The joint effort took place between 28-29 November in locations in both Sweden and Spain. However, Europol said the criminal network in question operates in the Stockholm area of Sweden.

Europol said the criminal group runs illegal gambling operations and launders “significant” criminal proceeds. During the raids, police discovered an illegal gambling operation with an estimated annual turnover of €20 million ($23.2 million).

Evidence was also found related to money laundering services for the network and other criminal groups. This, the agency added, was being used for its own benefit and for other criminal actors, with additional links to drug trafficking in Sweden and across the Nordics.

Illegal gambling probe leads to five arrests

The coordinated strike saw almost 150 police officers search six premises in Sweden and two in the Spanish city of Murcia. Police arrested five suspects, including three in Sweden and two in Spain.

Police also seized several hundred thousand euros’ worth of valuable items, including luxury watches and cash. In addition, during a search of a property in Sweden, which police said was being used as an illegal gambling club, authorities seized drugs prepared for resale and found signs of possible human trafficking.

“The suspects form the core of a local criminal network known for its use of violence and intimidation, allowing the group to secure revenues, enforce debts and control sections of the illegal gambling market in the Stockholm area,” Europol said.

“By offering services to other criminals, the group operated as a key facilitator within the wider criminal environment.”

Europol committed to wider criminal clampdown

The agency said the strike is part of a wider, multi-agency strategy to “systematically” dismantle networks that harm local communities while relying on international criminal connections.

“Europol plays a central role in this approach by linking international intelligence with local enforcement actions,” the agency said. “By connecting national authorities across borders, Europol ensures that information collected in one jurisdiction can be turned into operational impact in another – including on the streets of Stockholm.”

By 2022 that logic had collapsed under its own contradictions. Channelisation had sunk below 50%, Veikkaus’ annual contribution to the state had halved since 2017, and policymakers across the political spectrum were conceding—quietly at first, then publicly—that the monopoly was no longer defensible.

Now the country is poised to become Europe’s newest licensed market. What remains uncertain is when the competitive regime will actually begin. The legislative process—still officially aligned with the government’s timetable—has begun to buckle under political nervousness about advertising, electoral timing and the preparedness of regulators.

But while Parliament wrangles over dates, operators are already building teams, commissioning legal advice and shaping local strategies. The Finnish opening is small by European standards but symbolically weighty: one of the last Nordic holdouts is moving into the mainstream. And the industry is preparing accordingly.

Where the bill stands—and why delay now looks likely

At a technical level, the bill is close to the finish line. “The Finnish Parliament’s Administration Committee decided to conclude its hearings on 13 November and is now drafting its report,” says Antti Koivula, Chief Compliance Officer of Hippos ATG. He expects the report “at the very latest mid-December,” after which the two plenary readings “can be completed relatively quickly.”

Independent consultant Jari Vähänen offers a similar assessment: “Parliament is still considering the bill. The Administrative Committee is almost ready, and Parliament will have time to approve it this year, when the law will enter into force on 1 January 2026.”

And yet the committee’s schedule tells another story. Pekka Ilmivalta of Nordic Legal had noted an omission in dealing with the bill in the administrative committee’s weekly plan, which, he said, “raises concerns about the timetable”.

Behind this ambiguity lies political considerations. Both Ilmivalta and Vähänen point to last-minute discussions about pushing the market opening from January 2027 to summer 2027—after Finland’s parliamentary elections.

Gambling operators aware of potential delay

Operators received the same signals. A representative from a big operator told iGB that “government are now discussing postponing the market opening…so after the elections in April,” explaining why the item was unexpectedly pulled from the committee’s agenda.

What is driving the hesitation? According to Vähänen, “political decision-makers fear that gambling marketing will increase so much that public opinion will turn against it before the parliamentary elections.” Even parties broadly supportive of liberalisation prefer to postpone any visible shift until after the vote.

Most observers therefore expect a short delay—weeks in legislative approval, months in market opening. As University of Helsinki researcher Janne Nikkinen puts it, “Perhaps a delay of a few days or weeks, they’re mostly ironing out technical issues.” The law’s substance is not in question; the timeline is.

A spokesperson from the Ministry of Interior could not comment on a possible delay, but said in an email to iGB:  “The aim of the Administrative committee has been to complete the report in November, according to the estimate, after which the report is meant to progress to the plenary session”.

Consensus without clarity

Despite procedural delays, political unity on the need for reform is unusually strong. “There has been broad cross-party consensus for a few years that the gambling market should be partially liberalised,” Koivula says. Differences remain over advertising and harm-prevention, but not over the direction of travel.

Ilmivalta explains the logic: “Channelisation of the monopoly is less than 50%, income for the Finnish government has declined and at the same time problem gambling has been slightly increasing. The current system simply does not serve its purpose any more.”

And unlike in many European debates, the opposition has little incentive to resist change: Veikkaus itself declared as early as 2022 that the monopoly should be dismantled. As Nikkinen puts it, “Even the opposition isn’t opposing the reform, because Veikkaus itself said it no longer wants the monopoly.”

The political friction, therefore, is not about whether but when.

A regulator still not ready for day one

While legislative consensus holds, confidence in regulatory readiness is far thinner.

Koivula is frank: “I am not fully confident that the transition will be seamless. ” Although the National Police Board will supervise licensing through 2026, he warns that “the new authority will need to hire a substantial number of employees, and very few—if any—will have prior experience in the gambling sector.” Even within the National Police Board, he says, “this remains to be seen.”

Nikkinen is more pessimistic: Finland’s model “relies on courts, which can take years. That’s too slow for fast-moving marketing campaigns.” The new authority will sit within a regional administrative agency that also handles unrelated topics, from animal welfare to alcohol licensing. “They won’t have power to sanction directly. That’s a weakness,” he says.

