Now heading into our fourth year, SiGMA Asia has emerged as an important anchor for Asia’s large scale, yet complex gaming markets.

The Philippines leads the charge across Asia as a key destination for operators, setting the gold standard for the sector through forward-thinking regulatory and accreditation frameworks, high engagement and rising revenue. Endorsed once more by PAGCOR, we’re grateful for their support and proud to align our event with them. The country’s rise as a hub for the Asian markets is no small part due to their steady hand on the tiller.

The SiGMA Foundation is also pleased to be able to support their many contributions to vulnerable communities by donating 3,500 wheelchairs. Since 2019, the SiGMA Foundation has worked hard to inspire a truly global movement for good. From across the globe, this industry has come together with a shared purpose - creating lasting change where it’s needed most. This impact goes far beyond the stage. In the Philippines, projects have included the construction of a multi-sensory hall in Bataan, the donation of a 52-seater bus for the youth program, and the inauguration of the Batiawan Community Centre in Zambales.

The country offers a remarkable combination of economic potential, cultural enthusiasm, and regulatory clarity - a mix not often seen in other markets. Beyond scale, what stands out is something more powerful - the recognition that regulation is unequivocally the pathway to sustainable economic growth.

Over the years we have built many meaningful relationships here that have helped pave the way for crucial dialogue around compliance, player protection, and responsible market development. This year the focus remains firmly on that direction, with an intense two-day conference agenda that explores the region in depth.

Looking ahead, the SiGMA World Tour promises an exciting schedule of international events. After successful editions in Dubai, Cape Town, and São Paulo - and now Manila, the tour will head to Mexico City in September for the launch of its first event for North America, followed by Rome and Bangkok later on in the year.

As always, thanks for being here. We know we couldn’t have done it without your support.

Enjoy the event!

我们始终很高兴能够回到菲律宾——这个国家对于 SiGMA 来说，早已像第二个家一样。这里深植于社区 精神、热情氛围与创业活力之中的能量，让人重新感受 到人与人之间联系的重要性，而这也正是 SiGMA 活动 理念的核心。我们的系列周边活动同样充分体现了这 种活力，整周都安排了高规格的社交与商务交流活动。

如今迈入第四个年头，SiGMA 亚洲已经成为亚 洲规模庞大且复杂的博彩市场中的重要平台。 菲律宾作为亚洲博彩行业的重要目的地，正引领 整个区域的发展方向。凭借前瞻性的监管与认证 框架、高度活跃的市场参与度以及持续增长的行 业收入，菲律宾为整个行业树立了标杆。今年活 动再次获得 PAGCOR 的支持与认可，我们对此 深表感谢，也非常荣幸能够与其保持紧密合作。 菲律宾能够发展成为亚洲市场的重要枢纽，很大 程度上离不开其稳健而富有远见的监管领导。

SiGMA 基金会也非常高兴能够通过捐赠 3,500 台轮椅，支持他们为弱势群体所作出的众多 贡献。自 2019 年以来，SiGMA 基金会始终致 力于推动真正全球性的公益行动。来自世界 各地的行业人士因共同的目标而凝聚在一 起——在最需要帮助的地方创造持久的改变。

这种影响力远远超越了舞台本身。在菲律宾，基金 会项目包括：在巴丹（Bataan）建设多感官活动中 心、为青年项目捐赠一辆 52 座巴士，以及在三描礼 士省（Zambales）落成 Batiawan 社区中心等。

菲律宾兼具巨大的经济潜力、充满热情的文化 氛围以及清晰明确的监管体系——这样的组 合在其他市场并不常见。除了市场规模之外， 更令人印象深刻的是：当地已经充分认识到， 监管是实现可持续经济增长的必经之路。

多年来，我们在这里建立了许多深厚且有意义的合 作关系，也为围绕合规、玩家保护以及负责任市场 发展等关键议题展开重要对话铺平了道路。今年， 我们依然坚定聚焦这一方向，并通过为期两天的高 强度会议议程，深入探讨整个区域市场的发展。

展望未来，SiGMA 世界巡回展将继续带来令 人振奋的国际活动安排。在迪拜、开普敦、圣保 罗以及如今的马尼拉成功举办之后，巡回展将 在今年 9 月前往墨西哥城，启动其首个北美 活动，随后还将于年内登陆罗马与曼谷。

一如既往，感谢各位的到来。我们深知， 没有 的支持，这一切都无法实现。

祝大家活动期间一切顺利，尽情享受本次盛会！

Eman Pulis

Founder, SiGMA Group GP, Ikigai Ventures

At the SiGMA South America Summit, Matthew Busuttil had the opportunity to sit down with and learn from BGaming’s LatAm ambassador, Jon Vlogs, and CMO, Kate Puteiko, to discuss their views on how influencer culture is changing the way operators do business.

\ Authenticity as currency

As one of the first iGaming influencers in Brazil, Jon Vlogs has seen his audience's expectations change. As players gain a better understanding of how casinos work, they want greater transparency and relatability from iGaming influencers.

JonVlogs began in a Discord-focused community and is committed to producing real content that resonates with users while sharing the realities of the average Brazilian gambler, specifically the financial aspects of the game. By showcasing how much money users wager, Jon Vlogs offers a valuable way for gamblers to trust and continue engaging with a marketplace that can easily call out fake creators.

\ From content to experience

The collaboration between BGaming and Jon Vlogs shows how we are moving away from a traditional broadcaststyle streaming model, where people watch a program and interact with the host through common interests, toward an immersive storytelling approach that breaks the confines of the screen by creating an even deeper experience through a mix of realworld locations and in-game action.

One of the key ways Jon Vlogs demonstrated this is through a streaming event in the Amazon rainforest, where gameplay could be tied to what a streamer was experiencing at that moment, allowing for a more authentic story to be created.

This is part of a larger strategy that Puteiko describes as not just creating campaigns, but also building the entire BGaming ecosystem by bringing together products, audiences, and storytelling into a unified brand.

\ Influencers at the core

According to Puteiko, collaborating with influencers is an essential part of BGaming's overall strategy. This is especially true

在SiGMA南美峰会上，Matthew Busuttil有 幸与BGaming拉美大使Jon Vlogs及首席营 销官Kate Puteiko进行了面对面交流，一起 探讨网红文化如何改变运营商的经营方式。

\ 真实性即是硬通货

作为巴西最早的iGaming网红之一，Jon Vlogs亲眼见证了观众期望的变化。随 着玩家对博彩俱乐部运作方式有了 更深入的了解，他们希望iGaming网 红能提供更高的透明度和亲和力。

Jon Vlogs起步于一个以Discord为核心 的社区，致力于制作能与用户产生共鸣 的真实内容，同时分享普通巴西博彩者的 真实情况，尤其是游戏中的资金。通过展 示用户的投注金额，Jon Vlogs为博彩者 提供了一种有价值的方式来信心满满地 参与到能轻易识别虚假创作者的市场。

从内容到体验

BGaming与Jon Vlogs的合作展示了我们 正如何从传统的广播式直播模式（人们观 看节目并即兴与主持人互动）转向一种沉 浸式叙事方式，通过结合真实场景与游戏行 为，打破屏幕的局限，创造更深层的体验。

Jon Vlogs展示这种方法的关键方式 之一是在亚马逊雨林进行的一场直播 活动，剧情与主播当时的实际体验相 结合，从而打造出更加真实的叙事。

这是Puteiko所描述的更大战略的一 部分——不仅仅局限于活动，还通过将 产品、受众和叙事融合为统一的品牌， 构建完整的BGaming生态系统。

\ 处于核心地位的网红

据Puteiko介绍，与网红合作是BGaming 整体战略中不可或缺的一部分。这对巴西 尤为重要，因为巴西拥有庞大的自媒体创 作群体。本地创作者在提升品牌知名度 和为公司创造早期需求方面至关重要。

与其他许多企业不同，BGaming的主要 目标不仅通过网红营销来接触广泛受众， 还专注于与网红建立长期合作关系，让 他们成为其商业模式的一部分。这一战略 的实际案例就是Jon Vlogs。过去，Jon仅 仅是推广BGaming，但如今他已从一名 推广者成长为其所在地区的真正大使， 深入了解了BGaming的全部游戏组合， 并将这些信息分享给他的数百万粉丝。

\ SiGMA效应

Puteiko和Jon Vlogs都强调了SiGMA 等全球活动在建立跨行业影响力方面 的力量。Jon Vlogs认为，成为这一"生态 系统"的一部分提升了他的可信度，并 增强了他在iGaming行业中的地位。

Jon

Vlogs

and BGaming on turning content into strategy

Jon Vlogs与BGaming：将内容转化为战略

for Brazil, which has a strong creator economy. Local creators are vital in developing brand awareness and generating early-stage demand for the company.

Unlike many businesses, BGaming’s main objective is not simply to reach a wide audience through influencer marketing but to focus on establishing long-lasting partnerships with influencers who will become part of its business model. An example of this strategy in action is the creator, Jon Vlogs. In the past, Jon promoted BGaming, but has since evolved from a promoter to a true ambassador in his region by developing extensive knowledge of BGaming’s entire game portfolio and sharing that information with his millions of fans.

\ The SiGMA effect

Both Puteiko and Jon Vlogs have highlighted the power of global events, such as SiGMA, to build momentum across industries. Jon Vlogs believes being part of the 'ecosystem' has improved his credibility and increased his standing within the iGaming industry.

Puteiko's corporate angle is that the value of these types of events varies by region. In emerging markets such as Brazil, the emphasis is on developing relationships and networking for marketing. However, in more developed regions, the focus will be on closing deals and strengthening existing relationships.

In contrast, Brazil offers more opportunities for communitybuilding, with more influencers and streamers in the region than at traditional European exhibitions.

Jon Vlogs and BGaming -

\ Expanding into Asia

Expanding for BGaming is a high priority; therefore, we are embarking on broadening our footprint in Asia, a highly diverse and very competitive marketplace. To drive our expansion efforts in Asia, Puteiko has identified three key areas: developing partnerships, conducting detailed market research, and adapting our portfolio to these findings.

The SiGMA Asia Summit Manila 2026 will be held from 31 May to 3 June, with many operators, affiliate groups, and innovative companies gathering in one place in the Southeast Asian marketplace, providing BGaming with an opportunity to expand its potential partnerships and evaluate current market conditions.

\ A converging future

The views shared by Jon Vlogs and Puteiko show a clear direction for the industry. The ability to fuse influencer-driven, authentic storytelling with careful strategy and execution will be necessary for increasing success in iGaming.

As consumers become more educated, trust and creative storytelling will continue to influence how brands/businesses perform. The collaborative effort between Jon Vlogs and BGaming demonstrates a solid foundation for demonstrating how influencer strength & strategic initiatives can be aligned for greater growth within the context of an enriched meaning.

Puteiko从企业角度指出，此类活动的价值 因地区而异。在巴西等新兴市场，重点在于 发展关系和建立营销网络。而在更成熟的地 区，重点则是促成交易和巩固现有关系。

相比之下，该地区的网红和主播比传统的欧 洲展会为巴西提供了更多社区建设的机会。

\ 拓展亚洲市场

拓展是Bgaming的重中之重，我们正着手 扩大在亚洲这一高度多元化且竞争激烈的 市场中的影响。为了推动我们在亚洲的拓 展工作，Puteiko确定了三个关键领域：发 展合作伙伴关系、进行详细的市场调研，以 及根据调研结果调整我们的产品组合。

马尼拉2026年SiGMA亚洲峰会将于2026年5月 31日至6月3日举行，众多运营商、团体和创新企 业将齐聚东南亚市场，为BGaming提供拓展潜 在合作伙伴关系和评估当前市场状况的机会。

\ 融合的未来

Jon Vlogs和Puteiko分享的观点为行业指 明了清晰的方向。将网红驱动的真实叙事 与精心设计的战略和执行相融合的能力， 将是iGaming取得更大成功的必要条件。

随着消费者变得更加成熟，有创意的真 实叙事将继续影响企业品牌。Jon Vlogs 与BGaming的坚实合作基础，展示了通 过丰富的内容创作，网红力量与战略举 措如何实现协同来推动更大的增长。

Rebuilding the Casino

Naomi Day sat down with Nick Hill, CEO of Premier Chain and CLS Technology Solutions, to explore how regulation, blockchain and real-time compliance are reshaping global gaming.

\ New rules of play

As the global gambling industry accelerates into a more tightly regulated future, the balance between compliance and profitability is being rewritten in real time. Borders are blurring, oversight is tightening and operators are being forced to evolve quickly.

For Nick Hill, that shift is inevitable. “It’s starting to affect all aspects of the gambling environment. Whether you are an online operator there are more and more regulations coming down, more and more compliance is needed in order to operate in regulated territories,” he says.

For both mature Western European markets and fast-evolving emerging jurisdictions, the direction of travel is unmistakable. “With regulation comes taxation. You’ve got to regulate in order to tax,” Hill adds. However, while regulation is becoming universal, the speed and sophistication of regulatory evolution varies dramatically. For Hill, one market in particular is beginning to define what progressive oversight can look like. This is where the Philippines stands apart.

\ Progressive regulation

While regulators in many regions struggle to keep up with rapid digital transformation, Hill believes the Philippine approach is different. “Traditionally the regulator is so far behind the curve because technology evolved so quickly that they can’t keep up with it. Whereas here in the Philippines they’re trying to use the technologies that are available today to help them regulate, legislate and protect players.”

That matters both for consumer protection and also for anti-money laundering (AML). Casinos remain cash-intensive environments and scrutiny from international financial bodies is increasing.

“Anti-money laundering is coming down from everywhere. There’s a lot of cash that goes through casinos,” Hill says. In his view, the solution lies in embedding technology directly into operations rather than treating compliance as an afterthought.

\ Live compliance

For decades, land-based casinos have relied on legacy casino management systems built for a different era. “The casino management systems that are currently in the land based environment were built 20, 30, maybe even 40 years ago,” Hill explains. Those systems typically operate on batch reporting cycles. If a player triggers AML or responsible gambling thresholds, the alert may not surface until the

following day. By then, the customer has often left the premises.

CLS Technology Solutions has built what Hill describes as a digital layer that sits on top of those systems. “We capture the data before we pass it on to the incumbent casino management system. So we can interact in real time,” he says.

The shift from retrospective oversight to live engagement transforms compliance and customer experience. “Whilst he’s sitting at the machine… he’s triggered these thresholds, we can send a notification because he’s created a digital wallet,” Hill explains. Instead of followup requests days later, operators can respond instantly. If AML documentation is required, it can be uploaded digitally in seconds.

The same infrastructure enables what operators increasingly seek with a single customer view. “It’s the same wallet with the same currency in it that you use in your land based environment. And then when you go home, it’s the same wallet that you use in your online environment.” For jurisdictions such as the Philippines, where licences can cover both retail and online operations, this convergence is critical.

\ Chain of trust

Underpinning much of this architecture is blockchain, though not in the speculative way often associated with crypto markets. By separating blockchain infrastructure from volatile tokens, CLS uses the technology as a transparent accounting backbone. “So you get all the benefits of blockchain technology, transparency, immutability, timestamping,” he explains.

Every transaction is logged on-chain, creating a tamper-resistant audit trail. “Should there be any regulatory investigation, the operator can basically just hand over the keys or generate the report at the push of a button.” For regulators and operators alike, that level of transparency strengthens trust and reduces systemic risk.

\ Future of the floor

Technology is also central to the industry’s demographic challenge. Younger audiences are digitally native, crypto-aware and less inclined to engage with traditional casino formats. “The casinos were built and the casino systems were built for an older generation. We’re dying out,” Hill highlights.

To attract millennials and Gen Z players, operators must rethink both payments and engagement. Through digital wallets, players can attach bank accounts or even crypto holdings, convert funds into venue-specific tokens and use them across gaming, hospitality and entertainment. “This is how land based casinos must start to think. They’ve got to digitise and market to that younger generation and encourage them in,” Hill argues

However, digital expansion must be paired with responsibility. Realtime affordability checks and player protection tools act as long-term commercial strategies. “If you manage your players and keep them within their entertainment zone, their affordability zone, they will have more loyalty to you,” Hill explains. “They won’t go broke because you won’t allow them to, and you’re educating them to play responsibly.” As regulation tightens and technology accelerates, digitisation, compliance and player protection are increasingly interconnected. They are no longer separate priorities but part of the same strategic conversation. The operators who understand this first will define the next era of global gaming.

Nick Hill - Rebuilding

重建博彩俱乐部 Naomi Day与Premier Chain及CLS Technology Solutions首席执行官 Nick Hill进行了对话，探讨了监管、区块 链和实时合规如何重塑全球博彩业。

\ 新的游戏规则

随着全球博彩业加速迈向一个 监管更为严格的未来，合规与 盈利之间的平衡正在实时被改 写。边界变得模糊，监管力度 加大，运营商被迫迅速适应。

对于Nick Hill来说，这种转变是 不可避免的。“它开始影响博彩 环境的方方面面。无论你是线上 运营商还是线下运营商，在受监 管的地区运营，都需要越来越多 的法规和合规措施，”他说道。

对于成熟的西欧市场和快速 发展的新兴司法管辖区而言， 发展方向是明确的。“有了监 管，就有了税收。你必须进行 监管才能征税，”Hill补充道。 然而，尽管监管正变得普遍， 但监管演变的速度和复杂程 度却大相径庭。在Hill看来，有 一个市场正开始定义什么是 进步的监管，那就是菲律宾。

\ 进步的监管

虽然许多地区的监管机构都在 努力跟上快速数字转型的步 伐，但Hill认为菲律宾的做法 与众不同。“传统上，监管机构 远远落后于潮流，因为技术发 展得太快，他们无法跟上。而 在菲律宾，他们正尝试利用当 今技术来帮助他们进行监管、 立法和保护玩家，”Hill说道。

这对于保护消费者和反洗钱 （AML）都至关重要。博彩俱乐 部仍然是现金密集型场所，国际 金融机构的审查也日益严格。“

反洗钱的要求无处不在。博彩俱 乐部中有大量现金流动，”Hill 说。在他看来，解决方案在于 将技术直接嵌入运营中，而不 是将合规视为事后的想法。

\ 实时合规

几十年来，实体博彩俱乐部一 直依赖于遗留的为不同时代设

计的博彩俱乐部管理系统。“目 前实体博彩俱乐部中的管理系 统是20年、30年，甚至可能是 40年前建造的，”Hill解释道。 这些系统通常采用批量报告 周期运行。如果玩家触发了反 洗钱或负责任博彩的阈值，警 报可能要到第二天才会出现。 到那时，客户往往已经离开。

CLS Technology Solutions 构建了Hill所描述的叠加在这 些系统之上的数字层。“我们 在将数据传递给现有的管理 系统之前先捕获数据。因此， 我们可以实时交互，”他说道。

从回顾性监督向实时参与的 转变彻底改变了合规和客户 体验。“当他坐在机器前，创建 了一个数字钱包……他触发 了这些阈值，我们可以发送通 知”Hill解释道。运营商可以立 即做出响应，而不是几天后发出 跟进请求。如果需要反洗钱文 件，可以立即以数字方式上传。

同一基础功能还实现了运营 商越来越追求的单一客户视 图。“这是你在实体环境中使 用的同一个钱包，里面装有相 同的货币。然后，当你回家时， 这也是你在线环境中使用的 同一个钱包。”对于像菲律宾 这样，许可证可以同时覆盖零 售和在线运营的司法管辖区 来说，这种融合至关重要。

\ 信任链

支撑这一架构的大部分是区 块链，不过这不是以与加密货 币市场相关的投机方式。通过 将区块链基础构架与波动性 较大的代币分离，CLS利用该 技术作为透明的结算节点。“

因此，你获得了区块链技术的 所有好处，包括透明度、不可 篡改性和时间戳，”他解释道。

每笔交易都记录在区块链上， 创建了一个防篡改的审计跟

踪。“如果发生任何监管调 查，运营商只需交出密钥或 一键生成报告，”Hill说道。

对于监管机构和运营商来 说，这种透明度增强了信 任并降低了系统性风险。

\ 未来的大门

技术也是该行业面临的人 口结构挑战的核心。年轻观 众是数字原生代，对加密货 币有所了解，且不太愿意去 传统的博彩俱乐部。“博彩 俱乐部是为老一代人建造 的，博彩俱乐部系统也是为 老一代人设计的。我们正在 逐渐老去，”Hill强调道。

为了吸引千禧一代和Z世代 玩家，运营商必须重新思考 支付和参与方式。通过数字 钱包，玩家可以连接银行账 户甚至加密货币资产，将资 金转换为特定场所的代币， 并在游戏、酒店和娱乐等场 所使用。“这就是实体博彩俱 乐部必须开始思考的方式。 他们必须进行数字化，并吸 引年轻一代，”Hill争辩道。

然而，数字扩张必须与责任 并重。实时支付能力检查和 玩家保护工具是长期商业 策略。“如果你管理好玩家， 让他们保持在娱乐和支付能 力范围内，他们将对你更加 忠诚，”Hill解释道。“你不会 让他们破产，因为你不会允 许他们这样做，而且你还在 指导他们负责任地博彩。”

随着监管的加强和技术的加 速发展，数字化、合规和保护 玩家越来越紧密相连。它们 不再是单独的优先事项，而 是战略对话的一部分。最先 理解这一点的运营商将定义 全球博彩业的下一个时代。

GameChanging Regulation

SiGMA sat down with Marina Ivanenko Managing Partner at ADWA Consult, to explore the evolving legal landscape of iGaming, the challenges of regulation and what it takes to succeed.

SiGMA与ADWA Consult公司的 管理合伙人Marina Ivanenko

进行了座谈，探讨了网络博彩 业不断演变的法律格局、监管 挑战以及取得成功的要素。

“If the company does not have a cohesive team of professionals [...] the likelihood that the project will fail is high.”

\ Intentional impact

What started as an unexpected opportunity for Marina Ivanenko has evolved into a defining career that now places her at the centre of a rapidly shifting legal landscape. “I’ve been working in the iGaming industry since 2018, and I actually entered it by chance. At the time, I had no idea I would stay in this field for so long or where it would eventually lead me.”

Marina stands as one of a key figures within ADWA Group, which has grown into a multi-faceted operation. The launch of ADWA Consult marked a natural evolution, “Today, the ADWA Group (an Online Casino operator and Platform provider) is approaching its 7th year, and about a year and a half ago we launched a new business line - ADWA Consult (legal services for iGaming). We realised that we could successfully deliver to others what we had been doing for our own group of companies for many years. And over the past year and a half, we’ve proven that this was the right decision.”

\ Regulation vs reality

If there’s one certainty in iGaming, it’s that regulation never stands still. Over the past decade, the legal framework surrounding the industry has tightened significantly, “Compared to 2018, I can clearly see rapid changes, with requirements becoming increasingly stricter both in terms of regulation and compliance. However, in my view, operator expectations have remained the same, they are still focused on maintaining and growing profitability, despite the tightening legal framework.”

This tension, between stricter compliance and the constant drive for profit defines much of the legal

work in the sector. The goal is to align it with commercial success.

“One of the key objectives of ADWA Consult is to provide legal support to our clients in ensuring that their profits not only remain stable but continue to grow. That’s why we always have plenty of interesting work on our hands.”

\ The cross-border conundrum

Operating across jurisdictions has become one of the most complex aspects of modern iGaming. “One of the main issues is that companies have to comply with the legal requirements of different countries at the same time. These rules don’t just vary, they can actually contradict each other, and there is no single international standard to rely on.”

The implications are significant. Increased costs, operational inefficiencies and structural complexity are now part of the equation for any operator with global ambitions. “As a result, this increases financial and time costs, makes business structures more complex and leads to a lack of a unified approach.” For smaller operators, these challenges can be particularly daunting, often influencing where, and whether, they choose to enter the market.

“We are constantly seeing regulatory changes across different jurisdictions, and the key question is how these requirements will actually be implemented into processes and applied in practice.” Jurisdictions with lighter regulatory burdens may hold greater appeal than established hubs.

“If we are not talking about big operators that hold multiple licenses across various jurisdictions, but instead about small, early-stage businesses choosing between a few possible jurisdictions, they will most likely prefer the one with simpler regulation and fewer requirements.”

\ Experience over assumption

For newcomers, the pitfalls of the iGaming world are less about obvious mistakes and more about gaps in experience. Legal missteps often stem from decisions made too early, or without the right expertise.

Choosing the wrong jurisdiction can have lasting consequences, shaping everything from operational flexibility to long-term

\ 主观影响

对于Marina Ivanenko而言，一个意 外的契机逐渐演变成了她职业生涯 的重要篇章，使她置身于一个迅速变 化的法律领域中心。“我自2018年起 便投身于网络博彩行业，实际上，我 进入这个行业纯属偶然。当时，我从 未想过自己会在这个领域待这么久， 也没想过它会引领我走向何方。” Marina是ADWA集团的关键人物，该 集团已发展成为一个多元化的运营 实体。ADWA Consult的成立标志着 集团的自然演进，“如今，ADWA集团（ 一家在线博彩运营商和平台提供商） 即将迎来第七个年头，大约一年半以 前，我们推出了新业务线——ADWA Consult（为网络博彩提供法律服务） 。我们意识到，我们能够成功地将多年 来为集团内部公司所做的工作提供 给其他客户。在过去的一年半里，我 们已经证明了这一决策的正确性。”

\ 监管与现实

如果说网络博彩行业有什么可以确定 的，那就是监管永远不会停滞不前。过 去十年间，围绕该行业的法律框架已 显著收紧，“与2018年相比，我能清晰 地看到快速的转变，无论是监管还是 合规方面的要求都日益严格。然而，在 我看来，运营商的期望依然如故，他 们仍然专注于在日益收紧的法律框架 下，其盈利能力可以保持并增长。” 这种在更严格的合规要求与持 续追求利润之间的张力，构成了 该行业法律工作的主体。目标是 使其与成功运营保持一致。

“ADWA Consult的主要目标之 一是为我们的客户提供法律支持， 确保他们的利润不仅保持稳定， 还能持续增长。这就是为什么我 们总是会有大量的工作要做。”

\ 跨境难题

跨国运营已成为现代网络博彩业最复 杂的环节之一。“主要问题之一是，公司 必须同时遵守不同国家的法律要求。

这些规则不仅各不相同，还可能相互矛 盾，而且没有单一的国际标准可依赖。”

其影响深远。对于任何怀有全球化抱 负的运营商而言，成本增加、运营效 率低下和复杂的结构已成为必须考 虑的因素。“这样就增加了财务和时间 成本，使业务结构更加复杂，并导致 缺乏统一的方法。”对于小型运营商 而言，这些挑战尤为艰巨，常常影响 他们选择进入市场的时间和地点。

“我们看到不同司法管辖区的监管不 断变化，关键问题是这些要求如何落实 到实践应用。”监管负担较轻的司法管

辖区可能比成熟的枢纽更具吸引力。

“如果我们谈论的不是在多个司 法管辖区持有多个牌照的大型运 营商，而是那些在几个司法管辖 区之间做出选择的小型初创企 业，他们很可能会选择监管更简 单、要求更少的司法管辖区。”

\ 经验重于假设

对于新进入者而言，网络博彩业 的陷阱更多在于经验不足，而非 明显的错误。法律失误往往源于 过早做出决策或缺乏专业知识。

选择错误的司法管辖区可能带来 持久后果，影响从运营灵活性到 长期盈利能力的方方面面。“从法 律角度来看，我会指出一个重要 问题：不要为注册公司或获得牌 照而选择错误的司法管辖区。”

成功最终取决于人。没有合适的团 队，即使资金最充裕的企业也可能 失败。“总而言之，无论为启动新业 务分配的预算有多大，如果公司 没有一支由专业人士组成的各司 其职的合作团队，或者团队缺乏 相关行业的经验，项目失败的可 能性就很高。不幸的是，过去几年 我们看到了许多这样的例子。”

\ 观念转变

尽管网络博彩业仍常被视为以 男性为主导，但Marina的经验揭 示了一个更为微妙的现象，“根 据我的个人经验和观察，该行业 长期以来一直对女性担任高级领 导职务持开放态度。需要强调的 是，我看到越来越多采用这种做 法的公司获得了明显的益处。”

Marina对ADWA Consult的发展 雄心勃勃。其战略主要是扩大知 名度、深化客户关系以及在不断 变化的行业中保持适应性。“我倾 向于大规模扩张，这就是为什么 ADWA Consult的发展战略将专 注于扩大公司在不同司法管辖区 行业活动中的影响力，以及加强在 专业和信息空间中的知名度。”

同时，该公司正在扩大其服务范 围，旨在发展长期合作伙伴而非一 次性解决方案。“与此同时，我们 不断拓宽为客户提供法律服务的 范围，旨在让客户一旦就特定事项 与我们合作，就能继续保持关系， 并随着他们需求的变化可以依靠 我们提供更广泛的法律支持。”

在一个以持续变化为特征的行业 中，这种连续性可能是最有价值的 资产，能将趋势转化为长期成果。

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

profitability.“As for legal point of view, I would point to choosing the wrong jurisdiction for company incorporation or for obtaining a license.”

Success ultimately depends on people. Without the right team, even the most well-funded ventures can falter. “More generally, regardless of how large the budget allocated to launching a new business may be, if the company does not have a cohesive team of professionals with each person in the right role, or if the team lacks experience in the relevant industry, the likelihood that the project will fail is high. Unfortunately, we have seen many such examples over the past years.”

\ Shifting perspectives

While iGaming is still often viewed as male-dominated, Marina’s experience suggests a more nuanced reality, “Based on my personal experience and observations, the industry has long been open to women holding senior leadership roles. I would also highlight that, in practice, I increasingly see clear benefits for companies that adopt this approach.”

Marina’s ambitions for ADWA Consult are firmly rooted in growth. The strategy is outlined through expanding visibility, deepening client relationships and remaining adaptable in a changing industry. “I am inclined toward a large-scale approach, which is why ADWA Consult’s development strategy will focus on expanding the company’s presence at industry events across different jurisdictions, as well as strengthening its visibility in the professional and informational space.”

At the same time, the firm is broadening its services, aiming to become a long-term partner rather than a one-time solution. “In parallel, we are continuously broadening the scope of our legal services to clients, with the objective that once they engage with us on a specific matter, they continue the relationship and are able to rely on us for a wider range of legal support as their needs evolve.”

In an industry defined by constant change, that kind of continuity may be the most valuable asset, turning momentum into long-term success.

Puneet Singh on why judgment will matter more than automation

Puneet Singh谈为何判 断力比自动化更重要

Artificial intelligence may power the enterprise of the future, but it will not replace the human capacity to decide.

In conversation with SiGMA Magazine, PwC India’s Puneet Singh explains why judgment, not automation, will define the next phase of enterprise decision-making.

Words by Lea Hogg

人工智能或许会驱动未来企业的发展，但它无法取代 人类的决策能力。PwC印度公司的创新与数字战略负 责人Puneet Singh在接受SiGMA杂志采访时解释了 为何决定企业进一步决策的是判断力，而非自动化。

Lea

Hogg的谈话内容

What will enterprise look like in the future?

According to Puneet Singh, Innovation and Digital Strategy Lead at PwC India, the answer lies less in machines replacing humans than in organisations reshaping themselves around intelligence.

In Singh’s vision of 2030, a rain-soaked morning in Mumbai triggers an insurer’s AI resilience cockpit. It fuses rainfall data, flood exposure, policy records, and satellite imagery to predict claims before they arrive, dispatch multilingual alerts, and pre-approve emergency payouts. Yet even as machines process the scale and speed of the crisis, human managers remain at the centre of the room, slowing suspicious settlements and accelerating payments where real harm could follow.

“The Mumbai scenario shows how far intelligence has come,” Singh notes. “Public debate still revolves around tools that draft emails, generate slides, or write code, but that’s only the starting point. The machine handles scale; humans handle consequence.” That distinction, he says, will define the next phase of enterprise technology.

Singh argues that the real transformation of the past decade came when AI moved beyond chat interfaces and began orchestrating entire enterprise systems. Take a supply shock at a factory in Chennai, which once required days of meetings. By 2030, AI agents analyse alternatives, model financial impact, and adjust operations within minutes, leaving humans to make the final judgment. Singh insists the real transformation is not faster tasks but smarter coordination.

Technology assembles information; humans decide how to act. “The real shift came later, when intelligence became abundant and enterprises stopped treating it as a feature and started building around it as infrastructure.”

\ New value of human judgment

This change is visible across industries. “The most valuable human is no longer the person who can retrieve the most information,” Singh says. “It’s the person who can make the best judgment from it.”

In banking, a relationship manager in Jaipur will no longer need to navigate multiple systems to evaluate a loan request. They will simply describe the client’s situation, such as a textile exporter with strong invoice history but volatile shipping risk, and the system will assemble cash-flow patterns, contracts, sector outlooks, weather exposure, policy constraints, and a draft recommendation.

In healthcare, an oncologist in Bengaluru will walk into a consultation room with scans already compared against global datasets and treatment options surfaced automatically. When a patient’s family asks what the next six months will hold, the answer will come from the doctor, not the machine. “That,” Singh says, “is where human judgment matters.”

\ Trust, a competitive advantage

Singh highlights one of the most significant shifts: it’s organisational, not technical. “The biggest transformation happened in governance,” he says. He recalls a corporate audit meeting that illustrates the growing importance of trust in AI. A generative decision system had improved operational exception handling by 31 percent, and business leaders were eager to deploy it immediately.

But the system could not fully explain how it arrived at certain recommendations. Without clear transparency, deployment was put on hold. “Five years ago, speed would have won that argument,” Singh observes. “Today, explanation wins.”

The most successful companies have since redesigned their technology stacks around responsible AI. Identity systems, data provenance tracking, model registries, policy layers, and human escalation points are now embedded directly into their infrastructure. “What cannot be traced at scale cannot be trusted at scale,” Singh remarks. “Governance is not the brake pedal. It’s the steering system.”

In many industries, trust has become a commercial advantage. “Clients buy confidence as much as capability,” he adds.

\ When intelligence becomes abundant

Perhaps the biggest misconception about AI’s rise is that it would reduce the importance of human expertise. Singh argues the opposite has happened. “When generation became cheap, discernment became premium.”

In Hyderabad, for example, customer service agents will manage conversations across multiple languages thanks to AI systems that translate tone, context, and policy guidance in real time. Their role will no longer be reading scripts but making decisions.

Meanwhile, a veteran plant supervisor in Pune will become more valuable than ever because they can teach AI systems what sensors cannot easily detect: the faint vibration of a motor that signals failure days before a threshold alert. These kinds of tacit insights, Singh says, are what organisations will increasingly rely on. The real question for leaders

As our conversation ends, Singh offers a simple way for leaders to think about AI’s impact. “Don’t measure generative AI by how many tasks it can automate,” he says. “Measure it by how much distance it removes between signal and action, between idea and execution, between complexity and clarity.”

In other words, the biggest advantage will not go to the companies that automate the fastest. It will go to the ones willing to redesign their institutions around intelligence. “The decisive technology wasn’t the model,” Singh concludes. “It was the courage to reimagine the enterprise around it.”

未来的企业会是什么样子？根据PwC印度公 司的Puneet Singh认为，这不在于机器是否 取代人类，而在于企业围绕智能进行重塑。

在Singh对2030年的设想中，孟买一个雨季 的早晨触发了保险公司的AI韧性控制台。它 融合降雨数据、洪水状况、保单记录和卫星 图像，在索赔发生前进行预测，发送多语言 警报，并预先批准紧急赔付。然而，即使机器 能够大规模快速地处理危机，人类管理者仍 然在指挥中心对可疑的赔付进行放缓处理， 对可能造成真正伤害的赔付加速处理。

“孟买的情景展示了智能已经发展到何种程 度，”Singh指出。“公众的讨论仍然围绕着起 草电子邮件、生成幻灯片或编写代码，但这只 是起点。机器处理规模，人类处理后果。”他 说，这一区别将定义企业技术的下一阶段。

Singh认为，过去十年的真正变革发生在 人工智能超越聊天界面，开始协调整个企 业系统的时候。以金奈一家工厂的供应高 峰为例，这曾经需要数天的会议来讨论。到 2030年，AI代理将分析替代方案、模拟财务 影响，并在几分钟内调整运营，而人类则做 出最终判断。Singh坚持认为，真正的变革不 是任务完成得更快，而是更智能的协调。

技术整合信息；人类决定如何行动。“真 正的转变发生在将来，当智能变得丰 富，企业不再仅仅将其视为一个功能， 而是开始围绕它构建基础架构。”

\ 人类判断力的新价值

这一变化在各行各业都显而易见。“最有价值 的人不再是能够检索最多信息的人，”Singh 说。“而是能够从中做出最佳判断的人。”

在银行业，斋浦尔的一位客户经理将不再需 要浏览多个系统来评估贷款申请。他们只需 描述客户的情况，比如一位纺织品出口商， 有大量财务流水但航运风险波动较大，系 统就会整合现金流模式、合同、行业前景、 天气情况、政策限制，并给出初步建议。

在医疗领域，班加罗尔的一位肿瘤医生走 进咨询室时，扫描结果已经与全球数据集 进行了比较，治疗方案也自动呈现出来。

当患者的家人询问未来六个月的情况时， 答案将来自医生，而非机器。“那就是人类 判断力发挥作用的地方。”Singh说。

“领导者们学 到了一个硬道 理：无法大规 模追踪的东 西，就无法大 规模信任。”

\ 信任是竞争优势

Singh强调了一个最重要的转变：这 是组织上的，而非技术上的。“最大 的变革发生在治理方面，”他说。

他回忆起一次公司审计会议，说明了AI 中信任的重要性日益增加。一个生成式 决策系统将运营异常处理效率提高了 31%，业务领导们急于立即部署它。

但该系统无法完全解释它是如何得出 某些建议的。由于缺乏透明度，部署被 搁置。“五年前，大家注重效率，”Singh 观察到。“今天，大家注重透明度。”

自那以后，最成功的公司围绕负责任的 人工智能重新设计了他们的技术架构。 现在，直接嵌入到基础构架中的是身份 系统、数据来源追踪、模型注册表、政策 层和人工扩展。“无法大规模追踪的东 西，就无法大规模信任，”Singh评论道。“ 治理不是刹车器，而是转向系统。”

在许多行业，信任已经成为一种 商业优势。“客户购买的是信心， 而不仅仅是能力，”他补充道。

\ 当智能变得丰富多彩时

也许关于人工智能崛起最大的误解之一，是 认为它会削弱人类专业知识的重要性。Singh 认为，事实恰恰相反，而且这种变化已经在 各个行业中逐渐显现。“当生成变得廉价

“Leaders learned a hard rule: what cannot be traced at scale cannot be trusted at scale.”

时，辨别力就变得珍贵。”

例如，在海得拉巴，客服人 员如今能够处理多种语言 的复杂对话，这得益于AI系 统可以实时翻译语气、语境 以及相关指导政策。他们的 职责也将不再只是机械地 阅读脚本，而是需要基于判 断力做出更准确的决策。

与此同时，浦那的一位资深 工厂主管将比以往任何时 候都更具价值，因为他们能 够教AI系统识别那些传感 器难以轻易检测到的细微 信号：例如电机发出的轻微 振动，这往往预示着几天 后才会达到阈值的故障警 报。Singh表示，这些隐性的 经验与洞察，正是机构如今 越来越依赖的重要能力。

\ 领导者面临的真正问题 在我们谈话结束时，Singh 为领导者提供了一个简 单的方法来思考人工智 能的影响。“不要用生成 式人工智能自动化了多 少任务来衡量它，”他 说，“而应该看它在多大 程度上缩短了信号与行 动、构思与执行、复杂性 与清晰性之间的距离。”

换句话说，最大的优势不会 属于那些自动化速度最快 的公司，而会属于那些愿 意围绕智能重新设计自身 机构与运营模式的企业。“

真正具有决定性的技术不 是模型本身，”Singh总结 道，“而是企业是否有勇气 围绕它重新构想未来。”

Carl Munsayac on compliant crypto payments

For Carl Munsayac, entering fintech did not come with an elaborate plan to transition from law to tech. Rather, it began with a simple feeling of frustration that led him to identify a broader structural failure in digital finance. Now, as a co-founder of Altswitch and Payxn.app, he is building a payment framework designed to make crypto transactions easier while adhering to government regulations.

In this conversation with Matthew Busuttil for SiGMA Magazine, he shares themes and ideas that have influenced his strategy in creating the platform.

Carl's background illustrates the unique mixture of legal education, corporate experience, and entrepreneurship. By obtaining his Bachelor of Science Degree in Legal Management, he gained an understanding of how laws are created, what it means to operate under governmental control, and how companies comply through governance and operational tools. This academic foundation formed the basis for Payxn's design and philosophy around compliance and cross-border transactions.

\ A problem that sparked an idea

The origin of Payxn was far from glamorous. It began with a practical inconvenience during a peer-to-peer crypto transaction. Munsayac found himself waiting for a prolonged period while selling Tether, exposing inefficiencies in existing crypto payment processes.

“The origin of Payxn is surprisingly unglamorous. It started with a onehour wait selling USDT through a P2P platform, where the merchant took far too long to process the transaction to my bank account.”

What seemed like a minor issue

revealed a systemic problem affecting millions of crypto users. Munsayac recognised that crypto payments required speed but also trust, and they had to operate within a regulatory framework.

"I have a legal background, so my approach to solving this problem had to incorporate safety and compliance, as well as speed, because if a financial product cuts corners in complying with governmental regulation, it will not build trust; it will destroy it."

From the beginning, Payxn was designed with compliance embedded into its architecture rather than as an afterthought.