Vähänen is more hopeful, believing staff will transfer from the NPB and that the technology project “will be ready in 2026.” Ilmivalta, though trusting in Finnish administrative competence in general, stresses that preparations “have not been very transparent, nor has the regulator had much dialogue with the industry.”

The result seems to be a split-screen picture: operators preparing with determination, and regulators racing quietly behind.

A black-market problem without the tools to solve it

Every expert interviewed agreed that the largest structural weakness is enforcement.

Koivula’s assessment is blunt: “I foresee nothing but enforcement challenges. The enforcement toolbox provided to the regulator is highly insufficient for tackling black market operators.” He warns of a counter-intuitive outcome in which “the majority of enforcement actions end up targeting licensed operators,” simply because they are visible and cooperative.

Nikkinen underscores the legislative omissions: Finland “does not include payment blocking, website blocking, DNS blocking,” partly due to political resistance and partly because the autonomous region of Åland—and PAF—complicates national blocking measures. The result, he predicts, is persistent leakage: “I believe leakage to the black market will continue, and that we’ll need to revise the law again by 2029 or 2030.”

Ilmivalta shares the concern: “There will always be those who decide not to join the regulated market, and the regulator’s tools are not too many.” The B2B licensing requirement in 2028 will help, but is unlikely to be decisive.

Even the operators’ own trade body, the Finnish Gambling Association, Rahapeliala, strikes a cautionary tone. CEO Mika Kuismanen argues that “the bill in itself does not contain enough explicit tools to combat the black market,” warning that if supervision focuses only on licensed companies,” unlicensed operators will not have sufficient incentive to consider the legal market.

Operators prepare: cautious, optimistic and waiting for certainty

Despite the regulatory grey zones, operator sentiment is broadly positive. “The industry as a whole has a positive feeling,” says Kuismanen. The legislative process has been relatively fast and well structured, even if “operators will still have to wait before starting full preparations.”, he says.

FDJ/Kindred´s general manager for Finland and Estonia, Joel Hakamies echoes that view: “It’s looking fairly good for the big picture. Overall it’s been fairly positive from our view.” The main constraint, he says, is uncertainty: “For our planning it would be better if the timeline was set in stone sooner rather than later. Uncertainty always blurs the horizon for investment.”

Hippos ATG, meanwhile, is preparing at full speed. “We are building a Helsinki-based organisation, recruiting experts on product, marketing and customer support,” Koivula says. For Hippos ATG, Finnish liberalisation is not just commercial: “Every euro of profit flows back to Finnish and Swedish horse racing — a model no other operator can offer.”

Ilmivalta sees a wide variety of strategies: “Some operators will establish local organisations while some are planning on operating very much remotely. Some are customising, some trust that their international offering works.” He also expects variety of new and innovative measures in brand-building under advertising constraints.

Marketing: permissive or restrictive?

Advertising rules are emerging as one of the most contested elements of the reform. The government’s responsible advertising clause drew criticism for vagueness, and even the Basic Law Committee questioned whether courts could interpret it effectively.

Nikkinen notes that Finnish media interests are lobbying heavily, while affiliates have been “banned,” leaving an “uneven table.” He warns that traditional media—not online channels—are the dominant source of exposure for consumers, including children.

Operators themselves are split on how restrictive the framework will be. Kindred sees the new rules as “actually quite liberal,” with “plenty of possibilities for operators to make their mark”. Kuismanen, too, believes “almost all channels are available and there are no time limits”.

What Finland means for Europe

Experts that iGB has spoken to agree Finland will not transform the European landscape overnight. “In reality, the wider impact will be limited,” Koivula says. Vähänen and Kuismanen concur.

Yet Finland matters symbolically: it is the first Nordic monopoly to fall since Sweden in 2019, and Norway will be watching closely. As Nikkinen notes, Norway “still maintains a strict monopoly.” Whether Finland succeeds—or struggles—will shape its neighbour’s arguments for years.

More broadly, Ilmivalta expects Europe to move gradually toward harmonisation in the 2030s, driven by black-market control and safer gambling priorities.

A market worth the wait

Finland’s opening is not smooth, nor is it fully defined. But operators appear willing to tolerate uncertainty for a market that remains both lucrative and culturally embedded. “Finland has been and will be an attractive gambling market,” Hakamies says. “Definitely a major opportunity.”

The real test will come not in 2026 or 2027, but in the following years—when Finland must decide whether its lightly armed regulator and incomplete enforcement architecture can deliver the channelisation and consumer protection the reform promises.

For now, the industry waits—impatient, optimistic and already laying its bets.

Couple arrested over AU$1.2 million fraudulent casino win

A husband and wife from Kazakhstan have been arrested over allegations they defrauded an Australian casino out of AU$1.2million (US$786,059).

The BBC reports that the couple was caught cheating at Crown Sydney. Dilnoza Israilova was found to be wearing a discreet camera on her T-shirt while gambling at the venue.

Police also found “magnetised probes” and a mirror attachment for a phone allegedly used to rig games. Both she and her husband, Alisherykhoja Israilov, were arrested shortly after.

New South Wales Police charged the pair with dishonestly obtaining a financial advantage. They remain in custody over the matter.

Malta regulator issues further warning over illegal sites

The Malta Gaming Authority (MGA) has distanced itself from two websites that claim to be licensed by the regulator.

Both Lavbet321.com and Kasinoseta.com claimed to have been approved by the MGA and that they hold a Malta licence. However, the regulator said this was not the case with either site.

The MGA said that any reference to the regulator or a Malta gaming licence is “false and misleading”.

“The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is authorised to provide such services by the MGA,” the regulator said.

London councils join anti-gambling ad campaign on Underground

Five more London councils have declared their support for a campaign to stop gambling advertising on the city’s Underground.

Barnet, Brent, Enfield, Hackney and Lewisham councils joined the Coalition to End Gambling Ads (CEGA), the BBC reported. The group campaigns against the spread of harmful gambling promotions, with the Underground one of its focus areas.