\ Operational discipline from procurement

Before entering the world of fintech, Munsayac was the Head of Purchasing in a corporate setting. In his position, he was charged with the responsibility of developing a procurement tracking framework to assist in managing multiple projects, multiple vendors, and frequent payment deadlines.

Without an existing framework, the company was exposed to the risk of financial loss through mismanagement or inadequate record-keeping, resulting in the establishment of an operation with inaccurate and unclear information.

Developing this infrastructure consisted of a lot of time spent on highly detailed work as well as providing operational clarity.

“Confidence in a payment platform comes from accuracy and transparency, and we built Payxn to translate the complexity of crypto, including confusing hashes, network fees, and technical jargon, into something any business owner can understand and trust.”

Payxn reduces complexity while maintaining operational clarity, making crypto payments accessible for large global operations and small merchants alike.

\ Placing compliance where it matters

Regulatory oversight in the fintech industry has become more restrictive. In order to facilitate maximum access to clients, Payxn uses enhanced compliance verification at the point where it’s most relevant. All users can establish accounts and create wallet addresses without operational friction or having any of the checks being done until the point of converting any digital assets back into fiat currency.

Payxn accomplishes this through partnerships with regulated and licensed exchanges that will facilitate the transfer of funds between crypto and fiat. By partnering and generally collaborating with regulated institutions that administer compliance, Payxn can maintain oversight while increasing overall efficiency.

The importance of this type of architecture applies to many industries where there is a global presence that needs a payment system capable of providing for rapid transaction processing. The global nature of crypto facilitates the immediate transfer of funds worldwide, avoiding the delays that occur and the geographic restrictions imposed by traditional financial banking institutions.

\ Innovation with practical focus

Fintech innovation often attracts attention for ambitious concepts. Munsayac believes sustainable innovation is grounded in solving immediate, tangible problems.

Carl Munsayac 谈合规加 密支付

对于Carl Munsayac而言，踏入 金融科技领域并非源于一个精 心策划的从法律到科技转型的 计划。相反，这一切仅仅始于一 种挫败感，这种挫败感引领他发 现了数字金融中更广泛的结构 性缺陷。如今，作为Altswitch和 Payxn.app的联合创始人，他正 在构建一个旨在简化加密交易 并遵守政府法规的支付框架。

在接受SiGMA杂志Matthew Busuttil的采访时，他分享了创 建平台策略的主题和理念。

Carl的文化背景融合了法律教育、 企业经验和创业精神。通过获得 法律管理理学学士学位，他了解了 法律的制定过程、如何在政府管 控下运营，以及公司如何通过治 理和运营工具实现合规。这一学 术基础奠定了Payxn在合规和跨 境交易方面的设计和理念根基。

\ 一个问题引发的创意

Payxn的缘起是波澜不惊的。 它始于一次点对点加密交易中 的麻烦。Munsayac在出售泰 达币（Tether）时发现自己等待 了很长时间，这暴露了现有加 密支付流程中的低效问题。

“Payxn的起源出人意料地平凡。 它始于我在一个点对点平台上出 售USDT时长达一小时的等待，商 家花了太长时间才将交易完成。” 这个看似微不足道的问题揭示了 一个影响数百万加密用户的系统 性问题。Munsayac认识到，加密 支付不仅需要速度，还需要信任， 并且必须在监管框架内运作。

“我有法律背景，所以我解决这个 问题的方法必须包含安全性、合规

性以及速度，因为如果金融产品在 遵守政府法规方面偷工减料，它将 无法建立信任；反而会破坏信任。” 从一开始，Payxn的设计就将合规 性融入其架构中，而非事后考虑。

从事采购时养成的纪律习惯 在进入金融科技领域之 前，Munsayac曾是一家企业的采 购主管。在这个职位上，他负责开发 一个采购跟踪框架，以协助管理多 个项目、多个供应商和频繁的付款。

在没有现有框架的情况下，公 司面临着因管理不善或记录不 清而导致财务损失的风险，进 而导致运营信息模糊不准确。

搭建这套基础设施，需要投入 大量时间开展极为细致的工 作，同时还要明确运营规范。

“支付平台的信心来源于准确 性和透明度，我们构建Payxn是 为了将加密支付的复杂性，诸 如令人困惑的哈希值、网络费用 和技术术语，转化为任何企业 主都能理解和信任的内容。”

Payxn在保持运营清晰度的 同时降低了复杂性，使加密 支付对大型国际运营商和小 型商家都变得触手可及。

\ 将合规性放在关键位置 金融科技行业的监管变得越来越 严格。为了最大限度地满足客户需 求，Payxn在高度相关的环节增强 了合规验证。在将数字资产转换回 法定货币之前，所有用户都可以建 立账户并创建钱包地址，而无需经 历繁琐的操作或进行任何检查。

Payxn与受监管并被许可的交易所 合作，从而实现这一点。这些交易 所将促进加密货币与法定货币之间 的资金转移。通过与受监管机构合 作并共同管理合规性，Payxn可以 在保持监督的同时提高整体效率。 这种架构的重要性适用于许多需 要提供快速交易支付系统的全球 化行业。加密货币的全球化促进了 资金在全球即时转移，避免了传统 金融机构造成的延迟和地理限制。 \ 专注于当前实际状况的创新

Limited resources at Payxn’s early stages required careful prioritisation. The company focused on identifying specific pain points and addressing them quickly.

“One of the earliest lessons you learn as a startup is that shiny objects are everywhere, and the discipline is in ignoring most of them.”

This disciplined approach ensures product decisions are based on real user feedback rather than speculation, keeping innovation commercially relevant.

\ AI and the next payments evolution

Looking ahead, Munsayac believes the convergence of artificial intelligence and payments will drive the next transformation in digital finance.

AI agents are increasingly capable of executing tasks independently, and payments will become part of automated workflows, managing billing, payment requests, and settlements without human intervention.

“The trend we're most excited about at Payxn is the convergence of AI and payments.”

Through integrations such as Model Context Protocols (MCPs), Payxn is positioning itself to support this ecosystem, where AI agents could generate invoices, initiate payments, and settle transactions autonomously. This allows businesses to focus on product development and service delivery rather than administrative processes.

\ Building value through accessibility

Despite technological change, Munsayac’s perspective is straightforward: value creation begins with the customer.

For Payxn, this means prioritising accessibility and usability in crypto payments, enabling businesses anywhere to transact digitally using only a device and an internet connection.

As cryptocurrency adoption grows globally, platforms that combine usability, compliance, and technological capability will play a significant role in shaping digital finance. Munsayac’s objective is clear: crypto operates beyond borders, and Payxn aims to provide the infrastructure for businesses worldwide to access that potential.

金融科技创新往往因其盛大的概念而受到关注。Munsayac 认为，可持续的创新源于解决即时的实际问题。

在Payxn的早期阶段，资源有限，需要仔细确定优先事 项。公司专注于识别特定的痛点并迅速解决它们。

“作为初创公司，你最早学到的一课就是，闪亮的新事 物无处不在，而真正的纪律在于忽略其中的大部分。”

这种严谨的方法确保了产品决策基于真实的用 户反馈而非猜测，使创新具有商业价值。

\ 人工智能与下一次支付演变 展望未来，Munsayac认为人工智能与支付的 融合将推动数字金融的下一次变革。

人工智能代理越来越能够独立执行任务，支付 将成为自动化工作流程的一部分，无需人工干

“作为初创公司，你最 早学到的一课就是，

闪亮的新事物无处不 在，而真正的纪律在于 忽略其中的大部分。”

预即可管理账单、支付请求和结算。

“在Payxn，我们最兴奋的趋势是 人工智能与支付的融合。”

通过集成如模型上下文协议（MCPs）等技术，Payxn 正准备支持这一生态系统，其中人工智能代理可以 自主生成费用清单、发起支付和结算交易。这使企业 能够专注于产品开发和服务交付，而非行政流程。

\ 通过具体的可行性创造价值 尽管技术不断变化，但Munsayac的观 点很简单：价值创造始于客户。

对于Payxn而言，这意味着在加密支付中优先 考虑可及性和可用性，使任何地方的企业都 能把设备连接到互联网来进行数字交易。

随着加密货币在全球范围内不断推广，结合 可用性、合规性和技术能力的平台将在塑造数 字金融方面发挥重要作用。Munsayac的目标 很明确：加密货币超越国界运作，而Payxn旨 在为全球企业提供对其访问的基础设施。

Leadership Built on Trust

Interviewed by Rami Gabriel, Alfred Barias, Philippines Country Manager at Zitro International S.a.r.l., reflects on leadership, trust, customer care, and growth in a rapidly evolving market shaped by long built relationships.

在 Rami Gabriel 的采访中，Zitro International S.a.r.l. 菲律宾分公司经理 Alfred Barias 回顾了在快速演变的市场环境中，由长期 稳定关系所塑造出的增长之道，具体表 现在领导力、信任度以及客户服务。

\ First Foundations

The path that led Alfred Barias to the heart of the Philippines’ gaming sector was not a straightforward one. Before entering the gaming industry, his early professional years were spent in banking, human resources, training, and several supervisory and managerial roles within the BPO sector. These formative experiences later shaped his approach to leadership and operations when he transitioned into gaming.

His next chapter took him into operations, marketing, and sales at FBM, a Brazilian gaming supplier where he first encountered the fast paced world of electronic bingo and casino entertainment. As he recalls, “I started with eBingo, although it was not with Zitro, it was with FBM. I used to be in operations, marketing, and sales there.”

That early exposure proved formative. Barias entered the gaming industry in 2011 and steadily developed a reputation for reliability among operators and suppliers. His background was not originally tied to gaming at all. He completed a Business Management degree, while his second course was Nursing, an unconventional foundation for someone who would eventually oversee market development for an international gaming supplier. Reflecting on his journey, he notes that “everything can be learned, you can read, you can study, but building relationships is a different story.”

In 2017, that reputation caught the attention of Zitro International S.a.r.l. The Spanish based gaming company approached him with an offer to handle Sales and Marketing in the Philippines. After the pandemic years reshaped operations across the

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

industry, Barias stepped into the role of Country Manager, overseeing the company’s activities across the country.

\ Growing Footprint

Zitro’s early entry into the Philippine market was cautious but strategic. The company had already built strong momentum across Mexico, Europe, and Latin America, particularly through its leadership in electronic bingo technology, while Asia presented a different landscape.

As Barias explains, “we started installing eBingo machines here in the Philippines in 2013,” though Zitro had already begun building its presence in the region from the ground up around 2010.

The real shift came several years later when the company began supplying slot machines to local casinos. One of its earliest placements arrived at Manila Jockey Club, a venue facing declining foot traffic at the time. Even in that environment, the machines quickly gained attention.

According to Barias, performance proved the strongest argument. The machines were later transferred to Casino Filipino Calamba, where they again ranked among the venue’s top performers. As he explains, “since then, we have been performing really well. We were among the top performers in that particular casino.” Results like these gradually attracted the attention of larger operators, and integrated resorts across the country began testing Zitro machines on their gaming floors through small trial deployments before committing to larger purchases.

The turning point arrived when one of those trials exceeded expectations dramatically. Barias recalls that “when they opened and we started going live in the casino, we reached almost 300 percent of their floor average,” and the machines were purchased even before the trial period had ended.

\ Ground Leadership

For Barias, the role of Country Manager extends far beyond commercial targets. His responsibilities span almost every aspect of Zitro’s operations in the Philippines, from sales and compliance to technical support and internal team management.

Such broad oversight reflects the realities of operating in a growing but complex market. The Philippine gaming sector is expanding rapidly, with new integrated resorts, regional Casino Filipino branches, and regulatory approvals shaping a constantly shifting environment. Orders for new machines are steadily increasing, though each deployment must first pass regulatory clearance from PAGCOR, the country’s gaming regulator.

Yet despite the operational demands, Barias rarely frames his work in terms of numbers alone. Instead, he repeatedly returns to a simpler principle that has guided his career from the beginning, explaining that “building relationships is far more important than money or fame.” For him, that idea is not merely a slogan but a philosophy that shapes the way teams operate internally and the way clients are treated externally.

\ 首个基础

阿尔弗雷德·巴里亚斯（Alfred Barias）走向菲律宾博彩行业 核心的道路，并非一帆风顺。在进入博彩行业之前，他早年 的职业经历主要集中在银行业、人力资源、培训，以及BPO（ 业务流程外包）行业中的多个主管和管理岗位。这些早期经 历后来塑造了他在转向博彩行业后的领导与运营方式。

随后，他进入了巴西博彩供应商FBM，从事运营、市场营销和 销售工作，并首次接触到节奏快速的电子宾果和赌场娱乐世 界。正如他回忆的那样：“我最初接触的是电子宾果，虽然当 时不是在Zitro，而是在FBM。我当时负责运营、市场和销售。”

这段早期经历对他影响深远。巴里亚斯于2011年进入博彩 行业，并逐渐在运营商和供应商之间建立起可靠的声誉。 事实上，他的背景原本与博彩毫无关联。他拥有工商管理 学位，第二专业则是护理学——对于一个最终负责国际博 彩供应商市场发展的管理者而言，这无疑是一个不同寻常 的基础。回顾自己的职业旅程时，他表示：“很多事情都可 以学习，你可以阅读、研究，但建立关系则是另一回事。”

2017年，这份声誉引起了Zitro International S.a.r.l.的 关注。这家总部位于西班牙的博彩公司向他发出邀 请，希望他负责菲律宾市场的销售与营销工作。在疫 情重塑整个行业运营模式之后，巴里亚斯进一步晋 升为国家经理，全面负责公司在菲律宾的业务。

\ 不断扩大的版图

Zitro进入菲律宾市场的初期相当谨慎，但策略明 确。公司此前已在墨西哥、欧洲和拉丁美洲建立了 强劲的发展势头，尤其在电子宾果技术领域占据领 先地位，而亚洲市场则呈现出截然不同的格局。

正如巴里亚斯所说：“我们从2013年开始在菲律宾 安装电子宾果机器。”不过，实际上，Zitro早在2010 年前后就已开始在该地区逐步建立业务基础。

真正的转折点出现在数年之后，当公司开始向本地赌场 供应老虎机时。其中一个最早的项目落地于马尼拉赛马 会（Manila Jockey Club），而该场馆当时正面临客流下 降的问题。即便如此，这些机器仍迅速吸引了关注。

据巴里亚斯介绍，最有力的证明来自实际表现。这批机器 后来被转移到Casino Filipino Calamba，并再次成为场馆 内表现最优秀的机器之一。他表示：“从那以后，我们的表现 一直非常出色。在那个赌场里，我们属于顶尖表现者之一。” 正是这样的成绩，逐渐吸引了更多大型运营商的注意，全 国各地的综合度假村开始通过小规模试运营的方式，在其 博彩楼层测试Zitro机器，然后才决定进行更大规模采购。

真正的关键时刻来自其中一次远超预期的测试。巴里 亚斯回忆道：“当他们开业、我们的机器正式上线后，我 们的表现几乎达到了整个场馆平均水平的300%。”甚 至在测试期结束之前，这批机器就已经被直接购买。

\ 一线领导力

对于巴里亚斯而言，国家经理这一角色远不止于商业 目标。他的职责几乎涵盖了Zitro在菲律宾运营的所有 方面，包括销售、合规、技术支持以及内部团队管理。

这种广泛的管理职责，也反映出菲律宾博彩市场在快 速增长中的复杂性。菲律宾博彩行业正在迅速扩张， 新的综合度假村、区域性Casino Filipino分支，以及

\ Relationship Culture

If there is a philosophy behind Barias’s approach to leadership, it rests on trust. In his view, strong partnerships are built long before contracts are signed and long after machines are installed. As he explains, “you have to be honest, focused, and really put customer service first. After sales, even before sales, it is part of it.”

The principle begins within the organisation itself. Barias often tells his staff that customer service starts with the internal culture of the team. As he puts it, “customer service starts from within, and how you treat your teammates reflects on your clients.”

Over the years, that mindset has helped him maintain connections across multiple sectors of the gaming industry. Many of the relationships he built during his early eBingo years still shape collaborations today.

These relationships also support Zitro’s wider international reach. Zitro International S.a.r.l. maintains a strong presence across Mexico, Europe, and Latin America, while continuing to expand its footprint in other jurisdictions such as the United States.

Discussing the company’s global reach, Barias emphasises that “our biggest markets are Mexico, Europe, and Latin America, way bigger than Asia,” noting that the company dominates the eBingo and slot market in Mexico.

\ Game Evolution

While relationships may open doors, sustained success in the gaming industry ultimately depends on product quality and innovation. Here, Barias believes Zitro’s strategy has been particularly effective.

One of the company’s central promises to operators is longevity. New machines are supported by an extended roadmap of games that ensures cabinets remain relevant long after installation. As Barias explains, “customers do not have to worry about getting machines from Zitro because there is a roadmap that will be available now and in the future.”

The company’s product development has evolved through several hardware lines, including the Bryke and Glare cabinets, followed by the Concept family of machines, and more recently the Fantasy line, each designed to expand the catalogue of games available to operators. At the same time, Zitro continues to grow beyond land based environments through Zitro Digital, offering online games across both bingo and slot formats. For Barias, the combination of technology and teamwork keeps the company moving forward. Sometimes he reflects on how the brand entered the industry later than some long established competitors. But that timing has not discouraged him. If anything, it reinforces the motivation shared across the organisation. As he reflects, “sometimes I think about how we started late compared with others, but with the technology we have and the team we have, we all share the same goal of making Zitro bigger than ever.”

It is a goal rooted not only in machines and markets, but in the relationships that made those opportunities possible in the first place.

不断变化的监管审批，共同塑造着一个持续变化的 市场环境。新机器订单持续增长，但每一次部署都必 须先通过菲律宾博彩监管机构PAGCOR的审批。

尽管运营压力巨大，巴里亚斯却很少只用数字来定 义自己的工作。相反，他始终强调一个从职业生涯早 期便坚持至今的原则：“建立关系比金钱或名声更 加重要。”对他而言，这不仅仅是一句口号，更是一种 贯穿团队内部运作以及客户关系管理的理念。

\ 关系文化

如果说巴里亚斯的领导方式背后存在一种核心哲学，那就 是信任。在他看来，真正稳固的合作关系，早在合同签署 之前便已经建立，并且会在机器安装完成之后继续延续。 正如他所说：“你必须诚实、专注，并真正把客户服务放在 第一位。售后服务，甚至售前服务，都是其中的一部分。”

这一理念首先从公司内部开始。巴里亚斯经常告诉员工，客 户服务其实源于团队内部文化。他表示：“客户服务始于内 部，而你如何对待同事，也会反映在你如何对待客户身上。”

多年来，这种理念帮助他在博彩行业多个领域维持 了广泛的人脉关系。许多他在电子宾果行业早期建 立的联系，至今仍在影响着合作关系的发展。

这些关系也支撑着Zitro在全球范围内的扩 张。Zitro International S.a.r.l.在墨西哥、欧洲 和拉丁美洲拥有强大的市场布局，同时也持续 拓展包括美国在内的其他司法辖区市场。

在谈到公司的全球布局时，巴里亚斯强调：“我们最大的市场 是墨西哥、欧洲和拉丁美洲，规模远远大于亚洲。”他还指出， 公司在墨西哥的电子宾果和老虎机市场中占据主导地位。

\ 游戏进化

虽然关系能够打开大门，但博彩行业真正持续成功 的关键，最终仍取决于产品质量与创新能力。在这 一点上，巴里亚斯认为Zitro的战略尤其成功。

公司向运营商作出的核心承诺之一，就是产品的长期 生命力。新机器都会配备长期的游戏开发路线图，以确 保机台在安装多年后依然保持竞争力。正如巴里亚斯 所解释的：“客户无需担心购买Zitro的机器，因为我们 拥有现在以及未来都会持续提供的产品路线图。”

公司的产品研发经历了多个硬件系列的发展，包 括Bryke与Glare机柜，随后推出Concept系列机 器，而最近则推出了Fantasy系列，每一代产品都 进一步扩展了运营商可选择的游戏目录。

与此同时，Zitro也通过Zitro Digital不断向线上娱乐领域 扩展，在线上宾果和老虎机市场提供数字化游戏产品。

对巴里亚斯来说，技术与团队协作的结合，正推动着公 司不断前进。有时候，他也会思考，Zitro进入行业的时间 比一些历史悠久的竞争对手更晚。但这种“后来者”身份 并没有削弱他的信心，反而进一步强化了整个团队共同 的动力。正如他所说：“有时候我会想到，我们相比其他 公司起步较晚，但凭借我们的技术和团队，我们都怀着 同一个目标，那就是让Zitro变得比以往更加强大。”

而这个目标，不仅建立在机器与市场之上，更建立 在那些最初创造这些机会的人际关系之上。

“It all started in my early career days, standing witness to the quiet difficulties of my fellow Filipinos: long, weary lines at counters just to cash a check or deposit hard-earned money, hours lost to travel from a remote town to the nearest city or municipality, energy drained on the simplest transactions that should be effortless rights for all.

“These weren't just inefficiencies; they were barriers keeping families from meeting basic needs, dreams deferred by a system that demanded too much time and too few resources. That frustration lit an unquenchable fire in me; one that's burned brighter through my roles at RCBC and as Chairman of FinTech Alliance.PH,” Lito Villanueva recounted.

“I'm profoundly blessed to channel this passion, leading devoted teams, forging alliances with neighbours, publicprivate partners, and collaborators to bridge those gaps with innovative tools that deliver real inclusion and hope,” he said.

As Executive Vice-President and Chief Innovation and Inclusion Officer at RCBC, it’s never just about Villanueva as leader, he says.

“At my core, it's "others at the centre.” It’s never just about me as the leader, but the vibrant ecosystem around us that fuels every victory. Clients whose lives we transform, team members pouring their ingenuity daily, partners from fellow fintechs and banks, all weaving success together.

“I like to look at our products and services, which have scaled exponentially because we live the mantra of "innovations with empathy" and sustainable inclusive finance. True leadership emerges when you draw everyone into the fold, serving wholeheartedly. We do this while elevating our team members’ strengths to create waves of progress that no single employee could achieve alone. It's a service that creates enduring impact and ripples of change in everyday life,” he said.

\ A defining moment at RCBC

The defining moment of RCBC’s digital transformation came when “we fully aligned with the BSP’s Digital Payments Transformation Roadmap. Suddenly, our goals weren’t just targets on paper - they were tangible shifts: aiming for 70% of adults banked and 50% of retail payments digital. The 80x80 vision of FinTech Alliance. PH - 80% of adults with digital accounts and 80% of retail payments digitised by 2028 - became our North Star.

“By 2025, digital payments will hit 57.4% of retail transactions, with P24.7 trillion flowing through InstaPay and PESONet. At that moment, I thought: ‘Yes, we’re reshaping lives’. It wasn’t just compliance, it was proof of progress, fuel for the next leap, and a sign that we were tipping the scales of customer behaviour forever,” Villanueva said.

重塑生活

菲律宾数字转型领域的领军人物 Lito Villanueva——RCBC执行副 总裁兼首席创新与包容官、RCBC 创始主席、FinTech Alliance.PH 主席——在接受Duncan Barry采 访时，分享了他的职业生涯起点 以及RCBC和Fintech Alliance. PH如何重塑了许多人的生活。

This journey also brought historic recognition: six consecutive Euromoney Best Bank for Digital awards, a first in Asia. Achieving it wasn’t just strategy or technology, it was the inspiration drawn from the frontlines: Filipinos in rural communities opening their first savings accounts, QR Ph thriving in MRT stations, MySSS cards empowering citizens, and fintech partnerships expanding access. Every new account, every digital milestone,

Reshaping lives

Lito Villanueva -

A leading voice in digital transformation in the Philippines, Lito Villanueva, Executive Vice President and Chief Innovations and Inclusion Officer, RCBC Founding Chairman, FinTech Alliance.PH speaks to Duncan Barry on how his career started and how RCBC and Fintech Alliance.PH has reshaped the lives of many.

reminded us why pushing boundaries mattered.

“Regional collaboration has been just as pivotal. Across ASEAN and the global fintech stage, no country thrives alone. As Global Ambassador of the Asia FinTech Alliance, I’ve seen firsthand how knowledge-sharing, harmonised regulations, and cross-border innovation turn individual ambition into collective progress. By framing challenges as ‘ours’ rather than ‘mine,’ solutions grow richer, reach further, and impact lives across borders.

“The Philippines itself is rising as an emerging fintech hub. Events like the Manila Tech Summit 2025 and delegations to Hong Kong Fintech Week showcase our momentum. With the Philippines taking the ASEAN chairship this year, digital leaders and policymakers will converge, driving regional collaboration. Initiatives like the Fraud Intelligence Data Sharing Network now fortify our digital ecosystem, enabling

real-time, coordinated protection across financial institutions. In parallel, the Cybercrime Investigation and Coordinating Centre (CICC) and Fintech Alliance.PH are forging deeper government-industry alliances in the relentless battle against cybercrimes and digital fraud, blending regulatory muscle with frontline insights,” he said

“We are also intensifying efforts on our financial education by partnering with like-minded online influencers to counter the proliferation of fake news and misinformation especially perpetrated by scammers and fraudsters,” Villanueva highlighted.

In this journey, every step tells a story: of digital adoption, of communities uplifted, and of a nation stepping confidently into the fintech future. There’s no stopping or looking back.

“这一切都始于我职业生涯的早期。当时，我亲 眼目睹了许多菲律宾同胞默默承受的现实困难： 为了兑现支票或存入辛苦赚来的收入，他们不得 不在银行柜台前长时间排队；许多人甚至需要从 偏远的小镇辗转数小时，才能抵达最近的城市或 市政中心；而那些本应简单快捷的基础金融服 务，却往往耗费他们大量时间、精力与资源。

“这些问题不仅仅意味着效率低下，更是阻碍无数家 庭满足基本生活需求的重要障碍。一个需要人们投 入过多时间、却无法提供足够便利的系统，让很多人 失去了机会，也带来了深深的无奈与遗憾。这种挫败 感在我心中点燃了一团始终无法熄灭的火焰；而在 RCBC以及后来担任FinTech Alliance.PH主席期间， 这份使命感变得愈发强烈，”Lito Villanueva回忆道。

“我一直认为自己非常幸运，能够将这份热情转化 为行动，与一支充满奉献精神的团队并肩前行，同 时与社区、公私合作伙伴以及行业协作者建立联 盟，利用创新工具去弥合这些长期存在的差距，为 更多人带来真正的金融包容、尊严与希望，”他说。

作为RCBC执行副总裁兼首席创新与 包容官，Villanueva认为，这项事业从 来不仅仅意味着一个领导职位。

“在我的内心深处，一切始终以‘他人为中心’。这从 来不只是关于作为领导者的我，而是关于整个充满 活力的生态系统，它共同推动着每一次成功。那些因 金融服务而改变生活的客户、每天倾注热情与努力 的团队成员，以及来自金融科技公司和传统银行的 合作伙伴，都是共同书写这段成功故事的重要力量。

“我总是喜欢回头审视我们的产品与服务，它们能够 实现指数级增长，并不是偶然，而是因为我们始终坚 持‘充满同理心的创新’以及可持续包容性金融的理 念。真正的领导力，在于把所有人都纳入其中，并以 真诚的态度服务大众。在这一过程中，我们不断激发 团队成员的潜力，创造出任何单一个体都无法独立 实现的改变浪潮。这是一种能够产生持久影响、并在 日常生活中不断激起变革涟漪的服务精神，”他说。

\ RCBC的转折点

RCBC数字化转型的关键时刻，来自于“我们完全 与菲律宾中央银行（BSP）的《数字支付转型路线 图》保持一致。突然之间，我们的目标不再只是纸 面上的数字，而是真正能够改变社会的实际行动： 推动70%的成年人拥有银行账户，以及实现50% 的零售支付数字化。与此同时，FinTech Alliance. PH提出的80x80愿景——即到2028年实现80% 的成年人拥有数字账户、80%的零售支付完成 数字化——也逐渐成为我们共同坚持的信念。

“到2025年，数字支付预计将占所有零售交易的 57.4%，通过InstaPay和PESONet流动的资金规 模将达到24.7万亿比索。那一刻，我意识到：‘是

的，我们正在真正重塑人们的生活。’这不仅仅意 味着完成监管要求，更象征着社会进步的成果，也 是推动下一阶段跃升的重要动力，更标志着客户 行为已经被永久性地改变，”Villanueva表示。

这段旅程同样带来了历史性的认可：RCBC连续六年 获得《欧洲货币》最佳数字银行奖，这在亚洲尚属首 次。能够实现这一成就，不仅依赖战略或技术，更来 源于基层社区所带来的启发：菲律宾农村地区的居 民首次开设储蓄账户；QR Ph在地铁系统中的广泛应 用；MySSS卡为普通公民赋予更多金融能力；以及金 融科技合作伙伴关系不断扩大金融服务覆盖范围。 每一个新账户的诞生、每一次数字化里程碑的实现， 都不断提醒着我们，为什么开拓与创新如此重要。 “区域合作同样至关重要。在整个东盟乃至全球 金融科技生态中，没有任何一个国家能够独自繁 荣发展。作为亚洲金融科技联盟的全球大使，我 亲眼见证了知识共享、监管协调以及跨境创新如 何把单独国家的愿景，转化为区域性的共同进 步。只有当我们把挑战视为‘我们的’，而不是‘我 个人的’，解决方案才会更加全面，影响力也会更 加深远，并真正跨越国界改变更多人的生活。

“I'm profoundly blessed to channel this passion, leading devoted teams, forging alliances with neighbours, public-private partners, and collaborators to bridge those gaps with innovative tools that deliver real inclusion and hope,”

“菲律宾如今也正迅速崛起，成为一个备受关注的 新兴金融科技中心。像2025年马尼拉科技峰会以及 香港金融科技周代表团等活动，都展示了菲律宾持 续增长的势头。随着菲律宾今年担任东盟轮值主席 国，来自区域内的数字化领导者与政策制定者将齐 聚一堂，共同推动区域合作。与此同时，像欺诈情报 数据共享网络这样的新举措，也正在进一步强化我 们的数字生态系统，使金融机构能够以更实时、更 协调的方式保护自身安全。网络犯罪调查与协调中 心（CICC）以及Fintech Alliance.PH，也正在建立更 深入的政府与行业合作联盟，将监管力量与一线经 验相结合，持续打击网络犯罪与数字欺诈，”他说。

“与此同时，我们也正在通过与理念一致 的网络意见领袖合作，加强金融教育与指 导，以对抗欺诈者传播的假新闻以及不断 扩散的错误信息，”Villanueva强调道。

在这段持续推进的旅程中，每一步都承载着一个关 于金融包容、社区赋能以及国家发展的故事。菲律宾 正以更加坚定与自信的姿态，迈向金融科技驱动的 未来。而这条道路，没有回头的方向，只有不断向前。

1win has solidified its position as a global iGaming powerhouse, not just through product innovation, but by redefining how marketing, partnerships, and affiliate networks drive growth.

With a holistic approach combining strategic ambassador collaborations, large-scale campaigns, and tailored affiliate programs, 1win has proven that effective marketing in gaming extends far beyond the digital banner.

\ Scaling Affiliate Excellence

Central to 1win’s success is its robust affiliate programme, designed for performance, scalability, and long-term growth. The company has also launched the 1win Partners Blog, a hub of analytics, case studies, interviews, and best practices for media buying teams.

This platform reflects 1win’s commitment to education and transparency, equipping affiliates with the tools to optimize campaigns and drive measurable results. Over the last year, 1win executed five major campaigns: Traffic Race, Traffic Cup, 1wish, Big Love, and IPL RS, attracting over 10,000 webmasters and generating a reach of more than 20 million. Partners were rewarded not only with prizes, but with insight into effective campaign strategies. Case studies highlighted impressive returns: SEO Nomad earned $650,000 via RevShare, Rich Media generated $400,000 from Brazil traffic, and Private Inc. surpassed $25 million in revenue from India alone. In addition, 1win expanded the affiliate programme into ten new markets across Africa, Asia, and Latin America, including Benin, Togo, Egypt, Malawi, Morocco, Algeria, Cambodia, Costa Rica, Sri Lanka, and Vietnam. These expansions were accompanied by localisation in Arabic, Tagalog, and Hindi, ensuring campaigns resonated with local audiences and maximised engagement.

\ Global Campaigns and Ambassador Strategy

1win’s marketing success extends beyond affiliates into high-profile ambassador collaborations. In sports, the company partnered with global boxing icon Saúl “Canelo” Álvarez, launching a charity initiative in Mexico that supported 50 youth sports organisations and directly benefited over 1,500 young athletes. The partnership also included sponsorship of Canelo’s signature golf tournament and high-profile livestream events, including a $500,000 bet on a major boxing match that captured global attention.

In Brazil, 1win strategically invested in building the brand through targeted activities and influencer engagement. The company signed prominent local figures, leveraging their reach to deliver bespoke campaigns, bonus offers, and interactive content tailored to the Brazilian audience. These initiatives showcased 1win’s ability to integrate marketing and community engagement, enhancing brand loyalty in key growth markets. Other ambassador collaborations included UFC legend Jon “Bones” Jones, who partnered with 1win

1win：引 领全球 iGaming

联盟创 新之道

1win 已巩固其作为全球 iGaming 领 军企业的地位，这不仅源于产品创新， 更在于其重新定义了营销、合作伙 伴关系及联盟网络如何驱动增长。

通过整合品牌大使合作、大规模营 销活动及定制化联盟计划的整体 战略，1win 证明了游戏行业中的 高效营销远不止于数字广告。

\ 联盟体系的规模化发展

1win 成功的核心在于其强大的联盟 计划，该体系专为绩效、可扩展性及 长期增长而设计。公司还推出了 1win Partners Blog，为媒体团队提供分析 数据、案例研究、访谈及优质内容。

该平台体现了 1win 对指导教程 与透明度的重视，帮助联盟伙伴 优化推广活动并实现可量化成果。

在过去一年中，1win 共开展了五 大营销活动：Traffic Race、Traffic Cup、1wish、Big Love 和 IPL RS，吸 引超过 10,000 名站长参与，覆盖人群 超过 2,000 万。合作伙伴不仅收获颇 丰，还能深入了解高效营销的策略。

数据显示了极佳的回报率：SEO Nomad 通过 RevShare 收入达 65 万 美元，Rich Media 从巴西流量中创造 了 40 万美元的收益，Private Inc. 仅在 印度市场就实现超过 2,500 万美元的 收入。此外，1win 还将联盟计划拓展至 非洲、亚洲和拉丁美洲的 10 个新市场， 包括贝宁、多哥、埃及、马拉维、摩洛哥、 阿尔及利亚、柬埔寨、哥斯达黎加、斯里

1win:

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

for exclusive content, seasonal campaigns, and charitable initiatives, demonstrating the brand’s capacity to merge entertainment, sport, and social responsibility.

\ Event Marketing and Community Engagement

1win’s event-driven approach has been pivotal in scaling marketing processes. From large-scale poker tournaments such as 1win W Poker, attracting over 90,000 live viewers and a record $251,000 prize pool, to esports competitions like the Not Int 3 Dota 2 streamer tournament and

The International 2025 community cast, the company has demonstrated a consistent ability to activate and engage global communities. Special activations, including gifting luxury cars and gold bars to influencers, further amplified brand visibility and social media impact. This global approach is complemented by social responsibility programmes, including flood relief in Argentina, environmental initiatives in India, and youth sports support in Mexico. These activities reinforce 1win’s commitment to the communities in which it operates, creating meaningful engagement alongside marketing reach.

\ Tools, Technology, and User Experience

1win’s marketing expertise is matched by investment in technology and user experience. Rebranding initiatives in 2025 simplified navigation, optimised site speed by 2.5x, and improved engagement metrics across campaigns and promotional mechanics. The introduction of tools for affiliates, including data-driven insights and campaign optimisation platforms, underscores the company’s strategic focus: equipping partners with advanced capabilities to maximise returns.

\ Looking Ahead

Through a combination of affiliate mastery, global campaigns, high-profile ambassadors, and innovative tools, 1win has built a model of marketing excellence in iGaming. The company’s ability to scale processes, adapt to new markets, and integrate social responsibility with brand-building demonstrates a world-class approach to modern gaming marketing, one where partners, communities, and players remain at the heart of every initiative. 1win’s story illustrates not only growth, but the executional expertise required to transform campaigns into global, measurable impact, a blueprint for the future of iGaming marketing and affiliation.

兰卡和越南，并配套推出阿拉伯语、他加禄 语和印地语版本，提升用户共鸣与参与度。

\ 全球营销与品牌大使战略

1win 的营销成功不仅体现在联盟体系， 还延伸至高影响力的品牌大使合作。在 体育领域，公司与全球拳击巨星 Saúl “Canelo”Álvarez 合作，在墨西哥发起 慈善项目，支持 50 个青少年体育组织，惠 及超过 1,500 名年轻运动员。还赞助了高 尔夫赛事及一场下注金额高达 50 万美 元的拳击赛事直播，吸引了全球的关注。

在巴西，1win 通过精准营销与意见领 袖的合作推动品牌建设，签约本地知名 人物，推出定制化活动、奖励及互动内 容，强化品牌在重点市场的影响力。

其他品牌大使还包括 UFC legend Jon“Bones”Jones，他与 1win 合 作推出独家内容、季节性活动及公 益项目，展现了品牌在娱乐、体育 与社会责任之间的融合能力。

\ 活动营销与社区互动

以具体活动为驱动的营销策略是 1win 扩 展规模的重要方式。从吸引超过 90,000 名观众、奖金池达 251,000 美元的 1win W Poker 锦标赛，到 Not Int 3 Dota 2 主 播赛事及 The International 2025 社区 解说项目，公司持续激活全球玩家社群。

包括向网红赠送豪车和金条在内的营 销活动，进一步放大品牌曝光与社交 媒体影响力。同时，公司也积极开展社 会责任项目，如阿根廷洪灾救援、印 度环保行动及墨西哥青少年体育支 持，强化品牌与社区之间的联系。

\ 工具、技术与用户体验

1win 在营销之外同样重视技术与用户体 验。2025 年品牌升级优化了导航结构，将网 站速度提升至原来的 2.5 倍，并显著改善用 户参与度。面向联盟伙伴推出的数据分析 及优化工具，也进一步提升了其营销能力。

\ 未来展望

通过联盟体系、全球营销、品牌大使 合作及创新工具的结合，1win 构建 了 iGaming 营销的新模式。其在规模 化、市场适应性及社会责任方面的表 现，展现出世界级品牌的营销能力，也 为行业未来提供了可借鉴的范本。

Scaling leadership at SPRIBE

SPRIBE 的领导力扩展之道

Matthew Busuttil met with David Natroshvili, CEO of SPRIBE, for an in-depth conversation around cultural aspects, leadership style and sustainable growth of the organisation as the company grows internationally in preparation for SiGMA Asia 2026 in Manila, Philippines

The discussion provides insight into how the organisation is navigating scale but does not lose its agility, how to maintain cultural cohesiveness between its many markets and how to continue to drive what they view as the greatest source of competitive advantage, innovation, especially given the increased complexity of the global iGaming environment.

\ Leadership philosophy

As SPRIBE has evolved from a fast-moving start-up into a globally recognised iGaming innovator, David Natroshvili’s leadership approach has shifted significantly. In the company’s early stages, he was closely involved in nearly every operational decision. Today, his focus is centred on building empowered teams capable of operating independently and efficiently within a rapidly scaling global business.

Executive teams are expected to transform their approach, shifting from a focus on execution to creating systems and processes. Scaling today is more about organizational design rather than individual decision-making. As outlined earlier, the iGaming industry (globally) is changing dramatically due to differences in regulations, rapid expansion of product ranges, and shifting consumer expectations, making this shift critical.

“People perform best when they clearly understand the vision, feel trusted to make decisions, and are encouraged to challenge conventional thinking,” he explains. Rather than controlling every process, Natroshvili believes leadership should create the conditions where innovation and accountability can thrive simultaneously. Even as SPRIBE continues to expand internationally, he remains committed to preserving the entrepreneurial mindset that shaped the company’s rise, ensuring teams continue to operate with the speed, curiosity and ambition of a start-up.

\ Embedding culture

For SPRIBE’s international presence, fostering a cohesive culture is essential. The challenge is to achieve cultural coherence while allowing local creativity or the ability to react with fluidity.