Haringey Council was the first council to join CEGA in January 2025. The ongoing campaign calls for the end of advertising for all forms of gambling.

In 2021, Mayor of London Sir Sadiq Khan pledged to implement such a ban as part of his re-election manifesto. However, this has yet to come to fruition.

Evoplay welcomes Mantsiou as chief financial officer

The game development studio Evoplay has promoted Vasilena Mantsiou to the role of chief financial officer.

As CFO, she will oversee the studio’s financial strategy, planning and operations. This, Evoplay said, will support sustainable growth and stability as part of its global expansion plans.

Mantsiou joined Evoplay in May 2022 and was promoted to head of the accounting department in January 2024.

“Vasilena’s been an integral part of Evoplay’s journey, demonstrating exceptional leadership and deep financial expertise,” said Ivan Kravchuk, CEO at Evoplay, “Her promotion to CFO is a natural step forward. We’re confident that her strategic vision will continue to support our long-term goals as we expand into new markets.”

Caesars launches sports betting in Missouri

On the first day online sports betting became available in Missouri Monday, Caesars Entertainment has announced its launch.

Players in the state can now download the Caesars Sportsbook mobile app and place bets on a range of markets. They can also visit physical locations at both Harrah’s Kansas City and Horseshoe St Louis.

Missouri was also the first state where Caesars launched with Universal Digital Wallet on the first day of wagering. This enables deposits and withdrawals across Caesars platforms in all regulated states.

Eric Hession, president of Caesars Digital, said: “From our intuitive mobile app to our in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis, we’re committed to providing a secure and responsible way for fans to engage with the sports they love.”

In the role, the government confirmed that Eldhagen will support the minister for financial markets, Niklas Wykman. Alongside gambling regulation, Eldhagen will oversee the financial market, state properties and the financing of new nuclear power.

Eldhagen takes on the new position having most recently served as head of international secretariat Sveriges Riksbank. Previously, he worked in various management roles at the Ministry of Finance and as an advisor at the World Bank.

The government said Eldhagen will commence his new role with effect from 1 December.

Another new face in gambling regulatory leadership

The appointment comes after the Swedish gambling regulator in September also announced a change in leadership. Johan Röhr is now its acting director general following the departure of Camilla Rosenberg.

Röhr took on the temporary role from 1 November and is overseeing Spelinspektionen until further notice. He has worked as chief legal officer at the regulator since June 2008.

Spelinspektionen confirmed that Rosenberg would be stepping down as director general on 31 October. She had led the body as its director general since 2017.

Changing face of Swedish gambling market

Aside from regulatory leadership, the Swedish market has also seen several changes to laws and rules over the past year.

In September, Sweden’s Ministry of Finance published Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework. This included closing loopholes that enabled illegal operators to market to locals via English-language sites with payments accepted in euros.

Other proposed amendments included broadening the prohibition on promoting illegal gambling in Sweden. Beyond advertising, this would extend to payment processors, financial services and other providers that support unlicensed operations.

The memorandum also proposes adjustments to criminal provisions, meaning unlicensed gambling and the promotion of unlicensed services would be made illegal and subject to criminal charges.

Aside from this, the government in October published the full text of legislation imposing a blanket ban on using credit for gambling. This will extend the Swedish Gambling Act, which already prevents players from using credit to gamble with licensed operators.

The new rules will come into effect from 1 April 2026.

This year also saw the end of the country’s land-based market. Svenska Spel confirmed the closure of its final land-based casino in Stockholm, after the Swedish Parliament voted to end land-based casinos in April.

Data from ATG placed channelisation at between 74% and 85% for the third quarter of 2025. This was ahead of the 70% to 82% range the operator reported in the same period last year.

The upper end of the estimate also lined up with the 85% rate stated by Spelinspektionen for all of 2024. The regulator published its estimated rate in September, placing it behind the 86% figure of 2023.

However, both the latest ATG rate and Spelinspektionen’s estimate for 2024 fall short of the government’s channelisation target of 90%. This was set in 2019 when the country opened its regulated iGaming market.

Sports betting channelisation continues to lead casino

The 74% to 85% range stated by ATG covers the entire online gambling sector. However, when this is broken down, a clear gap remains between online casino and sports betting.

Assuming average revenue per visit (ARPV) was 10 times higher for unlicensed operators, the overall rate was 85%. However, sports betting scored higher at 90% whereas casino came in lower at 79%

Should ARPV be raised to 20 times higher for unlicensed operators, the overall rate was set at the bottom end of the range for 74%. Based on the same assumption, sports betting rate was 82% and online casino 65%.

All rates, however, have shown constant improvement since “bottoming out” early last year. In Q1 of 2024, online casino channelisation was estimated as low as 56% based on ARPV being 20 times higher for unlicensed operators. Sports betting was around 77% and overall market rate 67%.

Unlicensed website visits down in Q3

Visits to unlicensed websites have also been on a steady decline since Q1 last year, the ATG report said. The proportion of visits to unapproved sites stood at 2.3%, compared to a peak of around 3.4% in Q1 2024.

As for which unlicensed websites are most popular with Swedish players, Infiniza Limited owned the top three. Unlimitcasino.co led the way in Q3 with 174,391 total visits, ahead of Luckyjungle.com on 144,992, then Refuelcasino.com with 139,097 visits.

Of the 20 most visited, unlicensed websites, ATG said 16 offered games from leading content providers. The operator also noted eight offered direct deposit and withdrawal from Swedish bank accounts with BankID via payment technology company Krofort.

In addition, three of the top-20 sites featured on the Spelinspektionen’s prohibited list.

ATG CEO reiterates call for bonus ban

Hasse Lord Skarplöth, CEO of ATG, welcomed the rise in channelisation and downward trend in unlicensed website visits. However, he said more must be done to tackle illegal gambling in Sweden.