Rather than an inflexible structure, SPRIBE’s culture is grounded in shared values such as creativity, accountability, speed, teamwork, and continual improvement. This dynamic framework empowers employees to express their innovative ideas while taking ownership of their projects. By prioritizing collaboration and open communication, the company not only drives collective success but also nurtures an inclusive environment where everyone is encouraged to grow and develop professionally. These guiding principles help SPRIBE navigate challenges effectively and adapt to the ever-evolving industry landscape. A foundation of ongoing communication

Matthew Busuttil 与 SPRIBE 首席执 行官 David Natroshvili 进行了深入 对话，围绕企业文化、领导风格以及 组织的可持续增长展开讨论。随着公 司为 2026 年在菲律宾马尼拉举行的 SiGMA Asia 做准备，并持续推进国际 化发展，此次交流重点探讨了企业如 何在扩大规模的同时保持敏捷性、如 何在多个市场之间维持文化一致性， 以及如何继续推动他们认为最具竞 争优势的核心——创新，尤其是在全 球 iGaming 行业日益复杂的背景下。

\ 领导哲学

随着 SPRIBE 从一家快速成长的初创 企业发展为全球知名的 iGaming 创 新公司，David Natroshvili 的领导方 式也发生了显著变化。在公司早期，他 几乎参与所有运营决策；而如今，他的 重点转向打造能够在快速扩张的全球 业务中独立高效运作的授权型团队。 管理团队需要改变思维方式，从专注 执行转向建立系统与流程。如今的规 模化发展，更关乎组织设计，而非个人 决策。正如前文提到的，由于监管差 异、产品线迅速扩展以及消费者期望 不断变化，全球 iGaming 行业正在经 历巨大转变，因此这种转型至关重要。 “当人们清楚理解企业愿景、被 信任去做决策，并被鼓励挑战传 统思维时，他们的表现最佳。”

Natroshvili 认为，领导力并不是控 制每一个流程，而是创造一个让创 新与责任感能够同时蓬勃发展的环 境。即便 SPRIBE 持续拓展国际市 场，他依然致力于保留推动公司崛 起的创业精神，确保团队始终保持 初创企业般的速度、好奇心与雄心。 \ 深植企业文化

对于 SPRIBE 的国际化布局而 言，建立统一的企业文化至关 重要。关键挑战在于：既要实现 文化一致性，又要保留本地团队 的创造力与灵活应变能力。

SPRIBE 的文化并非建立在僵化的 结构之上，而是围绕创造力、责任 感、速度、团队合作以及持续改进等 共同价值观展开。这一动态框架使 员工能够自由表达创新想法，并对 自己的项目承担责任。通过强调协 作与开放沟通，公司不仅推动集体 成功，也营造出一个鼓励所有人持 续成长与专业发展的包容性环境。 这些指导原则帮助 SPRIBE 更 有效地应对挑战，并适应不断

“At SPRIBE, we focus on building alignment around shared principles rather than rigid structures.”

between regional teams and central leadership strengthens this approach to strategic intent, ensuring their understanding while permitting flexibility in local execution. Additionally, the ability to adjust local execution based on local feedback will be enhanced through regular exchange of information across markets that identify new trends early enough for SPRIBE to develop and implement changes to product and marketing strategies quickly and effectively. The net effect is the development of a continuing culture of learning through shared knowledge amongst all employees.

With this structure, individual teams in separate locations can be self-sufficient and independent, yet have a common organisational identity that is stable across all locations. In addition to using local markets' intelligence as input for the overall organisational strategy, it provides opportunities to apply local logical reasoning and critical thinking skills when creating new initiatives.

Natroshvili explains that many of SPRIBE's most successful ideas have come from outside of their main office. By fostering open communication across regions, SPRIBE has developed a system through which creative ideas can travel in both directions, rather than only in the traditional top-down manner.

\ Sustaining agility

As organisations grow larger, they frequently introduce complexity that slows them down. SPRIBE has recognised the need to maintain agility through deliberate structural discipline rather than simply being flexible informally.

To reduce bureaucracy and avoid creating unnecessary procedures that could slow execution, the extended team members at SPRIBE are actively working to keep processes very lean and close to the individuals doing the work.

To keep decision-making very lean, SPRIBE intentionally shifts responsibility for decisionmaking to the teams performing the work.

“We work very consciously to avoid unnecessary bureaucracy.”

This mindset is reinforced through cross-functional collaboration between product, technology, commercial and marketing teams. By integrating disciplines early in the decision-making process, SPRIBE reduces friction and improves responsiveness.

Data is a crucial component of any project. It provides real-time visibility into performance and user behaviour data, enabling decisions based on facts rather than assumptions. In this respect, agility is more than just being able to respond quickly; it is about responding quickly based on facts obtained from an open system.

As a business grows, it becomes increasingly important to maintain a balance between speed and structure, as growth introduces more layers of coordination. The Leadership of SPRIBE will therefore focus on avoiding structural inertia through its leadership model, in addition to using a combination of accountability frameworks, which will help build a solid foundation of accountability for ownership as close to execution as possible, and data as an analytical tool and as an aspect of governance which supports alignment of teams around one operational reality.

\ Creativity as an advantage

In the very competitive digital entertainment industry, SPRIBE uses creativity to set itself apart from other companies, not just as a function of the company. Company-wide, everyone is expected to be innovative and not just have innovation be an individual department's responsibility.

Natroshvili is clear that originality comes from mindset, not structure. Teams are encouraged to question established patterns and test unconventional ideas where appropriate.

Some of SPRIBE’s most successful developments emerged from this willingness to challenge norms. However, creativity is always balanced with execution discipline. Concept development is paired with analytics, behavioural insights and iterative refinement to ensure ideas translate into scalable products.

This dual focus ensures that innovation is both imaginative and commercially viable, a balance that has become central to SPRIBE’s product philosophy.

\ Talent strategy

In a global talent market defined by intense competition, SPRIBE’s approach is rooted in opportunity and impact. The company seeks individuals who want ownership, pace and exposure to meaningful work rather than purely structured career progression.

A fast-paced work environment helps attract wellqualified employees who are comfortable taking risks and working in a highly visible role. Additionally, continuous professional development and internal career path options help retain employees.

We encourage employees to take on cross-functional roles, work on high-impact projects, and expand their areas of influence. A high level of employee engagement will lead to long-term capacity development.

Culture remains a critical differentiator. High standards are combined with transparency, collaboration and trust, ensuring that performance expectations are matched by organisational support.

\ Future leadership

According to Natroshvili, the new stage of development will involve even more flexibility than any previously experienced by SPRIBE, since many factors are outside the company’s control and new technologies, along

with consumers’ changing expectations, will influence how quickly the landscape changes in the future.

Leadership discipline is equally as vital as innovation in this circumstance. There is also an emphasis on setting priorities amid uncertainty, allocating resources dynamically, and fostering strategic cohesion across dispersed teams, all of which will provide a competitive advantage. Instead of adapting to market pressures only when they occur, SPRIBE is determining how it can detect changes sooner and respond with better feedback systems and a more decentralised decision-making process.

Future best-practice leadership models will require increased decentralisation and a shift to data-driven decision-making with more effective cross-functional collaboration; however, he cautions against becoming overly myopic by focusing solely on immediate results, given that many sectors are primarily motivated by them.

“People perform best when they clearly understand the vision, feel trusted to make decisions, and are encouraged to challenge conventional thinking.”

“当人们清楚理解企业愿景、被 信任去做决策，并被鼓励挑战传 统思维时，他们的表现最佳。”

Sustainable innovation requires time, resilience and the willingness to rethink established structures before external forces make that necessary.

Ultimately, he sees culture as the most defensible strategic asset. While technology can be replicated, a highperformance culture built on creativity, speed and execution is far harder to duplicate. Maintaining and strengthening this cultural foundation will remain central to SPRIBE’s global strategy as it enters its next stage of expansion.

Across all these pillars, one constant remains: culture as a compounding asset that strengthens with scale when deliberately maintained.

变化的行业环境。区域团队与核心管理 层之间持续的沟通进一步强化了这一战 略方向，在确保整体理解一致的同时， 也允许各地团队灵活执行本地策略。

此外，通过市场间定期的信息交流，公司 能够更早识别新趋势，从而快速有效地调 整产品与营销策略。最终，这种机制形成 了一种基于知识共享的持续学习文化。

“在 SPRIBE，我们更注重围绕共同原则 建立一致性，而不是依赖僵化结构。”

在这样的体系下，不同地区的团队既能够 独立自主地运作，又能共享统一稳定的组 织身份。同时，本地市场的洞察不仅会为整 体战略提供输入，也让团队能够运用本地 逻辑与批判性思维来推动新项目的开展。

Natroshvili 表示，SPRIBE 许多最成功的创 意其实都来自总部之外。通过促进跨区域开 放沟通，公司建立了一套让创意能够双向流 动的机制，而不再只是传统的自上而下模式。

\ 保持敏捷性

随着组织规模扩大，复杂性往往也随之增 加，并可能拖慢企业节奏。SPRIBE 已意识 到，要维持敏捷性，需要的是有意识的结 构性纪律，而不仅仅是非正式的灵活性。

为了减少官僚主义并避免不必要的流程 阻碍执行效率，SPRIBE 团队积极保持流 程精简，让决策尽可能接近实际执行者。

为了让决策机制保持高效，SPRIBE 有意识 地将决策责任下放给具体执行工作的团队。

“我们非常有意识地避免不 必要的官僚主义。”

这种理念通过产品、技术、商业与市场团 队之间的跨职能合作得到进一步强化。通 过在决策初期就整合不同领域，SPRIBE 能够减少摩擦并提高响应速度。

数据在任何项目中都至关重要。它能够实 时呈现绩效表现与用户行为，使决策建立 在事实而非假设之上。因此，对 SPRIBE 而言，敏捷不仅意味着快速反应，更意 味着基于真实数据做出快速反应。

随着企业持续增长，如何在速度与结构之 间保持平衡变得越来越重要，因为成长会 带来更多协调层级。因此，SPRIBE 的领导 层将通过其领导模式避免结构性惰性，同 时结合责任机制、数据分析与治理框架， 确保责任尽可能靠近执行层，并推动所有 团队围绕统一的运营现实保持一致。

\ 创造力作为竞争优势 在竞争激烈的数字娱乐行业

中，SPRIBE 将创造力视为区别于其他公司的关键 优势，而不仅仅是企业中的某一个部门职能。

Natroshvili 明确指出，原创性来源于思维方 式，而非组织结构。团队被鼓励在适当情况 下挑战既有模式，并测试非传统想法。

SPRIBE 一些最成功的产品正是源于这种敢于打破 常规的精神。然而，创造力始终与执行纪律保持平衡。 概念开发会结合数据分析、行为洞察以及持续迭代， 以确保创意能够真正转化为可规模化的产品。

这种双重关注确保创新既富有想象力，又具备商业 可行性，而这也已成为 SPRIBE 产品哲学的核心。

\ 人才战略

在竞争激烈的全球人才市场中，SPRIBE 的策略建立 在“机会”与“影响力”之上。公司寻找的是那些渴望拥 有自主权、适应快节奏环境，并希望参与有意义工作 的员工，而不仅仅是追求传统职业晋升路径的人。

快速发展的工作环境吸引了许多愿意承担风险并乐于 在高曝光岗位中工作的优秀人才。此外，持续的职业发 展机会与内部晋升路径也有助于提高员工留任率。

公司鼓励员工参与跨职能工作、承担高影响力项目，并不断拓 展自身影响范围。高水平的员工参与度将推动长期能力建设。

企业文化依然是关键差异化因素。高标准要求与透明、协作和 信任并行，从而确保高绩效要求能够获得组织层面的支持。

\ 未来领导力

Natroshvili 认为，SPRIBE 下一阶段的发展将比以往任何 时期都更加灵活，因为许多因素已超出企业控制范围，而新 技术与消费者期望的变化也将进一步加快行业演变速度。

在这种环境下，领导纪律与创新同样重要。未来的重点包括： 在不确定性中设定优先级、动态分配资源，以及在分散团队之 间建立战略一致性，而这些都将成为竞争优势的重要来源。

SPRIBE 不再只是等市场变化发生后才被动适应，而 是在思考如何更早识别变化，并通过更完善的反馈 机制以及更加分散化的决策流程来迅速应对。

未来最佳实践的领导模式将需要更高程度的去中心 化，并转向数据驱动决策与更有效的跨职能协作。然 而，他也提醒企业不要因为过度追求短期结果而变得 目光短浅，因为许多行业都容易受到短期目标驱动。

可持续的创新需要时间、韧性，以及在外部压力迫 使改变之前，主动重新思考既有结构的意愿。

最终，他认为企业文化才是最具防御性的战略资产。技术可以 被复制，但建立在创造力、速度与执行力之上的高绩效文化， 却极难被模仿。随着 SPRIBE 进入全球扩张的新阶段，持续 巩固并强化这一文化基础，将始终是公司全球战略的核心。

贯穿所有这些支柱的核心始终如一：文化是一种复利型资产， 只要被有意识地维护，它就会随着企业规模扩大而不断增强。

“We work very consciously to avoid unnecessary bureaucracy.”

“我们非常有意识地避免不必要的官僚主义。”

Asia Market Report

In a special report on Asia’s gaming markets, Jenny Ortiz-Bolivar, Asia Lead, Senior Journalist and Reporter at SiGMA, examines data from market intelligence provider Blask. The report covers the period from April 2025 to March 2026 and analyses 28 markets.

这份关于亚洲博彩市场的特别报告中，SiGMA 亚洲 区负责人、资深记者暨撰稿人 Jenny Ortiz-Bolivar 分析市场情报平台 Blask 所提供的数据。报告涵盖 2025 年 4 月至 2026 年 3 月期间，针对 28 个亚洲 国家与地区的市场进行分析。

SiGMA Asia Market Report

Asia’s

iGaming landscape:

Scale, fragmentation and shifting regulation

SiGMA亚洲市场报告

亚洲网络博彩格局：规模、碎片化与不断变化的监管

Asia’s iGaming market is defined by scale and complexity, combining some of the world’s largest digital populations with one of the most fragmented regulatory environments globally. From highly regulated hubs such as the Philippines and Singapore to strictly prohibited jurisdictions across West and Southeast Asia, the region presents a paradox of strong user demand operating alongside uneven legal frameworks.

In this exclusive SiGMA Asia Market Report, operators, regulators and investors gain insight into how user interest, estimated revenue and regulation intersect across the continent. Data from market intelligence provider Blask, covering April 2025 to March 2026, reveals a market where engagement is widely distributed, but revenue is concentrated in a handful of high-performing jurisdictions.

Across 28 countries analysed, Asia generated a total Blask Index of 4.44 billion, with 155.7 million active players and an estimated cumulative revenue of $45.5 billion. Blask index represents the aggregated level of user interest in all gaming brands. The report also highlights the rise of cross-border operators, many of which operate across both regulated and unregulated markets.

While regulation remains the key driver of sustainable monetisation, data from Asia shows that demand often precedes legislation. Several of the continent’s highestengagement markets continue to operate outside regulatory frameworks.

亚洲的网络博彩市场以其庞 大的规模和复杂性著称，这 里既有世界上最大的数字人 口群体，也有全球最为碎片 化的监管环境。从高度监管 中心如菲律宾和新加坡，到 西亚和东南亚对博彩严格禁 止的司法管辖区，该地区展 现出了强烈的用户需求与不 均衡法律框架并存的悖论。

在这份独家SiGMA亚洲市场报告中，运营 商、监管机构和投资者将深入了解用户兴 趣、预估收入和监管是如何错综复杂地影 响着整个亚洲大陆的。市场情报商Blask的 数据涵盖了2025年4月至2026年3月这一 时间段，数据显示，市场参与度呈现广泛分 布态势，但收入却集中在少数几个业绩优 异的地区。

在分析的28个国家中，亚洲Blask指数为 44.4亿，拥有1.557亿活跃玩家，预估总收 入达455亿美元。Blask指数代表了用户对 所有游戏品牌的综合兴趣。报告还强调了 跨境运营商的崛起，其中许多运营商在受 监管和不受监管的市场中均有运营。

尽管监管仍是可持续盈利的关键驱动力， 但亚洲的数据显示，需求往往先于立法。该 大陆一些用户参与度最高的市场继续在监 管框架之外运营。

Key Takeaways

\ Asia leads in scale and volume

The region recorded over 4.4 billion in total Blask Index, making it one of the largest global iGaming ecosystems.

\ Fragmented regulation defines the market

Asia combines fully regulated hubs, partially regulated betting markets, and large unregulated jurisdictions.

\ Southeast Asia drives growth

The Philippines, Vietnam, Indonesia and Thailand dominate engagement and revenue trends.

\ Unregulated markets remain highly active

Countries such as India, Bangladesh and Vietnam show strong demand despite lacking full regulatory frameworks.

\ Cross-border operators dominate

Regional and global operators leverage fragmented regulation to scale across multiple jurisdictions.

Top Asian markets by user interest

The Blask Index represents the aggregated level of user interest in all gaming brands. The following countries recorded the highest peak engagement levels between between April 2025 and March 2026:

主要发现

\ 亚洲在规模和数量上领先 该地区总Blask指数超过44.4亿，成为全球 最大的网络博彩生态系统之一。

\ 碎片化的监管定义了市场 亚洲融合了完全受监管的区域中心、部分 受监管的博彩市场以及大量不受监管的司 法管辖区。

\ 东南亚推动增长

菲律宾、越南、印度尼西亚和泰国在用户参 与度和收入趋势上占据主导地位。

\ 不受监管的市场仍然高度活跃 印度、孟加拉国和越南等国尽管缺乏全面 的监管框架，但需求强劲。

\ 跨境运营商占据主导地位 区域和全球运营商利用碎片化的监管在多 个司法管辖区扩展规模。

亚洲用户兴趣最高的市场

Blask指数代表了用户对所有游戏品牌的综 合兴趣水平。以下国家在2025年4月至2026 年3月期间记录了最高的峰值参与度水平：

排名 国家 预估峰值 指数 监管状态

1 菲律宾 ~9300万 受监管

2 土耳其 ~9610万 博彩受监管

3 孟加拉国 ~8150万 不受监管

4 印度 ~6730万 不受监管

5 越南 ~6660万 不受监管 6 印度尼西亚 ~890万 不受监管 7 泰国 ~1410万 不受监管

8 格鲁吉亚 ~1860万 受监管 9 亚美尼亚 ~710万 受监管 10 日本 ~96.1万 不受监管

Source: Blask 来源：Blask

Engagement observations

Asia’s engagement landscape is notably more distributed than other regions, with multiple markets exceeding 50 million in peak user interest.

The Philippines and Turkey emerge as leading hubs, combining strong engagement with structured betting or gambling frameworks.

South Asian markets such as Bangladesh and India rank among the top performers despite operating in unregulated environments, highlighting significant latent demand.

Southeast Asia accounts for the majority of highengagement markets, driven by large populations, mobile-first behaviour and rising internet penetration.

Top Asian markets by revenue

When ranked by estimated peak monthly revenue, the hierarchy reflects both scale and monetisation efficiency:

Rank Country Approx. Peak Monthly Revenue Regulatory Status

1 Turkey ~$944.5M Betting regulated

2 Philippines ~$1.02B Regulated

3 Indonesia ~$384.4M Unregulated

4 Japan ~$382.3M Unregulated

5 Vietnam ~$270.5M Unregulated

6 Thailand ~$264.8M Unregulated

7 Bangladesh ~$131.5M Unregulated

8 UAE ~$133.9M Regulated

9 Saudi Arabia ~$149.9M Unregulated

10 South Korea ~$88.9M Betting regulated

Source: Blask

Revenue observations

The Philippines leads in monetisation, surpassing $1 billion in peak monthly revenue, making it Asia’s most lucrative regulated market.

Turkey ranks among the top revenue generators despite partial regulation, demonstrating strong conversion within a betting-regulated framework.

参与度观察

亚洲的参与度布局明显比其他地区更 为分散，多个市场的用户兴趣峰值超过 5000万。

菲律宾和土耳其脱颖而出，既有强烈的 参与度又有结构化的博彩框架。

南亚市场如孟加拉国和印度尽管在不受 监管的环境中运营，但仍跻身最佳表现 之列，突显了巨大的潜在需求。

东南亚占据了高参与度市场的大部分 份额，这得益于庞大的人口基数、移动 优先的游戏行为和不断上升的互联网 普及率。

亚洲收益最高的市场

按预估峰值月收益排名时，层次结构反映 了规模和盈利效率：

排名 国家 预估峰值月收入 监管状态

1 土耳其 ~9.445亿美元 博彩受监管

2 菲律宾 ~10.2亿美元 受监管

3 印度尼 西亚 ~3.844亿美元 不受监管

4 日本 ~3.823亿美元 不受监管

5 越南 ~2.705亿美元 不受监管

6 泰国 ~2.648亿美元 不受监管

7 孟加拉国 ~1.315亿美元 不受监管

8 阿联酋 ~1.339亿美元 受监管

9 沙特阿 拉伯 ~1.499亿美元 不受监管

10 韩国 ~8890万美元 博彩受监管

来源：Blask

收益观察

菲律宾在盈利方面领先，峰值月收入超 过10亿美元，成为亚洲最赚钱的受监管 市场。

土耳其尽管只有部分监管，但仍跻身最 高收益之列，显示出在博彩受监管框架 内的强大转化能力。

Japan and Indonesia generate substantial revenue despite unregulated environments, indicating significant offshore activity and unmet regulatory demand.

Gulf markets such as the UAE and Saudi Arabia report high revenue per capita, reflecting strong purchasing power and high digital penetration.

Country highlights

\ Philippines: Asia’s regulated powerhouse

The Philippines stands as Asia’s leading regulated iGaming market. With peak engagement exceeding 93 million and monthly revenue surpassing $1 billion, it functions as the region’s primary monetisation hub.

日本和印度尼西亚尽管处于不受监管的 环境中，但仍产生了可观的收入，表明存 在大量的离岸活动和未满足的监管需求。

海湾市场如阿联酋和沙特阿拉伯显示出 高的人均收益，反映了强大的购买力和 高数字普及率。

亮点国家

\ 菲律宾：亚洲的受监管强国 菲律宾的受监管网络博彩市场亚洲领先。 峰值参与度超过9300万，月收益超过10亿 美元，它成为该地区的主要盈利中心。

BLASK INDEX REPRESENTING THE AGGREGATED LEVEL OF USER INTEREST IN ALL GAMING BRANDS IN THE PHILIPPINES. (Source: Blask) BLASK 指数反映了菲律宾所有游戏品牌的用户兴趣综合水平。（资料来源：Blask ）

A large, young population, strong English proficiency, and a mixed legal framework supporting regulated gambling have positioned the country as a key destination for operators. Rising revenue throughout late 2025 into early 2026 reflects improving conversion efficiency and sustained player demand.

\ Turkey: High-scale betting economy

Turkey combines the highest engagement levels in the region with peak monthly revenue approaching $944 million. While gambling remains unregulated, betting operates within a structured framework, enabling significant monetisation.

该国庞大且年轻的人口、强大的英语能力 和支持受监管博彩的混合法律框架，使其 成为运营商的重要目标。2025年末至2026 年初的收入增长反映了转化效率的提高和 玩家需求的持续。

\

土耳其：大规模博彩经济

土耳其结合了该地区最高的参与度水平和 接近9.445亿美元的峰值月收入。尽管博彩 不受监管，但其在结构化框架内运营，实现 了显著的盈利。

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

BLASK指数反映了土耳其所有游戏品牌用户兴趣的综合水平。（资料来源：Blask ）

With over 72 million internet users and a growing digital economy, Turkey represents one of Asia’s largest addressable markets. Engagement volatility suggests sensitivity to regulatory enforcement and economic conditions.

\ India and Bangladesh: Demand without regulation

In South Asia, India and Bangladesh rank among the continent’s largest markets by engagement, both exceeding 70 million in peak user interest. However, neither operates under a fully regulated online gambling framework.

凭借超过7200万互联网用户和不断增长的数 字经济，土耳其代表了亚洲最大的目标市场 之一。参与度的波动表明了对监管执法和经 济状况的敏感性。

\ 印度和孟加拉国：无监管需求 在南亚，印度和孟加拉国以超过7000万的 用户兴趣峰值跻身该大陆最大市场之列。 然而，两者均未在完全受监管的在线博彩 框架下运营。

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

BLASK指数反映了印度所有游戏品牌用户兴趣的综合水平。（（资料来源：Blask ）

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

BLASK指数反映了孟加拉国所有游戏品牌用户兴趣的综合水平。（资料来源：Blask ）

This combination of scale and regulatory absence creates one of the region’s most significant opportunities for future licensing frameworks. Current activity is largely driven by offshore operators, raising questions about taxation, enforcement, and consumer protection.

\ Vietnam and Indonesia: Southeast Asia’s growth engines

Vietnam and Indonesia demonstrate sustained engagement and strong revenue generation despite operating in unregulated environments. Vietnam’s revenue peaks above $270 million, while Indonesia exceeds $380 million.

这种规模与监管缺失的结构创造了该地区 未来许可框架的最大机遇之一。当前的活 动主要由离岸运营商驱动，引发了关于税 收、执法和消费者保护的问题。

\ 越南和印度尼西亚：东南亚的增 长引擎

越南和印度尼西亚尽管在不受监管的环境 中运营，但仍显示出持续的参与度和强大 的创收能力。越南的收入峰值超过2.7亿美 元，而印度尼西亚则超过3.8亿美元。

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

BLASK指数反映了越南所有游戏品牌用户兴趣的综合水平。（（资料来源：Blask ）

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

BLASK指数反映了印度尼西亚所有游戏品牌用户兴趣的综合水平。（资料来源：Blask ）

Both markets benefit from large populations, increasing internet penetration and mobile-first gaming behaviour. Their long-term potential is closely tied to regulatory evolution.

\ Gulf markets: High value, low regulation

Countries such as the UAE and Saudi Arabia generate high revenue relative to population size, supported by strong GDP per capita and near-total internet penetration.

Despite restrictive or unregulated gambling laws, these markets show clear monetisation potential, primarily through offshore platforms. Their future trajectory will depend on whether regulatory frameworks evolve to capture this value domestically.

这两个市场都受益于庞大的人口基数、 不断上升的互联网普及率和移动优先的 游戏行为。它们的长期潜力与监管演变密 切相关。

\ 海湾市场：高价值、低监管

阿联酋和沙特阿拉伯等国以较小的人口规 模产生了较高的收益，这得益于强大的人 均GDP和近乎100%的互联网普及率。

尽管博彩法律严格或不受监管，但这些市 场展示了清晰的盈利潜力，主要通过离岸 平台实现。它们未来的轨迹将取决于监管 框架是否能够演变以促使在国内捕获这 一价值。

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

BLASK指数反映了阿拉伯联合酋长国（阿联酋）所有游戏品牌用户兴趣的综合水平。（资料来源：Blask ）

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

BLASK指数反映了沙特阿拉伯所有游戏品牌用户兴趣的综合水平。（资料来源：Blask ）

Top 10 iGaming operators in Asia

Ranked by total Blask Index (April 2025 – March 2026):

亚洲顶级网络博彩运营商

按总Blask指数排名（2025年4月至2026年3月）：

Source: Blask

Blask

Operator insights

The top tier is dominated by a mix of localised platforms and global brands, reflecting Asia’s hybrid ecosystem.

Operators such as PlayTime and Casino Plus lead in both engagement and revenue, driven by strong positioning in high-growth Southeast Asian markets.

Global operators like 1xBet demonstrate scale through multi-market presence, operating across 27 countries in the region.

Top 10 regional iGaming operators in Asia

These are operators active in five or more markets on the continent.

1 Baji 5 102.31M $343.5M 3.25M

2 MCW 6 98.43M $248.4M

Source: Blask

Regional operator observations

Cross-regional operators play a critical role in Asia, leveraging fragmented regulation to scale across multiple jurisdictions.

1xBet and Stake demonstrate the widest geographic reach, operating across more than 20 markets.

Mid-tier regional operators such as Baji and MCW show strong engagement despite a smaller footprint, indicating effective localisation strategies.

运营商洞察

顶级梯队由本地化平台和全球品牌共同 主导，这反映了亚洲的混合生态系统。

PlayTime和Casino Plus等运营商在参与 度和收入方面均领先，得益于在东南亚 高增长市场的强大定位。

像 1xBet 这样的全球运营商在该地区 27个国家运营，展示了多市场运营的 规模。

亚洲顶级区域网络博彩 运营商

这些是在该大陆五个或更多市场中活跃的 运营商。

JeetBuzz 5 88.19M 3.078亿美元 281万 5 Crickex 7 75.99M 2.312亿美元

6 New88 5 63.05M 2.663亿美元

7 4RABET 6 58.75M 4.531亿美元 179万 8 Stake 23 55.51M 11.2亿美元 199万

9 Dafabet 12 52.96M 6.545亿美元 172万

10 Parimatch 5 44.17M 3.919亿美元 138万

来源：Blask

区域运营商观察

跨区域运营商利用碎片化的监管在多个 司法管辖区扩展规模，在亚洲发挥着关 键作用。

1xBet和Stake在超过20个市场中运营， 显示出最广泛的地理覆盖范围。

像Baji和MCW这样的中层区域运营商尽 管足迹较小，但仍显示出强大的参与度， 展示了有效的本地化策略。

Regional comparison across Asia

Asia’s iGaming landscape can be divided into four structural clusters:

\ Southeast Asia (Philippines, Vietnam, Indonesia, Thailand)

The region’s primary growth engine, combining high engagement with rising revenue. The Philippines stands out as the regulatory anchor.

\ South Asia (India, Bangladesh)

High population, high engagement, but largely unregulated. Represents the largest untapped regulatory opportunity globally.

\ West Asia / Gulf (UAE, Saudi Arabia, Turkey)

High revenue potential driven by wealth and digital penetration but constrained by regulatory restrictions.

\ East and North Asia (Japan, South Korea)

Mature digital economies with high purchasing power but limited regulatory openness for online gambling.

Across Asia, a consistent pattern emerges: scale does not guarantee regulation, and regulation does not always capture demand. The region’s next phase of growth will depend on how governments balance enforcement, taxation and market liberalisation.

Industry insights

\ Regulation catching up with reality in Asia

A clear consensus is emerging across industry leaders: Asia’s iGaming market is not waiting for regulation to catch up; it is already operating at scale. What remains uneven is how effectively governments capture, structure and monetise that demand.

As Joe Pisano, Founder and CEO of Jade Entertainment and Gaming Technologies, tells SiGMA World, “The gap is structural rather than temporary. Demand for gaming in Asia is culturally embedded and digitally accelerated, but regulation is often constrained by political sensitivity, legacy policy frameworks, and concerns around social impact.”

“Asia is not an emerging market for gaming — it is an existing market that is still formalising.”–

Joe Pisano, Founder and CEO of Jade Entertainment and Gaming Technologies

Pisano notes that “demand does not wait for regulation, it simply migrates to offshore or informal channels,” creating what he describes as “large ‘shadow markets’ that are highly active but economically inefficient from a government perspective.”

That view is widely shared. Shaun McCamley, President of Euro Pacific Asia Consulting Ltd., echoes the same structural imbalance, arguing that “the gap does not reflect a lack of demand, it reflects a lag in policy.” He adds that governments across the region have largely treated gaming as an enforcement issue rather than an economic opportunity, resulting in a “structural disconnect” where value flows outside formal channels.

Riaan van Rooyen, CEO of Aria International, frames it even more bluntly: “Demand has moved faster than policy.” He points out that consumers in Asia are already “digital, mobile and cross-border,” while regulatory systems remain fragmented between prohibition, partial tolerance and selective enforcement.

\ Regulation as a monetisation engine

While demand is abundant, the ability to convert it into sustainable revenue varies significantly by regulatory maturity.

Pisano describes regulation as the single biggest driver of monetisation efficiency, noting that markets with clear frameworks are better able to translate user interest into revenue through trust, payments integration and operator investment. In such environments, operators benefit from “higher player lifetime value (LTV), lower customer acquisition cost (CAC) over time, and stronger payment channel integration.”

Van Rooyen reinforces this, arguing that “regulation is not just a legal wrapper. It is a monetisation engine.” He explains that effective frameworks enable bankability, tax capture and investment, allowing demand to be “converted more efficiently into sustainable revenue.” Without it, he said that “value leaks out through grey channels, weak compliance, unreliable payments and poor consumer trust.”

亚洲区域比较

亚洲的网络博彩格局可分为四个 结构集群：

\ S东南亚（菲律宾、越南、印 度尼西亚、泰国）

该地区的主要增长引擎，结合了高 参与度和不断上升的收益。菲律宾 作为监管锚点脱颖而出。

\ S南亚（印度、孟加拉国）

人口众多、参与度高，但基本上不 受监管。代表了全球最大的未开 发监管市场机遇之一。

\ S西亚/海湾（阿联酋、沙特 阿拉伯、土耳其）

高收益潜力由财富和数字普及率 驱动，但受到监管限制。

\ 东亚和北亚（日本、韩国） 成熟的数字经济具有高购买力，但 在线博彩的监管开放性有限。

在亚洲，一致格局正在出现：规模 并不保证监管，监管也并不总是能 捕获需求。该地区下一阶段的增长 将取决于政府如何平衡执法、税收 和市场自由化。

行业洞察

\ 监管在亚洲追赶现实 行业领导者之间正在形成明确的共 识：亚洲的网络博彩市场并没有等 待监管追赶上来；它已经在大规模 运营。政府对如何有效捕获需求、创 建构架和产生盈利仍然不明朗。

正如Jade Entertainment and Gaming Technologies的创始人 兼首席执行官Joe Pisano告诉 SiGMA，“差距是结构性的而非暂 时的。亚洲的博彩需求在文化上根 深蒂固，并在数字上加速，但监管

“亚洲并非游戏行业的新兴市场——它是一个仍 在规范化的现有市场。”——乔·皮萨诺（Joe Pisano） ，Jade娱乐与游戏科技公司创始人兼首席执行官

往往受到政治敏感性、遗留政策框 架和社会公众担忧的制约。”

Pisano指出，“需求不会等待监管， 它只是迁移到离岸市场或非正式 渠道，”创造了“高度活跃但从政府 角度来看经济效率低下的大型‘影 子市场’。”

这一观点被广泛传播。Euro Pacific Asia Consulting Ltd.的总裁Shaun McCamley呼应了同样的结构性失 衡，认为“差距并不反映缺乏需求， 它反映了政策的滞后。”他补充说， 该地区的政府在很大程度上将博 彩视为执法问题而非经济机遇，导 致了“结构性脱节”，其中的价值流 向了非正式渠道。

Aria International的首席执行官 Riaan van Rooyen更为直截了当地 指出：“需求比政策移动得更快。” 他指出，亚洲的消费者已经“数字 化、移动化和跨境操作”，而监管系 统仍然在禁止、部分容忍和选择性 执法之间游走。

\ 监管作为盈利引擎

尽管需求旺盛，但将其转化为可持 续收入的能力因监管成熟度而差 异显著。

Pisano将监管描述为盈利效率的 最大单一驱动因素，指出具有清晰 框架的市场能够更好地通过信任、 支付集成和运营商投资将用户兴 趣转化为收益。在这样的环境中， 运营商受益于“更高的玩家终身价 值（LTV）、随时间降低的客户获取 成本（CAC）以及更强的支付渠道 集成。”

然而，McCamley提供了更为细致 的视角，警告说监管本身并不保证 运营效果。“监管并不是高活力与 高价值市场之间的关键差异因素， 执行才是，”他说道，并指出亚洲一 些高盈利市场仍在宽松监管的环 境中运营，这得益于强大的本地化 和支付优化。

GamePlan Consultants的创始人兼 负责人Sudhir Kalé博士强调了监管 的长期利益，指出“明智的监管总 是一件好事。它保护客户以及区域 经济的健康，”同时也使运营商能 够建立稳定的客户基础并专注于 终身价值，他认为这是许多运营商 尚未充分利用的领域。

\ 菲律宾：典范、异类还是警 示故事？

菲律宾常被视为亚洲最发达的受 监管博彩市场之一，但对于其成功 是否可以复制，意见不一。

Pisano将该国描述为“一个突出 的例子，因为它在监管和商业可 行性之间取得了务实的平衡，” 突出了菲律宾娱乐和博彩公司 （PAGCOR）在建立结构化许可环 境中的作用。然而，他指出，能否复 制取决于许多因素，如中央监管机 构、功能齐全的数字支付生态系统 和政治意愿是监管而非禁止等。

Van Rooyen强化了这一点，认为“ 监管不仅仅是一个法律外壳。它是 一个盈利引擎。”他解释说，有效的 框架能够促进银行房贷、增加税收 和投资，使需求能够“更有效地转 化为可持续收入。”没有它，他说，“ 价值将通过灰色渠道、不清晰的法 律、不可靠的支付手段和较差的消 费者信任度而损失。”

Van Rooyen认同菲律宾的宝贵经 验，指出其创建了一个可操作的系 统，既支持增长又支持监督。然而， 他强调成功不仅仅是立法上的。“ 这种组合不是仅通过立法创造的。 它是通过机构能力、执法可信度、 支付可及性和将玩家引导至合法 市场而建立的，”他说。

其他人则更为谨慎。McCamley认 为该模型“无法以之前的形式复

“Regulation is not just a legal wrapper. It is a monetisation engine.” –Riaan van Rooyen, CEO of Aria International

However, McCamley offers a more nuanced perspective, cautioning that regulation alone does not guarantee performance. “Regulation is not the key differentiator between high activity and high value markets, execution is,” he says, pointing out that some of Asia’s highest monetising markets still operate in loosely regulated environments driven by strong localisation and payment optimisation.

Dr .Sudhir Kalé, Founder and Principal of GamePlan Consultants, emphasises the long-term benefits of regulation, noting that “sensible regulation is always a desirable thing. It protects customers as well as the health of regional economies,” while also enabling operators to build stable customer bases and focus on lifetime value, an area he argues many still underutilise.

\ The Philippines: model, outlier, or cautionary tale?

The Philippines is frequently cited as one of Asia’s most developed regulated gaming markets, but opinions differ on whether its success can be replicated.

Pisano describes the country as “a standout because it has struck a pragmatic balance between regulation and commercial viability,” highlighting the role of the Philippine Amusement and Gaming Corporation (PAGCOR) in building a structured licensing environment. He notes, however, that replication depends on factors such as “a central regulatory authority, a functioning digital payments ecosystem, and political willingness to regulate rather than prohibit.”

Van Rooyen agrees that the Philippines offers valuable lessons, noting its ability to create an “operable” system that supports both growth and oversight. Yet

he stresses that success is not simply legislative. “That combination is not created by legislation alone. It is built through institutional capacity, enforcement credibility, payment accessibility and a market structure that channels players into legal supply,” he says.

Others are more cautious. McCamley argues that the model “cannot be replicated in its previous form,” citing recent regulatory tightening and political influence that have reduced competitiveness. Similarly, Kalé notes that while the Philippines has a strong domestic market, “this phenomenon would exist with or without regulatory frameworks,” and points to ongoing AML and CTF challenges as evidence that regulation alone does not eliminate risk.

\ Growth drivers: localisation, payments and regulatory normalisation

Looking ahead, industry leaders identify a convergence of factors that will shape the next phase of growth across Asia.

Pisano highlights “regulatory normalisation, localised product offerings, integration of fintech and alternative payment systems, mobile-first user acquisition and retention strategies” as key drivers, alongside the increasing importance of responsible gaming and omnichannel solutions.

Van Rooyen similarly points to “mobile-first consumer behaviour,” improved payments infrastructure, regulatory maturation and better use of data as the core forces driving sustainable growth. He emphasises that Asia is “a patchwork of different cultural norms,” requiring deep localisation rather than one-size-fits-all strategies.

Kalé adds that sports betting will play a central role, particularly in markets like India, where he estimates that over $150 billion is wagered annually on cricket alone, largely in unregulated environments. For him, “a reasonable tax regime, sensible regulations, and technological innovations” will be critical to unlocking this latent value.

McCamley, meanwhile, argues that internal transformation within operators is just as important as external regulation. He notes that many companies still

“The real issue is whether regulators choose to capture, control and monetise that demand, or continue to allow value to flow outside formal channels.” –

Shaun McCamley, President of Euro Pacific Asia Consulting Ltd.

制，”指出最近的监管收紧和政治 影响降低了竞争力。同样，Kalé指 出，尽管菲律宾拥有强大的国内市 场，“这种现象无论有无监管框架 都会存在，”并指出持续的AML和 CTF挑战，表明监管本身并不能消 除风险。

\ 增长驱动因素：本地化、支 付和监管正常化 展望未来，行业领导者确定了塑造亚 洲下一阶段增长需综合多个因素。

Pisano强调的关键驱动因素为“监 管正常化、本地化产品供应、金融 科技和替代支付系统集成、移动优 先的用户获取和保留策略”，同时 强调负责任博彩和全渠道解决方 案的日益重要性。

出，许多公司仍然将数字化视为支 持功能而非核心业务，警告说“那 些未能进行这种转变的公司无论 市场条件如何都难以生存。”

\ 跨境竞争和“双轨”市场

跨境运营商的崛起进一步使亚洲 的竞争格局复杂化。Pisano观察 到，这些运营商正在利用监管差 异，以受监管的司法管辖区为中 心，同时在监管较少的市场中盈 利。

Kalé预计这种动态将推动整 合，全球参与者如Caesars

Entertainment、Entain Plc、Evoke Plc、Flutter Entertainment Plc和 Playtech Plc越来越多地通过扩张 或收购瞄准亚洲市场。

McCamley指出，跨境玩家带来了“ 速度和规模，”但也导致了“不稳 定、高流失率和监管压力，”最终迫 使政府重新控制收益、保护消费者 和市场完整性。

“真正的问题在于，监管机构是选择捕捉、控制并 利用这一需求实现盈利，还是继续放任价值流向 非正规渠道。——肖恩·麦卡利（Shaun McCamley），Euro Pacific Asia咨询有限公司总裁 “监管不仅仅是一个 法律框架，它更是一 个盈利引擎。”——里 安·范·罗延（Riaan van Rooyen），Aria国际公司 首席执行官

Van Rooyen同样指出将移动优先 的消费者行为、改进的支付基础构 架、成熟的监管和更好的利用数据 作为推动可持续增长的核心力量。 他强调亚洲是“不同文化规范的融 合，”需要深度本地化而非一刀切。

Kalé补充说，体育博彩将发挥核心 作用，特别是在印度等市场，他估 计仅在板球上的年投注额就超过 1500亿美元，但主要是在不受监管 的环境中。对他来说，“合理的税收 制度、明智的监管和技术创新”将 是释放这一潜在价值的关键。

McCamley则认为，运营商内部的 转型与外部监管同样重要。他指

Van Rooyen将结果总结为“双轨 市场。”在一个车道中，受监管的司 法管辖区正在改进执法和渠道化； 在另一个车道中，碎片化、需求旺 盛的市场容易发生流失和波动。

\ 市场已然成形

尽管各方在执行与监管方面存在 分歧，但有一点已达成广泛共识： 亚洲不再是新兴的机遇之地，而是 一个正在经历规范化的市场。

正如Pisano总结的那样：“亚洲并 非博彩业的新兴市场，而是一个仍 在规范化的现有市场。机遇在于监 管能否跟上时代发展的步伐。”

纵观整个亚洲地区，发展趋势已十 分明朗。如今的问题已不再是需求 是否存在，而是哪些司法管辖区

能够成功地将需求转化为一个受 监管、可持续且具有经济生产力的 行业。

\ 研究方法与数据覆盖范围

本报告完全基于Blask提供的数 据，Blask是一家专门追踪全球网 络博彩活动的市场情报商。Blask 指数通过分析搜索活动和数字参 与信号，衡量每个国家用户对博彩 品牌的总体兴趣。市场动态（CEB） 则将已完成月份的品牌级收入预 测相加，估算每月收入。

分析的时间跨度为2025年4月至 2026年3月。为确保各市场的一致 性和可比性，本报告仅纳入拥有完 整Blask指数和相应收入数据的 国家。

若数据不完整或不可用，则将该国 排除在分析之外。因此，本报告聚焦 于28个在参与度和收入指标上均 有充分覆盖的亚洲市场。

本报告中的收入数据均为估算值， 且仅反映已完成月份的情况。这些 数据应被视为市场规模和相对表 现的指示性指标，而非确切的市场 规模。

博彩和投注的监管状态直接取自 数据集，并根据实际情况分为受监 管、未受监管或投注受监管/混合监 管三类。这些分类反映了数据集所 记录的法律环境，并未考虑数据未 体现的非正规市场活动或离岸市 场活动。

本报告的编制未使用任何外部数 据源。为保持方法的一致性，所 有洞察、比较和结论均完全源自 Blask数据集。

作者：珍妮·奥尔蒂斯-博利瓦尔 （Jenny Ortiz-Bolivar），SiGMA新 闻亚洲区负责人、高级记者兼报道 员。撰稿人：高级新闻撰稿人杰斐 逊·门多萨（Jefferson Mendoza）和 拉贾什里·希尔（Rajashree Seal） ，新闻撰稿人安什·潘迪（Ansh Pandey）、苏丹舒·兰詹（Sudhansu Ranjan）、妮哈·索尼（Neha Soni）和 安查尔·维尔马（Anchal Verma）。数 据由Blask提供。

“In the long-run, sensible regulation is always a desirable thing. It protects customers as well as the health of regional economies.” –

Dr. Sudhir Kalé, Founder and Principal of GamePlan Consultants

treat digital as a support function rather than a core business, warning that “those who fail to make that shift will struggle regardless of market conditions.”

\ Cross-border competition and a “two-speed” market

The rise of cross-border operators is further complicating Asia’s competitive landscape. Pisano observes that these operators are “arbitraging regulatory gaps,” using regulated jurisdictions as hubs while monetising demand in less regulated markets.

Kalé expects this dynamic to drive consolidation, with global players such as Caesars Entertainment, Entain Plc, Evoke Plc, Flutter Entertainment Plc and Playtech Plc increasingly targeting Asia through expansion or acquisition.

McCamley notes that cross-border players bring “speed and scale,” but also contribute to “instability, high churn and increased regulatory pressure,” ultimately forcing governments to regain control over revenue, consumer protection and market integrity.

Van Rooyen summarises the outcome as a “twospeed market.” In one lane are regulated jurisdictions improving enforcement and channelisation; in the other are fragmented, demand-heavy markets prone to leakage and volatility.

\ A market already here

Despite differing views on execution and regulation, there is broad agreement on one point: Asia is no longer an emerging opportunity; it is an existing market undergoing formalisation.

As Pisano concludes: “Asia is not an emerging market for gaming, it is an existing market that is still formalising. The opportunity lies in regulation catching up with reality.”

Across the region, the direction of travel is clear. The question is no longer whether demand exists, but which jurisdictions can successfully convert it into a regulated, sustainable and economically productive industry.

\ Methodology and data coverage

This report is based exclusively on data provided by Blask, a market intelligence provider specialising in tracking global iGaming activity. The Blask Index measures aggregated user interest in gaming brands within each country, inferred from attributed search activity and digital engagement signals. Market dynamics (CEB) estimate monthly revenue as the sum of projected brand-level revenue for completed months.

The analysis covers the period from April 2025 to March 2026. Only countries with a complete Blask Index and corresponding revenue data have been included in the study to ensure consistency and comparability across markets.

Where data were incomplete or unavailable, countries were excluded from the analysis. As a result, the report focuses on 28 Asian markets with sufficient coverage across both engagement and revenue metrics.

Revenue figures presented in this report are estimates and reflect completed months only. These figures should be interpreted as indicative of market scale and relative performance rather than exact market size.

The regulatory status for gambling and betting has been taken directly from the dataset and categorised as regulated, unregulated, or betting-regulated/mixed where applicable. These classifications reflect the legal environment as captured by the dataset and do not account for informal or offshore market activity beyond what is reflected in the data.

No external data sources have been used in the preparation of this report. All insights, comparisons, and conclusions are derived solely from the Blask dataset to maintain methodological consistency.

Report author, Jenny Ortiz-Bolivar, Asia Lead SiGMA News Senior Journalist and Reporter. Contributors, Senior News Writers, Jefferson Mendoza and Rajashree Seal, News Writers Ansh Pandey, Sudhansu Ranjan, Neha Soni, and Anchal Verma. Data provided by Blask.

Lessons in Localisation

Naomi Day sat down with Ronni Hartvig, CCO and CMO of Betsson, to discuss insights on leading global expansion, embedding responsible gaming and using deep local understanding to drive sustainable growth.

Naomi Day与Betsson的首席商务官兼首席 营销官Ronni Hartvig坐在一起共同探讨了 如何引领全球扩张、嵌入负责任博彩理念以 及利用深入的本地理念来推动可持续增长。 本地现状

\ Local reality

Over the past decade, Betsson has evolved from a strong Nordic operator to a global brand navigating multiple local licences and regulatory frameworks. Ronni Hartvig, the company’s Chief Commercial and Marketing Officer, describes a leadership philosophy that has matured alongside this expansion.

“Over the years, my leadership style has become a bit less about ‘launch energy’ and a lot more about building a repeatable playbook, one that still respects that every market is different,” Hartvig says. He emphasises that entering a market is only the beginning, “The hard part is not entering a market, it is earning the right to stay there and grow sustainably.”

At the heart of Betsson’s approach is an unwavering focus on local realities. “The guiding principle I rely on most is simple: start with local reality, not with our assumptions. That means understanding the player, the culture, and the regulator’s expectations before scaling the business.” Speed matters, but precision matters more. “Our technology and brands give us speed, but in new markets I would always rather be right than be first. Sustainable growth comes from doing things the right way, from day one.”

This philosophy underpins Betsson’s success across Latin America, Europe and globally. “If there is one lesson I would underline, it is that localisation is not a marketing layer, it is the operating model. A deep understanding of local markets shapes everything we do because it directly influences product fit, customer retention and trust.”

\ Designed for responsibility

Hartvig views commercial ambition and responsibility as inseparable. “In regulated markets especially, the strongest commercial position is built on trust, with players, regulators and partners. If you want to build customer relationships that last for years, not weeks, you have to ensure that gaming remains safe, fair and enjoyable.”

This ethos is embedded into Betsson’s business framework. “Responsible gaming and compliance are built

directly into our operating model. We provide customers with clear control tools and actively monitor behaviour using a combination of automated systems and trained teams, supported by predictive technology.” On the compliance side, the company operates with rigorous AML processes, transaction monitoring, continuous screening and strong integrity frameworks.

Hartvig emphasises that regulation, when balanced, benefits everyone, “When regulation supports channelisation towards the regulated market, it benefits players, regulators and responsible operators alike.”

\ Engagement outside the boardroom

Conferences and industry events are another way Betsson strengthens its approach to global markets. Speaking at the SiGMA summit in Rome last year, Hartvig highlighted the unique value of connecting with a diverse, international audience.

“Events like SiGMA matter because our industry is evolving quickly and becoming more complex. Conferences bring the entire ecosystem together, operators, suppliers, regulators and innovators, creating a real-time exchange of ideas about what is working, what is not, and where the industry is heading,” he says.

Hartvig adds that listening across markets is critical. “Global scale only works when it is paired with genuine local relevance. You only build that understanding by listening to a wide range of voices across markets.”

\ Partnerships with purpose

Betsson’s commercial strategy also extends into sponsorships and partnerships that deliver real impact. “We assess sponsorships like any other major investment, looking at strategic fit, local relevance, compliance and measurable impact,” Hartvig explains.

He highlighted a campaign with Boca Juniors in Argentina, which featured players such as Edinson Cavani promoting responsible play. “For us, that is exactly how a partnership should work, using the influence of sport not just to build

brand visibility, but also to promote safer and more responsible play.”

The emphasis is on long-term brand trust rather than short-term attention. “Ultimately, the impact we care about most is sustained brand trust and long-term customer relationships, not just short-term reach.”

“Global scale only works when it is paired with genuine local relevance.”

\ Technology meeting strategy

Hartvig sees technological advancement as the next major growth lever. “One of the biggest opportunities for the industry is the rapid development of technology, particularly around AI and data capabilities. These tools are already transforming how companies personalise the customer experience, optimise marketing and improve product innovation.”

He notes that AI, when deployed responsibly, strengthens both player experience and operational efficiency, “AI allows us to deliver more relevant content and offers to players while also strengthening areas such as player protection and operational efficiency.”

Yet complexity and competition are increasing. “Customer acquisition costs are rising across many markets, and companies need to differentiate themselves through strong brands, better products and deeper customer engagement rather than simply increasing marketing spend.”

Betsson’s answer is a combination of proprietary technology and local execution. “We continue to invest in proprietary platforms, data capabilities and customer experience so we can scale efficiently across markets while still delivering locally relevant products and content.” The companies that will thrive are those combining technology, responsible operations and a strong global brand with genuine local relevance.

过去十年间，Betsson已从一家强大的北欧运营商发 展成为一个全球品牌，在多个本地牌照和监管框架 下运营。Ronni Hartvig作为公司的首席商务和营销 官，描述了随着这一扩张而逐渐成熟的领导哲学。

“多年来，我的领导风格已不再那么侧重于‘启动力 量’，而更多地转向构建一套可重复的行动指南，这套 指南仍然尊重每个市场的独特性，”Hartvig说。他强 调，进入一个市场只是开始，“困难的部分不是进入市 场，而是赢得留在那里并实现可持续增长的权利。”

Betsson方法的核心是对本地现状的持续的关注。“我 最依赖的指导原则很简单：从本地现状出发，而不是从 我们的假设出发。这意味着在扩展业务之前，要了解玩 家、文化和监管机构的期望。”速度固然重要，但精确度 更为重要。“我们的技术和品牌赋予了我们速度，但在 新市场中，我总是宁愿做正确的那个而不是第一个。 可持续增长从一开始就来自于以正确的方式做事。”

这一哲学支撑了Betsson在拉丁美洲、欧洲及全球 范围内的成功。“如果我要强调一个经验教训，那就 是本地化不是一个营销层面的问题，而是运营模式。

对本地市场的深刻理解决定了我们所做的一切，因 为它直接影响产品适配性、客户的留存和信任。”

\ 为责任而设计

Hartvig认为商业抱负与责任密不可分。“特别 是在受监管的市场中，最强的商业地位是建立 在玩家、监管机构和合作伙伴的信任之上的。如 果你想建立能持续数年而非数周的客户关系， 就必须确保博彩保持安全、公平和愉快。”

这一理念已深深嵌入Betsson的商业框架中。“负 责任博彩理念与合规性直接融入我们的运营模式 中。我们为客户提供清晰的控制工具，并使用自 动化系统、训练有素的团队以及预测技术来积极 推动监管。”在合规方面，公司实行严格的反洗钱 流程、交易监控、持续筛查和强大的诚信框架。

Hartvig强调，平衡的监管对每个人都有益，“

当监管为受监管市场的渠道提供支持时，它对 玩家、监管机构和负责任的运营商都有利。”

\ 董事会外的参与

会议和行业活动是Betsson巩固其全球市场的另一 种方式。去年在罗马举行的SiGMA峰会上，Hartvig 强调了与多样化国际受众建立联系的重要性。

“像SiGMA这样的活动很重要，因为我们的行业 正在迅速发展并变得更加复杂。会议将整个生态 系统聚集在一起，包括运营商、供应商、监管机构 和创新者，创造了一个关于什么有效、什么无效以 及行业走向何方的实时思想交流平台，”他说。

Hartvig补充说，倾听各市场的声音至关重

要。“全球化只有在与本地具体实践相 结合时才有效。你只有通过倾听各市场 的广泛声音才能建立这种概念。”

\ 有的放矢的合作伙伴关系

Betsson的商业策略还延伸到能产生真 正影响的赞助方和合作伙伴关系上。“我 们像评估任何其他重大投资一样评估赞 助方，关注战略契合度、本地相关性、合规 性和可衡量的影响，”Hartvig解释道。

他强调了与阿根廷Boca Juniors队的一次合 作，其中Edinson Cavani等球员宣传负责任 博彩。“对我们来说，这正是合作伙伴关系应 有的样子，利用体育的影响力不仅能建立品牌 知名度，还能促进更安全、更负责任的博彩。”

重点在于建立长期品牌信任而非短期关注。“

最终，我们最关心的是持续的品牌信任和长 期客户关系，而不仅仅是短期覆盖范围。”

“The hard part is not entering a market, it is earning the right to stay there and grow sustainably.”

\ 技术与战略的结合

Hartvig将技术进步视为下一个主要增长 杠杆。“对行业来说最大的机遇之一是技术 的快速发展，特别是围绕人工智能和数据 能力。这些工具正在帮助公司发展个性化 客户体验、优化营销和改进产品创新。”

他指出，负责任地部署人工智能可以加 强玩家体验和运营效率，“人工智能使我 们能够向玩家提供更相关的内容和优 惠，同时保护玩家并提高运营效率。”

然而，复杂性和竞争也在增加。“在许多市场

中，获取客户的成本正在上升，公司需要通过 强大的品牌、更好的产品和更深入的客户参 与来脱颖而出，而不仅仅是增加营销支出。”

Betsson的解决方案是把专业技术和本地化结 合在一起。“我们继续投资于专有平台、数据分 析能力和客户体验，以便我们能够高效地跨市 场扩展，同时仍然提供与本地相关的产品和内 容。”那些将技术、负责任运营和强大全球品牌 与真正本地化相结合的公司将会蓬勃发展。

Ronni Hartvig - Lessons in localisation

bet365 brings UEFA Champions League to Brazil

bet365 has brought the UEFA Champions League closer to Brazilian fans with its “Desafio do Profissa” activations in Rio and Belo Horizonte, featuring interactive challenges, the official UCL trophy, and appearances by legend Júlio César.

Words by Lea Hogg

bet365将欧冠

联赛带到巴西

在里约热内卢和贝洛奥里藏特，欧 冠联赛奖杯的到来成为了一场盛大 的奇观。它吸引了大量球迷聚集，争 相与奖杯合影留念，共同见证这一 巡回至欧洲以外的盛事。今年，这 一盛况来到了巴西，得益于bet365 的“Desafio do Profissa”活动，该 活动作为其与欧冠联赛国际合作 的一部分。此次活动融合了球迷互 动、竞技元素以及足球名人的亮 相，将球迷置于体验的核心位置。

In Rio de Janeiro and Belo Horizonte, the arrival of the UEFA Champions League trophy proved to be a big spectacle. It drew large crowds, with fans gathering to take photos and engage with the trophy as it toured outside Europe. This year, that spectacle came to Brazil courtesy of bet365, which brought its “Desafio do Profissa” activation as part of its global partnership with the competition. The activation combined fan engagement, competitive elements, and appearances by football figures, placing supporters at the centre of the experience.

Across both cities, around 1,000 fans queued for a chance to photograph themselves with one of football’s most coveted prizes. More than 160 participants were then selected to step into the spotlight, going headto-head in fast-paced challenges that tested their instincts, probability judgment, and football knowledge. The audience extended far beyond the participants with over 10,000 people turning up to witness the events, turning public spaces into something closer to matchday arenas.

“bet365 is a proud partner of the UEFA Champions League. We’ve given away over 6,000 tickets to matches and created unforgettable pitchside experiences.”

\ Bringing European football culture to Brazil

“Being present with activations such as ‘Beat the Pro’ reinforces bet365’s commitment to getting closer to Brazilian fans,” said Daniel Carneiro, bet365 Brand Manager. “The country has a unique passion for football and the UEFA Champions League, and initiatives like this allow us to turn that connection into real, relevant and memorable experiences. For us, it is essential to build the brand locally, with authenticity, energy and closeness to the audience.”

Brazil, after all, does not need convincing when it comes to football. But translating that deep-rooted passion for the game into engagement with European competition is a subtler task. The strategy brought the spectacle to the fans, rather than asking fans to come to it.

\ Júlio César meets the UEFA Champions League fans

The presence of Júlio César, a former national team goalkeeper and a Champions League winner, added both credibility and emotional weight. For many, he represents a bridge between Brazilian football identity and European success. His appearance transformed the activation from a promotional event into something more personal, almost nostalgic.

“The UEFA Champions League is a wonderful competition that every player dreams of competing in,” Júlio César said. “bet365 bringing this closer to the fans is really great, as it allows the public to connect even more with the tournament. Seeing the affection of Brazilian fans, both in Rio and Belo Horizonte, shows the power of football. It is rewarding to witness this unity between former players and today’s supporters, creating a closeness that is always very positive.”

That sense of closeness was, arguably, the point. The activation’s design leaned into participation rather than passive viewing. Fans weren’t just spectators; they were competitors, challengers, and briefly, protagonists in their own version of a European night. Otávio, one of the challenge winners, described the experience as unforgettable. He hadn’t expected to win, given the level of football knowledge required, but the opportunity to compete against Júlio César, a goalkeeper he regards as one of the greatest in Brazil’s history, made it even more special. For him, participating in such a high-profile competition highlighted the passion his generation has for the sport and the value of experiences that bring fans closer to football’s biggest stages.

Beyond the immediacy of the event lies a broader strategy. bet365’s partnership with the UEFA Champions League, launched at the start of the

2024/25 campaign, is about proximity. Its “Big Ticket Giveaway” campaign has already seen approximately 6,000 fans attend matches, drawing close to two million applications from registered users. The numbers are significant, but they tell only part of the story.

\ Turning global partnerships into local fan experiences

The real ambition appears to be cultural rather than numerical: embedding the brand within moments that feel organic to fans, even when orchestrated at scale. Brazil, with its vast and emotionally invested football audience, offers fertile ground for that approach.

“bet365 is a proud partner of the UEFA Champions League,” said Nicolas Tsomlektsoglou, Global Brand Manager, Sponsorship at bet365. “Through our Big Ticket Giveaway campaign, we’ve given away over 6,000 tickets to matches and created unforgettable pitchside experiences. Our ‘Road to Final’ campaign in Brazil exemplifies our strategy of being a global brand with a local heart.”.

For a few hours in Rio and Belo Horizonte, the distance between Brazil and Europe’s elite competition narrowed. The trophy was within reach, the challenges immediate, and the connection, however briefly, felt tangible.

For bet365, the activation has been a success, strengthening the brand’s presence in Brazil and creating memorable experiences for fans.

“Bringing in-person experiences like the Desafio do Profissa to different Brazilian cities is a way to connect UEFA Champions League fans and celebrate the passion for football.”

在两座城市中，约有1,000名球迷排队等候，希望能与足球界最 令人垂涎的奖项之一合影留念。随后，超过160名参与者被选中， 走上舞台，在快节奏的挑战中一决高下，这些挑战考验了他们 的直觉、概率判断以及足球知识。观众远不止于参与者，有超过 10,000人到场观看活动，将公共空间变成了近乎比赛的竞技场。

\ 将欧洲足球文化带到巴西

“通过‘Beat the Pro’这样的活动，我们强化了bet365贴近巴 西球迷的承诺，”bet365品牌经理Daniel Carneiro表示。“这 个国家对足球和欧冠联赛有着独特的热情，这样的举措让我 们能够将这种联系转化为难忘的实际体验。对我们来说，以真 实、充满活力和贴近观众的方式在当地建立品牌至关重要。”

毕竟，巴西在足球方面无需讲太多。然而，将这种对足球的深 厚热情转化为对欧洲赛事的参与则是一项更为微妙的任务。 该策略将盛事带到了球迷面前，而非要求球迷前往现场。

\ Júlio César与欧冠球迷见面

前国家队门将、欧冠冠军得主Júlio César的出席为活动增添了信任 和情感。对许多人来说，他代表了巴西足球与欧洲之间的桥梁。他的 出现使活动从一场促销活动转变为更加人性化、近乎怀旧的体验。

“欧冠联赛是一项每个球员都梦想参加的精彩赛事，”Júlio César说。“bet365让球迷更接近这项赛事，这真的很棒，因为它 让公众能够更加紧密地与比赛互动。在里约和贝洛奥里藏特， 看到巴西球迷的热情，展现了足球的力量。见证前球员与当今 球迷之间的这种团结，创造了一种总是非常积极的亲近感。”

这种亲近感或许正是活动的核心所在。活动的设计倾向于参与而非 被动观看。球迷不仅仅是观众；他们是竞争者、挑战者，在短暂的瞬 间，他们成为了自己欧洲之夜的主角。获胜者之一Otávio将这次经历 描述为难忘的。他没想到自己会赢，因为这需要高水平的足球知识， 但有机会与Júlio César（他视为巴西历史上最伟大的门将之一）同 场竞技，让这次经历更加特别。对他来说，参加如此高规格的比赛凸 显了他这一代人对这项运动的热情，让球迷更接近足球的大舞台。

\ 超越活动本身的大策略

bet365与欧冠联赛的合作始于2024/25赛季初，其核心在 于亲近感。其“Big Ticket Giveaway”活动已经让约6,000 名球迷现场观看了比赛，吸引了近两百万用户的注册申 请。这些数字虽然亮眼，但只讲述了故事的一部分。

\ 将全球合作伙伴关系转化为当地球迷体验

真正的雄心似乎在于文化层面而非数字层面：将品牌嵌入到对球 迷来说感觉自然的时光中，即使这些时光是大规模策划的。巴西 拥有庞大且忠实的足球观众，为这种策略提供了肥沃的土壤。

“bet365是欧冠联赛骄傲的合作伙伴，”bet365全球品牌经 理、赞助事务负责人Nicolas Tsomlektsoglou表示。“通过我 们的Big Ticket Giveaway活动，我们已经赠送了超过6,000张 比赛门票，并创造了难忘的场边体验。我们在巴西的‘Road to Final’活动展示出我们作为全球品牌，同样拥有本地情怀。”

在与里约和贝洛奥里藏特接触的几个小时里，巴西与 欧洲精英赛事之间的距离缩短了。奖杯触手可及，挑 战近在眼前，互动虽然短暂，却显得真实可触。

对于bet365来说，这次活动取得了成功，加强了品牌 在巴西的存在感，并为球迷创造了难忘的体验。

Fixing iGaming’s business model

In a conversation with SiGMA, Tim De Borle, Chief Operating Officer at Casumo, sits down with Matthew Busuttil to discuss disciplined growth, experience-led innovation, and why trust is becoming the most valuable currency in modern iGaming.

The global iGaming industry is entering a more mature phase. Markets that once prioritised aggressive expansion are now shaped by tighter regulation, rising player expectations, and stiffer competition. For Tim De Borle, COO at Casumo, these changes are redefining what sustainable success looks like.

Rather than chasing scale at any cost, the next chapter depends on discipline, clear strategy, and consistent execution. Operators still focused on volume are solving yesterday’s problems, while the winners will grow in a measured, resilient way.

“One major priority is strengthening the operating model across product, technology, data and player experience. In a market like ours, strategy only matters if you can execute it faster and better than the competition.”

\ Building brands through experience

For De Borle, brand relevance in today’s iGaming environment cannot be manufactured solely through marketing campaigns or promotional spend. Instead, it is the result of the cumulative experiences players have with a platform over time.

Every interaction, from product design to customer support, contributes to how a brand is perceived. In other words, the brand is not defined by messaging alone but by the consistency of the experience it delivers.

“A brand is not what you say it is. It is what players consistently feel through the product, the service, and the trust you earn in every interaction.”

This philosophy has shaped Casumo’s approach to product differentiation. In mature markets, many operators have access to the same content libraries, similar mechanics, and comparable promotional tools. As a result, the baseline offering across the sector often looks remarkably similar.

In such an environment, De Borle believes entertainment quality and overall experience will increasingly separate leading brands from the rest. Operators that rely solely on promotional incentives risk undermining the long-term value of their product.

“If your product isn’t worth coming back to without a promotion attached, you haven’t built a product. You’ve built a discount store.”

At Casumo, this thinking has led to the internal concept of “Umofication” of the player journey. The idea centres on blending brand identity, product design, and customer experience into a unified expression rather than treating them as independent disciplines.

When design, tone of voice, entertainment value, and service model reinforce one another, the result is a more coherent and memorable experience. For players, that cohesion translates into a stronger sense of trust and recognition.

“A brand is not what you say it is. It is what players consistently feel through the product, the service, and the trust you earn in every interaction.”

“品牌并非你所说的 那样。它是玩家通过 产品、服务以及在每 一次互动中赢得的信 任所持续感受到的。”

在与SiGMA的对话中，Casumo首席运营官Tim De Borle与Matthew Busuttil坐在一起，探讨了 合规增长、以体验为导向的创新，以及为何信任 正成为现代网络博彩行业中最宝贵的资产。

全球网络博彩行业正步入一个更为成熟的阶段。 那些曾经以激进扩张为首要目标的市场，如今正 受到更严格监管、玩家期望提升以及竞争加剧的 重塑。对于Casumo的首席运营官Tim De Borle 而言，这些变化正在重新定义可持续发展。

如今，不再是不惜一切代价追求规模，下一 阶段的成功将取决于纪律性、清晰的战略以 及执行的一致性。那些仍专注于数量规模的 运营商只是在解决过去的问题，而真正的赢 家将以稳健、有韧性的方式实现增长。

“主要优先事项是加强产品、技术、数据和玩家体 验方面的运营模式。在我们这样的市场中，战略只 有在你能比竞争对手更快、更好地执行时才重要。”

\ 通过体验塑造品牌

对于De Borle而言，在当今的网络博彩环境中，品 牌的相关性不能仅通过营销活动或促销来打造。相 反，它是玩家与平台长期互动过程中所积累的结果。

从产品设计到客户支持的每一次互动，都影响着 品牌的认知。换句话说，品牌并非仅由信息传递 定义，而是由它所提供体验的一致性所塑造。

“品牌不是你说它是什么就是什么。它是 玩家通过产品、服务以及你在每一次互 动中赢得的信任所持续感受到的。”

这一理念塑造了Casumo的产品差异化策略。 在成熟市场中，许多运营商拥有相同的内容 库、相似的机制和类似的促销工具。因此，整 个行业的基础产品往往看起来非常相似。

在这样的环境中，De Borle认为娱乐质量 和整体体验将越来越成为区分领先品牌与 普通品牌的关键。那些仅依赖促销激励的 运营商可能会削弱其产品的长期价值。

“如果你的产品没有促销活动就不值得回来，那 你就没有打造出产品。你只是建了一家折扣店。” 在Casumo，这种理念催生了玩家“统一化” （Umofication）的内部概念。这一理念的 核心是将品牌标识、产品设计和客户体验融 为一体，而非将它们视为独立的学科。

当设计、风格、娱乐价值和服务模式相互强化时，就 会打造一个更加连贯和难忘的体验。对于玩家而 言，这种连贯性将转化为更强的信任感和认同感。

\ 幕后的创新

创新仍然是推动参与度的核心动力，但De Borle强调，有意义的创新并不总是被玩家看 到。虽然行业经常关注前端功能或新内容的格 式，但许多最具影响力的改进发生在幕后。

\ Innovation behind the scenes

Innovation remains a core driver of engagement, yet De Borle emphasises that meaningful innovation is not always visible to the player. While the industry often focuses on front-end features or new content formats, many of the most impactful improvements occur behind the scenes.

Smarter personalisation systems, better experimentation frameworks, and stronger collaboration between product and data teams can significantly enhance the overall player journey. These structural innovations allow operators to respond more effectively to player behaviour and evolving market conditions.

Casumo is also investing in practical applications of artificial intelligence through an internal programme known as SumAI. Rather than treating AI as a marketing slogan, the company is embedding it as a functional layer within the organisation. The initiative aims to improve operational efficiency, support decision-making, and strengthen responsible gaming capabilities while maintaining strong governance and internal education.

\ A cautious view on emerging markets

While much of the industry’s attention has turned towards Latin America and the rapidly evolving Brazilian market, Casumo is not currently active in the region. De Borle, therefore, offers his perspective as an observer rather than a direct participant.

From that vantage point, the long-term potential of the region is undeniable. Demographic trends, high levels of mobile adoption, and expanding digital infrastructure make Latin America strategically important for the global gaming sector.

Yet De Borle cautions that the enthusiasm surrounding newly regulated markets often leads to unrealistic expectations. Operators entering these jurisdictions must avoid assuming that strategies developed in Europe will translate directly to local conditions.

Regulation, in particular, must be integrated into market strategy

from the very beginning. Establishing credibility with regulators and stakeholders early can shape an operator’s longterm success within the region.

Localisation is equally important. Payment ecosystems, player preferences, customer support expectations, and brand positioning must all reflect the specific cultural and economic characteristics of each market.

\ Responsibility as a strategic pillar

As regulation tightens and public scrutiny intensifies, responsible gaming has become a central issue for the industry. For De Borle, the discussion must move beyond the idea that commercial growth and player protection are competing priorities.

Instead, he argues that sustainable growth depends on the ability to embed responsibility into the very structure of the business.

“If your revenue model cannot survive your highest-risk players setting deposit limits, you do not have a responsible gaming problem. You have a business model problem.”

At Casumo, the goal is to integrate responsible gaming into the company’s operating model rather than confining it to policy frameworks or specialist teams. This means incorporating protective mechanisms directly into product design, player journeys, and operational processes. Technology will play a critical role in achieving this goal. Data-driven systems can identify behavioural patterns earlier and enable operators to intervene before risk escalates. Artificial intelligence, when implemented responsibly, can strengthen monitoring capabilities and support better decision-making across teams.

However, De Borle emphasises that technological tools must complement human oversight rather than replace it.

Ultimately, the industry’s future may depend on the level of trust it is able to build with regulators, players, and the wider public.

“The more the industry can build safety, transparency and sustainability directly into the experience, the more trust it will earn from regulators, players and society.”

In a sector undergoing rapid change, that trust could become the defining competitive advantage of the next decade.

更智能的个性化系统、更好的实验框架 以及产品与数据团队之间更紧密的合 作，可以显著提升玩家的整体体验。这 些结构性创新使运营商能够更有效地 响应玩家行为和不断变化的市场条件。

Casumo还在通过一个名为SumAI 的内部项目投资人工智能的实际应 用。该公司没有将人工智能视为营 销口号，而是将其作为组织内部的 一个功能层进行嵌入。该计划旨在 提高运营效率、支持决策制定，并加 强负责任博彩的能力，同时保持强 大的治理能力和内部指导能力。

\ 对新兴市场的谨慎看法 虽然行业的许多注意力已经转向拉 丁美洲和迅速发展的巴西市场，但 Casumo目前并未在该地区开展业务。 因此，De Borle以观察者的身份而非 直接参与者的身份提供了他的见解。

从该地区的角度来看，长期潜力是 不可否认的。人口趋势、高水平的移 动设备使用率以及不断扩展的数字 基础设施使拉丁美洲成为全球博彩 行业具有战略意义的重要地区。

然而，De Borle警告说，对新监管 市场的热情往往会导致不切实 际的期望。进入这些司法管辖区 的运营商不要去假设在欧洲制 定的策略将直接适用于当地。

特别是监管，必须从一开始就融 入市场策略。尽早与监管机构和 利益相关者建立信誉可以塑造 运营商在该地区的长期发展。

本地化同样重要。支付生态系统、玩家 偏好、客户支持和品牌定位都必须反 映每个市场的特定文化和经济特征。

\ 责任作为战略支柱

随着监管的收紧和公众监督的加 强，负责任博彩已成为行业的核心 问题。对于De Borle而言，这场讨 论不能再停留在“商业增长与保 护玩家是相互冲突、此消彼长”。

相反，他认为可持续增长取决于将 责任嵌入业务结构本身的能力。

“如果你的收入模式无法承受 你的高风险玩家设置存款限额， 那你就不是负责任博彩的问 题，而是商业模式的问题。”

在Casumo，目标是将负责任博彩融 入公司的运营模式，而非将其局限于 政策框架或专家团队。这意味着将

Tim

保护机制直接融入产品设计、玩家体验和运营流程中。

技术将在实现这一目标方面发挥关键作用。数据驱动的 系统可以更早地识别行为模式，并使运营商能够在风 险升级之前进行干预。当负责任地实施该策略时，人工 智能可以加强监控能力并支持团队做出更好的决策。

然而，De Borle强调，技术工具必须配 合人类监督，而非取代人类。

“If your product isn’t worth coming back to without a promotion attached, you haven’t built a product. You’ve built a discount store.”

最终，行业的未来可能取决于它能够与监管机 构、玩家和更广泛的公众建立多少信任。

“行业越能在体验中直接融入安全、透明和可持续性， 它就越能从监管机构、玩家和社会那里赢得信任。”

在一个快速变化的行业中，这种信任可能 成为下一个十年的决定性竞争优势。

\ 金句摘录

“品牌不是你说它是什么就是什么。它是玩家通过产品、服 务以及你在每一次互动中赢得的信任所持续感受到的。”

“如果你的产品没有促销活动就不值得回来，那你 就没有打造出产品。你只是建了一家折扣店。”

“如果你的收入模式无法承受你的高风险玩家设置存款限 额，那你就不是负责任博彩的问题，而是商业模式的问题。”

“行业越能在体验中直接融入安全、透明和可持续性， 它就越能从监管机构、玩家和社会那里赢得信任。”

Race to Reality SOFTSWISS:

In conversation with Rami Gabriel, F1 legend and SOFTSWISS Non-Executive Director in Latin America Rubens Barrichello, and SOFTSWISS

Brazil Business Manager and ANJL Communications Director Carla Dualib, unpack a market year that exceeded everyone's expectations, including their own.

Softswiss - Race to reality

conversation with Rubens Barrichello & Carla Dualib

It’s quite difficult to impress me with how fast things are moving, but the Brazilian market really did it. – Rubens

\ The Accelerated Market

Since Brazil’s iGaming market became regulated, it has developed much faster than many expected. What once felt like a far-off goal is now a reality, as operators, regulators, and tech providers adjust to the new rules.

Rubens Barrichello, a former Formula 1 driver and NonExecutive Director in Latin America at SOFTSWISS, says that even his experience in fastpaced motorsport didn’t prepare him for how quickly Brazil’s iGaming framework took shape. As he puts it, “It’s quite difficult to impress me with how fast things are moving, but the Brazilian market really did it. I knew it had huge potential, but watching it formalise so quickly has been remarkable.” Barrichello points out that responsible gambling is becoming a core part of how operators do business, which he sees as crucial for protecting players in a regulated market.

\ Foundations First

For Carla Dualib, Business Development Manager for Brazil at SOFTSWISS and Communications Director at the National Association of Games and Lotteries (ANJL), the story of the first year is less about acceleration and more about stability. Growth, she argues, is meaningful only when supported by the right structural foundations.

Gross gaming revenue went up by over fifty per cent from the first to the third quarter, and betting activity rose by more than thirty per cent. Dualib says these numbers show the market is growing gradually, not just chasing quick wins.

Because of this, operators coming into Brazil are focusing on reliability first. Their technology needs to be certified, their infrastructure must meet regulations, and their partnerships have to handle the demands of a new market.

Dualib sums up the mindset: “Local partners want certainty above everything else – technology that is fully certified and providers they can rely on when things get complicated.” Excessive tax or regulation could push players towards unlicensed sites. She believes finding the right balance between oversight and business success will be key for Brazil’s next phase.

\ Culture Over Translation

Brazil combines scale, digital adoption, and strong sporting culture deeply intertwined with everyday life. But Barrichello cautions that enthusiasm alone does not translate into market readiness.

He often hears that entering Brazil is just about translating products and adding local payment options. In reality, it takes a much deeper understanding of player habits, culture, and regulations. As he says, “The most common misconception is that entering Brazil is simply a matter of translating a product and localising payment methods. You have to embrace the local culture and adapt to local player behaviour.”

This cultural aspect goes beyond just designing products. In Brazil, companies must meet strict compliance rules, including certified content, strong risk controls, and builtin responsible gambling tools. Those who overlook these needs often find that simple localisation is not enough.

At ANJL, we bring a technology perspective to regulatory dialogue while helping build a stronger industry community. – Carla

Dualib adds that regulation itself is sometimes misunderstood as an obstacle rather than a safeguard. Advanced technologies such as AI-driven fraud detection, she notes, are increasingly proving that strong compliance and commercial success can develop together. Reflecting on the pace of change, Dualib notes that the relationship with the market itself continues to shape how companies operate. As she puts it, “Being active in the market means we are constantly learning.”

\ SOFTSWISS' Standards

SOFTSWISS’ role in Brazil has extended beyond the delivery of technology. Certification processes, industry dialogue, and educational initiatives have all formed part of the company’s approach to supporting the developing market.

When SOFTSWISS became the first company to certify its Game Aggregator in Brazil, the process offered a clear view of the country’s regulatory expectations. The technical scrutiny was demanding, but for Dualib, the experience confirmed that Brazilian authorities intend to build a structured and accountable market.

Certification showed that regulators expect thorough compliance, clear operations, and strong security in every system. Dualib believes these standards will help build the market’s long-term credibility.

SOFTSWISS has also taken part in broader industry discussions. Barrichello has spoken about responsible gambling at various events, including iGaming and tech conferences like Futurecom in São Paulo. He often compares racing to the industry, saying that while technology is important, strategy and teamwork decide the results.

\ Leading by Responsibility and Trust

Sport carries particular weight in Brazil, and that cultural context shapes how betting brands interact with their audience. Barrichello believes any company associating itself with

sport must approach the relationship with a clear sense of responsibility. “Sport in Brazil is not just entertainment. It is an identity and a part of our culture,” he explains. “Any brand connecting itself to sport here carries a real responsibility towards its audience.” Platforms must include clear responsible gambling tools. According to Barrichello, the early results suggest that regulation is already encouraging greater engagement with these safeguards.

Usage of responsible gambling features increased tenfold during the first year of regulation, indicating that players are beginning to interact with protection mechanisms that were previously less visible. For Dualib, trust also depends on cooperation across the sector. Through ANJL, she works to encourage dialogue between operators, regulators, and technology providers, groups that historically acted in isolation. As she explains, “At ANJL, we bring a technology perspective to regulatory dialogue while helping build a stronger industry community.” Bringing these voices together, she believes, helps translate regulatory principles into practical industry standards.

\ The Next Lap

The next challenge is to shift from fast growth to long-term stability. Dualib sees the next stage defined by deeper alignment between policy, technology, and market participants. Stronger institutional dialogue, greater use of certified content, and broader adoption of responsible gambling practices will all contribute to the sector’s long-term stability. Barrichello, meanwhile, views the coming years through a familiar racing lens. Early speed may capture attention, but endurance determines the final result. “The Brazilian market has earned its place on the global iGaming map,” he reflects. “Our job now is to help it stay there.”

And like any long race, success will depend on consistency. Trust, he reminds, grows slowly and can disappear quickly. Maintaining it requires an industry prepared to match its promises with action.