“It is pleasing to see a positive trend,” Skarplöth said. “The work against unlicensed players is starting to have an effect.”

He also referred to ATG’s joint proposal with Svenska Spel for a blanket ban on bonuses in the country’s iGaming market. This has drawn criticism from some quarters, including BOS, Sweden’s Trade Association for Online Gambling, that such a move could push players to illegal gambling.

However, Skarplöth maintained that if efforts are increased to block unlicensed websites, it will create an even safer online gambling environment for players in Sweden.

“I have long advocated a total bonus ban,” he said. “I am often met with the argument that it would drive players to the unlicensed market where bonuses flow. But if we succeed in strangling unlicensed gaming further, that protest will lose its force.”

Allwyn and UK National Lottery set for Christmas

Allwyn has launched a new scratchcards campaign for the UK National Lottery for the 2026 festive season.

The fully integrated campaign focuses on how scratchcards can help bring people together at Christmas. This includes playing Musical Scratchcards at the dinner table and other games in a variety of settings.

The campaign has gone live in the week that the National Lottery also celebrates its 30th anniversary.

“Christmas is all about shared moments, many times involving games and a healthy dose of competitiveness,” said Steve Parkinson, brand and marketing director at Allwyn. “Scratchcards are all about adding some fun and excitement – so are the perfect thing to bring along to festive gatherings.”

LeoVegas scores Valletta FC deal

LeoVegas Group has entered into a partnership with Malta Premier League football club Valletta FC.

LeoVegas will serve as the team’s exclusive online gaming partner for the 2025-26 and 2026-27 seasons. The deal includes match kit sleeve branding for the men’s squad.

Other aspects of the agreement include visibility across all club facilities such as the training grounds and the matchday fanzone. LeoVegas branding will also appear on the squad’s training bags.

“Our Group has considered itself a partly Maltese company almost since its inception,” said Stefan Nelson, LeoVegas Group CFO and Malta managing director. “We are thrilled to collaborate with the capital’s club to create exciting opportunities for fans, employees and future talent alike.”

William Hill launches Racing Bet Builder

William Hill has announced the launch of its Racing Bet Builder product in the UK and Ireland.

Bettors can combine multiple selections from the same race into one customised bet. This will be the first time an option like this will be available to customers.

Same-race bets include horses to finish in the top three, beat one another, exact finishing positions, betting without runners, and winning distance.

“Our customers have been asking for more customisable ways to bet on racing,” said Mark Howarth, William Hill’s director of racing. “We’re delighted to deliver this fantastic product.”

Swintt to expand Italian offering

Swintt has announced plans to extends its offering in Italy following early success in the country’s iGaming market.

The software provider entered Italy in October via an exclusive partnership with Eurobet.it. This included an initial roll-out of content such as Pirates Pledge Hold & Win, Battle of Myths, Supa Crew, Wizardz World and Crystalium.

Swintt will now seek approval from the regulator to roll out a second round of releases from Elysium Studios on the Italian platform. Additional games may include A Hopping Kiss and Enigma of Egypt.

David Mann, chief executive officer at Swintt, said: “Having only launched with Eurobet.it at the end of October, we’ve been really encouraged by the reception our Elysium Studios titles have received from Italian players, and work is already under way to roll out our next round of releases.”

Stakelogic eyes engagement with mini games

Stakelogic has launched five new mini games with a focus on player engagement and instant-win excitement.

Golden Kick, Mouse on the Run, Gold Pick Legend, Flip N Win and Tiki Tiki Twist are all now available from Stakelogic.

The developer said the collection blends “simple play with high engagement”. This, it added, gives players something “compelling” to dip in and out of between longer sessions.

James Jelliffe, head of slots at Stakelogic, said: “This latest collection showcases just how much personality and excitement can be delivered in short-form play. We’re excited to see them live across our operator network.”

However, despite these frequent interventions, breaches persist. The pattern raises a difficult question: why does non-compliance remain so endemic? The answer seems to lie in a complex mix of regulatory evolution, operational shortcomings and commercial tension between growth and governance. 

The numbers give an indication. A conservative estimate is that the total annual fines for regulated non‑compliance in the European gambling sector lie above €150 million per year. Spain is a leader among the European countries, both in number of non‑compliance cases and aggregate fines issued in recent years. The Spanish regulators imposed €142.7 million in fines on gambling and online gaming operators during 2024. 

According to Vixio’s AML Fines Outlook, regulators across Europe imposed more than €36 million in AML-related penalties alone between March 2024 and March 2025, underscoring the sector’s struggle to meet compliance standards that are tightening by the month. 

What’s happening across Europe?

In Britain, the Gambling Commission remains an assertive enforcer. Between April 2023 and March 2024, it issued £7.16 million in fines. Then for the period 1 April 2024-31  March 2025, the commission’s annual report revealed enforcement action against 24 operators led to £4.2 million in fines or regulatory settlements. A new seven-step process to calculate financial penalties was introduced by the Gambling Commission in October. They will now be based on a percentage of the offender’s gross gambling yield.  

In the Netherlands, the Kansspelautoriteit (KSA) introduced a tougher fining matrix for 2025, where Category 5 violations now carry penalties of between €2 million and €4 million. Last year, Malta-based online casino Gammix Limited was fined €19.7 million for unlicensed operations, one of the largest penalties ever imposed by a European regulator. 

Elsewhere – from Malta to Finland and Denmark – regulators are taking similar tough stances against regulatory non-compliance. Belgium’s Gambling Commission, for its part, handed out a record €4.6 million in fines last year. And in Italy, the regulator ADM imposed €1.35 million fines in advertising-rule breaches. 

Some industry stakeholders warn the black market will be the only beneficiary if enforcement becomes disproportionate relative to revenue. Regulators, however, counter that deterrence requires precisely that degree of financial sting. 

Compliance or competition? 