在与F1传奇车手、SOFTSWISS拉丁美洲非执行 董事Rubens Barrichello，以及SOFTSWISS巴 西业务经理兼ANJL通讯总监Carla Dualib的 对话中，我们深入探讨了市场一年来的发展，其 表现超出了所有人的预期，包括他们自己。

\ 加速发展的市场

自巴西iGaming市场受到监管以来，其发展速度远超

从第一季度到第三季度，博彩总收入增长了超过50% ，博彩活动增加了30%以上。Dualib表示，这些数 字表明市场在稳步增长，而非仅仅追求短期成果。

因此，进入巴西的运营商首先关注的是可靠性。他 们的技术需要经过认证，基础设施必须符合法规 要求，合作伙伴关系要能够应对新市场的需求。

Dualib总结了这种心态：“本地合作伙伴最

许多人预期。曾经看似遥不可及的目标如今已成为现 实，运营商、监管机构和技术提供商都在适应新规则。

Rubens Barrichello，这位前F1车手兼SOFTSWISS拉 丁美洲非执行董事表示，即便以他在快节奏赛车运动 中的经验，也未料到巴西iGaming框架的成型速度如 此之快。他说：“让我对速度印象深刻确实很难，但巴 西市场真的做到了。我知道它潜力巨大，但看到它如 此迅速地正规化，实在令人惊叹。”Barrichello指出， 负责任的博彩俱乐部正成为运营商业务的核心部分， 他认为这对于在受监管市场中保护玩家至关重要。

\ 基础为先

对于SOFTSWISS巴西业务发展经理兼全国游戏 与彩票协会（ANJL）通讯总监Carla Dualib来说， 第一年更多是关于稳定性而非速度。她认为，只 有建立在正确结构基础上的增长才有意义。

看重的是确定性——技术必须完全认证，供应商 必须能应变复杂情况。”过高的税收或监管可能 会将玩家推向无牌网站。她认为，在巴西的下一 阶段，找到监管与商业之间的平衡将是关键。

\ 文化比翻译更重要

巴西兼具市场规模、数字普及率和深厚的体育文 化，这些文化深深融入日常生活。但Barrichello 警告说，热情本身并不能转化为市场。

他经常听到人们说，进入巴西只需要翻译产品并添 加本地支付选项。实际上，还需要对玩家习惯、文化 和法规有更深入的理解。他说：“最常见的误解是， 进入巴西只需要翻译产品和本地化支付方式。其实 你还必须拥抱本地文化，适应本地玩家的行为。”

这种文化因素不仅仅体现在产品设计上。在巴西，

Softswiss

公司必须遵守严格的合规规则，包括内 容认证、强大的风险控制和内置的负责 任博彩工具。那些忽视这些需求的公司 常常发现，简单的本地化是不够的。

Dualib补充说，有时监管本身被误解为障 碍，而非保障。她指出，人工智能驱动的欺 诈检测等先进技术正在证明，强大的合规 与商业成就可以并行发展。回顾变化的速

度，Dualib指出，与市场的关系本身也在 不断塑造公司的运营方式。她说：“在市场 中保持活跃意味着我们要不断学习。”

\ SOFTSWISS的标准

SOFTSWISS在巴西的角色不仅限于提 供技术。认证流程、行业对话和教育举 措都是公司支持发展中市场的方法。

当SOFTSWISS成为首家在巴西认证其游 戏聚合器的公司时，这一过程让他们对该 国的监管有了清晰的了解。技术审查要求 严格，但对Dualib来说，这一经历证实了巴 西当局构建结构化和负责任市场的意图。

认证表明，监管机构期望每个系统 都有完全的合规性、清晰的运营方

式和强大的安全性。Dualib认为这些标 准将有助于建立市场的长期信誉。

SOFTSWISS还参与了更广泛的行业讨 论。Barrichello在各种活动中谈论负责任博 彩，包括iGaming和技术会议，如圣保罗的 Futurecom。他经常将赛车与该行业进行比较，说 虽然技术很重要，但策略和团队合作决定结果。

\ 责任和信任的引领作用 体育在巴西具有特殊的重要性，这种文 化背景塑造了博彩品牌与受众互动的方 式。Barrichello认为，任何与体育关联的公司 都必须以明确的责任感来处理这种关系。

“体育在巴西不仅仅是娱乐。它是身份和文化的 一部分，”他解释道。“任何在这里与体育关联的品 牌都切实地对其受众负有责任。”平台必须包含清 晰的负责任博彩工具。据Barrichello说，早期结果 表明，监管方已经在鼓励广泛参与这些保障措施。 在监管的第一年，负责任博彩功能的使用量增长 了十倍，表明玩家开始与以前不太可见的保护机 制互动。对Dualib来说，信任还取决于整个行业 的合作。通过ANJL，她致力于促进运营商、监管 机构和技术提供商之间的对话，这些团体历史 上是孤立行动的。她解释说：“在ANJL，我们为监 管对话带来技术视角，同时帮助建立一个更强 大的行业社区。”她认为，将这些声音聚集在一 起有助于将监管原则转化为实际的行业标准。 \ 下一轮挑战

下一轮挑战是从快速增长转向长期稳 定。Dualib认为，下一阶段将由政策、技术和 市场参与者之间更深入的一致性定义。更强 的机构对话、更广泛的认证内容和负责任博 彩实践都将有助于该行业的长期稳定。

Barrichello则用他熟悉的赛车视角来看待未 来几年。早期的速度可能吸引注意力，但耐力 决定最终结果。“巴西市场已经在全球iGaming 版图上占据了一席之地，”他反思道。“我们的 工作现在是帮助它保持在那里。”而且，就像任 何长跑一样，成功将取决于一致性。他提醒说， 信任的建立很缓慢，但消失却非常迅速。维持它 需要一个愿意将其承诺与行动匹配的行业。

“在ANJL，我们为 监管对话带来技术 视角，同时帮助建立 一个更强大的行业 社区。”——Carla

The consular role in gambling: Knowledge and support

领事视角下的博彩业：认知与支持

The Mexican Ambassador to Brazil, Dr Carlos Eugenio García de Alba, speaks with Carolina Vallejo about how his consular vision for the industry requires a perfect balancing act - one that brings together the delicate threads of each stakeholder as he weaves the bigger picture.

墨西哥驻巴西大使卡洛斯·欧亨尼奥·加西 亚·德·阿尔巴（Dr. Carlos Eugenio García de Alba）与卡罗琳娜·瓦莱霍（Carolina Vallejo）探讨了其对该行业的领事愿景如 何需要一种完美的平衡——将各利益相关 者的微妙线索编织成一幅更大的图景。

Carlos García de Alba, a career diplomat with 38 years in the Mexican Foreign Service, arrived in Brazil as ambassador in November 2025 by presidential appointment. Far from a distant bureaucrat, he builds bridges from the embassy, thinking about offering guidance to players, operators, and regulators, always from a foreign policy lens rather than an industry one

The ambassador speaks calmly, without pretension, like someone who knows the weight of words when representing a country. His voice remains steady, but a certain concern emerges behind each pause: he is not a “sector” expert, he states clearly, and perhaps that is why his reflections sound more cautious, less like marketing and more like public health.

Regulation under construction: Gambling between trial and error

When asked about the recent evolution of gambling regulation in Latin America, especially between Mexico and Brazil, his tone becomes more cautious. His voice sharpens for precision: “I am not an expert in this industry”, but then he ventures to point out a pattern he observes clearly. For García de Alba, regulation today seems something of a “trial and error”, both in Mexico and Brazil and in Latin America in general.

In Mexico, he recalls, the regulations have shifted from an ancient framework, dating back to the 1930s, to recent reforms that in 2025 are still perceived as adjustments without a definitive direction. In Brazil, meanwhile, he acknowledges that the country has introduced several adaptations, though it is not yet easy to say if they work fully. What does seem evident to him is that, in the region, a uniform regulation is needed, not just to collect more taxes, but also to combat money laundering and protect the user. One phrase repeats insistently: “not only for online gambling, but also in-person”.

Between Mexico and Brazil - is cooperation possible?

The dialogue gains a new rhythm as the conversation turns to cooperation between Mexico and Brazil. The ambassador leans forward slightly, as though stepping into familiar ground: bilateral dialogue. He acknowledges that Mexico might need to modernise its legislation, adapting it to a reality that changes at a dizzying speed, but he does not stop there. He also underscores that Brazil, with its recent reforms, could become a regional benchmark.

Would it be realistic to imagine a kind of “common regulatory front” between the two countries? García de Alba answers prudently: yes, he believes there is room, especially because the unregulated sector in this industry is very strong on both sides. Digital borders in this fastflowing liquid era is a concept that closes his response almost perfectly, but it hangs in the air, like a warning that technology always stays one step ahead of the laws.

Regulation first, then investment

When speaking of investment opportunities, for example, in technology companies or payment methods that want to cross borders, García de Alba recalls data that dominate

加西亚·德·阿尔巴是一位拥有38年墨西哥外交 服务经验的职业外交官，于2025年11月由总统任 命出任巴西大使。他并非一位遥不可及的官僚，而 是从大使馆搭建桥梁，为玩家、运营商和监管者提 供指导，且总是从外交政策而非行业视角出发。

大使说话平和，毫无矫饰，宛如一位深知代表国 家时言辞分量之人。他的声音保持平稳，但每个 停顿背后都透露出某种关切：他明确表示，自己并 非该行业的“专家”，或许正因如此，他的反思听 起来更为谨慎，不像市场营销，而像公共言论。

\ 监管建设之中：博彩业的摸索前行 当被问及拉丁美洲，特别是墨西哥和巴西近期博彩 监管的演变时，他的语气变得更加谨慎。他的声音变 得尖锐以追求精确：“我并非该行业专家”，但他随 即指出一个他清晰观察到的模式。对于加西亚·德· 阿尔巴而言，如今的监管在墨西哥和巴西，乃至整 个拉丁美洲，似乎都带有一种“摸索前行”的意味。

他回忆道，在墨西哥，监管框架已从20世纪30年 代的古老框架转变为近期的改革，但在2025年， 这些改革仍被视为缺乏明确方向的调整。而在巴 西，他承认该国已做出多项调整，但要说它们是否 完全奏效尚为时过早。对他而言，显而易见的是， 该地区需要统一的监管，不仅是为了征收更多税 款，也是为了打击洗钱和保护用户。有一句话反复 出现：“不仅针对在线博彩，也针对线下博彩”。

\ 墨西哥与巴西之间——合作是否可能？

当对话转向墨西哥与巴西之间的合作时，大使微 微前倾，仿佛踏入了熟悉的领域：双边对话。他承 认墨西哥可能需要使其立法现代化，以适应日新 月异的现实环境，但他并未止步于此。他还强调， 巴西可以凭借其近期的改革成为该地区的标杆。

当被问及两国之间是否可能建立一种“共同监管阵 线”时，加西亚·德·阿尔巴审慎地回答：是的，他认 为存在空间，特别是因为该行业在两国都存在强大 的无监管部门。在这个快速流动的数字化时代，数 字边界这一概念几乎完美地回答了问题，但它悬而 未决，如同一个警告，即技术总是领先法律一步。

\ 先监管，后投资

当谈到投资机会时，例如那些希望跨境发展的 科技公司或支付公司，加西亚·德·阿尔巴再次 回忆起主导他记忆的数据：在拉丁美洲，有4300 万在线博彩的活跃参与者，其中巴西占比最大， 其次是墨西哥（800万）和阿根廷（400万）。

他以中立的姿态提及这些数字，几乎如同在读一本 统计书，但同时他也明确表示：墨西哥政府没有提 供具体激励措施来支持希望向国际扩张的该行业 公司。没有信贷，没有特别计划，没有直接支持。这

Dr. Carlos Eugenio García de Alba - The consular role in gambling: Knowledge and support

his memory again: in Latin America, there are 43 million active participants in online gambling, of which Brazil accounts for the largest share, followed by Mexico with 8 million and Argentina with 4.

He mentions these figures with a neutral gesture, almost as if reading from a statistics book, but at the same time makes something important clear: there are no specific incentives from the Mexican government to support sector companies that want to expand internationally. No credits, no special programmes, no direct support. That does not mean expansion is impossible, only that, for now, it is not driven by the State.

Then the thorniest question arises: would it not be viable, at least in the future, to support those who develop the underlying technology to gambling, the platforms, the payment gateways, the security systems, instead of focusing only on gambling itself? For him, the answer is unequivocal: regulation comes first. Only when there is a clear and effective framework can one think of incentives, support, and more generous cooperation.

Latinos and their gambling culture

When speaking of Brazil and Mexico, the ambassador becomes more reflective, almost anthropological. He admits that his perspective is based on observation rather than firsthand experience. Despite this, he identifies a recurring cultural pattern throughout Latin America: gambling tends to take root within families, reinforced by tradition and social imitation.

At that point, his voice grows more serious. He underscores that not all gambling practices are equivalent: playing the lottery in a group is not the same as betting online, at late hours, hidden from everyone. That, García de Alba points out, is a key difference for understanding why public health comes into play and why regulation cannot be just fiscal or technical.

Towards a holistic approach

The interviewee gains strength when speaking of prevention. For García de Alba, there is no solution if one only regulates the operator or the user. “One must be holistic”, he confirms. The operator must play by clear and strict rules; if they breach them, the sanction must hurt. At the same time, the user needs limits, filters, and technology that detects their vulnerabilities. Then he introduces an idea uncommon in these debates: “emotional health”.

For him, responsible gambling is not just an advertising slogan, but an invitation to think about mental health, emotional well-being, and financial education. That is the key to a public policy regarding responsible gambling to make sense. When the conversation comes to an end, the ambassador carries that blend of realism and optimism: gambling, online or landbased, is here to stay, but the focus must stay on regulation, collaboration, and emotional health.

并不意味着扩张不可能，只是目前并非由国家驱动。

然后，最棘手的问题出现了：至少在未来，是否不再仅 仅关注博彩本身，而是支持那些开发博彩底层技术的 人——平台、支付网关、安全系统？对他而言，答案毫不 含糊：监管先行。只有当存在一个清晰且有效的框架 时，才能考虑激励措施、支持力度和更慷慨的合作。

\

拉丁美洲人的博彩文化

当谈到巴西和墨西哥时，大使变得更加沉重，几乎 带有一种人类学视角。他承认自己的观点基于观 察而非亲身经历。尽管如此，他还是指出了整个 拉丁美洲反复出现的一种文化模式：博彩往往在 家庭内部扎根，并由传统和社会模仿所强化。

在那一刻，他的声音变得更加严肃。他强调，并 非所有博彩行为都一样：集体玩彩票不同于在 线下注、深夜博彩、个人独自下注。加西亚·德· 阿尔巴指出，这里关键是要理解公共健康为何 介入以及监管为何不能仅仅是财政或技术。

“Responsible gambling is not just an advertising slogan, but an invitation to think about mental health, emotional well-being, and financial education.”

“负责任博彩不仅仅是一句广 告口号，更是对心理健康、情绪 健康和金融知识的思考。”

\ 迈向整体方案

当谈到预防时，他显得铿锵有力。对于加西亚·德·阿尔 巴而言，如果只监管运营商或用户，就没有解决方案。“ 必须采取整体方案”，他确认道。运营商必须遵守清晰 且严格的规则；如果他们违反，制裁必须具有威慑力。同 时，用户需要限制、过滤和能够检测其脆弱性的技术。然 后，他提出了在这些辩论中不常见的观点：“情绪健康”。

对他而言，负责任博彩不仅仅是一个广告口号，而是邀 请人们思考心理健康、情绪福祉和金融教育。这是使负 责任博彩公共政策有意义的关键。当对话接近尾声时， 大使带着现实与乐观的情绪：无论是线上还是线下，博 彩都将存在，但重点必须放在监管、合作和情绪健康上。

Dr Laura Lorena Rojas - Beyond the numbers

Beyond the numbers: what makes Paraguay’s market tick?

超越数字：

巴拉圭市场繁荣的驱动力何在？

Dr Laura Lorena Rojas

, a

lawyer, businesswoman and current president of APOJA,

has led the development of Paraguay’s gaming sector for the past eight years, combining legal vision, operational experience and trade-association work. In this interview with Carolina Vallejo, she analyses the potential of a market that could exceed 500 million dollars a year and the challenge of ordering its growth so as to turn it into investment, innovation and transparency.

*APOJA is the Paraguayan Association of Gambling Operators (Asociación Paraguaya de Operadores de Juegos de Azar), a trade association representing formal gambling operators in Paraguay.

\ Legal and entrepreneurial leadership in Paraguay’s gaming sector

Talking with Laura Lorena Rojas is akin to entering a conversation about the future: a blend of knowledge, opportunity and innovation. With nearly a decade of experience in the gaming industry, Rojas speaks with a calm assurance that comes from knowing the real challenge isn't just about attracting investment or gaining users. It's about creating solid, reliable structures that can truly support that growth.

While public debate tends to revolve around regulation or the user, Rojas focuses on the axes that cut through the entire system: three elements that tend to be overlooked in the regulatory debate, yet are central to elevating Paraguay’s gaming sector to a global level: clear and predictable regulation, full access to the international financial system, and real competition on equal terms.

Predictability that allows long-term investment, open banking to operate with global suppliers and platforms, and a market in which everyone plays by the same rules; that strengthens the formal operator, drives innovation and makes players increasingly gravitate toward the legal system.

\ Technological adaptation

In Paraguay’s case, the legal analyst explains, the potential is enormous, but Rojas’s gaze does not stop at the surface of the numbers, instead going to

Dr Laura Lorena Rojas，身为律师、企业家 及APOJA现任主席，过去八年来一直引领着 巴拉圭博彩业的发展，她将法律、运营经验 及行业协会工作融为一体。在接受Carolina Vallejo的采访时，她分析了当年可能超过5 亿美元的市场潜力，以及如何有序引导其增 长，以转化为投资、促进创新和增加透明度。

*APOJA即巴拉圭博彩运营商协会（Asociación Paraguaya de Operadores de Juegos de Azar） ，是代表巴拉圭正规博彩运营商的行业协会。

\ 巴拉圭博彩业的法律与商业领袖风范

与Laura Lorena Rojas交谈，就如同踏入一场关于未来 的对话：融合了知识、机遇与创新。拥有近十年博彩业经 验的Rojas，以一种沉稳自信的态度侃侃而谈，这种自信 源自她深知真正的挑战不仅在于吸引投资或获取用户， 更在于构建稳固可靠的结构，以真正支撑起这一增长。

当公众讨论往往围绕监管或用户展开时，Rojas 却聚焦于贯穿整个系统的关键要素：在监管讨论 中常被忽视，却是将巴拉圭博彩业提升至全球核 心水平的三个要素：清晰且可预测的监管环境、全 面接入国际金融体系，以及公平竞争的环境。

可预测性助力长期投资，开放银行业务以便与 全球供应商和平台合作，以及一个人人遵守相 同规则的市场；这将强化正规运营商的地位，推 动创新，并使玩家日益倾向于合法的体系。

\ 技术的适应

在巴拉圭的案例中，这位法律分析师解释道，潜 力是巨大的，但Rojas的目光并未仅停留在数 字表面，而是深入探究其背后的结构、物流及技 术合作，这些才是支撑一切运转的基石。

该行业本质上要求速度、可追溯性、现代化系统 及稳固的基础设施。每一步进展都是向透明度、 竞争力和国际合作迈进的又一步，尤其是在生物 海洋走廊等物流路线开辟新世界的可能性。

在此，技术远不止是一种工具：它是连接运营、监管与信任 的跨领域轴心。因为在线博彩与技术同步发展：加速竞争、 迫使每日革新，它是最终决定谁能留在游戏中的引擎。

\ 合法与非法运营商之间的鸿沟 从运营商的角度来看，其处于不断变化的牌照、税收及

不断更新的系统之间，监管或许在纸面上颇具吸引 力，却与现实运营相冲突。“主要鸿沟在于合法与非 法运营商之间的不平等，”APOJA主席Lorena Rojas 说道。合法运营商投资、纳税、采纳技术并接受永久 性管控，而非法运营商则无需承担任何这些成本即 可竞争。而且，这不仅仅是金钱问题：还存在制度性 鸿沟，即框架虽已建立，但缓慢的实施时间却让非法 行业在以千倍速度运行的数字领域中占据优势。

\ 市场所忽视的方面

问题随之而来：为何鲜少有人谈论这些被忽视的方 面？Lorena态度明确：可预测性、全面接入金融体 系及公平竞争。“该行业需要的不仅仅是监管稳定 性，更需要能提供清晰且可预测规则的智能监管，” 她解释道，因为没有这些，谁会进行长期投资？巴 拉圭运营商面临着几乎无人提及的挑战，如持续适 应新技术、全面可追溯性及玩家身份识别，这些虽 提升了标准，超越了许多邻国，但也推高了合规成 本。“这些工具对于规范市场至关重要，但它们也带 来了重大挑战：提高了合规成本，”Rojas承认道。

\ 巴拉圭作为区域博彩业领导者的潜力

“当法律体系提供清晰规则和合理条件时，玩家自然 会转向正规市场，”Rojas强调道。如果规范能贴合运 营商实际，巴拉圭便具备了一切条件来激活其娱乐与 科技生态系统，吸引投资与就业。在可预见的扩张中， 受监管行业不仅将巩固自身地位，还将确立其作为领 导者的角色。正如她自己所预见，当涉及博彩时，巴 拉圭完全有条件成为该地区最具活力的市场之一。

what lies beneath: the structure, the logistics and the technological collaboration that make it all work.

By its very nature, this industry demands speed, an emphasis on traceability, on modern systems and solid infrastructure. Each advance is one step further toward transparency, competitiveness and international collaboration, especially now that logistical routes such as the Bioceanic corridor are opening new possibilities for connecting with the world. And there, technology becomes more than a mere tool: it is one of the cross-cutting axes that joins operations, regulation and trust. Because online gaming moves in tandem with technology: an engine that accelerates competition, forces daily reinvention and, ultimately, decides who stays in the game.

\ The gap between legal and illegal operators

From the operator’s perspective, which is in constant flux between licences, taxes and constantly renewed systems, regulations may look attractive on paper, yet they clash with operational reality. “The main gap is the inequality between the legal and the illegal operator,” says Lorena Rojas, president of APOJA. The legal operator invests, pays, incorporates technology and submits to permanent controls, while the illegal operator competes without bearing a single peso of those costs. And it is not just about money: there are institutional gaps too, where the framework exists, but slow implementation times allow the clandestine sector to gain ground in a digital industry that runs at a thousand miles an hour.

\ What the market overlooks

The question arises: why is there so little talk about what is overlooked? Lorena is clear: predictability, full access to the financial system and competition on equal terms.

“More than regulatory stability, the sector needs smart regulation that offers clear and predictable rules,” she explains, because without that, who will invest long term? Paraguayan operators wrestle with challenges that almost no one mentions, such as the constant adaptation to new technologies, full traceability and player identification, which raises standards above those of many neighbouring countries but also drives up compliance costs. “These tools are fundamental for bringing the market into order, but they also create a significant challenge: the cost of compliance,” Rojas admits.

\ Paraguay and its potential as a regional leader in gambling

“When the legal system offers clear rules and reasonable conditions, the player naturally migrates to the formal market,” Rojas emphasises. Paraguay has everything needed to dynamise its e ntertainment and technology ecosystem, attracting investment and employment if norms are tailored to the operator’s reality. In that foreseeable expansion, the regulated sector not only consolidates itself but also positions itself as a leader. As she herself anticipates, Paraguay has all the conditions to become one of the most dynamic markets in the region when it comes to gambling.

Evert Montero Cárdenas

The true heart of gaming: human entertainment beyond rules and numbers

Carolina Vallejo speaks with LATAM regulatory veteran, Fecoljuegos and International Federation of Gambling for Latin America (FIJA) president, Evert Montero Cárdenas, for an engaging conversation that unpacks Colombia's gaming scene.

“Colombia has become a laboratory of things that must be done and that must be improved and - why not - of things that must not be done”, reflects Cárdenas in a chat that distilled decades of experience. This gentleman isn’t a theorist; he’s a hands-on-kind-of-guy who sat down with operators and regulators to shape the first online gambling law in the region.

Montero breaks down his vision, clear as water: how to navigate confusing regulations, avoid common pitfalls and build an online gaming industry that truly entertains.

Spoiler: it’s not about inflated figures or vices, but the balance between profits, responsibility and sustainability.

\ Why online gaming matters more than it seems

Gambling isn't just casino lights and flashy apps, it’s adult leisure that creates jobs, drives tech innovation, and funds public health. In Colombia it's been legal since 1943 and online gaming fully regulated since 2016 - a framework Evert himself helped shape.

An RTP of 93-95% means operators return nearly all bets as prizes, leaving just 5-7% margins to cover

游戏之心：超越规则 与数字的人类娱乐

卡罗琳娜·瓦列霍（Carolina Vallejo）与拉

美地区资深监管人士、Fecoljuegos组织成 员及拉丁美洲国际博彩联合会（FIJA）主席 埃弗特·蒙特罗·卡德纳斯（Evert Montero Cárdenas）进行了一场引人入胜的对话， 深入剖析了哥伦比亚的游戏产业现状。

taxes, tech, marketing, and profit. “Governments see massive bet volumes,” explains Evert, but don't grasp that 93-95% goes back into the pot as prizes, leaving razor-thin margins for everything else.

Why does it matter? Because behind every regulation, there are humans wanting to have fun without complications. A flawed regulation doesn’t just hold back operators; it pushes players into the shadows, towards the illegal, where there’s no protection. Colombia, Latam’s guinea pig, teaches regulation well and everyone wins; do it badly, and you self-destruct.

\ Rule number 1: Understand real margins (not the Hollywood version)

Common mistake: Believing that iGaming is all glamour and easy profits, Evert got it spot on: “Everyone thinks gaming is Las Vegas... where everything is high-end elegance and expensive cars”. The reality: a slot machine costs 15-20 thousand dollars, it’s paid off in three years, and then you change games. Online, you compete with investment in ads and tech with a small margin, sometimes just 5% .

Key insight: The law demands a theoretical ≥83-85%% in prizes, but operators return more to compete, 93-95%. That leaves high volume, not fat margins.

Ask yourself: Does your model assume gross income as net? Using real numbers or any regulatory tweak will sink you in the financial chain.

\ Why real entertainment matters

Gambling isn’t a fiscal monster or a dark vice. It’s a living laboratory. As Evert says, “Colombia has become a laboratory of things that must be done, improved and avoided”. Latin markets grow fragmented, with regulations that ignore the real model. Imagine investing in $15,000-$20,000 machines that take years to pay off, returning 93-95% in prizes to compete. 5% margins cover taxes, operations, and technology. Without understanding that, regulation kills sustainability. It matters because it affects jobs, innovation and, crucially, the player seeking healthy fun. We forget: The focus should be on the person.

\ Common mistake: Regulating without knowing operations

Regulating without understanding how platforms operate is a frequent error. Today,

卡德纳斯在对话中反思道：“哥伦比亚已成为研 究什么必须做、什么必须改进以及什么必须避 免的实验室。”这位拥有数十年经验的先生并非 空谈理论家，而是亲力亲为，与运营商和监管 机构共同制定了该地区首部在线博彩法律。

蒙特罗清晰阐述了他的愿景：如何驾 驭复杂的监管环境，避开常见陷阱，并构 建一个真正的在线娱乐游戏产业。

剧透一下：这并非夸大数字或罪恶，而是关 于利润、责任与可持续性之间的平衡。

\ 为何在线游戏比看起来更重要 博彩不仅仅是博彩俱乐部的灯光和酷炫的应 用程序，它是成年人的休闲方式，能创造就 业机会、推动技术创新并为公共卫生提供资 金。在哥伦比亚，赌博自1943年起便已合法 化，而在线游戏自2016年起也得到了全面监 管——这一框架正是埃弗特本人协助打造的。 93%-95%的返奖率（RTP）意味着运营商将 几乎所有下注资金作为奖金返还，仅留下 5%-7%的利润来覆盖税收、技术、营销和盈利 成本。“政府看到的是庞大的压注金额，”埃弗

“哥伦比亚已成为什么必 须做、什么必须改进以及 什么必须避免的实验室”

特解释道，“但他们并未意识到，93%-95%都作 为奖金回到了赌池中，留下的费用所剩无几。”

为何这很重要？因为每项监管背后，都有人们希望无 拘无束地享受乐趣。有缺陷的监管不仅会阻碍运营 商发展，还会将玩家推向非法领域，那里没有保护。 作为拉美地区的试验田，哥伦比亚在监管方面做得 好的话，大家都能受益；做得不好，则会自毁前程。

\ 规则一：了解真实利润（不像好莱坞大片中的那样） 常见错误：认为网络游戏（iGaming）充满魅力且 利润丰厚。埃弗特语中的：“每个人都认为游戏就 要去拉斯维加斯……那里一切都高端优雅，豪车 遍地。”现实是：一台老虎机成本在1.5万至2万美 元之间，三年内回本，然后就得更换。在线上，你需 投资广告和技术，而利润空间很小，有时仅5%。

关键点：法律要求返奖率理论上不低于 83%-85%，但运营商出于竞争会提高比例，即 93%-95%。这意味着高销量而非高利润。

问问自己：你的模型是否将总收入视为

Evert Montero Cárdenas - the true heart of gaming

净利润？使用真实数字或任何监管调 整都可能让你的财务链断裂。

\ 为何真实娱乐至关重要

博彩并非财政怪兽或阴暗恶习。它是一个活生 生的实验室。正如埃弗特所说：“哥伦比亚已成 为什么必须做、什么必须改进以及什么必须避免 的实验室。”拉美市场增长碎片化，监管往往忽 视客观事实。想象一下，投资1.5万至2万美元的 机器，需数年回本，出于竞争，奖金返还比例高达 93%-95%。5%的利润需覆盖税收、运营和技术 成本。若不了解这一点，监管将扼杀可持续性。这 很重要，因为它影响就业、创新，以及寻求健康快 乐的玩家。我们时常忘记：重点应放在人身上。

\ 常见误区：在不了解运营的情况下进行监管 在不了解平台如何运作的情况下进行监管 是常见错误。如今，一种误解是将游戏的潜 力简化为一个“小盒子”的娱乐项目。

该行业的真正挑战不在于它能带动多少资 金流动，而在于它如何在不自我毁灭的情 况下实现增长；不在于该行业支付多少，而 在于它能如何持续作为一个行业存在。

一个明显的例子：当最终消费者（玩家）的花 费因税收而上涨时，就会将玩家推向非法领 域。“消费者是理性的，对体验敏感，”埃弗特 说。需求不会消失——它只会改变渠道。

\ 事件：网络游戏区域生态系统 网络游戏不仅仅关乎博彩，它与数字经济紧密 相连。像SiGMA这样的活动不仅仅是展示产品和 服务；它们代表了不同国家开发者、网络安全专 家、营销和数据分析师汇聚的生态系统。可以说： 墨西哥在支付领域领先，哥伦比亚在营销领域领 先，其他国家则在了解客户（KYC）方面领先。它们 共同创造了区域价值链，尽管正式俱乐部仍占据 65%-85%的市场份额。但请注意：没有明确的规 则或负责任的广告，非正式渠道总会占据上风。

自我批评至关重要。“我们必须摒弃仅仅作为娱乐 行业的观念；我们是科技行业，”埃弗特警告道。

像博览会这样的活动促进了酒店业、旅游业和临 时就业的发展。“就像医学大会一样：这不仅仅是 活动本身，还包括它周围的一切。”埃弗特幽默地 总结道：在罗马参加网络游戏活动后，家人在孔 多蒂街购物……这就是现在的情况，这不再仅 仅是工作，而是一整场探险——一种生活方式。

\ 国际协会：共同的舞台，而非统一化

FIJA的成立旨在表达区域声音，同时避免陷入乌

托邦式的幻想。“我们并非要求减少控制，而是要求 更好的监管，”埃弗特强调道。目标是建立一个共同 基础，确保反洗钱标准、保护玩家和支付透明度。 其影响显而易见：更大的投资和持续的就 业。拉美玩家已经改变：他们寻求流畅、无 争执的平台。“支付延迟或规则混乱会让玩 家抛弃合法企业从而转向非法地带。”

\ 健康指标与负责任游戏 忘记快速回报吧。埃弗特表示，最健康的指标是在 负责任实践下的玩家忠诚度。它关乎知情、安全和 可持续。“指导，而非惩罚。”稳定性比即时盈利能 力更有价值。当关注点放在玩家身上时，一切都会 得到改善：减少分歧、提供清晰的优惠、可信任的支 付系统和快速的奖金。对所有人的规则都公平。

\ 人性的斗争轶事

埃弗特分享的故事揭示了该行业的表象。苦涩的 一面：赌场员工因工作而贷款被拒或子女被学校 拒收。有一天，在一次商务早餐上，”埃弗特笑着 回忆道，“一位不知道赌博需要纳税的客人说： “如果酸奶要缴纳增值税，为什么赌博不缴纳 增值税？”[……]“他们应该对赌博产生的肾上 腺素征税。”埃弗特眼中闪烁着光芒，温和地纠 正道：赌博缴纳的是宪法规定的直接税（而非 增值税），但仍有人以‘肾上腺素’为借口要求 缴纳更多税款。然而，埃弗特对此持乐观态度： 声誉推动真正变革，赢得信任将激发转变。

在拉美地区发展意味着回归人性。简单的监 管是允许娱乐，而不是把事情复杂化。这意味 着双赢，埃弗特坚持认为简单能彰显尊严。

下一步很明确：玩家优先、合理指导并 实现可持续增长。听起来像乌托邦？试 试看吧。你会看到用户的满意。

“每个人都认为 游戏就要去拉斯 维加斯……那里 一切都是高端优 雅，豪车遍地。”

Evert Montero Cárdenas

a misguided perception reduces gaming’s potential to a “small box” of entertainment.

The sector’s real challenge isn’t how much money it moves, but how it can grow without selfdestructing; it’s not about how much the industry pays, but how much it can keep being an industry.

A clear example: when final consumer (players) prices are tied through taxes, it pushes players towards illegality. “The consumer is rational and sensitive to the experience”, says Evert. Demand doesn’t disappear - it simply changes channels.

\ Events: iGaming regional ecosystems

More than bets, everything connects with the digital economy. Events like SiGMA aren’t just booths with products and services; they represent ecosystems where developers, cybersecurity experts, marketing and data analysts from different countries converge. Let's say: Mexico leads in payments, Colombia in marketing, and others in KYC. Together, they create regional value chains, even though land-based still dominates with a 65-85% of market share. But beware: without clear rules or responsible advertising, informality always wins.

Self-criticism is essential. “We have to get rid of the mentality that we’re just entertainment; we’re a technology industry”, warns Evert.

Events, such as expos, boost hospitality, tourism and temporary jobs. “Like a medical congress: it’s not just the event, it’s everything around it.” Evert sums it up with humour: families in Rome shopping at Via Condotto after attending an iGaming event… that’s what happens, it’s no longer just work, it’s a whole adventure - a lifestyle.

“Everyone thinks gaming is Las Vegas... everything is highend elegance and expensive cars”.

\ International Association: Common floor, not uniformity

FIJA is born to articulate a regional voice without falling into utopias. “We’re not asking for fewer controls, but better regulation”, emphasises Evert. The goal is a common floor that guarantees anti-money laundering standards, player protection and clarity in payments.

The impact is tangible: greater investment and sustained employment. The Latin player has changed: they seek fluid platforms, without friction. “Late payments or confusing rules? Goodbye legal, hello illegal.”

\ Healthy metrics and responsible gaming

Forget quick returns. The healthiest metric, says Evert, is player loyalty under responsible practices. It’s about an informed, safe and sustainable user. “Educate, don’t punish.” Stability is worth more than immediate profitability. When the focus is on the player, everything improves: less friction, clear offers, trust in payments and quick prizes. Fair rules for all.

\ Anecdotes that humanise the fight

Evert shares stories that show the sector’s facades. The bitter side of the coin: Casino employees with housing loans denied or children excluded from schools because of their parents’ jobs. Or that day, over a business breakfast," Evert recalls with a chuckle,” a guest who didn't know gaming pays taxes said: "If yoghurt pays VAT, why doesn’t gambling pay VAT? " [...] "They should pay a tax on the adrenaline it generates." Evert’s eyes twinkle, gently correcting: Gambling pays constitutional direct taxes (not VAT), but some still see 'adrenaline' as an excuse for more. Yet Evert's bullish on this: reputation drives real change, and earning trust sparks transformation.

Navigating Latin America means returning to the human aspect. Simple regulations that allow entertaining without complicating. A win-win balance, where Evert insists that simplicity dignifies.

The next move is clear: prioritise the player, educate and grow sustainably. Sound utopian? Try it. You’ll see happy users.

H.E John Aquilina on Malta’s diplomatic and social impact in Brazil

H.E John Aquilina谈马耳他 在巴西的外交与社会影响

H.E. John Aquilina, Malta’s Ambassador to Brazil, spoke with Matthew Busuttil and discussed the deepening of Malta-Brazil cooperation; diplomacy, trade, tourism, technology, gaming, and grassroots social impact are of prime interest.

As Issue 39 of SiGMA Magazine prepares for distribution at the Asia summit in Manila, his reflections frame a bilateral relationship rooted as much in people as in policy.

\ A partnership built on opportunity

Brazil’s scale and demographic profile shape much of the opportunity. As Ambassador Aquilina observed, “Brazil’s a huge country, but it is also a very young country, with tremendous opportunity”.

Yet he was candid about the disparities that exist within it.

“One’s level of education in Brazil depends very much on your level of wealth, and what you can access. If you are wealthy, you can have access to a good education. If you are poor, you have access to a form of universal education, but it's quite different. When it comes to education, the needs of young people in the impoverished areas of Brazil are huge.”

For Malta, long positioned as a regulated gaming and digital innovation hub, the evolving Brazilian market presents fertile ground for collaboration. However, Aquilina was clear that embassies do not act as commercial brokers.

“We don't push a particular business. We don't push a particular path. We create the link, we bring people together and say, there you go. Take it from there.”

This philosophy underpins Malta’s approach to major industry gatherings. Events such as BiS SiGMA South America provide a neutral platform where political, commercial and social

“We don't push a particular business. We don't push a particular path. We create the link, we bring people together and say, there you go. Take it from there.”

threads can intertwine. As he put it, “Let's bring together the opportunity and the trust we have in one another, and let it work… let that interaction, let that sort of magic of intertwining take place, and let it all happen, blossom and grow.”

\ Grassroots diplomacy in action

While trade and technology dominate the conference stages, Aquilina repeatedly returned to people-to-people engagement as the bedrock of lasting ties.

“Countries will not respect the politics of each other until the people respect each other.”

This belief is evident in Malta’s support for initiatives that extend beyond boardrooms. The Ambassador views grassroots engagement as essential to building credibility and mutual respect. “One has to start at the grassroots. One has to establish the people-to-people links. Maltese need to know, understand, trust and like Brazilians, and likewise with Brazilians knowing, understanding, trusting and liking Maltese.”

The growing Brazilian presence in Malta offers a tangible sign of this connection. Reflecting on everyday encounters, Aquilina recounted a recent conversation with a driver in Malta who unbeknown that he was speaking to Malta’s Ambassador to Brazil, noted an uptick in Brazilian arrivals. “Not so long ago, it was the Indians, Nepalese and Bangladeshis; now it's the Brazilians. They’re coming!” he was told. The anecdote underscores a broader shift in mobility and exchange between the two nations.

\ The SiGMA Foundation’s social footprint

If commercial forums provide one pillar of engagement, the work of the SiGMA Foundation offers another. The Youth Empowerment Sports School in São Paulo stands as a flagship initiative, designed to support young people from disadvantaged communities.

For Aquilina, its significance extends far beyond sport. “The key to any future is always education,” he stressed, describing how structured sporting environments can provide both enthusiasm and direction for young people who might otherwise drift.

“It's not about handouts, it's about providing these young people with a course of action… a way for the future.”

He emphasised that the model works because it is voluntary and aspirational. “It's not something we are pushing upon them… What these young people… they're saying is, this is on offer for you. And they jump at it and say, yes,

yes, I want to do this, because it looks like fun.”

The impact, he noted, reverberates beyond the individual. “Through these kids for their families too.” In many cases, children exposed to new opportunities can inspire their own parents. “The children are being exposed to something… which their parents never had. So the children can be, in fact, even an inspiration for their mums and dads.”

\ Skills for the long term

“And the skills they acquire are not just short-term gains, they are for the long term”, says Aquilina.

Beyond sport, Aquilina sees the Foundation’s broader contribution in skills development. “What we're inspiring in these young people are lifelong skills… whether it's organisational skills, whether it’s leadership skills, whether it's community skills, whatever.”

These are not abstract gains. “It can improve even fundamental things like their reading and writing and numeracy skills… which we all need to be able to function in life.”

He described the initiative as a seed that, once planted, can multiply within communities. “Once you start with these young people developing their skills, then they will provide role models for others coming through.”

From a diplomatic standpoint, the Foundation’s work also strengthens Malta’s image. “They’re not going to forget the fact that The SiGMA Foundation came to them because of a particular inspiration of a person in Malta,” he reflected. Curiosity about “our small island nation across the other side of the world can translate into deeper cultural and economic links over time” Aquilina stated.

\ A path to the future

Throughout both of our conversations, Aquilina returned to one central theme: bridge-building. Political, commercial and technological cooperation may open doors, but sustained impact depends on empowering the next generation.

“We are providing a path, a bridge, not just for the present, but a path, a bridge to the future.”

For Malta and Brazil, that future lies in shared opportunity forged on trust, strengthened by education, community empowerment and responsible industry collaboration. As SiGMA’s global calendar connects Malta and the world with São Paulo and Brazil, the message from Malta’s Ambassador Aquilina is clear: diplomacy, when rooted in people, will scale across the oceans.

For more insights on Malta–Brazil collaboration and the work of the SiGMA Foundation, visit the SiGMA Website at sigma.world.

马耳他驻巴西大使H.E. John Aquilina与Matthew Busuttil进行了交谈，探讨了马耳他与巴西的深化合作；外 交、贸易、旅游、科技、博彩以及基层社会影响是主要关注点。

在圣保罗举行的BiS SiGMA南美峰会上的第38期 SiGMA杂志即将发行，他的想法为建立人与人之间 以及政策基础之上的双边关系勾勒出了框架。

\ 建立在机遇之上的伙伴关系 巴西的规模和人口结构蕴含着大量机遇。正如 Aquilina大使所观察到的，“巴西是一个大国，也 是一个非常年轻的国家，拥有很多机遇”。

然而，他也坦率地指出了巴西国内存在的差异。

“在巴西，一个人的教育水平很大程度上取决于你的财富水 平以及你能获取的资源。如果你富有，你就能接受良好的教 育。如果你贫穷，你只能接受一种普及教育，但那是截然不同 的。在教育方面，巴西贫困地区的年轻人有着巨大的需求。”

对于长期作为受监管的博彩和数字创新中心的马耳他 来说，不断演变的巴西市场为合作提供了肥沃的土壤。

然而，Aquilina明确表示，大使馆并不充当商业中介。

“我们不推销特定的业务，也不指定特定的 道路。我们建立联系，把人们聚集在一起，然 后说，好了，接下来就看你们的了。”

这一理念支撑着马耳他参与重大行业交流的方式。诸如 南美BiS SiGMA这样的活动提供了一个中立平台，让政 治、企业和社会交织在一起。正如他所说，“让我们把机遇 和我们彼此之间的信任汇聚在一起，让它发挥作用…… 借助交流互通的力量，让一切蓬勃发展、茁壮成长。”

\ 基层外交在行动

尽管贸易和科技在舞台上占据主导地位，但Aquilina 一再强调人与人之间的交流是持久关系的基石。

“在各国人民相互尊重之前，它们不会尊重彼此的政治。”

这一信念体现在马耳他在场外的支持上。大使认 为，基层参与对于建立信誉和相互尊重至关重要。“

必须从基层做起，必须建立人与人之间的联系。马 耳他需要了解、理解、信任并喜欢巴西人，同样，巴 西人也需要了解、理解、信任并喜欢马耳他人。”

巴西人在马耳他日益增多的现象表明了这种趋势。回顾日 常生活中的交流，Aquilina讲述了一个最近与马耳他一名 司机的对话，当时司机并不知道他是马耳他驻巴西大使， 该司机提到巴西人的到来有所增加。“不久前，还是印度 人、尼泊尔人和孟加拉国人；现在是巴西人了。他们来了！” 。这一轶事凸显了两国之间的人员流动和交流正在增加。

\ SiGMA基金会的社会足迹 如果商业论坛提供了参与交流的支柱，那么SiGMA基 金会的工作则提供了另一个支柱。在圣保罗主打的青 年赋能体育学校旨在支持来自贫困社区的年轻人。 对Aquilina来说，其意义远不 止于体育。他强调说:“未来的关键在于教育”，并

H.E John Aquilina - Malta’s diplomatic and social impact

描述了结构化的体育环境如何为漂泊 不定的年轻人提供热情和方向。

“这不是施舍，而是为这些年轻人提供一 条行动路线……一条未来的道路。”

他强调，这种模式之所以有效，是因为它是 自愿的和有抱负的。“这不是我们强加给 他们的……对这些年轻人说的是，这是提 供给你们的。他们欣然接受，说，是的，是 的，我想做这个，因为看起来很有趣。”

他指出，这种影响超越了个人。“通过这些 孩子也影响到了他们的家庭。”在许多情况 下，接触到新机遇的孩子可以激励他们自 己的父母。“孩子们接触到了一些……他们 的父母从未有过的。所以孩子们实际上甚 至可以成为他们爸爸妈妈的灵感来源。”

\ 长期技能

“他们获得的技能不是短期收益， 而是长期财富，”Aquilina说。

除了体育，Aquilina还看到了基金会在技能 发展方面的更广泛贡献。“我们正在激发这 些年轻人的终身技能……无论是组织能力、 领导能力还是社区能力，无论是什么。”

这些不是抽象的。“它甚至可以改善 阅读、写作和算术等基本技能……这 些都是我们生活中所需要的。”

他将这项倡议描述为一颗一旦种下就能在社 区内倍增的种子。“一旦你开始培养这些年轻 人的技能，他们就会为后来者树立榜样。”

从外交角度看，基金会的工作也增强了马耳 他的形象。“他们不会忘记SiGMA基金会是因 为马耳他某个人的特定灵感而来到他们身边 的，”他反思道。“对我们这个在世界另一端的 小岛国的好奇心可以随着时间的推移转化为 更深层次的文化和经济联系，”Aquilina说。

\ 通往未来的道路

在我们的两次交谈中，Aquilina都回到了一个 中心主题：桥梁。政治、商业和技术的合作可能 打开大门，但持续影响则取决于赋能下一代。

“我们正在提供一条道路，一座桥梁， 不仅是为了现在，也是为了未来。”

对于马耳他和巴西来说，未来将在信任基础 上锻造共同机遇，通过教育、社区赋能和负 责任的行业合作得到加强。随着SiGMA全球 日程将马耳他与圣保罗、巴西以及世界其他 国家联系起来，马耳他大使Aquilina明确表 示：当外交植根于人民时，它将跨越海洋。

如需了解更多关于马耳他-巴西合作 以及SiGMA基金会的工作详情，请访 问SiGMA网站：sigma.world。

Carlos's journey is much more than a journey of commercial aspirations, but rather an account of the regulatory struggles, public opposition, and the consistent discipline needed to establish trust within an area that remains heavily contested. Carlos Cardama - on

A small number of executives associated with gaming in Latin America have had the opportunity to experience firsthand three decades of turbulence, transformation, and tenacity that have shaped this evolving industry. During that time, Carlos Cardama has seen the gaming sector as it shifted away from the use of printed bingo cards in the early 1990s to become a global entity known as BiS SiGMA.

Carlos Cardama on regulation and building a LATAM powerhouse

\ The darkest hour

Cardama’s earliest steps in gaming date back to 1992, when he introduced printed bingo cards as halls began to emerge across Brazil. He saw the opening of the first bingo hall in the country and tracked the sector’s rapid professionalisation, from paper-based formats to computerised systems and video bingo machines.

Yet growth was accompanied by hostility. Religious opposition and public scepticism led bingo to be labelled, in his words, the “mother of all evils”.

From the outset, the industry faced accusations, political threats and mounting scrutiny. The most painful chapter arrived with the Bingo Congressional Inquiry Commission in Brazil’s National Congress, followed by the definitive shutdown of bingo activities in 2007.

“The darkest moments were certainly the Bingo CPI… and the definitive shutdown of the activity in 2007.”

For Cardama, adversity was real. Games Magazine became part of the ecosystem over 11 years by having a direct presence in bingo halls and airport departure lounges across the globe. They had a dedicated editorial staff that wrote about global trade shows, events, and entertainment.

When the business closed for its operations to be suspended, it was a stop to the business; it was also an end to the entire value chain. Still, Cardama frames the period as formative rather than fatal.

“It was this resilience, throughout my history and involvement with such a dynamic sector, that led me to expand the publication to other countries.”

From Argentina and Colombia to Venezuela, Mexico and Italy, Games Magazine evolved into an international brand. The Argentina and Italy editions carried particular emotional significance, connecting his professional mission to his family heritage.

\ Fighting forward in a grey market

When sports betting emerged in Brazil in the early 2010s under an uncertain regulatory framework, Cardama recognised a fresh inflexion point.

“With the arrival of sports betting in Brazil… we saw a new opportunity to continue encouraging the return of legal gaming in the country.”

This period marked the launch of Games Magazine Brasil as a B2B digital news portal. Positioned as a reference point for

Carlos

responsible gaming advocacy, it focused on demonstrating the sector’s economic impact in taxation, employment and social contribution.

Today, his message is unequivocal. Casinos cannot remain sidelined in a country of continental scale and digital appetite.

“It is unthinkable to leave casinos aside in a country of continental dimensions, eager for innovation. The casino industry has much to offer, and Brazil can no longer wait.”

The call is strategic rather than emotional. Cardama argues that demystifying misconceptions and presenting gaming as a legitimate economic activity are essential for Brazil to assume its place among the world’s largest regulated markets.

\ The price of vision

Operating in a 24/7 sector demands trade-offs. Cardama prefers the term “challenge” over “sacrifice”, but he acknowledges the toll.

From publishing the zero issue of Games Magazine in the early 1990s, navigating publication interruptions, pivoting to digital, and co-founding BiS alongside Alessandro Valente, each phase demanded relentless commitment.

The turning point came with the integration of SiGMA, transforming BiS into BiS SiGMA, now recognised globally as a gateway to Brazil and Latin America.

“There were sacrifices throughout my career… The sacrifice is worth it.”

“It is unthinkable to leave casinos aside in a country of continental dimensions, eager for innovation. The casino industry has much to offer, and Brazil can no longer wait.”

Carlos Cardama

谈监管与打造拉 美游戏业巨头

在拉丁美洲游戏行业，仅有少数高管亲身经历 了塑造这一不断演变行业的三十年动荡、变 革与坚韧。在此期间，Carlos Cardama见证 了游戏行业从20世纪90年代初使用纸质宾果 卡，发展成为如今的跨国企业--BiS SiGMA。

Carlos的旅程远不止于商业抱负，它更是一 个关于监管斗争、公众反对以及在备受争议 的领域内建立信任所需的持续自律的叙述。

“随着体育博彩在巴 西的出现……我们看 到了继续鼓励合法博 彩回归该国的新机会。”

\ 至暗时刻

Cardama的游戏生涯可追溯至1992年，当时他在 巴西各地涌现的宾果厅引入了纸质宾果卡。他见 证了该国首个宾果厅的开业，并追踪了该行业从 纸质到计算机系统化和视频宾果机的迅速转变。

然而，增长伴随着敌意。宗教的反对和公众的 质疑使宾果被贴上了“万恶之母”的标签。

从一开始，该行业就面临指控、政治威胁和日益严格 的审查。最痛苦的时刻出现在巴西国会成立宾果国会 调查委员会之后，以及2007年宾果活动的最终关闭。

“最黑暗的时刻无疑是宾果国会调查委员会 的成立……以及2007年活动的最终关闭。”

对Cardama而言，逆境是真实的。《游戏杂志》在11 年多的时间里通过直接入驻全球宾果厅和机场候 机室成为生态系统的一部分。他们拥有专门的编辑 团队，撰写关于全球贸易展、活动和娱乐的报道。

当关闭业务暂停运营时，这不仅是业务的停 止；也是整个价值链的终结。然而，Cardama 将这一时期视为正常历程而非致命的。

“正是我在这动态行业中的亲身经历所展现出 的韧性，引领我将该出版物扩展至其他国家。”

从阿根廷和哥伦比亚到委内瑞拉、墨西哥和 意大利，《游戏杂志》演变成了一个国际品牌。

阿根廷和意大利版具有特别的情感意义， 将他的职业使命与家族遗产联系起来。

\ 在灰色市场中奋勇前行 当21世纪10年代初体育博彩在巴西出现且监管框 架不明确时，Cardama认识到了一个新的转折点。

“随着体育博彩在巴西的出现……我们看到 了继续鼓励合法博彩回归该国的新机会。”

这一时期标志着《游戏杂志巴西版》作为B2B 数字新闻门户的正式推出。它定位为倡导负 责任博彩的参考，专注于展示该行业在税 收、就业和社会贡献方面的经济影响。

如今，他的信息明确无误。在这样一个幅员辽 阔、渴望创新的国家，博彩业不能被边缘化。

“在一个幅员辽阔、渴望创新的国家，将 博彩业置之度外是不可想象的。博彩行业 有很多机会，巴西不能再等待了。”

这一呼吁是战略性的而非情感性的。Cardama认 为，消除误解并将博彩呈现为合法的经济活动，对 于巴西跻身全球最大的受监管市场至关重要。

His counsel to emerging entrepreneurs is rooted in balance and clarity of purpose. Ambition must coexist with family life, and leadership must be grounded in ethical conviction.

\ Mentors and moral compass

Two individuals were the most influential in developing his leadership style: Angel Vicente (Gráfica Pirâmide’s founder) introduced him to the bingo market, and Pedro Secemsky, who was a pioneer for the bingo industry in Brazil, gave him an even deeper sense of purpose.

“He taught me to be a fighter with resiliency; to be a person who fights for what is right and true; to find ways to create success for both the gaming industry and for Brazil as a country.”

Cardama believes it is essential that every individual in our industry (bingo in this case) conducts themselves with integrity, as integrity is not up for debate in our business. All of us in this business have the responsibility to break down stereotypes through our actions.

\ Character in adversity

Perhaps the most revealing anecdote from his career underscores this point. During a demonstration in Brasília, Cardama found himself hitching a ride with a senator who was a fierce opponent of the gaming sector, unaware he was sharing a car with one of its advocates.

The irony is almost cinematic, yet it captures a defining truth. Character is forged in moments of tension, not triumph.

\ From local to global

For over three decades, how has he managed to maintain his competitive advantage?

Through constant commitment and unwavering commitment to remain on track, no matter what.

His blueprint, which can help operators transition from local to global, is very simple...stay committed, follow through with integrity and remain a team.

Returning to his 30-year-old self, his advice would be built on developing a legacy, developing a system to develop confidence, and establishing a business that will withstand both changes in regulations and changes in governmental policies.

The Brazilian gaming and betting industry is at a new crossroads, as there are now pressures to develop a much more comprehensive regulatory system. Still, Cardama's journey continues to reveal that it is through resilience, rather than rhetoric, that will determine which operators remain standing after the dust has settled.

For additional information on how the gaming industry in Brazil and Latin America will continue to evolve, please visit SiGMA's website.

\ 愿景的代价

权衡24/7不间断的行业运营。Cardama更喜欢 用“挑战”而非“牺牲”一词，但他承认其代价。

从20世纪90年代初出版《游戏杂志》零 号刊、应对出版中断、转向数字领域， 到与Alessandro Valente共同创立 BiS，每个阶段都需要不懈的承诺。

转折点出现在与SiGMA的整合，BiS 转变为BiS SiGMA，如今是全球公认

的通往巴西和拉丁美洲的门户。

“在我的职业生涯中有很多牺 牲……但这些牺牲是值得的。”

他对新兴企业家的建议是根植于平衡 和明确的目的。野心必须与家庭生活 共存，领导力必须基于道德信念。

\ 导师与道德指南针

在塑造其领导风格方面，有两个人最具影响 力：Angel Vicente（Gráfica Pirâmide的创始人） 将他引入了宾果市场，而Pedro Secemsky则是 巴西宾果行业的先驱，赋予了他更深层次的目的。

“他教会我要成为具有韧性的斗士；要成 为为事实和真理而奋斗的人；要找到使游 戏行业在巴西这个国家成功的方法。”

Cardama认为，我们行业（在此指宾果行 业）的每个人都必须以诚信行事，因为诚信 在我们的业务中不容置疑。我们所有人都 有责任通过我们的行动打破刻板印象。

\ 逆境中的品格

或许他职业生涯中最能说明问题的轶事，恰 恰发生在一个充满戏剧性的瞬间。在巴西利 亚的一次示威活动中，Cardama无意间搭 上了一位参议员的车，而这位参议员长期以 来一直是游戏行业最激烈的反对者之一。更 有趣的是，对方并不知道，自己身边坐着的 正是一位为行业发展奔走多年的倡导者。

这一场景带着几分荒诞与讽刺，却也成为 他职业生涯的真实写照。真正的品格，并不 是在掌声和成功中被定义的，而是在压力、 误解与对立之中被锻造出来的。面对外界 的质疑与政策的不确定性，他始终保持冷 静，以长期主义的眼光看待行业的发展。

\ 从本地到全球

三十多年来，他是如何始终保持竞争优势，并

Carlos Cardama - on resilience, regulation and building a LATAM powerhouse

“他教会我要成为具有 韧性的斗士；要成为为事 实和真理而奋斗的人；要 找到使游戏行业在巴西 这个国家成功的方法。”

在不断变化的市场 中站稳脚跟的？答 案其实并不复杂。

无论行业环境如何变 化，他始终坚持持续 投入、坚定承诺，以及 对团队和合作伙伴的 责任感。对他而言，真 正成功的商业模式， 不只是盈利能力，更 在于是否能够在变化 中保持诚信与稳定。

他的蓝图看似简单，却 为许多运营商提供了清 晰的发展方向：从本地 市场逐步迈向全球舞 台，同时坚持承诺、以 诚信经营，并维持强大 的团队精神。正是这种 长期积累的信任，让企 业能够在竞争激烈的 国际市场中持续成长。

如果回到30岁时，他 给自己的建议会是：专 注于建立真正能够留 下长期价值的事业；打 造增强信心与执行力 的体系；并建立能够 经受监管变化、经济 波动以及政府政策调 整考验的业务结构。

如今，巴西游戏与博彩 行业正再次站在关键 的十字路口。随着市 场规模不断扩大，行业 对于更加全面、透明 且可持续的监管体系 的需求也变得愈发迫 切。然而，Cardama的 经历提醒我们，最终决 定一家企业能否在行 业洗牌后依然屹立不 倒的，并不是一时的声 量，而是长期积累的 韧性、信誉与执行力。

如需了解巴西及拉丁 美洲游戏行业未来 的发展趋势，以及更 多行业洞察，请访问 SiGMA官方网站 。

Data That Scores

Naomi Day sat down with Charlie Kaplan, CMO of Stats Perform, to discuss how sportsbooks can leverage Opta data, interactive insights and engaging content formats that entertain and attract bettors before, during and after the 2026 World Cup.

\ The winning edge

Major tournaments like the 2026 FIFA World Cup in the United States, Canada and Mexico, and the 2027 Women’s World Cup in Brazil, offer a powerful platform for those looking to grow in newly regulated markets. For sportsbooks, they are an unprecedented opportunity to grow brand presence, engage bettors and increase retention in rapidly developing regulated markets.

“Major tournaments taking place in markets experiencing regulatory growth create a phenomenal opportunity to capture market share and grow brand appeal,” Kaplan says. Football already dominates betting in Latin America. During the FIFA Club World Cup, South America accounted for 83% of all bets on the Kambi network, with users placing 1.7 times more bets per user than the rest of the world.

For Kaplan, the key differentiator for operators lies in creating a fully rounded product experience where the full power of every marketing channel is leveraged by operators. “Sportsbooks who turn new customer attention into sustained, retained customer loyalty are the ones who produce the most rounded product experience,” he explains. That includes combining real-time data, storytelling and engaging video content to keep bettors informed and entertained.

\ Stats behind the stakes

A powerful tool for operators to engage players earlier is Opta’s predicted lineups. “Team news and lineup are often the most sought-after pieces of information for bettors. Fans check who starts, who’s missing, who’s been rotated and that’s usually when pre-game betting decisions get made,” Kaplan notes.

The flexible APIs mean an operator can easily make these highly interactive product experiences. “Betano used Opta’s predicted lineups in an interactive visual format within their event pages which allowed bettors to place pre-match bets in a few clicks on their sportsbook and saw a notable uplift in bet contribution,” he adds.

Stat Packs, another core offering from Opta, are perfectly at home within public and private socials, for example Whatsapp, and CRM channels like email and push notifications. “Providing information that helps bettors

make confident decisions matters. Operators have seen strong results collating head-to-head records, player form, national team trends and key market angles into clear one-pagers,” Kaplan explains. With 44% of Brazilian sports fans spending up to an hour researching bets before games, delivering actionable pre-game insights via WhatsApp, Telegram and CRM can directly influence bet placement.

\ Pre-match media

Kaplan highlights the importance of meeting fans across multiple channels. “Before placing a bet, many fans are watching YouTube previews, listening to podcasts and scrolling social media for information. Pre-match content shouldn’t be limited to text-based blog articles,” he says.

Customisable video and editorial content packages fully-produced in-house allow sportsbooks to integrate data-driven insights into daily programming, keeping customers engaged while building their bet slips.

“During Euro 2024, Betfair used Opta-powered visual data graphics to fuel discussion on their ‘Football Only Bettor’ podcast, alongside Stat Packs and editorial content for their sportsbook pages,” Kaplan explains.

\ The decision point

Front-end use of content can also have a significant impact in driving key KPIs. “Contextual pre-match and live Opta-derived insights mapped directly to relevant markets help bettors understand the ‘why’ behind the markets on offer. It brings bettors to your sportsbook well before kick-off and keeps them there when World Cup matches are in-play,” Kaplan says.

Data-driven visuals displayed alongside markets reduce hesitation and can increase both engagement and stake sizes. “We’ve already seen that bettors wagered 31% more on average when Opta recommendations were aligned to markets. Putting insights next to the bet drives player confidence which can lead to the doubling of stake sizes,” he adds.

Betting-focused match video previews enhance the experience and work well when used in many places that the customers spend time. Inside your sportsbook, via affiliates, social and email. “These short, data-rich previews connect Opta’s pre-game view of the game connected to betting markets that support customers building a same game multi for matches that day, ” Kaplan explains.

\ Keeping the tournament alive

Player engagement should not stop when matches ends. Kaplan emphasises the value of continuous content. “During a tournament of this scale,

“Sportsbooks who turn new customer attention into sustained, retained customer loyalty are the ones who produce the most rounded product experience,”

24/7 World Cup video will help boost dwell time and keep audiences engaged across your digital platforms and social channels in the gaps between matches and as attention turns to the next day of tournament magic that awaits,” he says.

Using Opta’s in-person coverage captured from host cities means operators can offer and maintain a rolling 24/7 World Cup channel within their sportsbook. Kaplan cites a previous success story, “TAB Australia proved the model at the 2022 World Cup, keeping bettors on-platform and placing bets on a greater number of matches, filling the gaps when matches weren’t being played.”

This combination of real-time data, interactive visuals and contextual insights forms the blueprint for sportsbook success during major tournaments. “Our Opta Content Agency team will be delivering content formats that sportsbooks, fantasy providers, affiliates and media can use to attract, engage and retain bettors before, during and after the 2026 World Cup,” he says. In a tournament watched by billions, the real competitive edge may lie in the details, turning insight into engagement and engagement into lasting loyalty.

“Team news and lineup are often the most sought-after pieces of information for bettors. Fans check who starts, who’s missing, who’s been rotated and that’s usually when pre-game betting decisions get made,”

Charlie Kaplan - Data that scores

数据制胜

Naomi Day 专访了 Stats Perform 首席营销官

Charlie Kaplan，探讨体育博彩运营商如何利用 Opta 数据、互动洞察以及引人入胜的内容形式，在 2026 年世界杯赛前、赛中及赛后吸引并娱乐投注者。

\ 制胜优势

像 2026 年在美国、加拿大和墨西哥举办的 FIFA 世 界杯，以及 2027 年在巴西举办的女足世界杯这样的 大型赛事，为希望在新兴监管市场中扩展业务的企 业提供了强大的平台。对于体育博彩运营商而言，这 不仅是提升品牌影响力的绝佳机会，更能够在快速 发展的合规市场中吸引投注者并提高用户留存率。

Kaplan 表示：“在监管不断发展的市场中举办 大型赛事，为企业抢占市场份额和提升品牌吸 引力创造了非凡机遇。”足球早已主导拉丁美洲 的博彩市场。在 FIFA 世俱杯期间，南美地区占 据了 Kambi 网络全部投注量的 83%，用户的 人均投注次数更是全球其他地区的 1.7 倍。

在 Kaplan 看来，运营商之间真正的差异化，在于 能否打造完整且全面的产品体验，并充分发挥每 一个营销渠道的价值。“那些能够将新用户的关 注转化为长期忠诚度的体育博彩平台，往往拥有 最完善的产品体验。”他说。这意味着要结合实时 数据、故事化叙事以及富有吸引力的视频内容， 让投注者在获取信息的同时也获得娱乐体验。

\ 赌注背后的数据

帮助运营商更早吸引玩家的重要工具之一，

是 Opta 的预测阵容功能。“球队新闻和首发阵 容往往是投注者最关注的信息。球迷会查看谁 首发、谁缺席、谁被轮换，而这通常也是赛前投 注决策形成的关键时刻。”Kaplan 指出。

灵活的 API 接口意味着运营商能够轻松打造高 度互动化的产品体验。“Betano 曾在赛事页面 中采用 Opta 的预测阵容，以互动可视化形式 呈现，让投注者只需点击几下即可完成赛前投 注，并显著提升了投注贡献率。”他补充道。

Stat Packs 是 Opta 的另一项核心产品，非常适合用 于 WhatsApp 等公开或私密社交平台，以及电子邮 件和推送通知等 CRM 渠道。“为投注者提供能够帮 助他们做出更有信心决策的信息至关重要。运营商 通过整合历史交锋记录、球员状态、国家队趋势以及 关键盘口角度，并将其制作成清晰简洁的一页式内 容，取得了非常不错的效果。”Kaplan 解释道。数据显 示，44% 的巴西体育迷会在比赛前花费长达一小时 研究投注，因此通过 WhatsApp、Telegram 和 CRM 推送可执行的赛前洞察，能够直接影响投注行为。

\ 赛前内容生态

Kaplan 强调，在多个渠道触达球迷的重要性。“ 在下注之前，许多球迷会观看 YouTube 赛前分 析、收听播客，并在社交媒体上浏览相关信息。赛 前内容不应仅局限于文字博客文章。”他说。

完全由内部团队制作、可定制化的视频与编辑内容 方案，使体育博彩平台能够将数据驱动的洞察融入 日常节目内容，在用户构建投注单的同时持续保持 互动。“在 2024 欧洲杯期间，Betfair 使用由 Opta 数 据支持的可视化图表，为其《Football Only Bettor》 播客提供讨论素材，同时还结合了 Stat Packs 与 体育博彩页面的编辑内容。”Kaplan 解释道。

\ 决策时刻

内容在前端的运用，也能够对关键 KPI 产生显著影 响。“与相关市场直接关联的赛前和实时 Opta 洞察， 能够帮助投注者理解盘口背后的逻辑。这不仅能在 开赛前将用户带到你的体育博彩平台，也能在世界 杯比赛进行期间持续留住他们。”Kaplan 表示。

展示在盘口旁边的数据可视化内容，能够减少投注 犹豫，并提升互动率和投注金额。“我们已经看到， 当 Opta 推荐与盘口相结合时，投注者的平均投注金 额增加了 31%。将洞察直接放在投注选项旁边，可以 增强玩家信心，甚至可能让投注金额翻倍。”他说。

以博彩为核心的比赛视频预览，也能够进一步提 升用户体验，并适用于用户停留的多个场景，包括 体育博彩平台内部、联盟推广、社交媒体以及电子 邮件渠道。“这些简短而富含数据的预览，将 Opta 的赛前比赛分析与博彩市场结合起来，帮助用户 为当天赛事构建串关投注。”Kaplan 解释道。

\ 让赛事热度持续

球员与用户的互动，不应随着比赛结束而停止。Kaplan 强调持续内容输出的重要性。“在如此规模的赛事期 间，全天候 24/7 世界杯视频内容能够提升用户停留时 间，并在比赛间隙以及球迷期待第二天赛事来临时，持 续吸引他们在数字平台和社交渠道上的关注。”他说。

借助 Opta 从举办城市现场采集的报道内容， 运营商可以在其体育博彩平台中打造持续运转 的 24/7 世界杯频道。Kaplan 提到了一个成功案 例：“TAB Australia 在 2022 世界杯期间验证了这 一模式，在比赛空档期间依然让投注者停留在平台 上，并增加了他们参与更多比赛投注的数量。”

实时数据、互动可视化以及情境化洞察的结合，正在成 为体育博彩平台在大型赛事期间取得成功的蓝图。“我 们的 Opta Content Agency 团队将持续为体育博彩 平台、梦幻体育提供商、联盟伙伴及媒体，提供能够在 2026 世界杯赛前、赛中和赛后吸引、互动并留住投注者 的内容形式。”他说。对于一项拥有数十亿观众关注的 赛事而言，真正的竞争优势或许就隐藏在这些细节之 中——将洞察转化为互动，再将互动转化为长期忠诚度。

受监管的扩张

Governed Expansion

In conversation with Rami Gabriel, H.E. Lucimara Batista, Honorary Consul of Brazil in Malta and a governance and compliance expert, discusses regulatory alignment, institutional trust, and the strengthening ties between Malta and Brazil.

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

\ Shared Foundations

Malta and Brazil may be far apart on the map, but in regulated industries, they share important similarities. Both countries rely on governance, compliance, and institutional maturity to help businesses, regulators, and investors work together with confidence. As H.E. Lucimara Batista puts it, the two countries complement each other “in an almost organic way.” Malta brings steady regulatory experience, while Brazil adds scale, energy, and creativity.

In sectors such as gaming, fintech and financial services, this complementarity becomes particularly visible. Malta’s reputation for governance and regulatory discipline provides credibility within the European landscape, while Brazil brings entrepreneurial momentum supported by a vast domestic market. Batista notes that the country’s scale allows it to generate value “on a continental level,” creating a dialogue between institutional structure and economic expansion.

These strengths show that international markets grow best through cooperation, not just competition. Strong regulatory systems can give stability to newer markets, while big, fast-growing economies bring new ideas and opportunities.

\ Gateway Strategy

Malta has become a key entry point for Brazilian companies wanting to reach Europe. Its systems offer more than just a good location, they create an environment where governance and compliance are central to doing business, not just boxes to tick. Batista calls Malta “one of the most strategic gateways for Brazilian companies looking to internationalise with substance and a long-term lens.”

She emphasises that Malta’s appeal is about more than location, it’s about its business culture. “It is not simply about geographic access to Europe,” Batista explains, “it is about entering an institutionally mature environment where governance, compliance and risk management are part of the corporate DNA.” This environment offers opportunities, but companies must also be prepared

与拉米·加布里埃尔（Rami Gabriel） 对话时，巴西驻马耳他名誉领事、 治理与合规专家H.E. 卢西玛拉·巴 蒂斯塔（H.E. Lucimara Batista）探 讨了监管一致性、机构信任以及马 耳他与巴西之间不断加强的纽带。

\ 共同基础

马耳他和巴西在地理位置上相距 甚远，但在受监管的行业里，它们 有着重要的相似之处。两国都依靠 治理、合规和成熟的机构来帮助企 业、监管机构并信心满满地与投资 者开展合作。正如卢西玛拉·巴蒂 斯塔所说，这两个国家“以一种很 自然的方式”相互补充。马耳他有 稳定的监管经验，而巴西则带来了 规模扩张，提升了活力和创造力。

在游戏、金融科技和金融服务等 行业，这种互补性尤为明显。马耳 他在治理和监管方面的声誉在欧 洲建立了可信度，而巴西则凭借 庞大的国内市场带来了创业。巴 蒂斯塔指出，巴西的规模使其能 够“整个大陆”创造价值，从而在 机构与经济扩张之间建立对话。

这些优势表明，国际市场通过 合作而非单纯的竞争才能实 现最佳的增长。强大的监管体 系能够为新兴市场提供稳定 性，而庞大且快速增长的经济 体则带来新的灵感和机遇。

\

门户战略

马耳他已经成为了巴西公司进入 欧洲的关键切入点。其系统不仅 提供了优越的地理位置，还创造 了一个以治理和合规为核心的环 境，而不仅仅是形式。巴蒂斯塔称 马耳他是“寻求实质理念和长远

“One of the most strategic gateways for Brazilian companies looking to internationalise with substance and a long-term lens.”

眼光的巴西公司在国际化过程 中最具战略意义的门户之一”。 她强调，马耳他的吸引力不仅 仅在于地理位置，更在于其商 业文化。“这不仅仅是因为地理 上地处欧洲，”巴蒂斯塔解释 道，“而是源于机构成熟的环 境，在这里，治理、合规和风险 管理是企业DNA的一部分。”这 种环境提供了机遇，但企业在 国际扩张时也必须做好准备。

习惯了快速变化的国内市场的 巴西公司发现，马耳他提供了 一个更加结构化、注重问责制 的系统。当企业通过马耳他进 入欧洲时，它们需要在不同国 家之间协调合规、治理和风险 管理系统。这一过程有助于在 马耳他和整个欧洲建立信誉。

\ 合规语言

在不同国家开展业务可能很 复杂，尤其是在规则各异的受 监管行业。巴蒂斯塔针对这 一点表示：“明确的黄金法则 是：跨境业务需要一致性，合 规需要证据。”换句话说，企 业需要展示出真正建立起来 的系统，而不仅仅是承诺。

合规成为了监管机构和企业之 间的共同语言。巴蒂斯塔指出， 成功的跨境工作需要完整的系 统——治理、反洗钱、消费者保 护和报告——保持同步。“跨境 运营需要端到端的协调一致，” 她说，这意味着企业必须展示其 控制措施在现实中的运作方式。

巴西的游戏规则开始遵循这 种结构化模式。奖品与博彩秘 书处现在负责许可、监督和执 法，使系统更加有序。这种清 晰度有助于投资者和运营商 增强信心，减少不确定性。

\ 学习曲线 巴西向受监管的游戏市场转型 是其发展的关键一步。该行业 正从碎片化系统向拥有明确规 则和监督的系统转变。巴蒂斯 塔认为，马耳他在监管方面的 经验可以帮助指导这一变革。

when expanding internationally.

Brazilian companies used to a fastchanging home market find that Malta offers a more structured system focused on accountability. When businesses enter Europe through Malta, they need to align their compliance, governance, and risk management systems across different countries. This process helps build credibility in Malta and throughout Europe. Compliance Language

Working across different countries can be complicated, especially in regulated industries where rules may vary. Batista addresses this by saying, “The golden rule is clear: cross-border operations demand consistency; compliance demands evidence.” In other words, companies need to show real systems in place, not just promises.

Compliance becomes a common language for regulators and businesses. Batista points out that successful cross-border work needs all systems governance, anti-money laundering, consumer protection, and reporting to be in sync. “Operating across jurisdictions requires end-to-end alignment,” she says, meaning companies must show how their controls work in real life.

Brazil’s rules for gaming are starting to follow this structured model. The Secretariat of Prizes and Betting now leads licensing, supervision, and enforcement, making the system more organized. This clarity helps both investors and operators feel more confident and less uncertain.

\ Learning Curves

Brazil’s move to a regulated gaming market is a key step in its development. The industry is shifting from a fragmented system to one with clear rules and oversight. Batista thinks Malta’s experience with regulation can help guide this change.

“The key lesson is clear,” she says. “Welldesigned regulation creates markets, while poorly calibrated regulation creates informality.” The observation reflects a broader principle within regulated industries where thoughtful regulation enables sustainable growth rather than restricting economic activity. This period of regulatory change in Brazil brings both challenges and opportunities. Setting up clear rules for player protection, supplier management, and payments will shape the

market’s reputation. Batista stresses that rules must be practical and enforceable, based on transparency, financial discipline, and trust.

\ Trust Structures

In global business, trust does not come from words alone. It is built through systems that ensure transparency and accountability, making cooperation between markets more predictable. Batista sums it up: “trust between markets is not built through speeches, it is built through structures.”

Governance frameworks act as a common language between countries. When roles are clear, decisions can be traced, and processes are transparent, both regulators and businesses can trust each other. For Malta and Brazil, these systems help institutions judge risk and credibility.

When done well, compliance also makes operations more efficient. It improves risk management, leads to better decision-making, and supports longterm planning. Over time, these systems help markets build lasting partnerships based on trust and strong institutions.

\ Global Dialogue

International events are becoming more important for connecting different regulatory cultures. Gatherings like SiGMA give regulators, investors, and industry leaders a place to meet outside of formal settings. Batista calls these meetings “true infrastructures of trust” because they offer neutral ground for public and private sectors to talk.

In fast-changing fields like gaming and fintech, these meetings help everyone understand the rules together. People can ask questions, set expectations, and form partnerships through open discussion. Batista notes that these settings let regulators talk directly with businesses, and investors find companies with a long-term outlook.

SiGMA plays a special role in these conversations. By bringing together different regulatory cultures, it helps markets build a common language based on responsibility and trust. In a complex industry, these talks make sure governance connects countries instead of keeping them apart.

“关键教训是明确的，”她说，“精心设计的监管 可以创造市场，而不当的监管则导致不合规的 经济发展。”这一观察反映了受监管行业中的一 个更广泛原则，即深思熟虑的监管能够促进可 持续增长，而非限制经济活动。巴西这一监管变 革时期既带来了挑战，也带来了机遇。为保护 玩家、管理供应商和支付系统制定明确规则将 塑造市场的声誉。巴蒂斯塔强调，规则必须实 用且可行，应基于透明度、财务纪律和信任。

\ 信任结构

在全球商业中，信任不仅仅来自言语。它是 通过确保透明度和问责制的系统建立起 来的，使市场之间的合作更加可预测。巴 蒂斯塔总结道：“市场之间的信任不是通 过演讲建立的，而是通过结构建立的。”

应将治理框架作为国家之间的共同语言。当角 色明确、决策可追溯、过程透明时，监管机构 和企业都能相互信任。对于马耳他和巴西来 说，这些系统有助于机构评估风险和信誉。

当合规工作做得好时，还能提高运营效率。它改 善了风险管理，制定了更好的决策，并促进长期 规划。随着时间的推移，基于信任和强大的机构, 这些系统有助于市场建立持久的伙伴关系。

“关键教训是明确的，” 她说，“精心设计的监 管可以创造市场，而 不当的监管则导致不 合规的经济发展。”

\ 全球对话

国际活动在连接不同监管文化方面变得越来越重 要。像SiGMA这样的聚会为监管机构、投资者和行 业领袖提供了一个在正式场合之外会面的地方。

巴蒂斯塔称这些会议为“真正的信任根基”，因为 它们为公共和私营部门提供了对话的中立场所。

在游戏和金融科技等快速变化的领域，这些会议 有助于大家共同理解规则。人们可以通过公开讨 论提出问题、设定期望并形成伙伴关系。巴蒂斯 塔指出，这些场合让监管机构能够直接与企业 对话，投资者也能找到具有长远眼光的公司。

SiGMA在这些对话中扮演着特殊角色。通过汇聚 不同的监管文化，它有助于市场建立基于责任和 信任的共同语言。在一个复杂的行业中，这些对话 将确保国与国之间的交流，而非将它们分隔开来。

Brazil’s Regulated Rise

Naomi Day sat down with Sergio Floris, Managing Director of Sportradar Brazil, reflecting on the first year of regulated betting, exploring integrity challenges and how major sporting events could shape the market’s next phase.

\ Regulation’s first test

Brazil’s regulated sports betting market officially launched in 2025, marking the beginning of a new era for the region. For Sergio Floris, Managing Director of Sportradar Brazil, the past year has been a period of rapid transformation as the industry moved from regulatory ambiguity to a structured framework. “After years operating in a legal gray area, the introduction of a clear regulatory framework created greater transparency, accountability and legal certainty,” Floris explains.

The shift has already helped reshape the industry landscape. Greater legal clarity has encouraged investment, strengthened partnerships and accelerated the professionalisation of the sector. “According to Brazil’s Secretariat of Prizes and Betting (SPA), sports betting and online gaming companies generated approximately R$37 billion in gross revenue in 2025,” Floris says. Such figures highlight both the size of the market and the importance of ensuring that the regulatory framework continues to evolve in a sustainable way.

Yet regulation alone does not instantly create a mature market. The first year has also revealed challenges. “Combating the illegal market will be essential to protect consumers, ensure fair competition and safeguard sports integrity,” Floris notes.

\ Laying the foundations

Brazil’s regulatory framework has often been described as ambitious, particularly for international operators

entering the country for the first time. According to Floris, this has inevitably required operators to adapt quickly. “Brazil is a very dynamic and unique market, and the regulatory framework reflects the country’s ambition to build a structured and responsible betting ecosystem from the outset,” he says.

“What we have seen is that companies are quickly adjusting to this new environment by investing in technology, compliance capabilities, and local expertise,” Floris explains. The result is a market that is gradually building stronger foundations. While operators navigate new requirements, the broader ecosystem is moving towards a more transparent and stable structure.“The regulatory framework is helping create foundations for long-term growth. As the market continues to evolve, these standards will contribute to a more stable, transparent, and competitive ecosystem.”

\ Protecting the game

The success of Brazil’s regulated betting market also depends on trust. Maintaining that trust requires close collaboration, “Cross-sector collaboration has been essential in shaping Brazil’s regulated betting landscape. Regulation is an essential foundation but building a safe and sustainable market also requires collaboration across the entire ecosystem,” Floris explains.

In 2025, the Ministry of Sport signed cooperation agreements with integrity specialists, including

Sergio Floris - Brazil’s

Sergio Floris - Brazil’s Regulated Rise

Sportradar, to strengthen efforts to prevent match-fixing and betting-related fraud. “These partnerships help integrate Brazil into international best practices and enable authorities to access our advanced monitoring technologies, intelligence and training,” Floris says.

Technology plays a central role in this process.“Our Universal Fraud Detection System is an example of how we use data and artificial intelligence to protect the integrity of sports globally, and of course, in Brazil,” Floris explains.

“Brazilian fans are among the most digitally engaged sports audiences in the world,” Floris says. As regulation stabilises the industry, technology is becoming even more central to delivering those experiences. “AI is now widely used in areas such as odds pricing, risk management, and player personalization, allowing operators to process large volumes of data in real time.” At the same time, fan engagement is increasingly built around live and interactive features. “Features such as in-play betting, real-time statistics, and integrated streaming within betting platforms are becoming central to how fans engage with sports,” Floris says.

\ The World Cup catalyst

Major sporting events are expected to play a defining role in the next stage. With the 2026 FIFA World Cup approaching, the industry is preparing for a significant surge in activity. “Historically, the tournament can account for around 20-30% of annual sportsbook revenue, and betting intent tends to increase significantly during the competition, rising by more than 60% in some markets. The upcoming tournament will also be particularly significant because Brazil will enter its first full World Cup cycle under a regulated betting framework,” Floris explains.

Industry data already indicates strong momentum. According to Brazil’s Secretariat of Prizes and Betting, licensed operators generated BRL 17.4 billion in gross revenue in the first half of 2025 alone. Major tournaments also bring new audiences into the ecosystem.“Industry research suggests that around 60% of consumers plan to place bets online or through mobile apps during the World Cup, including a meaningful share of users who will be betting for the first time,” Floris says.

\ The next phase

Floris believes the future of Brazil’s betting market will focus on strengthening enforcement and ensuring the regulatory framework remains stable and predictable. “The next phase of Brazil’s sports betting ecosystem will be defined by consolidation and institutional maturity,” he says. Key priorities will include, “Strengthening monitoring, blocking unlicensed platforms, and reinforcing cooperation between regulators, technology providers, and law enforcement,” Floris says.

With the right combination of regulatory stability and crosssector collaboration, the country is well positioned to attract both international operators and local investment. “Brazil has the potential to establish itself as one of the most relevant regulated betting markets globally.” Brazil’s journey is just beginning, however the foundations laid in these early years suggest a future where the market could set new benchmarks for regulated sports betting worldwide.