Industry observers note the longstanding compliance dilemma stems from competing imperatives. Regulatory requirements are complex and there is a tension between delivering commercial performance and meeting compliance obligations. 

“It is clearly obvious that the bar has been raised by regulators both in the UK and across Europe. The sharp increase of regulatory action we are witnessing, particularly around AML and social responsibility, paints a picture that all may not be as it should be in the regulated market,” says Victoria Reed, chief executive of Better Change. 

This friction is particularly acute in markets where margins are tightening. Melanie Ellis, a partner at Northridge Law in London, argues that investment in compliance infrastructure often competes with initiatives that promise faster returns. “The cost of compliance has increased massively. Operators are unable to divert sufficient funds to this function. In the UK, this particularly relates to the increased expectations in relation to customer monitoring and action.” 

She explains how it has become difficult to meet the GC’s expectations without significant investment in both software and personnel, particularly to enable immediate responses to indicators of money laundering or harm. 

That challenge is further complicated by demographic shifts – especially the rise of younger, digital-native gamblers – that put further pressure on operators to deliver seamless, instant experiences without breaching consumer-protection thresholds. 

Reactive to predictive

Britain’s Gambling Commission has sought to evolve from reactive enforcement to predictive oversight. Andrew Rhodes, its chief executive, told industry representatives at a briefing in November that nine operators had been suspended in recent weeks for “issues that we have repeatedly warned about – software provision and self-exclusion”. 

The commission’s new approach to non-compliance relies heavily on real-time monitoring through its Regular feed of Operator Core Data (ROCD) “Over 73% of last year’s consumer-protection assessments were rated good or satisfactory,” Rhodes explained. 

He credits the ROCD with allowing regulators to spot behavioural risk clusters – such as younger players who seldom set deposit limits yet reach thresholds of financial harm. The GC hopes this analytical capability will pave the way for “a truly risk-based regime”. 

Signs of progress 

Despite the headlines that non-compliancy makes in mainstream press, not everyone sees an unmitigated compliance crisis. Richard Williams, a specialist gambling, licensing and regulatory lawyer at Keystone Law, believes operators have made tangible progress. “If you go back five years and look at AML and social-responsibility compliance then versus now, the change has been huge – particularly around intervention when people are losing large amounts of money. Operators are far more responsible,” he says. 

The GC’s evolving stance also reflects a wider trend toward collaboration rather than confrontation. “We recognise there will always be tension between regulator and regulated,” Rhodes says. “But it doesn’t have to be adversarial. Working together productively has delivered progress.” 

Williams notes that regulators increasingly prefer structured action plans to outright licence reviews. “If improvement isn’t shown, then suspension or revocation can follow – but that’s becoming rarer,” he says. “It’s now more about raising standards than simply sanctioning operators.”

Non-compliance a fault of global expansion 

Nevertheless, non-compliance remains a concerning issue. Tamsin Blow, a lawyer at CMS London, observes why instances continue to occur: “Enforcement often results from operators grappling to understand and keep on top of multiple differing legal systems across jurisdictions, balancing parallel — and sometimes competing – obligations under AML, social responsibility, data protection and equalities law.” 

Breaches, in most cases, are not deliberate. “I’m sure it happens occasionally,” says Williams, “but I think it’s rare. If you look at the size of fines, which are often in the millions, and when you add legal fees, audits and licence conditions, it’s generally not profitable to be non-compliant. Most responsible operators don’t intend to breach rules.”  

According to Williams, the high number of compliance cases in the UK is a reflection of a particularly vigilant regulatory body. “Regulators in other markets doing only a handful of checks each year will naturally find fewer breaches.” Operators are being squeezed by rising duties, taxes and levies, he points out. “That pressure creates real challenges.” 

The Dutch toddler 

Taking a quick glance across Europe, if Britain represents regulatory maturity, the Netherlands is still finding its footing. Bjorn Fuchs, chairman of the Dutch trade body VNLOK, likens the market, which opened only four years ago, to “a toddler with a steep learning curve”. 

“The speed with which the bar has been raised, combined with multiple possible interpretations, can lead to misunderstandings, loss of oversight and sub-par execution,” he says. Operators, he adds, face heavy fines for responsible gambling lapses, particularly in self-exclusion and deposit-limit enforcement. 

Fuchs worries that “when regulatory burdens grow exponentially fast and become disproportionate, the legal market as a whole is at risk”. Still, he insists that genuine errors should be seen as part of a maturing ecosystem, not disregard of rules: “Operators that knowingly and structurally aren’t compliant should lose their licence to operate.” 

In Norway, where gambling remains a state monopoly, compliance takes a different form. Carl Fredrik Stenstrom, secretary-general of the Norwegian trade body NBO, says that “being the last-standing monopoly means the operator is under intense scrutiny. Even minor deviations are highlighted.” 

That scrutiny intensified after PwC’s 2025 audit of Norsk Tipping found “poor control and unclear leadership”, with excessive emphasis on innovation over quality assurance. For Stenstrom, the episode reveals that even monopolies are vulnerable to governance drift. “It’s very interesting that PwC issued such criticism for a monopoly company, which is supposed to just supply Norwegians with gambling products,” he notes. 

Trade bodies like NBO, he argues, are vital to maintaining accountability by providing a collective voice, engaging with politicians and communicating the industry’s perspective. He adds, too, that skilled regulators are essential. “Competent regulation ensures responsible and attractive markets.” Personal accountability for directors or turnover-linked penalties, he suggests, could complement strong institutional oversight. 

Reputational damage is another risk 

The financial cost of non-compliance is one thing, but reputational damage is another. Ellis warns: “When players, regulators or the public perceive repeated non-compliance, that can affect brand value and long-term profitability.” 

In markets such as the UK, where gambling advertising and social responsibility obligations are under constant political scrutiny, reputational harm can quickly translate into commercial risk, says Reed. “It is a huge reputational risk; we cannot portray the regulated industry as whiter than white and a safe place for people to play if the headlines continue to report huge fines as a result of failings,” she adds.  