Naomi Day与Sportradar巴西公司董事总经 理Sergio Floris进行了交谈，回顾了受监管的 博彩业的第一年，探讨了诚信方面的挑战，以及 重大体育赛事将如何塑造市场的下一阶段。

\ 监管的首次考验

巴西受监管的体育博彩市场于2025年正式启动， 标志着该地区新时代的开始。对于Sportradar 巴西公司董事总经理Sergio Floris来说，过去 一年是快速变革的时期，行业监管从模糊转 向了结构化框架。“在法律灰色地带运营多年 后，引入明确的监管框架带来了更大的透明 度、问责制和法律确定性，”Floris解释道。

这一转变已经重塑了行业格局。法律清晰度鼓 励了投资，加强了合作伙伴关系，并加速了该行 业的专业化进程。“根据巴西奖金与博彩秘书处 （SPA）的数据，2025年体育博彩和在线游戏公 司创造了约370亿雷亚尔的总收入，”Floris说 道。这些数字既凸显了市场的规模，也凸显了确 保监管框架持续以可持续方式演变的重要性。

然而，仅靠监管并不能立即创造一个成熟 的市场。第一年也暴露出了挑战。“打击非 法市场对于保护消费者、确保公平竞争和 保障体育诚信至关重要，”Floris指出。

\ 奠定基础

巴西的监管框架常被描述为雄心勃勃，特别是对于 首次进入该国的国际运营商而言。据Floris称，这 不可避免地要求运营商迅速适应。“巴西是一个非 常活跃且独特的市场，监管框架反映了该国构建 结构化和负责任的博彩生态系统的雄心，”他说。

“我们看到的是，公司正通过投资于技术、合规能 力和本地专业知识迅速适应这一新环境，”Floris解 释道。结果是该市场正在逐渐建立更坚实的基础。

在运营商适应新要求的同时，更广泛的生态 系统正在向透明和稳定的结构迈进。“监管 框架正在为长期增长奠定基础。随着市场 的持续演变，这些标准将有助于构建一个 更稳定、透明和充满竞争的生态系统。”

\ 保护比赛

巴西受监管博彩市场的成功也取决于信任。维 持这种信任需要紧密合作，“跨部门合作对于塑 造巴西的受监管博彩格局至关重要。监管是必 要的基础，但构建一个安全且可持续的市场还 需要整个生态系统的合作，”Floris解释道。

2025年，体育部与包括Sportradar在内的诚信 专员签署了合作协议，以防止假球和与博彩相关 的欺诈。“这些合作伙伴关系有助于巴西融入国

际，并使当局能够访问我们先进的 监控技术、情报和培训，”Floris说。

技术在这一过程中发挥着核心作用。“ 我们的通用欺诈检测系统就是我们如 何利用数据和人工智能来保护全球 体育赛事，当然也包括巴西体育赛事 的诚信的一个例子，”Floris解释道。

“巴西球迷是世界上数字化参与度最 高的体育观众之一，”Floris说。随着行 业监管的稳定，技术在提供这些体验方 面变得更加核心。“人工智能现在广泛 用于赔率定价、风险管理和玩家个性化 等领域，使运营商能够实时处理大量数 据。”同时，球迷越来越关注实时和互动 功能。“赛中博彩、实时统计数据和博彩 平台内的集成流媒体等功能正成为球 迷与体育互动的核心方式，”Floris说。

\ 世界杯的催化剂

重大体育赛事预计将在下一阶段发 挥决定性作用。随着2026年FIFA世 界杯的临近，行业正准备迎接活动的 井喷式发展。“从历史上看，该赛事可 占年度体育博彩收入的约20-30%， 且博彩意向在比赛期间显著增加，在 某些市场增长超过60%。即将到来的 赛事也将特别重要，因为巴西将在受 监管的博彩框架下进入其第一个完 整的世界杯周期，”Floris解释道。

行业数据已经显示出强劲势头。根据巴 西奖金与博彩秘书处的数据，仅2025 年上半年，持牌运营商就创造了174亿 雷亚尔的总收入。重大赛事还为生态 系统带来了新观众。“行业研究表明， 约60%的消费者计划在世界杯期间通 过在线或移动应用下注，其中包括相当 一部分首次下注的用户，”Floris说。

\ 下一阶段

Floris认为，巴西博彩市场的未来将专 注于加强执法并确保监管框架的稳定 和可预测。“巴西体育博彩生态系统的 下一阶段将专注于稳定性和制度化，” 他说。优先事项将包括“加强监控、封锁 无牌平台以及加强监管机构、技术提供 商和执法部门之间的合作，”Floris说。

凭借监管的稳定性和跨部门合作，该国 有望吸引国际运营商和本地投资者。“ 巴西有潜力成为全球受监管的博彩市 场之一。”巴西的旅程才刚刚开始，然 而，这些早期奠定的基础表明，未来

市场可能会为全球受监管体育博彩树立新的标杆。

“我们看到的是，公司 正通过投资于技术、合 规能力和本地专业知识 迅速适应这一新环境，”

As the global betting and gaming sector continues to evolve, market intelligence firm H2 Gambling Capital remains one of the industry’s most trusted sources of data and forecasting.

In an interview conducted by Matthew Busuttil with Ed Birkin for the 39th issue of SiGMA Magazine, Birkin outlines the major forces reshaping the sector today. His perspective draws on years of experience across investment banking and specialist gaming intelligence, offering a grounded assessment of the challenges and opportunities facing operators worldwide.

随着全球博彩和游戏行业的持续演 变，市场情报公司H2博彩资本（H2 Gambling Capital）仍然是该行业最 值得信赖的数据预测来源之一。

在SiGMA杂志第38期中，马修·布苏蒂尔 （Matthew Busuttil）对埃德·伯金（Ed Birkin）进行了采访，伯金概述了如今重塑该 行业的主要力量。他的观点基于多年在投资 银行和专业博彩情报领域的经验，为全球运 营商面临的挑战和机遇提供了务实的评估。

\ Regulation, illegal markets and changing player behaviour

One of the most significant shifts, Birkin explains, lies in the growing regulatory pressure across jurisdictions. While the broader trend from landbased to online gambling continues, the online market itself is undergoing a structural transformation.

“There is the continued shift from land-based to online, but within the online industry, three major structural changes stand out: regulatory tightening, the growing threat of the illegal market, and the increasingly short attention span and demand for instant gratification among the next generation of players.”

Regulation, in particular, has become a defining factor shaping operator strategy. Advertising restrictions, stake limits and tax increases are becoming more common across regulated markets. According to Birkin, these developments disproportionately affect smaller operators.

“Scale is increasingly important within a market… operators need sufficient scale and brand presence to absorb regulatory headwinds.”

At the same time, illegal gambling markets remain a persistent challenge. While enforcement measures such as payment blocking or supply disruption are often deployed, Birkin believes the most effective solution lies in strengthening the regulated market itself.

“Reducing demand for illegal operators by making the regulated market competitive is typically far more effective.”

\ Investor sentiment and risk recalibration

The investment narrative around gambling has also evolved significantly over the past two decades. In the early days of online gaming, rapid growth and limited regulation drove investor optimism and high valuations.

“Twenty years ago, the narrative was very different. Online markets were growing rapidly, there was little to no tax or regulation, and the structural growth story of online gambling largely drove valuations.”

Gambling’s shifting ground

As regulation expanded throughout the 2010s, however, the sector entered a more mature phase. Taxation and compliance requirements reduced margins in several jurisdictions, forcing investors to reassess risk exposure.

Today, Birkin notes, the focus has shifted towards operational performance rather than relying solely on industry-wide expansion.

“As many online markets have matured and structural growth has slowed, individual operator performance has become more important than overall market dynamics.”

Despite continued growth in many markets, regulatory uncertainty remains a constant variable. Governments frequently view gambling as a potential revenue stream, meaning tax adjustments and policy shifts will continue to shape valuations.

\ Brazil under the microscope

Few markets illustrate these dynamics better than Brazil, one of the most closely monitored jurisdictions in recent years. H2 has been tracking the market closely, analysing size, market share and channelisation levels following regulation.

Birkin explains that overall market performance has largely aligned with expectations. Much of the growth occurred before formal regulation as operators anticipated the upcoming changes.

However, one metric has diverged slightly from forecasts.

“We estimate channelisation at around 72% in 2025, whereas we had expected it to be roughly 10 percentage points higher.”

Despite this, Birkin believes some industry estimates underestimate the regulated market’s share.

“We strongly believe that most of these are overstated, and we have yet to see credible evidence supporting claims that channelisation is as low as 50%.”

The competitive landscape has also unfolded largely as predicted. International operators have maintained strong positions thanks to their operational resources and experience, particularly when supported by local expertise.

“International operators entering the market without strong local expertise and a genuinely localised product are unlikely to succeed.”

Brazil’s regulatory development also offers lessons for emerging markets. Policymakers must ensure tax expectations align with realistic market data while establishing proportionate advertising rules early to avoid later regulatory backlash.

\ Innovation or evolution?

Despite the constant conversation around innovation in gaming, Birkin takes a pragmatic view

of the industry’s product development.

“I don’t think the gambling industry has been driven by true product innovation for quite some time.”

While mobile optimisation, in-play betting and new wagering formats have enhanced the player experience, the core revenue drivers remain largely unchanged.

“The vast majority of industry revenue still comes from sports betting and slot products that have existed for decades. These developments are more product evolution than true innovation.”

Instead, Birkin expects geographic expansion to continue acting as a primary growth lever. Markets such as Chile, Alberta, Finland and New Zealand are expected to move towards new regulatory frameworks in the near term, offering opportunities for operators seeking expansion.

\ Data, modelling and player insight

For a company like H2 Gambling Capital, combining quantitative analysis with qualitative insights remains central to producing reliable forecasts. Birkin stresses that robust modelling forms the backbone of their approach.

“Quantitative modelling should always remain the primary foundation of market analysis.”

However, player surveys still play a valuable supporting role when used carefully.

“Player surveys can provide valuable supporting insights and specific data points that help refine and strengthen those quantitative models.”

Understanding player motivations and behaviours can help clarify trends that revenue data alone cannot fully explain. Yet surveys also present challenges, particularly when respondents misunderstand regulatory distinctions between licensed and unlicensed platforms.

For Birkin, the most valuable insights emerge when both approaches are combined.

\ Looking ahead

As the gambling industry moves into its next phase of maturity, the balance between regulation, market competition and technological adaptation will remain crucial. Operators must navigate stricter regulatory frameworks, evolving consumer expectations and the persistent presence of illegal markets.

Yet, as Birkin suggests, the sector’s next major growth driver may still lie beyond the horizon.

“In reality, the next major growth driver may come from something less obvious. And if I knew exactly what that was, I would be focusing on that rather than running H2!”

Ed Birkin- Gambling’s

博彩业的变迁之地

\ 监管、非法市场及玩家行为的变化

伯金解释说，最显著的变迁之一在 于各司法管辖区日益增强的监管 压力。虽然从实体博彩向在线博 彩的总体趋势仍在持续，但在线市 场本身正在经历结构性变革。

“从实体博彩向在线博彩的转变仍在 继续，但在线上，三大结构性变化尤为 突出：监管收紧、非法市场的威胁日 益加剧，以及新一代玩家专注力持续 下降且对即时满足感的需求增加。”

特别是监管，已成为塑造运营商战 略的决定性因素。广告限制、投注限 额和税收增加在受监管的市场中 越来越普遍。据伯金称，这些发展 对小型运营商的影响尤为严重。

“在市场中，规模越来越重要…… 运营商需要足够的规模和品牌 影响力来抵御监管的影响。”

与此同时，非法赌场仍然是一个持续 存在的挑战。尽管经常采取支付封 锁或供应中断等执法措施，但伯金 认为，最有效的方法是加强监管。

“通过使受监管市场具有竞争力来抑 制非法运营商，这通常要有效得多。”

\ 投资者情绪与风险重估 过去二十年来，围绕博彩的投资叙 事也发生了显著变化。在线游戏发 展初期，快速增长和监管的局限推 动了投资者的乐观情绪和高估值。

“二十年前，情况截然不同。在线 市场快速增长，几乎没有税收或 监管，且在线博彩的结构性增长 在很大程度上推动了估值。”

然而，随着2010年代监管的扩大，该 行业进入了更成熟的阶段。税收和合 规要求降低了多个司法管辖区的利润 率，迫使投资者重新评估风险敞口。 伯金指出，如今，重点已转向运营， 而非仅仅依赖行业整体扩张。

“We estimate channelisation at around 72% in 2025, whereas we had expected it to be roughly 10 percentage points higher.”

Ed Birkin- Gambling’s

“随着许多在线市场的成熟和结构性增长的放缓， 单个运营商的表现比整体市场动态更为重要。”

尽管许多市场仍在持续增长，但监管不确定性仍 然存在。政府经常将博彩视为潜在的收入来源，这 意味着税收调整和政策变化将继续影响估值。

\ 巴西成为焦点 很少有市场能像巴西那样，如此清晰地展现 这些动态。巴西是近年来最受关注的司法管 辖区之一。H2一直在密切跟踪该市场，分析 监管后的规模、市场份额和渠道化水平。

伯金解释说，整体市场表现基本符合预 期。大部分增长发生在正式监管之前，因 为运营商预期到了即将到来的变化。

然而，有一项指标与预测略有偏差。

“我们估计2025年的渠道化率约为72%，而 我们原本预期要高出约10个百分点。”

尽管如此，伯金认为某些机构高 估了受监管市场的份额。

“我们坚信，这些估值大多被夸大了，我们尚 未看到任何证据显示渠道化率低至50%。”

竞争格局也基本如预期般展开。国际运营商 凭借其运营资源和经验，保持了强势地位，尤 其是在得到本地专业知识支持的情况下。

“没有强大本地专业知识和真正本地化产品的 国际运营商进入市场，不太可能取得成功。”

巴西的监管发展也为新兴市场提供了教训。政策制定 者必须确保税收预期与现实市场数据相符，同时尽早 建立比例适当的广告规则，以避免后来的监管反弹。

\ 创新还是演变？

尽管游戏行业内不断谈论创新，但伯金 对行业的产品开发持务实观点。

“我认为，博彩行业已经很长时间没有 受到真正产品创新的驱动了。”

虽然移动优化、实时投注和新的投注方式改善 了玩家体验，但核心收入来源基本保持不变。

“行业收入的绝大部分仍然来自已经存在 数十年的体育博彩和老虎机产品。这些发 展更多是产品演变，而非真正的创新。”

相反，伯金预计地理扩张将继续作为主要的 增长杠杆。智利、阿尔伯塔省、芬兰和新西兰

等市场预计将在不久的将来采用新的监管 框架，为寻求扩张的运营商提供机会。

数据、建模与玩家洞察 对于像H2博彩资本这样的公司来说，将定量分 析与定性洞察相结合仍然是产生可靠预测的核 心。伯金强调，稳健的建模构成了他们的基础。

“定量建模应始终是市场分析的主要基础。”

然而，当谨慎使用时，玩家调查仍然能提 供有价值的支持性洞察和特定数据点， 有助于完善和加强这些定量模型。

“玩家调查可以提供有价值的支持性洞察和 特定数据点，帮助完善和加强定量模型。”

了解玩家的动机和行为有助于发掘仅凭收 入数据无法完全解释的趋势。然而，调查也 面临挑战，特别是当受访者误解了受许可 和不受许可平台之间的监管区别时。

对伯金来说，当两种方法相结合时， 最有价值的洞察就会浮现。

“从实体博彩向在线博 彩的转变仍在继续，但 在线上，三大结构性变 化尤为突出：监管收紧、 非法市场的威胁日益加 剧，以及新一代玩家专 注力持续下降且对即时 满足感的需求增加。”

\ 展望未来

随着博彩行业进入下一个成熟阶段，监管、市场 竞争和适应技术之间的平衡将仍然至关重要。

运营商必须应对更严格的监管框架、不断变化 的消费者预期以及非法市场的持续存在。

然而，正如伯金所建议的，该行业的下一个主 要增长驱动因素可能仍隐藏在视线之外。

“实际上，下一个主要增长驱动因素可能来自 不太明显的地方。而且，如果我确切知道那是什 么，我现在就会专注于此，而不是经营H2了！”

Chile’s online gambling market awaits its turning point

Chile’s online gambling market has flourished in a grey zone for years without consumer safeguards or a clear licensing framework, even as the country maintains a well-established land-based casino and lottery sector. Lea Hogg spoke with Felipe Pastenes, CEO of Miela, about the shape of Chile’s future iGaming market.

智利在线博 彩市场静 待转折点

多年来，智利的在线博彩市场一 直在灰色地带蓬勃发展，既缺乏 消费者保障措施，也没有明确 的许可框架，尽管该国拥有完 善的实体博彩和彩票行业。Lea Hogg与Miela公司首席执行官 Felipe Pastenes就智利未来网 络博彩市场的形态进行了交谈。

在圣地亚哥，关于网络博彩的争 论现已进入更关键的阶段。立法 者正在重新审视长期以来的提 议，即对在线博彩和赌场游戏进 行监管。该计划将引入结构化的 许可框架，有望于2027年生效。

“智利在迈向全面的网络博彩监 管方面比邻国慢了很多，”Felipe Pastenes解释道，他是整个西班 牙语拉丁美洲地区公认的行业声 音。“像哥伦比亚和墨西哥这样的 国家拥有更清晰的框架，并正在

从中受益。在智利，进展是渐进 的，我们看到了积极的迹象。”

拟议的立法将引入税收、监管 监督和玩家保护机制，使该行 业走出灰色地带。对明确性的 要求日益迫切。2025年，智利 最高法院下令互联网服务提 供商封锁未经授权的赌博网 站，凸显了执法与缺乏合法 替代方案之间的紧张关系。

Pastenes指出，最近的全国大 选是一个转折点。“随着2026 年开始的新一届总统任期，至 少有一位候选人可能会支持更 强的监管。虽然难以确切预测， 但我期望在一两年内能看到更 具体的提议。到2027年或2028 年，我们可能会拥有一个对运 营商和消费者都明确的框架。”

The iGaming debate in Santiago has now entered a more decisive phase. Lawmakers are revisiting longstanding proposals to regulate online betting and casino games. The plan would introduce a structured licensing framework, potentially coming into force by 2027.

“Chile has been slower than its neighbours in moving toward comprehensive online gaming regulation,” explains Felipe Pastenes, a recognized industry voice across Spanishspeaking Latin America. “Countries like Colombia and Mexico have clearer frameworks and are reaping the benefits. In Chile, progress is incremental, but we are seeing positive signs.”

The proposed legislation would introduce taxes, regulatory oversight, and player-protection mechanisms, moving the sector out of the grey zone. Pressure for clarity is mounting. In 2025, Chile’s Supreme Court ordered internet service providers to block access to unauthorised gambling websites, highlighting the growing tension between enforcement and the absence of a legal alternative.

Pastenes points to the recent national elections as a turning point. “With the upcoming presidential term starting in 2026, there is at least one candidate likely to support stronger regulation. While it’s difficult to predict with certainty, my expectation is that within a year or two, we should see more concrete proposals. By 2027 or 2028, we could have a framework that gives both operators and consumers clarity.”

Without regulation, critics argue, the state lacks visibility and control over an industry already generating significant betting activity. Pastenes adds that the slow pace of introducing regulation reflects broader political and cultural factors. “Chile’s approach has traditionally been conservative. Online gaming is new, so the authorities are cautious. But the discussion is happening, and stakeholders are engaged, a positive sign for the near future.”

International stakeholders are beginning to engage. The UK’s Betting and Gaming Council has signed a cooperation agreement with Chile’s Agrupación de Plataformas de Apuesta en Línea (aPAL), bringing global regulatory expertise into the conversation. The partnership aims to share lessons from more established markets as Chile debates how to design a system that protects consumers while curbing illegal operators.

These international insights are particularly relevant because Chile’s existing land-based casino framework provides a proven roadmap, highlighting operational standards, regulatory practices, and consumer protections likely to shape the emerging online and hybrid market.

\ Chile’s land-based blueprint

Land-based casinos in Chile have long operated under structured regulation, a framework likely to influence the eventual online model. “Physical casinos have clear rules such as where they can operate, their distance from urban centres, and requirements to offer hotels or other entertainment services,” explains Pastenes.

The Superintendencia de Casinos de Juego (SCJ) has

recently opened a new licensing round for land-based casinos in Iquique, Coquimbo, Viña del Mar, and Pucón, giving operators 120 business days to submit applications, with proposals scheduled for presentation on July 24, 2026.

“This isn’t just about gambling,” Pastenes notes. “It’s about creating a sustainable entertainment ecosystem.” Strict zoning laws in Santiago prohibit casinos in the city centre, pushing operators to innovate in regional markets. Many have diversified revenue streams, running restaurants, hotels, and entertainment complexes alongside casinos.

“When online regulation arrives, these established operators will have a head start,” Pastenes adds. “They can either launch their own digital platforms or partner with tech providers, increasing competition and driving innovation.”

\ Emerging hybrid model

In 2025, Chile’s 25 land-based casinos generated approximately $149.5 million in Q3, a 5% drop from the same period the previous year, while H1 revenue reached roughly $452.1 million, also down 5% year-on-year. Visitor numbers fell slightly to 4.6 million, yet average spend per visitor rose 1.7% to $100 USD, highlighting that revenue per customer remains steady despite lighter foot traffic.

Pastenes predicts hybrid models will define the future. “A purely online or purely land-based approach won’t win. Operators that integrate digital services with physical casinos gain efficiency, loyalty, and adaptability.” In Chile, where players increasingly expect both security and convenience, hybrid models offer a clear competitive edge.

“Operators who prepare now, investing in technology and aligning operations, will have the advantage once regulation is in place,” he adds.

“Operators who prepare now, invest in technology, and understand local consumer behavior will have the advantage when the legal framework is finalized”

\ Public perception and responsible gaming

Public opinion on online gambling in Chile is nuanced and evolving. “There is support for regulation, especially when clear advertising rules and consumer protections are in place, but conservative segments of society remain cautious,” Pastenes points out. He stresses that responsible gaming measures will be central to the market’s credibility and long-term success.

“These measures go far beyond basic safeguards,” he explains. “They include robust payment controls to prevent overspending, comprehensive KYC procedures to verify player identity, clear limits for minors, and strict marketing

Felipe Pastenes

批评者认为，没有监管，国家将缺乏对于一个已经 产生大量博彩活动的行业的洞察和控制。Pastenes 补充说，引入监管的缓慢步伐反映了更广泛的政治 和文化因素。“智利的做法历来保守。网络博彩是新 兴事物，因此当局持谨慎态度。但讨论正在进行，利 益相关者也在参与，这是近期的一个积极信号。”

国际利益相关者开始参与其中。英国博彩与游戏委 员会已与智利的Agrupación de Plataformas de Apuesta en Línea（aPAL）签署了合作协议，将全球监 管专业知识引入讨论。该合作伙伴关系旨在分享更成 熟市场的经验教训，因为智利正在就如何设计一个既 能保护消费者又能遏制非法运营商的系统进行辩论。

这些国际见解尤为重要，智利现有的实体博彩框架提 供了一个经过验证的路线图，展现了塑造新兴的在线 和混合市场的运营标准、监管实践和消费者保护措施。

\ 智利实体博彩蓝图

智利的实体博彩长期以来一直在结构化监管 下运营，这一框架可能会影响最终的在线模 式。“实体博彩有明确的规则，比如它们可以在 哪里运营、与城市中心的距离以及提供酒店或 其他娱乐服务的要求，”Pastenes解释道。

Superintendencia de Casinos de Juego（SCJ） 最近为伊基克、科金博、比尼亚德尔马和普孔的 实体博彩开放许可，允许运营商120个工作日提 交申请，提案计划于2026年7月24日提交。

“这不仅仅关乎博彩，”Pastenes指出。“这是 创建一个可持续的娱乐生态系统。”圣地亚哥的 严格分区法律禁止在城市中心开设博彩俱乐 部，推动运营商在区域市场进行创新。许多博彩 俱乐部已经实现了收入来源的多样化，除了博 彩俱乐部外还经营餐厅、酒店和娱乐中心。

“当在线监管到来时，这些成熟的运营商将拥有先发 优势，”Pastenes补充说。“他们可以推出自己的数字 平台或与技术提供商合作，促进竞争并推动创新。”

\ 新兴的混合模式

2025年，智利的25家实体博彩俱乐部第三季度产 生了约1.495亿美元的收入，比前一年同期下降了 5%，而上半年收入约4.521亿美元，也同比下降了 5%。游客数量略有下降至460万，但每位游客的 平均消费增长了1.7%至100美元，凸显了尽管客 流量减少，而每个客户创造的收入仍然稳定。

Pastenes预测，混合模式将定义未来。“纯粹的 在线或纯粹的实体方法不会取胜。将数字服务与 实体博彩俱乐部相结合的运营商将获得效率、忠 诚度和适应性。”在智利，玩家越来越期待安全性 和便利性，混合模式提供了明显的竞争优势。

guidelines to avoid targeting vulnerable groups. Together, these policies not only protect individual players but also build trust with the wider public, a prerequisite for a sustainable, socially responsible iGaming industry in Chile.”

Pastenes adds that public perception will ultimately shape regulatory priorities. “If consumers and civil society see online gaming as safe, transparent, and fair, it strengthens the case for structured regulation and encourages broader participation. By contrast, any missteps in responsible gaming could provoke backlash, slow down legislation, and deter investment. Operators who embed these measures from day one position themselves not just as market leaders, but as stewards of a mature, trusted gaming ecosystem.”

\ Economic benefits of regulation

Pastenes highlights both fiscal and operational advantages. “Regulation opens a new revenue stream for the government through taxation. For operators, it provides certainty, reduces risk, and encourages investment. A regulated market attracts international players, which drives innovation and technology adoption locally.”

Timing is critical for companies entering Chile. “Being first offers a unique advantage. Unlike the massive, diverse Brazilian market, Chile is smaller and more culturally homogeneous. Strategies that succeed in Colombia or Mexico may not resonate here.” Early movers gain historical data, forge relationships with providers, and tailor offerings to local preferences. “Understanding consumer behavior and cultural nuances is more important than simply being the fastest to market,” he adds.

“Each country has its own culture, regulations, and market dynamics. Success is less about replicating a model and more about adapting it locally.”

Looking ahead, Chile is poised for transformation. “Operators who prepare now, invest in technology, and understand local consumer behavior will have the advantage once the legal framework is finalized,” Pastenes concludes. “Chile may be slow, but when regulation arrives, it will offer a stable, attractive, and responsible market for both operators and players. The next few years are pivotal as this is not just catching up. It’s an opportunity to build a mature, sustainable iGaming market from the ground up.”

The discussion is no longer about whether online gambling exists in Chile. It is about who will regulate it, who will operate within it, and whether policymakers can build a framework robust enough to govern a digital market that has already taken root.

“现在进行前期准备、投资技术并调整运营的运 营商将在监管到位后拥有优势，”他补充说。

\ 公众认知与负责任博彩 智利公众对在线博彩的看法是微妙且不断演变 的。“人们支持监管，特别是要有明确的广告规 则和消费者保护措施，但保守的社会群体仍然 持谨慎态度，”Pastenes指出。他强调，负责任博 彩措施将是市场可信度和长期发展的核心。

“这些措施远远超出了基本保障，”他解释说。“ 它们包括强大的支付控制以防止过度消费、全 面的了解你的客户（KYC）程序以验证玩家身份、 为未成年人设定的明确限制以及严格的营销准 则以保护弱势群体。这些政策不仅保护了个人玩 家，还与更广泛的公众建立了信任，这是智利可 持续、对社会负责的网络博彩行业的前提。”

Pastenes补充说，公众认知最终将塑造监管优先级。“ 如果消费者和民间社会认为在线博彩是安全、透明 和公平的，这将加强结构化监管并鼓励更广泛的参 与。相反，负责任博彩方面的任何失误都可能引发反 弹，减缓立法进程并使投资受挫。从第一天起就嵌入 这些措施的运营商不仅将自己定位为市场领导者， 还定位为成熟、受信任的博彩生态系统的守护者。”

\ 监管的经济利益

Pastenes强调了财政和运营优势。“监管为政府税 收开辟了新的收入来源。对于运营商来说，它提供了 确定性、降低了风险并鼓励了投资。受监管的市场吸 引了国际参与者，这将推动本地创新和技术应用。”

对于进入智利的公司来说，时机至关重要。“率 先进入者拥有独特的优势。与庞大且多样化的 巴西市场不同，智利规模较小且文化同质性较 高。在哥伦比亚或墨西哥成功的策略可能在这里 并不奏效。”早期进入者可以获得历史数据、与 供应商建立关系并根据本地偏好定制产品。

“了解消费者行为和文化细微差别比单纯 追求快速进入市场更重要，”他补充说。

“每个国家都有其独特的文化、监管和市场动态。成 功不在于复制某个模式，而在于适应当地的环境。”

展望未来，智利正准备进行转型。“现在准备、投资技 术并了解本地消费者行为的运营商将在法律框架最 终确定后拥有优势，”Pastenes总结道。“智利可能 进展缓慢，但当监管到来时，它将为运营商和玩家提 供一个稳定、有吸引力和负责任的市场。未来几年至 关重要，因为这不仅仅是追赶的问题。这是一个从零 开始建立成熟、可持续的网络博彩市场的机会。”

不再讨论在线博彩是否可以存在于智利。关键是谁监 管它、谁在其中运营以及政策制定者是否能建立一个 足够强大的框架来管理一个已经扎根的数字市场。

Chile’s gamble on regulation

Often, definitions of online gambling are filled with overly-complex tech terms, when the reality is far simpler: a handy casino tucked away in your pocket that never closes, accessible in seconds from any mobile phone. That easy access brings challenges. Ángela Carmona, a Chilean psychologist specialising in gambling addiction is also President of the Responsible Gaming Corporation and founder of the Association of Gamblers in Rehabilitation (AJUTER), faces them up front. She sits down with Carolina Vallejo.

It all began in a parish in Viña del Mar, with just three people seeking guidance. Today, it has become a national crusade for mental health. A psychologist witnessing these realities might call for a total ban, but Carmona does not. “Prohibition is not the way,” she says in a reassuringly calm voice.

They opened groups in Santiago, hired psychologists and, since 2016, AJUTER has consolidated as a non-profit foundation, holding in-person meetings in these 2 cities, online sessions across the country, and monthly gatherings to provide families with psychoeducation on gambling addiction and rehabilitation. Her experience with those families convinced her that regulation is pure public health - a shield for the vulnerable.

\ Voices of change

Ángela has become a beacon for player protection. When gambling addiction was still a taboo subject in the southern nation, she opened doors. “We have managed to place responsible gambling on the agenda of the Superintendence of Casinos and Gambling, raise awareness within regulated casinos in Chile, achieve effective nationwide self-exclusion, and train casino staff in responsible gambling. We are now recognised as leaders in gambling addiction rehabilitation in Chile,” she says enthusiastically.

线上博彩的定义常常充斥过度复杂 的术语，但现实其实简单得多：一款 把赌场装进你口袋、永远不关门的 产品——从任何手机上几秒内即可 进入。便捷带来的挑战随之出现。智 利心理学家 Ángela Carmona（专 门从事赌博成瘾领域）同时还是负 责博彩的机构负责人，并且是戒治 康复协会的创始人。她直面这些挑 战，并与 Carolina Vallejo 会谈。

一切始于 Viña del Mar 的一个教区， 最初只有三个人前来寻求帮助。如今， 这已发展成一场全国范围的心理健康 行动。目睹这些现实的一位心理学家 可能会呼吁彻底取缔，但 Carmona 不这么做。“禁止并不是出路，”她 用冷静而令人安心的语气说道。

他们在圣地亚哥设立了工作组，聘请 心理学家；自 2016 年起，AJUTER 进 一步发展为一家非营利基金会：在 这两座城市开展线下会面，覆盖全 国的线上课程，并组织每月聚会，为 家庭提供赌博成瘾与康复的心理教 育。她与这些家庭的长期接触让她 确信：监管本质上属于公共健康范 畴——是对弱势人群的一道屏障。

\ 变革之声

Ángela 已成为保护玩家的灯塔。当赌 博成瘾在这个南方国家仍是禁忌话 题时，她率先打开了大门。“我们成功 把负责任的博彩纳入赌场与博彩监督 管理机构的议程；提升智利受监管赌

场内部的认知；实现了有效的全 国自我排查；并培训博彩业员工 进行负责任博彩实践。如今，我们 已被公认为智利赌博成瘾康复领 域的领军者，”她满怀热情地说。

她的治疗小组中，其他人的故事 会激发深层的个人共鸣；与此 同时，引入精神科支持，帮助稳 定患者状态。她解释说，这种影 响已经塑造了政策，使 AJUTER 成为一项预防性的支柱。

不同世代的博彩变迁 让 Ángela 警觉的是一项人口结 构变化。一项 2022 年的研究揭 示了巨大的跃迁：即便赌场处于 关闭状态，2018 年玩家比例为 2.3%，而到 2022 年升至 8.3% 。“当我们在 2022 年开展研究 时，我们注意到玩家数量出现了 显著增长：2018 年是 2.3%，在 全球层面属于正常水平；而到了 2022 年，这一数字攀升到 8.3%。 此外，同一项研究还表明玩家的 年龄段发生了变化：他们主要是 25 到 40 岁之间的年轻男性。”

线上赌博的发展与数字化接入同 步增长，吸引更年轻的参与者从早 期就进入其中。“青少年越来越容 易接触到社交网络，在那里他们会 看到网红如何下注，”Carmona 带着担忧指出。尽管 57% 的家 长认为这很正常，但无论是线下 还是线上，风险都相似，从而为 更早期的教育提供了机会。就性 别而言，女性往往更偏爱线下老 虎机，因为它们具有社交属性。

\ 从诊疗室走向立法委员会

Ángela 从治疗室走向立法听证 会，她确信真正的解决方案在于 立法，而不只限于单次的个体 治疗；她认为需要一部法律。

“我们长期参与财政、经济与 \健康委员会，并且经常被邀请来 阐明我们的观点。”她直面这一空 白：缺乏监管的平台既没有控制， 也没有保护。“从我们的角度看， 这些缺口源于一种不公：没有用 可控、合法的平台来保护社会的 某一部分群体，反而让他们暴露 在无人监管、非法的平台之下。造 成的伤害不仅是经济方面——因 为这些平台没有缴纳税费；此 外，它们也不能向用户提供任何 保障，更不可能为未成年人和年

Ángela Carmona - Chile’s gamble on regulation

Her therapy groups, where other people’s stories spark deep personal recognition, are complemented by psychiatry to help stabilise patients. She explains that this influence has shaped policy, turning AJUTER into a preventive pillar.

\ Generational changes in gambling

It was a demographic shift that alerted Ángela. A 2022 study revealed the leap: from 2.3% of players in 2018 to 8.3%, despite casinos being closed. “This change became clear when we carried out a study in 2022, where we noticed a big increase in players — in 2018 there was 2.3%, which was normal at a global level, and in 2022 it climbed to 8.3%. [...] Moreover, the same study showed a change in the age group of players: they were young men aged between 25 and 40.”

Online gambling has grown alongside digital access, attracting younger participants from an early age.

“Teenagers have increasingly greater access to social networks, where they find influencers broadcasting live on how to bet,” Carmona notes with concern. Although 57% of parents see it as normal, the risks are similar in both physical and online formats, opening opportunities for early education. In terms of gender, women tend to prefer physical slot machines, drawn by their social nature.

\ From the clinic to legislative committees

Ángela moved from therapy rooms to legislative hearings, convinced that real solutions lay in legislation, not just individual sessions; a law was needed.

“We’ve long been involved in the finance, economy and health committees, and have been regularly consulted to explain our perspective.” She addresses the gap: unregulated platforms with no control or protection. “From our point of view, these gaps stem from the injustice of not protecting a segment of society using uncontrolled and illegal platforms. The damage isn’t only economic, as there are no taxes paid; these platforms also offer no guarantees to users, and even less concrete protection for minors and young people.”

Ángela believes it is essential that within the 1% allocated to responsible

gambling, which has been approved in the budget, a specific item be earmarked for mental health, to cover the indirect costs or collateral harms that gambling addiction generates beyond the individual player. “We see light at the tunnel's end. Time to deliver results."

\ Digital iron curtain

Chile’s Supreme Court has already issued a clear order: block illegal platforms through ISPs, banks, and apps. “The blocking has been ordered by the Supreme Court; the formal instruction exists,” confirms Ángela Carmona. VPNs may technically evade it, but legally, they confirm their own illegitimacy.

The matter goes beyond technology. “This ruling reflects concrete illegality. At present, such gambling is not permitted in Chile,” she warns. The measure will only be effective if others become aware, television channels, sports clubs, influencers who accept sponsorships from unregulated brands. “It cannot be that illegality so shamelessly funds formal structures,” the therapist declares firmly.

\ A hopeful path towards supported gambling

Ángela insists with the conviction of someone who deals with it firsthand: gambling addiction is a matter of universal public health, not an individual whim, but a disorder demanding broad state attention.

“As an organisation, we have always viewed the development of our work with optimism, and likewise, the regulation and the industry itself.” Licensing requirements alone are not enough; a strong legal framework, funds focused on mental health, and visibility to detect problems early are urgently needed. “If the State takes responsibility and recognises gambling addiction as a public health issue, it would ensure access and treatment for everyone.”Her journey, from one-onone therapy sessions to the Senate, cries out for protection instead of punishment: for a regulated market that recognises gambling addiction as a health priority, rather than a crime, in place of an illegal one where players are left alone and at risk.

轻人提供具体、切实的保护。”

Ángela 认为，必须在预算中已获 批的“负责任博彩”中，划拨一项 1%以内的专门资金用于心理健 康，以覆盖赌博成瘾在个体玩家 之外所产生的间接成本或附带 伤害。“我们看到了隧道尽头的 光。现在是时候交付成果了。”

\ 数字铁幕

智利最高法院已经发出明确指 令：通过 ISP、银行与应用软件 来屏蔽非法平台。“阻断令已 由最高法院下达；正式指令已 发布，”Ángela Carmona 证 实。VPN 可能在技术上规避， 但在法律层面上，它们也等 于确认了自身的不合法性。

此事不止与技术有关。“这一裁 决体现的是具体的违法事实：目 前，在智利，这类赌博并不被允 许，”她警告。只有当其他主体也 开始意识到问题所在，这项措施 才会真正有效——包括电视台、 体育俱乐部、以及愿意接受来自 不受监管品牌赞助的网红。“绝 不应该让这种如此不加掩饰的 非法行为，去为正式机构提供资 金，”这位治疗师坚定地说道。 \ 迈向可获得支持的博彩之路 Ángela 坚信自己面对的是亲 身处理过的现实：赌博成瘾是 一项普遍的公共健康问题，而 不是个人的任性；这是一种需 要国家层面广泛关注的障碍。

“作为一个组织，我们一直以 乐观的态度看待工作的推进； 同样地，监管以及行业本身也 应当如此。”仅靠许可要求还不 够；迫切需要的是强有力的法 律框架、专注于心理健康的资 金，以及能够帮助及早发现问 题的现实机制。“如果国家承 担责任，并把赌博成瘾认定为 公共健康议题，就能够确保每 个人都能获得帮助与治疗。”

她的经历——从一对一治疗会 谈走向参议院——呼唤的不是 惩罚，而是保护：保护一个被 监管的市场，使其承认赌博成 瘾应当被视为健康问题，而不 是犯罪；取代那些非法的赌博 项目——在非法体系中，玩家 被放任自流，处于风险之中。

This year, SiGMA Asia moves smoothly into its 2026 edition, celebrating four consecutive years of successful events in Asia’s gaming capital - Manila. Our beginnings were far less auspicious though.

The paint was fresh on the walls of our new office, and everything was on track for our inaugural launch of SiGMA Asia in 2020 - set to be our first foray outside of Malta. No one expected a pandemic to turn up. The events industry ground to a halt and our path inevitably had to take a different turn.

Happily, in 2023 we were back, armed with a new kind of experience, and determined to double down on our efforts to leave no stone unturned in the launch of our first event for the Asian markets. The industry was eager to get back into the swing of things too, with the first show serving as an important bridge between East and West.

The Asian markets are vast and complex - growth is often uneven. The Philippines emerges as a leader amongst its peers. Strong engagement. Lucrative when it comes to revenue potential. And a clear legal framework that champions regulated gambling. Where better to hold SiGMA Asia than here in Asia’s highest performing jurisdiction? We’re also grateful to have had strong support from Philippine regulator PAGCOR each year.

Unique in its drive to establish SiGMA as a trusted hub that connects all stakeholders - across land-based and digital and from B2B to B2C to regulatory and government bodies, SiGMA Asia stands out for all the right reasons. More than 16,000 delegates, 3,100 operators, 1,300 affiliates, and 250+ speakers now gather each year to shape the future of the industry.

Looking back at these moments, it’s clear that SiGMA Asia has become more than an event. It is a movement. A movement that continues to evolve, inspire, and shape the future of the tech, gaming, and affiliate industries. Join us in 2026 as we take the next step in our journey.

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Director and Founder of Betmatch, Nick French, met Matthew Busuttil for an interview to discuss their recent win at SiGMA Africa Pitch 2026. This included the company's strategy, regulation, and technology strategy for growth.

\ Pitch confidence and positioning

For Betmatch, winning the SiGMA Africa Pitch was a major milestone in their journey. French characterised the success as both confirmation & momentum for the company.

When he entered the pitch competition, French said he had complete confidence that he would win. He acknowledged that while other competitors saw his comment as brash and arrogant, he stood by his convictions; “They laughed when I said that. They thought I was being a little arrogant.”