The direction of travel, many agree, is toward data-driven, risk-based compliance. The UK’s ROCD system is a case study in how analytics can identify and mitigate risks. Similar approaches are emerging elsewhere: Sweden’s Spelinspektionen now ties fines to turnover, while the KSA in the Netherlands is experimenting with behaviour-based enforcement triggers. 

For operators, the challenge is to move to predictive oversight embedded in everyday operations. As Reed puts it: “The better operators understand the patterns regulators are monitoring, the better they can align their business practices and protect consumers – which benefits the industry as a whole.” 

The long game 

Looking ahead, Williams sees progress hinging on two fronts: “AML and social responsibility failings are often the same in not properly establishing a customer’s means or source of funds. But now there are far more mandatory limits, vulnerability checks and automated monitoring systems. Technology and machine learning have reduced human error, which was often the weak point.” 

He is skeptical about EU-wide harmonisation. “Each regulator wants its own rules. Harmonisation makes sense in principle, but in practice countries approach it differently.” 

Meanwhile, Blow believes enforcement has already peaked in Britain: between 2018 and 2023, annual enforcement cases ranged from 15 to 23; in 2024, they fell to around a dozen. “The market and the clarity of the regulatory regime have matured,” she says. “We may now see similar developments across Europe as other markets evolve.” 

Ellis adds that infrastructure will matter more than ever going forward. “Investment in compliance infrastructure would have the biggest impact on reducing non-compliance,” she says. “Unfortunately, this will be increasingly challenging if tax rates rise. Effective communication of expectations by regulators is also crucial.” 

Bjorn Fuchs argues for better balance: “The most effective lever for reducing recurring fines is a combination of strong accountability for operators and an effective dialogue between legislators, regulators and the industry.” 

After a decade of explosive growth and sporadic governance, Europe’s iGaming sector is learning that compliance must be built into the business model, hoping that compliance will shift from being a recurring headline to a quiet constant. Until then, the penalties – financial, operational, and reputational – will keep the conversation alive. 

Revenue for the year was on par with 2023, data from national regulator Kansspelautoriteit (KSA) showed. The published figures cover both online and land-based gambling, including casinos, sports betting and lotteries.

It was bad news for land-based casinos, which have been in steady decline since the Covid-19 pandemic. Revenue for the sector as a whole was 5.5% lower at €1.30 billion but still represented 30% of the total market.

Physical slot machine revenue dropped 5.4% to €654.4 million. However, machines placed in Holland Casino venues also posted a rise, with revenue edging up 0.5% to €396.1 million. Table games revenue, meanwhile, fell 9.3% to €247.6 million.

The KSA also reported a decline in the number of player positions in most land-based venues. Arcade machine player positions dropped 15% to 20,997, while Holland Casino places fell 0.3% to 6,233. There was, however, an uptick in machines in “catering” venues, with the total rising 17.35% to 7,992.

As was the case in 2023, lotteries drew the most revenue at €1.5 billion, a year-on-year rise of 3.%. This represented 34% of total gambling revenue for the year, while lottery turnover edged up 4.2% to €2.43 billion.

Dutch online casino revenue edges down

Elsewhere, the KSA reported a 1.1% drop in revenue from online casino in 2024. It did not publish a breakdown for the area but did note that the segment drew 26% of total market revenue for the year.

Turning to sports betting, growth was reported across both the online and land-based areas. Online sports betting revenue increased 17.7% to €352.6 million while land-based revenue was 27.4% higher at €77.1 million for the year.

Horse racing accounted for just €3.9 million of the online total, with the rest spread across other sports. It also generated €1.6 million worth of online revenue.

Land-based player losses continue to outweigh online

Player losses data was also released by the KSA in its update on Thursday. On average, players lost €197 each from land-based gambling during the year, only slightly lower than €198 in 2023. In contrast, online loss reached an average of €101, up from €99 in the previous year.

As for tax, the total collected for the year topped €1.03 billion. Despite a decline in revenue, land-based casinos generated the most income for the country. In total, tax from land-based casino activity in 2024 was €396.1 million, only slightly lower than 2023.

Online casino followed with a tax contribution of €342 million, up 2.2%, then lotteries with €156.3 million. Internet sports betting generated €107.5 million in tax and land-based betting €23.4 million.

Tax is very much a hot topic of discussion in the Netherlands at present, with another gambling tax rise on the horizon. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. Operators already faced an increase to 34.2%, which came into effect in January 2025.

Nederlandse Loteri secured an initial majority stake in the platform in 2021. It said the full acquisition would strengthen its position in the charity lottery market within the Netherlands.

Lotify works with sports federations, sports clubs, charities, events and companies across the country. The platform provides a solution for organising lotteries and competitions that meet Dutch reguatory requirements.

Financial details of the acquisition agreement were not disclosed.

Lotify acquisition will support fundraising efforts

Arjan Blok, CEO of Nederlandse Loteri, welcomed the acquisition. He said that the deal will allow the organisation to help more organisations around the country to raise funds.  

“As a fully integrated part of the Dutch Lottery, Lotify can leverage our knowledge, network and impact even more effectively,” Blok said. “This allows us to support even more sports federations, clubs and charities, who are especially looking for new ways to raise funds during these times.”

Lotify founder Guy van Iperen also talked up the deal. He said the “time was right” to hand full control to Nederlandse Loteri, adding that this will strengthen Lotify’s offering.

“After four years of intensive collaboration, the time has come to transfer Lotify to the Dutch Lottery,” van Iperen said. “This is in line with the agreements we made in 2021, when the Dutch Lottery acquired a majority stake.

“I look back with pride on what we have built together and am confident that the platform will continue to grow under this new owner. This way, Lotify can help more organisations generate additional funding.”

Nederlandse Loteri seeks to offset impact of tax hikes

The acquisition comes as Dutch operators prepare for another rise in gambling tax. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. This will follow an increase to 34.2% that came into effect at the start of 2025.

Nederlandse Loteri is one of several operators to have hit out at the decision, saying it will not only impact their own operations, but also damage the country’s regulated market.

Being state-owned, lottery is somewhat limited across its operations and activities. There was speculation that it could be privatised but such reports were put to bed earlier this year when the government confirmed Nederlandse Loteri, as well as Holland Casino, would remain under its control. However, this did not stop both operators criticising the government over tax rises.

Concerns over the hike were heightened in August when the Licensed Dutch Online Gambling Providers (VNLOK) trade body suggested the higher rate could result in a €200 million tax black hole.

The Ministry of Finance had expected to collect an additional €200 million annually between 2025 and 2028, it said last September when the tax hike was approved.

Groes is the brother of company co-founder and co-CEO Ebbe Groes and brings experience from across technology, finance and policy having spent over 11 years with EY. This includes the past nine and a half years as a partner in the business’ Nordic Consulting practice.

Prior to this, Groes worked for the European Regions Research and Innovation Network. He also spent time with the South Denmark European Office and worked in local government in his native Denmark.

In addition, for the past two and a half years, he has chaired Management Rådgiverne, a Danish-facing organisation for management-consulting businesses.

Groes backed to help EveryMatrix reach ‘ambitious’ targets

Groes said joining EveryMatrix — alongside brother Ebbe — was a “dream come true”.

“What [games CEO] Stian Hornsletten and the rest of the team have built is nothing short of phenomenal,” Groes said. “I’ve seen close hand just what it takes. We work well together and our differences and combined strengths complement one another. I can’t wait to get started.”

Ebbe Groes said the appointment would support long-term growth plans at EveryMatrix.

“As the company’s growth continues, tripling our headcount in the last five years, and as we work with more of the largest gaming brands and lotteries, I needed to find someone who knows what it takes to scale a business and reach the ambitious targets we have for the next five years,” he said.

“Doing this means I will have more time to work on strategy and execute all the things we want to do to become a global top three tier-1 technology provider by 2030.

“To share a CEO position requires complete trust at both personal and professional level. Jonas is the perfect candidate. I know he will go on to do amazing things at EveryMatrix.”

Earlier this year, Ebbe Groes spoke with iGB about the provider’s expansion strategy. This included the acquisition of UK-based betting and iGaming platform FSB in July 2024 and the purchase of Fantasma Games later that year.

A cross-industry campaign that has been running for several years, Safer Gambling Week focuses on promoting safe gambling behaviour among players. This includes highlighting the various tools available to consumers in European markets.

The 2025 campaign runs from 17-23 November, with the hashtags #SGWeek #SGWeek25. It will again be organised by the European Gaming and Betting Association (EGBA), with support from local organisations in participating countries.

What are operators doing this year?

Flutter Entertainment has announced it will run a series of activities during the week. This includes hosting a town hall, where brand CEOs will share best practices and insights on how their teams are advancing responsible gambling goals. This forms part of the group’s Play Well responsible gambling initiative.

Flutter will also run a lived experience panel with EPIC Global Solutions, demonstrating to staff how education drives progress in the sector.

Meanwhile, a Central & Eastern Europe Play Well Day will share progress across the region to facilitate meaningful development. In addition, sustainability reporting manager Ryan Heslop will join an EGBA webinar on how to turn data into action when measuring what works in player protection.

“Collaboration is how we make meaningful progress – both within Flutter and across the industry – and this week is an important moment for it,” Flutter said in a statement on Monday.

Meanwhile, Merkur Casino UK said it would share key messages that encourage informed, balanced play across the operator.

Is AI the future of safer gambling?

Playtech has used Safer Gambling Week 2025 to speak about its work with AI and responsible gambling. In a LinkedIn post, Playtech said AI remained “central” to advancing player protection, with machine learning enabling early detection by analysing behavioural patterns across millions of data points, identifying risk before harm occurs.

However, Playtech said this must be supported by wider collaboration across the industry, and projects such as Safer Gambling Week help champion this approach.

“We’re continuing to explore generative AI to deliver personalised support at scale, real-time insights and adaptive messaging that meet individual player needs while preserving human empathy,” Playtech said.

“But technology alone isn’t enough. Safer gambling requires collaboration, transparency and a shared commitment to measurable outcomes. Together, we can build an ecosystem that protects the vulnerable and remains commercially sustainable for the long term.”

Seeking to better record Safer Gambling Week 2024

Organisers have utilised the campaign to improve player uptake of safer gambling tools. Last year in the UK and Ireland, over 1.5 million unique accounts used a safer gambling tool throughout the week, up 22% year-on-year. Deposit limits also climbed 14%, with nearly half set for the first time.

In addition, the 2024 programme set new social media records. Last year’s campaign generated over 60 million impressions across platforms including X, Facebook, LinkedIn and Instagram.

“The week sees the whole industry coming together to further promote safer gambling for the millions of people who enjoy a regular flutter,” Betting and Gaming Council CEO Grainne Hurst said. “It’s a time to highlight all the tools available so that customers can stay in control. And to signpost help and advice to those who need it.”

Over the years, the campaign has also drawn support from the government and the British Gambling Commission. This year the regulator noted that player protection tools were progressing, but warned the sector must ensure these measures are “widely promoted”.

“Collaboration and evidence-based action remain central to making gambling in Great Britain fairer, safer and crime-free.” Gambling Commission CEO Andrew Rhodes said in a statement. “Safer Gambling Week is an important moment for the industry to demonstrate its commitment to protecting customers and promoting responsible play.”

Baroness Twycross, Under-Secretary of State for DCMS reiterated the government’s committment to “reducing harmful gambling and protecting those at risk”.