French noted that success was based on an operational foundation, not just on how well their submission was presented. In an ever-digitising world, true differentiation is created by how well you can execute what needs to be done rather than by how good your website looks.

French also stated that Betmatch’s unique selling points are its focus on utilising strict operational processes for the successful delivery of a product to its target markets and its ability to execute this in between tight timelines during launch; he also noted that the win has added credibility to the Betmatch brand when competing against other gaming operations for players in the iGaming arena.

\ Core proposition and market gap

Betmatch's business model is centred around being a betting exchange, a business model that French claims is severely underrepresented throughout Africa, making it an ideal market for Betmatch to enter.

French stated, “Africa as a continent has never seen a betting exchange.”Betmatch has developed a unique opportunity to capitalise on this market during its early phase. Peer-to-peer betting is now available to Betmatch customers, allowing them to bet against each other and extract value from traditional bookmaker models.

French stated, “We are the first and only betting company that makes money when the customer wins,” thereby redefining the relationship between operators and customers. French stated that Betmatch has a significant advantage in pricing, and customers can realise a benefit of "up to 20% better" value than they would at a retail betting shop. French explained that the long-term financial model will be based on volume and will deliver value to customers to drive retention and scalability.

\ Expansion strategy and investment momentum

After achieving success in Cape Town through Betmatch, Betmatch are confidently planning its structured rollout phase with new funding and key partnerships.

The company has received significant funding; French has stated there is a $10M transaction with Tennor Global. In addition, the company will utilise the funds raised to underpin the expected early-stage scale-up of Betmatch and its stabilisation, as well as to pave the way for a wider rollout into new markets. The immediate focus of Betmatch is to launch operations in South Africa by establishing itself

as the leading exchange betting provider before continuing its expansion into other parts of Africa.

French has articulated a phased approach in launching products and aligning investors while expanding infrastructure to dominate the exchange betting and prediction market.

\ Regulatory navigation across Africa

Regulatory issues are among the most complex aspects of Betmatch’s expansion strategy in South Africa, where the legal interpretation of exchange betting depends on both national and provincial levels.

French noted the inconsistency in national and provincial regulations with respect to exchange betting: “There is a national gambling act that bans exchange betting. There is an exchange betting licence at the provincial level,” explained French. Instead of viewing this as an obstacle to doing business, French seeks regulatory clarity and industry growth in South Africa by cooperating with local regulatory agencies on compliance, financial integrity, and AML and KYC requirements.

“Before we test the law, we do not know how it will work out,” said French; therefore, Betmatch will continue to act on the front lines of regulatory interpretation while adhering to compliance standards.

\ Roadmap and market expansion

The phased-in product delivery, system integration, and geographic scaling are key elements of Betmatch's 12-18-month roadmap.

A Beta launch will be the first stage of a progressive integration that supports payment systems, automation tools and KYC infrastructure, laying the groundwork for operational readiness before wider geographic operations/deployment.

Betmatch has identified Q4 2026 as the timeframe for beginning its first major scaling phase in South Africa, complemented by marketing campaigns and sponsorship-led visibility efforts.

Future expansion is anticipated in select African markets, including Botswana, Ghana, Nigeria, and Tanzania; however, French has noted that he will take a conservative approach to entering Francophone markets, where operational readiness is critical.

\

Technology, AI and data infrastructure

Technology plays an integral role in how Betmatch operates, particularly in AI and analytics. French expressed caution about the industry's excessive hype around AI: "I believe there are tons of AI gimmicks out there currently." He stressed that deploying technology in practical ways creates value, rather than experimenting with new concepts.

To augment decision-making and better connect users, the company leverages its AI-based dashboards, real-time analytics capabilities, and proprietary solutions. French also mentioned different internal solutions and predictive betting tools aimed at providing better insights into the marketplace. bestbet.co.za is an expanded part of this ecosystem, as it combines various types of tipster data and insights into a single place. French articulated its commercial rationale: "The winners are all of us. That's right; we are an exchange."

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Betmatch总监兼创始人Nick French接受了 Matthew Busuttil的采访，讨论了他们在2026 年SiGMA非洲创投大会上的最新成果。内容涵 盖了公司的战略、监管以及技术增长策略。

\ 创投的信心与定位

对Betmatch而言，赢得SiGMA非洲创投大奖是 其发展历程中的一个重要里程碑。French将这 次成功描述为对公司的一种确认与推动。

French表示，当他参加创投比赛时，他完全有信 心获胜。他承认，虽然其他竞争对手认为他的言论 过于大胆和傲慢，但他坚持自己的信念；“我说这 话的时候他们都笑了。他们觉得我有点自大。”

French指出，成功是建立在运营基础之上的，而 不仅仅取决于演示文稿做得有多好。在一个不断 数字化的世界里，真正的差异化在于你执行工作 的能力，而不是你的网站看起来有多漂亮。

“你不会在我这里看到那种光鲜炫目的网站， 引擎盖下面的东西才是关键，”他说道。

French还表示，Betmatch的独特卖点在于其专注 于利用严格的运营流程向目标市场成功交付产品， 以及在时间紧迫的发布期执行这一流程的能力； 他还指出，这次获胜为Betmatch品牌在iGaming 领域与其他博彩运营商竞争增添了筹码。

\ 核心主张与市场空白

Betmatch的商业模式以博彩交易所为核 心，French称这种模式在整个非洲严重缺 乏，因此成了Betmatch的理想市场。

French表示：“非洲作为一个大陆，从未见 过博彩交易所。”Betmatch在早期阶段开发 了一个独特的机会来利用这一市场。

Betmatch的客户现在可以使用点对点博彩，让他们 能够互相下注，并通过传统博彩公司的模式获益。

French表示：“我们是第一家也是唯一一家 在客户赢钱时才赚钱的博彩公司”，这重 新定义了运营商与客户之间的关系。

French表示，Betmatch在定价方面具有显著优 势，客户可以获得比实体博彩店“最多高20%”的 回报。French解释说，长期的财务模型将基于交易 量为客户提供价值以推动留存率和可扩展性。

\ 扩张战略与投资势头

在开普敦通过Betmatch取得成功后，Betmatch 正利用新的资金和关键合作伙伴关系， 自信地规划其结构化的推广阶段。 该公司已获得大量资金；French表示已与Tennor Global达成了一笔1000万美元的交易。此外，公司将 利用筹集的资金来支持Betmatch早期稳定规模化扩 张的预期，并为向更广泛的新市场推广铺平道路。

Betmatch当前的重点是在南非启动业务，确立自己为领 先的博彩交易所提供商，然后继续向非洲其他地区扩张。

通过巩固博彩交易所和预测市场的基石，French阐述了 一种分阶段的方法来推出产品并与投资者取得一致。

\ 如何应对非洲各地的监管

监管问题是Betmatch在南非扩张战略中 最复杂的方面之一，那里对交易所博彩的 法律解释取决于国家和省两个层级。

French指出了国家和省级的法规在博彩交易所方面 不一致：“有一项国家赌博法案禁止博彩交易所。但在 省级层面却有博彩交易所牌照，”French解释道。

French并没有将此视为障碍，而是通过与当地监管 机构在合规、财务完整性以及反洗钱和KYC方面的 合作，寻求南非监管的清晰度并实现行业增长。

“在我们测试法律之前，我们不知道结 果会如何，”French说；因此，Betmatch 将继续在监管前沿遵守合规标准。

\ 路线图与市场扩张 在12-18个月内，分阶段的产品交付、系统集 成和地理扩张是Betmatch的关键任务。

Beta发布将是渐进式整合的第一阶段，支付系统的支持、 自动化工具和KYC基石为更广泛的运营和部署奠定基础。

Betmatch已确定2026年第四季度为在南非 开始其首个主要规模化的时段，并辅以营销 活动和富有成效的赞助来促进工作。

预计未来将在选定的非洲市场进行扩张，如博茨瓦纳、加 纳、尼日利亚和坦桑尼亚；然而，French指出，他将采取保 守的方式进入法语市场，那里的前期运营准备至关重要。

\ 技术、AI与数据基石 技术在Betmatch的运营中起着不可或缺 的作用，特别是在AI和分析方面。

针对行业目前对AI的过度炒作，French表示谨慎：“我 相信目前市面上存在大量的AI炒作噱头。”他强调，以实 用的方式部署技术才能创造价值，而不是尝试新概念。

公司利用其AI控制面板、实时分析能力和专有 解决方案来增强决策能力并更好地与用户沟 通。French还提到了不同的内部解决方案和博 彩预测工具，旨在对市场提供更好的洞察。

bestbet.co.za是该生态系统的扩展部分，因为它将各类 预测数据和洞察整合到一起。French阐述了其商业逻 辑：“我们所有人都是赢家。没错，我们是一家交易所。” 此外，French强调透明度是该模式的一个重要元素； 因此，公司计划公开绩效数据，以建立信心和问责制。

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Viktor Emelyanov CCO

thebaas.pro

Analytiks is an AI solutions company helping gaming organizations unlock value from complex data. We build AI-powered platforms that enable users to interact directly with their data in a secure and intuitive way using natural language, providing instant, explainable insights that drive faster and more effective decision-making.

www.analytiksinc.com

ATG Games specialises in original slots with “Unique Gameplay.” Our benchmark titles like Storm of Seth and Sun Wukong are industry standards. We master high-volatility algorithms with multiplier stacking to amplify excitement and stable RTP, boosting retention. With seamless integration and full support, we are your reliable long-term strategic partner.

ATG Games

www.atg-games.com

BetConstruct AI delivers a unified ecosystem of iGaming solutions built for clarity, intelligence and sustainable growth. Its Sportsbook, Casino Suite and Land-Based Solutions form the core, supported by advanced AI tools and a broader service portfolio that strengthens performance and delivers consistent value across digital and retail channels.

Hayk Sargsyan

Head

of Business Development Department

www.betconstruct.com

bwise Media is a full-service agency with services including Display Advertising, Programmatic, Influencers, Paid Search & Paid Social. We are partnering with premier sports platforms such as FotMob, LiveScore, GOAL, Sofascore, CREX, Cricbuzz & ESPNCricinfo.

Daniel Jurilj

Head of Sales

(INT)

www.bwisemedia.com

BETBY is a leading B2B provider of top-tier sports betting services, renowned for its groundbreaking technology and dedication to excellence. BETBY’s team of industry veterans draws on their knowledge and expertise to deliver a premium, adaptable, and scalable sportsbook platform tailored to meet the varied demands of operators worldwide.

Chris Nikolopoulos

CCO

www.betby.com

The go-to engineering partner for frontier tech. 200+ companies trusted Boosty Labs to ship AI, Blockchain, Fintech, and Quantum Security products. First in the world to integrate LLMs into software development.

Vladyslav Herashchenko Head of Growth

boostylabs.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Cellxpert is a leading affiliate and partner-management platform for iGaming operators, built for performance, transparency, and control. Since 2008, we’ve helped global brands scale affiliate ecosystems with realtime tracking, flexible commission models,granular reporting, and support for key global languages.

Assaf Dor CEO

www.cellxpert.com

747.live is a trusted online gambling and entertainment platform licenced by PAGCOR. Players can enjoy casino games, live dealer tables, slots, and sports betting in one secure destination. With more than 20 premium gaming providers and over 2,000 games, 747.live delivers exciting gameplay and a high-quality online gaming experience.

Rafael

Davtian CMO

747.live

CockroachDB is a pioneering company at the forefront of database technology, dedicated to delivering resilient and scalable database solutions for missioncritical workloads for the world’s most important businesses. Its customers include Kaizen Gaming, Hard Rock Digital, Devsisters, Krafton, and Mythical, as well as category leaders in gaming and gambling.

Tejas Baldev VP Sales, APAC

www.cockroachlabs.com

Claymore Solutions is a premier gaming outsourcing provider in the Philippines, helping global operators navigate regulatory, HR, and facility requirements. As an accredited PAGCOR-SCBPO partner, we ensure full compliance, transparent pricing, and world-class infrastructure – so you can focus on growing your business while we handle operations.

Paul Fox Founder & Chairman claymoresolutions.ph

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

CP Games is a fast-growing iGaming provider delivering high-performance slots and innovative mini games. The company focuses on engaging gameplay, flexible integration, and strong commercial partnerships, helping operators maximize player retention, revenue, and overall game performance.

Amanda Costa VP Business Development

cpgames.com

VamosPago is a global payment solutions provider helping businesses scale across borders with speed and simplicity. We streamline domestic and international transactions with multi-currency support, efficient settlements, and instant payouts. Our flexible platform delivers localised payment experiences, ensuring reliable operations worldwide.

Yang Wu CEO

www.cocloud.com

Diamante Tech provides the complete infrastructure you need to launch, manage, and grow your gaming brand! We stand behind 1,200+ successful operators and offer a White-label, Turnkey, and in-house Sportsbook solutions with 500+ internal traders, a sports betting exchange, and cricket dominance.

Jevgenij Martisonok CEO

www.diamantetech.com

CreedRoomz is a leading provider of live casino software and solutions.With a diverse portfolio of customisable games, branded environments, classic games and game shows. With more that 30 games, 200 tables, 11 languages tailored to attract potential high-rollers and ensure stable business growth through consistent excellence and support.

Armen Mnaskanian Head of Sales Department

creedroomz.com

Eeze builds live casino and game show experiences for impact and efficiency, helping operators launch faster, scale smarter, and deliver engaging gameplay with a partner who understands their business.

Graeme Powrie Chief Commercial Officer

eeze.com

From idea to Live Casino inside Telegram! We can launch your casino, sportsbook and prediction market instantly with our Telegram white label solution. No app required, no friction for the player, and high retention. We handle the platform. You focus on players and profits.

Andre Schuartz Director

www.everestplat.com

Dot Connections IOM Limited is a premier OneAPI iGaming aggregator, connecting European content with Asia’s markets via our ACE Platform. Trusted by 500+ operators and 50+ providers, we deliver seamless integration powered by Business Intelligence, featuring DCACE portfolio of localised, high-engagement titles tailored for audiences.

Junren CEO dotconnections.co.im

EGT Digital is a next-gen technology provider for the global iGaming industry. Focused on innovation and responsibility, it delivers scalable, secure solutions worldwide, including original casino games, an ultra-customizable casino & sports platform, gaming aggregator, payment solutions, and retail products.

Tsvetomira Drumeva Head of Sales

egt-digital.com

CAPTURE THE HEAT OF 2 500 000 000 CRICKET FANS WITH OUR CRICKET ENGINE

• 14,000+ Games: Thousands of Slots and Crash Games

• 200+ Cricket Betting Markets

• Sportsbook iFrame: Your back-office, our Sportsbook

• Betting Exchange: Peer-to-Peer betting

Fin is the highest-performing AI agent for Gaming support, delivering higher quality answers and resolving more complex customer queries than any other AI agent. Fin is brought to you by Intercom, the industry-leading AI-first customer service provider. DKMECO, a promoter of world-leading tech solutions, is Intercom’s distributor in APAC.

Myla Mestiola Head of Partnerships, APAC

fin.ai

GBO delivers end-to-end gaming corporate solutions, from licencing in Nevis and Anjouan to company formation, banking, payments, and white-label casino platforms. Since 2009, we’ve supported over 600 gaming operations worldwide, empowering startups and established operators to launch, scale, and succeed in global markets.

Ran David CO-Founder

gbo-licensing.com

Fast Track is an AI-native, real-time CRM platform built for iGaming. Founded in 2016 and trusted by operators worldwide, it combines a real-time data engine, natural language AI, and gameplay intelligence. Giving CRM, product, and technical teams the tools to move fast and stay ahead. Offices in Malta, Sweden, Spain, and the United States.

Jeroen

Bruyland Head of Commercial

www.fasttrack.ai

FXMB is a payment gateway that enables merchants to expand seamlessly across multiple markets and accept a wide range of local payment methods through a secure, user-friendly platform. Established around 7 years ago, it grew from India to key Asian markets, offering reliable scalable and easy to integrate end-to-end payment solutions.

Roko Santic CEO fxmb.com

Greygaming is a game development provider specialising in unique RNG-based gaming experiences. They create innovative, fair, and engaging games using random number generation technology, ensuring unpredictable outcomes, enhanced player excitement, and a secure environment for modern online gaming platforms worldwide.

Ajay Babbar CEO greygaming.com

Genius Sports is the world’s leading sports data and technology company, powering 300+ sportsbooks globally. We drive revenue, engagement and efficiency through BetVision, official live data, trading services, odds feeds, betbuilder and marketing. Across the EPL, Serie A, NFL, FIBA and 400+ leagues, our in-play solutions use official venue data.

Patrick Lufkin Head of Business Development, APAC

www.geniussports.com

Innovation, partnership, and trust are our core values. As a tech startup, our experts offer cloud services from strategy to architecting. We aid digital shifts with tailored plans, ensuring easy business growth. Stand higher, see further! We are ready to open new horizons for your cloud journey today.

Hanson Chen General Manager

www.highercloud.com.tw

Hexagon aims to become the leading provider of iGaming consulting and solutions across Asia. We offer flexible, tailored strategies, cutting-edge technologies, and Fullstack solutions to optimise product, increase revenue, and ensure strict legal compliance, fostering sustainable growth and longterm success for our partners and clients

Ben C Founder hxg.agency

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Identità is Malta’s national identity agency, responsible for citizens’ identity management and the implementation of migration processes. It is committed to delivering service excellence without compromising security. It provides highly secure identity services and documents, and manages acts of civil status and public deeds.

Sylvana Farrugia

Head –

Marketing and PR identita.gov.mt

Imagine Live is a next-generation live casino provider delivering premium live dealer games and immersive game show experiences. Launched in 2022, it operates 150+ tables across studios in Armenia, Romania and Spain. With licences including UKGC, MGA and ONJN, and AI-driven dealer monitoring, it delivers scalable, high-performing solutions for operators.

Nadiya Attard Chief Commercial Officer

imaginelive.com

HilltopAds is the premium targeted traffic for iGaming, eCommerce, dating, OnlyFans, utilities, and other advertisers. It provides access to premium direct traffic and over 273B ad impressions across 250+ countries. Get ready-to use WhiteLists, AIoptimisation tools, a personal manager, and more, with HilltopAds.

Roman Daniels Business development manager hilltopads.com

iGaming Real Talk is a podcast, media platform, and a vibrant WhatsApp community hosted by Surya Palli, dedicated to real conversations with iGaming leaders on personal stories, exclusive announcements, and the future of the industry.

Surya Palli Creator igamingrealtalk.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

IREV delivers top-notch performance marketing solutions for advertisers, affiliate networks, and media-buying teams. Designed to launch and scale your affiliate program, IREV’s Partner Platform and Lead Distribution products are ideal for iGaming, Finance, and E-commerce business verticals.

Simon Liberzon Head of Sales

irev.com

InfernoPlay is inspired by the nature of fire: it begins with a spark and grows, building intensity over time. This same principle shapes the gameplay experience, where each interaction adds momentum to a continuous flow. With clear layouts, intuitive controls, and responsive transitions, every game evolves naturally feeling fast, fluid, and increasingly alive.

Eddie Au CEO www.infernoplay.games

K36 is a premium B2B iGaming platform provider known for top-tier quality, advanced technology, and innovative design. We deliver powerful functionality, secure and compliant systems, and a seamless user experience. With a global presence and comprehensive back-office solutions, K36 empowers operators to grow, compete, and lead in the industry.

Truman CEO

k36group.com

JILI Games is a premier game provider specialising in slots, fishing, crash, and bingo. By integrating innovative mechanics and retention tools, we deliver immersive global entertainment. Our mobile-first, superior content empowers operators and provides players with visually stunning, high-engagement experiences that ensure long-term loyalty.

Fortune Garuda 500

Fortune Garuda 500

jiligames.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Laaffic is a global leader in SMS, Voice, and WhatsApp OTP solutions. Provides a one-stop solution that empowers your business growth journey. Our tools expand audiences, increase ROI, and help app developers achieve global success. We use cuttingedge technology and proven industry practices to deliver smooth experiences, lower customer acquisition costs, and steady growth.

Anthony Shang Sales VP

www.laaffic.com

A world-leading sports data provider, LSports is the teammate that carries sportsbooks to big wins. By utilising our advanced tech and experience, we develop tailored solutions that address bookies’ pain areas, empowering them to stand out and lead the pack.

Dotan Lazar CEO

lsports.eu

We are the first reverse betting platform system provider and game provider, upholding the business philosophy of integrity, is committed to becoming a leading industry benchmark.We look forward with our clients and maximize business potential and benefits.

K7 CEO

www.k7-gaming.com

Liberia Online Gaming and Casino Commission is the official regulatory authority overseeing Liberia’s international online gaming, casino, betting, and prediction market framework. It offers a governmentbacked licensing model focused on compliance, player protection, regulatory integrity, and practical solutions for global operators.

Adv. Omer Mohaban Legal Representative www.gaming.nla.gov.lr

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

MAHAPAY is an Indian payment solutions provider with eight years of dedicated experience. We believe payment is not just a channel, but trust. Leveraging professional focus and secure fund handling, we support INR USDT exchange and Indian corporate bank accounts. Seeking long-term, reliable partners, we deliver stability, automation, and efficiency for sustainable growth..

Justin CEO

performance-driven omnichannel messaging platform that helps marketing, CX, operations, and growth teams turn conversations into measurable integrations, brands worldwide deliver timely, reliable experiences across SMS, WhatsApp, RCS, Viber, Telegram, email, and voice.

Johanna Azoulay VP Sales & Performance Marketing

messagewhiz.com

Macpay is a leading global provider of payment gateways and professional foreign exchange solutions. Professionalism, security, and convenience are our service principles. Based in the Asian market and actively expanding into the African market, we have long provided stable and reliable payment services to numerous well-known merchants. You’re welcome to contact us.

Senior Representative manager

www.macpaypal.com

Mango Media is a Meta agency providing Stable Credit line & BM2500 accounts, TikTok and Google ad accounts, and reliable advertising solutions for global advertisers. With extensive experience in performance marketing and compliance, we help businesses achieve sustainable growth, secure scalable campaigns, and maximize advertising ROI through professional and efficient service worldwide.

Colin CEO

www.mango-media.org

Onlyplay is a game content supplier delivering innovative Tap Games™, Crash, Instant Win, and Slot experiences for players worldwide. With 160+ games, 2,500+ operators, and support for 18 languages, Onlyplay combines creativity, lightweight technology, and engaging mechanics to create fast, mobile-first entertainment tailored for global markets.

Evgeniy Pedych

Strategic Growth Executive

onlyplay.com

New Prontera Corp is a Philippine-based AI and media technology studio building products across AI, gaming, blockchain, and creator media. The company develops AI agents, consumer apps, and digital ecosystems that merge technology, storytelling, and community-driven innovation.

Jared Dillinger CEO

www.newprontera.net

We are a leading casino game provider where gaming is both thrilling and intelligent. We blend scientific precision with storytelling to create worlds players crave and tools operators trust. We offer slots, instant, table, crash games and more across 14 regulated markets with dedicated account management, 24/7 support, and powerful promo tools.

Parandzem Avagyan Head of Marketing

www.pascalgaming.com

Optimove is the #1 Player Engagement Platform for iGaming and sports betting operators. Its AIpowered suite includes Optimove Engage and Orchestrate for cross-channel campaign decisioning and orchestration, Optimove Personalize for digital personalisation, and Optimove Gamify for loyalty and gamification. Optimove is the standard for operators worldwide driving stronger player engagement, retention, and lifetime value.

Jack Wheeler Head of APAC

www.optimove.com

PopOK Gaming is a modern iGaming content developer creating premium-quality games for leading online casino groups. With striking design, dynamic animations, unique features, and strong gamification tools, our in-house games offer quick, engaging entertainment that delivers value to both our partners and their players.

Anna Harutyunyan Head of Marketing

www.popokgaming.com

SEON helps risk teams detect and stop fraud and money laundering while ensuring regulatory compliance. By combining real-time digital footprint analysis, device intelligence and AI-driven rules, SEON empowers over 5,000 businesses globally to prevent threats before they occur.

Troy Nyi Nyi SVP & GM, APAC

seon.io

Playvium is an iGaming technology and platform company helping operators launch and scale gaming businesses. From casino and sportsbook platforms to payments, licensing, and compliance, we provide the ecosystem needed to enter regulated and emerging markets with speed, flexibility, and operational control.

Prashant Joshi VP – Business Operations

Playvium.com

Red Apple Technologies creates engaging games, intuitive apps, and innovative iGaming solutions that keep players coming back. With a fusion of creative design and modern technology, we help businesses launch, grow, and deliver experiences players genuinely enjoy. From concept to continuous updates, we keep your platform fresh and ready to scale.

Arup Roy CEO

www.redappletech.com

Smartico.ai is a unified CRM automation and gamification software built for iGaming operators. It combines real-time engagement, AI-powered insights, dynamic segmentation, and bonus management in one powerhouse system. Trusted by 1,000+ brands worldwide, Smartico helps operators boost retention, lifetime value, and sustainable growth.

Yuval Mechoullam Co-Founder

Smartico.ai

Siraya Technologies is an AI solutions connector helping enterprises adopt advanced AI models, cloud infrastructure, and security technologies. We bridge global innovation with real business applications, enabling organisations to build intelligent platforms that drive efficiency and growth worldwide.

Boss CEO

www.sirayatech.com

Source Code Lab is a premium iGaming development company building custom casino, sportsbook, and fantasy platforms. We help businesses launch and scale with high-performance technology, flexible architecture, and full source code ownership, ensuring control, efficient operations, and sustainable growth in competitive markets.

Kush Desai Founder

www.sourcecodelab.co

The SMS Retail company offers a wide range of services in the field of spam mailings. With 11 years of experience, proprietary software, and high-deliverability automation, SMS Retail provides messenger mailings for global clients, emphasizing analytics and efficiency. We place great emphasis on mailings in messengers. Our clients are large casinos known globally.

Maks Vlasov Head of Messaging Department

sms-retail.io

High Performance Sportsbook

• Advance AI Tipster

• Ultra Fast Settlement

• Maximum Uptime and Stable Margin

*Whatʼs Coming Next?

• AI Playbook

• Lucky 8 Challenges

24/7 Simulated Sports Betting

• FIFA, PES, NBA2K, CBA2K

• 1,500 Live Matches Daily

• Fast Gameplay, Fast Settlement

• Pre-match and In-Play Bets Ready

• Scale with Stable Margin Performance

For further inquiries, please contact our representative on Telegram.

Starpago, founded in 2019, is a leading cross-border payment service provider focused on Latin America and Southeast Asia.We offer our clients stable, compliant, and efficient payment solutions, supported by a 24/7 intelligent risk control system to ensure secure and reliable transactions.

Hawk Chief Operating Officer www.starpago.com

Sportradar Group AG (NASDAQ:SRAD) is a leading global technology company creating immersive experiences for sports fans. Sportradar covers nearly a million events annually across all major sports, providing federations, media and sportsbooks with innovative solutions to help grow their business.

Oscar Brodkin

EVP,

Managing Director - APAC www.sportradar.com

Sumsub is a global verification and anti-fraud leader enabling scalable compliance worldwide. Trusted by over 4,000 clients globally, its full-cycle verification platform covers everything from identity and business verification and ongoing monitoring, adapting to evolving risks, regulations, and market demands.

Penny Chai

Vice

President, APAC, Sumsub

sumsub.com

Tangem is a Swiss company providing secure, cardstyle crypto wallets. Private keys stay in a certified secure chip (EAL6+) and never leave the device. Recovery uses backup cards instead of seed phrases. NFC-enabled, battery-free, and portable, Tangem offers fast, simple, and safe crypto access for both beginners and advanced users.

Claire McCafferty APAC

Lead

tangem.com

BingoPlus is the Philippines’ leading and most comprehensive digital entertainment platform. It has redefined digital gaming in the country. Launched in January 2022, it introduced the first-ever interactive, live-streaming digital bingo platform. BingoPlus is an affiliate of DigiPlus Interactive Corp. and is an advocate for responsible gaming.

Jasper Vicencio President

www.bingoplus.com

Trackdesk is an affiliate tracking software trusted by 2500+ product owners and networks worldwide. Built for performance-driven industries like iGaming, it delivers real-time tracking, flexible commission models, and seamless partner management.

Sandesh Gunjal Sales Director

www.trackdesk.com

Texcell Messaging Limited: global SMS & voice services, quality stable solutions across 200+ countries. Top operator-backed, we offer premium SMS, voice OTP & interactive solutions - your reliable global trade partner.

Zhang Mingxu CEO

www.texcellsms.com

Tothemoon is an all-in-one crypto platform. Institutional clients get on-ramp/off-ramp, advanced trading, OTC desk, crypto processing, mass payouts, API integration, staking, and concierge support. Retail users get spot and futures trading, staking, and a crypto card for everyday spending.

Amanda Chan Business Developement Director tothemoon.com

UnitedPay provides merchants with a fast, secure, and reliable platform to accept, send, and exchange payments globally in real-time. Grow your business with seamless cross-border transactions and efficient payment solutions.

Bright Wang CEO

www.unitedpay.net

TradeSmarter is a financial gaming technology provider introducing a new category of Market Games™ for iGaming operators. Powered by real-time price movement, TradeSmarter enables operators to launch tap trading, market racing, 1000x, and High/ Low games.

Yoni Avital Founder & CEO

www.tradesmarter.io

VamosPago is a global payment solutions provider helping businesses scale across borders with speed and simplicity. We streamline domestic and international transactions with multi-currency support, efficient settlements, and instant payouts. Our flexible platform delivers localized payment experiences, ensuring reliable operations worldwide.

Harsh Vardhan VP

vamospago.com

Uplatform is an all-in-one iGaming platform built for operators who want to launch, grow, and compete. Combining a powerful sportsbook, full casino suite, and a complete set of operational tools, with flexible integration options and deep regional localization, Uplatform gives businesses everything they need to succeed in any market.

Alexey Sales Manager uplatform.com

Experience a world of high-stakes excitement with ViA CASINO. We offer a comprehensive suite of international casino games, including Live Dealer tables, unique Marble Racing, and innovative Blockchain games. Licenced and regulated, we provide a secure and thrilling environment for players worldwide.

Olivia Lin CEO

via-casino.com

WADesk is an all-in-one platform for global businesses to manage multiple WhatsApp accounts with seamless team collaboration. Powered by AI Copilot and Chatbot, message broadcast tools, and team-based customer management, WADesk helps businesses automate conversations, organise leads efficiently, and deliver faster, smarter customer engagement at scale.

Jason Wang Founder & CEO at WADesk

wadesk.io

Veli Asia, powered by VeliTech, is a B2B iGaming technology provider delivering a full-stack solution for online casino operators. Its offering combines high-impact game content (crash, instant, and slots), a performance-driven aggregation platform, and a robust core platform that powers the entire operation.

Barak Moshe (Shuki) CEO

velitech.com

Voluum has empowered iGaming operators and affiliates to drive high-quality player acquisition for 10+ years. Get real-time tracking via S2S postbacks, one centralised dashboard for all sources, optimisation for specific conversion events (FTDs, registrations), and connections across search, social, programmatic, and SEO channels.

Marcin Kumiega Business Development Director

voluum.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Zenex Group delivers scalable B2B solutions in the iGaming and fintech industries, enabling fast market entry and global operations. Its core services include a PSP with worldwide coverage, as well as fintech and iGaming white-label software, including a sportsbook solution, crypto solutions, card issuing, and other online banking infrastructure.

Tatiana Geletskaia CEO

zenex.space

XUP Studio builds fast and crash games with one rule: no reskins. Every game launches a mechanic the market hasn’t seen. Our flagship game was Pigaboom – the first crash game with bonus buy. Pingwin is next. Our slogan says it best: “Finally… Something New”

Nikoloz Kadjaev CoFounder xup.studio

MEGAWIN is a well-known game software developer in Asia. Our professional online game R&D team, are committed to the innovation and improvement of game technology. We create high-quality and win-win new entertainment business.

MEGAWINTeam mw_service@megawin.cc www.megawin.cc

Logos featured do not imply PAGCOR licensing, accreditation, or activity in the Philippines. Only PAGCOR-authorised entities may provide gaming services in or to the Philippine market.

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Global B2B iGaming media publisher delivering news, analysis, and insights across the gaming industry. Through digital, print, and email platforms, it connects operators, suppliers, and decision-makers with trends, innovation, and targeted industry content.

5star.media

ABC World Media is a full-service media and advertising agency specializing in media buying, PR, SEO, and content marketing. It helps global brands, publishers, and agencies grow through strategic planning, creative solutions, and performance-driven campaigns. www.abcworldmedia.com

Global iGaming directory and media platform connecting affiliates, operators, and B2B providers. Offering networking, affiliate matchmaking, industry news, and events to build transparent, high-quality partnerships across the global gambling ecosystem.

affpapa.com

Italian digital news agency focused on the regulated gaming industry. Delivering daily updates, analysis, and insights on gambling, betting, regulation, and market trends, it is a key reference point for operators, institutions, and industry professionals. www.agimeg.it

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Leading Italian media intelligence agency for the regulated gaming sector, delivering daily news, regulatory updates, market insights, press release distribution and advertising. Agipro Data provides market analysis; Agipro Plus offers digital marketing services. www.agipronews.it

AllconfsBot users have a highly effective way to navigate through events, whether they are local or international. With AllconfsBot, users can easily add events to their Google and Apple calendars, making it easy to stay on top of their schedules. allconfsbot.website

Independent online casino review platform providing data-driven ratings, safety indexes, and expert analysis. We evaluate casinos, resolve player complaints, and promote fair gambling through transparent reviews, research, and responsible gaming initiatives. casino.guru

Global B2B casino industry publication delivering news, insights, and interviews on gaming operations, technology, and trends. Connecting operators, suppliers, and decision-makers with expert analysis and innovation since 2005. www.casinolifemagazine.com

Technology magazine delivering enterprise IT insights, executive perspectives, and industry trends. CIOReview connects C-level leaders and solution providers through peerdriven content, showcasing innovation, digital transformation, and business technology strategies worldwide. www.cioreview.com

CoinGabbar is a trusted platform for cryptocurrency news, analysis, blogs, price predictions, and insights. We provide accurate, timely information to help investors and enthusiasts make informed decisions in the fast-moving blockchain space. www.coingabbar.com

Coinfea is a trusted source for crypto, Web3, and blockchain news, offering in-depth analysis, trends, and educational content. We help investors and enthusiasts stay informed and make responsible decisions in the evolving digital economy. coinfea.com

CoinsTelegram is a global Crypto & AI media platform delivering news, market analytics, research, expert insights and industry rankings. Partnering with leading entrepreneurs, investors and Web3 events, it helps shape narratives across the digital economy. coinstelegram.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Crypto Female is a community empowering women in blockchain and cryptocurrency. Through education, events, and networking, it supports female participation in Web3, fostering inclusion, knowledge-sharing, and opportunities in the fast-growing digital asset space.

www.cryptofemale.org

crypto.news is an independent media company founded in 2015, originally as BTCMANAGER. Based in Seychelles, we cover crypto markets, technology, business, and culture, delivering accurate, objective, and timely news to inform and educate readers worldwide. crypto.news

Cryptopolitan is a leading crypto news and analysis platform delivering breaking news, market intelligence, and in-depth research. We combine real-time reporting with institutionalquality insights to help traders, investors, and professionals make informed decisions.

www.cryptopolitan.com

DSRPTD is a curated platform connecting startups, investors, and innovators through exclusive events and content. Focused on tech, VC, and Web3, it brings together top minds to share insights, build partnerships, and shape the future of innovation. www.dsrptd.net

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

A global B2B media platform covering the iGaming and gambling industry. Delivering daily news, analysis, interviews, and market insights on casinos, sports betting, regulation, and online gaming for industry professionals worldwide. focusgn.com

Global B2B media platform covering the international gaming industry. Delivering daily news, analysis, and insights on casinos, sports betting, iGaming, regulation, and suppliers, connecting operators, regulators, and stakeholders worldwide. www.g3newswire.com

Award-winning iGaming media and affiliate platform delivering trusted reviews, guides, and industry news. Focused on transparency, player safety, and unbiased insights, it connects players and businesses with reliable information across the global gaming ecosystem. gamblersconnect.com

Global iGaming media platform delivering news, analysis, interviews, and expert insights across online gambling and betting. Covering industry trends, innovation, regulation, and events, it connects operators, suppliers, and professionals worldwide. gaminginternational.online

Global B2B media platform delivering news, analysis, and insights on the gambling industry. Covering iGaming, sports betting, casinos, and regulation, it connects operators and professionals with trusted updates, trends, and global market intelligence.

globalgamblingnews.com

A global B2B media platform covering the global gaming and iGaming industry. Delivering news, analysis, interviews, and insights on casinos, betting, technology, and regulation, connecting operators, suppliers, and leaders across the worldwide gaming ecosystem. globalgaminginsider.com

AGIS Game is a media and B2B platform focused on the global amusement and gaming machine industry. It connects manufacturers, buyers, and exhibitors through trade shows, publications, and online marketing, promoting arcade and entertainment solutions worldwide. www.agisgame.com.tw

HUIDU is a platform connecting iGaming operators and providers, offering services for affiliates, game and platform providers, marketing, networking, and payments. It delivers one-stop solutions, linking global gaming businesses across the entire industry chain. www.huidu.io

A N A LY T I K S V E KT O R

Built for real data and real business decisions

ABOUT US

Analy tiks is an AI solutions company helping gaming organizations unlock value f rom complex data. We build AIpowered platforms that enable users to interact directly with their data in a secure and intuitive way using natural language, providing instant, explainable insights that drive faster and more effective decision-making.

Faster insights, Smarter decisions

Our solution enables business users to quer y complex customer and operational data in natural language, delivering quicker, explainable insights that suppor t faster and more conf ident decision-making.

At Analy tiks, we help gaming organizations unlock faster, more accessible insights f rom their data through AI-powered analy tics.

ICOHOLDER is a global crypto analytics and tracking platform with one of the largest databases, providing real-time, reliable market, pricing, blockchain, and social data. Our mission is to increase transparency across the crypto industry. icoholder.com

Global platform listing and tracking iGaming industry events worldwide. Providing an up-to-date calendar of conferences, expos, webinars, and networking opportunities for casino, betting, affiliate, and gaming professionals across the international industry. www.igamingcalendar.com

Forward-thinking B2B media platform covering innovation, technology, and strategy in the iGaming industry. Delivering news, analysis, podcasts, and insights that explore emerging trends and future developments shaping global gaming and digital entertainment. igamingfuture.com

Global affiliate marketing and iGaming events platform hosting large-scale conferences, networking meetups, and awards. Connecting affiliates, advertisers, and brands to generate partnerships, share strategies, and drive performance across the global marketing ecosystem. igaming.news

Podcast and media platform delivering honest, unfiltered conversations from the iGaming industry. Featuring founders, operators, and affiliates, it explores growth, leadership, and real industry experiences through interviews and a global professional community.

igamingrealtalk.com

iGaming news and insights platform delivering daily updates, analysis, and market intelligence on online gambling. Covering casinos, betting, regulation, technology, and industry trends for operators, affiliates, and professionals in the global gaming sector. www.igamingtoday.com

A global B2B media platform covering the coin-op, casino, and iGaming industries. Delivering breaking news, analysis, features, and insights across land-based and online gaming sectors through magazines, digital platforms, and industryfocused content worldwide. www.intergameonline.com

Independent European information portal covering gambling, gaming, and betting industries. Providing daily news, legal analysis, regulation updates, and industry insights for operators, regulators, and professionals across the global gaming sector. www.isa-guide.de

Italian B2B media platform focused on the regulated gaming industry. Delivering daily news, analysis, and insights on gambling, betting, and legislation, it serves operators and professionals with in-depth reporting on Italy’s public gaming sector.

www.jamma.it

We publish important news across premier media platforms with just a click, elevating your visibility and impacting the crypto and blockchain landscape. keydifference.com

Educational content platform delivering clear comparisons, definitions, and insights across technology, business, and everyday topics. KeyDifference Wire simplifies complex concepts through easy-to-understand articles and side-byside analyses. keydifference.com

Global affiliate marketing and iGaming events platform hosting conferences, meetups, and awards. Connecting affiliates, advertisers, and brands to network, share strategies, and close deals through high-energy industry events and communitydriven growth. knupsports.com

*SERVICES NOT AVAILABLE IN THE PHILIPPINES

Global B2B media platform covering iGaming, betting, affiliate marketing, and crypto industries. Delivering news, analysis, interviews, and insights on gambling trends, regulation, and innovation for professionals across the global gaming ecosystem. malta-media.com

Let It Fly Pod is a space for real, unfiltered conversations where we speak our minds and shoot our shot. From life and culture to personal experiences and guests, we keep it honest, laid-back, and authentic—no scripts, just vibes and genuine talk.

www.youtube.com/@LetitFly_Pod

Global B2B media platform focused on the gaming and iGaming industry. Delivering daily news, analysis, interviews, and event coverage on casinos, sports betting, regulation, and technology, connecting operators and professionals worldwide. soloazar.com

TimesCrypto is a digital media platform delivering the latest news on cryptocurrency, blockchain, and Web3. It covers market updates, trends, and insights, helping readers stay informed in the fast-moving world of digital assets and decentralized finance. timescrypto.com

Global B2B media outlet dedicated to the gambling and iGaming industry. Delivering daily news, analysis, interviews, and coverage on casinos, betting, regulation, and technology for operators, suppliers, and stakeholders across the worldwide gaming sector. www.yogonet.com

ZEX PR Wire® is a PR distribution platform focused on client support, delivering instant visibility and expanded reach. It offers SEO-driven press releases, multimedia distribution, and a simple, cost-effective solution to boost brand awareness and industry influence.

zexprwire.com

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