“We welcome the contribution that Safer Gambling Week makes. It provides a good opportunity to highlight the tools and support that is available to people who may need it,” she added.

Codere Online reported its Q3 earnings on Monday. It said net gaming revenue for the period had dropped slightly to €51.6 million from the €51.7 million reported last year. 

Adjusted EBITDA for Q3 was up €2.9 million or 93.3% compared to €1.5 million last year, with Codere Online reiterating its full-year NGR guidance of between €220 million-€230 million and adjusted EBITDA of €10 million-€15 million. 

The company’s NGR in Mexico was €26.8 million, a 0.4% year-on-year rise. Codere Online CEO Aviv Sher noted revenue had been flat in Mexico despite a 5% devaluation of the peso and a consistently low sports betting margin. 

However, Mexico is in the process of increasing its tax rate on gambling from 30% to 50%, as part of the government’s 2026 budget. 

The hike hasn’t yet been approved, but CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects it to come into effect from 1 January. 

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” he told analysts during the earnings call, in response to questions on its position in the market.  

“The tax obviously factors into that in terms of our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Mexico government targeting the wrong side of legality 

Mexico continues to be Codere Online’s biggest market, with its €26.8 million in Q3 revenue ahead of the €22 million achieved in its home market of Spain. 

Its monthly active players in Mexico soared by 39% to approximately 88,300, compared to 50,200 in Spain. 

Elsewhere, Codere Online is working with the Mexican government to highlight the prevalence of the black market in the country.  

Iglesias said the government should be looking to bring illegal operators onshore as a source of additional revenue. 

“Directionally, obviously, a tax increase is not good,” Iglesias explained. “We always are looking for governments to look to increase compliance with anyone operating offshore or operating in the grey or black markets. That’s the first place we prefer for governments to look for additional revenues.  

“We are partnered with the Mexican government. We are partnered with governments in every market in which we operate, and we are going to find a way through this and continue to be confident that the Mexican market is going to be a winner for us over the short, medium and long term.” 

Tax rise might ease competitive landscape in Mexico 

Iglesias did note the incoming tax increase could dampen the competitive landscape in Mexico, perhaps benefitting well-established players such as Codere Online. 

“While it is difficult to know how other operators will react, we are expecting that this tax increase may have a chilling effect on both new market entrants in regards to their appetite for further investment in the Mexican market and on those not yet operating in Mexico, but with near or medium-term plans or ambitions to enter the market,” Iglesias said.  

“It is difficult to quantify the impact of that chilling effect, [but] we would at least directionally expect a more benign competitive landscape in Mexico going forward, which we believe will be to our and other incumbents’ benefit.” 

Codere Online five-year strategy does not include Colombia 

In the company’s Q1 results, Codere Online said it was pulling back in Colombia because of the 19% temporary VAT. Sher reiterated this strategic change on the business’ post-Q2 earnings call. 

The VAT is set to come to an end from the start of 2026, but the company is working under the assumption it will either be renewed or made permanent. 

Speaking on the Monday call, Codere Online executive vice-chairman Moshe Edree said the operator’s short to mid-term strategy “does not include Colombia”.  

“We just monetise it as it is. So we’re not going to invest any further unless the tax will change,” he said.  

Iglesias added more colour: “We continue operating under the assumption that this will continue, that this will get legislated in a more permanent way.  

“That said, that may not necessarily be the case. If it’s not the case, then we will rethink what it is we want to do. Obviously, that’s a game changer and fixes the primary problem in Colombia, which is the unit economics are not good in the context of a tax on customer deposits. It is a situation we’re monitoring. 

“As things stand today, it’s a tough market for us to find a way forward that makes sense for us.” 

ACMA orders blocking of illegal gambling sits

The Australian Communications and Media Authority has issued banning orders against a further nine illegal gambling and affiliate websites.

ACMA said the sites did not hold a licence to offer online gambling in Australia. As such, it requested that Australian internet service providers block access to the sites.

Among the brands were Cashed, King Maker, Posido, Spinight, Spinsy, The Pokies Reviews and Topio Networks. Also flagged was wizbet.app, an imitation of the licensed WizBet service, and next2go-au.com, an imitation of the approved Next2Go service.

“Since ACMA made its first blocking request in November 2019, 1,369 illegal websites have been blocked,” ACMA said. “Around 220 illegal services have also pulled out of the Australian market since we started enforcing new illegal online gambling rules in 2017.”

PAGCOR commits funds to typhon support

The Philippine Amusement and Gaming Corporation has allocated Php32.85 million ($557,267) to assist those impacted by the recent Typhoon Tino and Super Typhoon Uwan.

The typhoons left widespread devastation across the Philippines, claiming hundred of lives and affecting over 2.5 million families. Funds from PAGCOR were used to buy 31,500 relief packs containing food and non-food essentials.

Another batch of 16,500 relief packs worth Php18.07 million will also be dispatched.

“In times of calamities, PAGCOR will always be ready to step in and extend support to our fellow Filipinos,” CEO Alejandro Tengco said. “Part of our nation-building mission is to help our kababayans rebuild their lives.”

Hippos ATG names Nurmi as COO

The newly established Hippos ATG has appointed Jussi Nurmi as its chief operating officer.

Nurmi has 10 years of experience within the iGaming industry, including time working in senior roles with Betsson and TonyBet.

In April, Sweden’s ATG announced a 50/50 joint venture with local Finnish racing association Suomen Hippos. It was later confirmed the business would operate in Finland with the ATG brand.

“Hippos ATG combines strong heritage with a clear ambition to build a modern and sustainable business for the Finnish market,” Nurmi said. “I’m excited to contribute to creating a competitive and responsible gaming company in Finland.”

Intralot extends with Arkansas Scholarship Lottery

In the US, Intralot has signed a new, 10-year contract with the Arkansas Scholarship Lottery.

The agreement, which comes into effect next August, will extend a partnership that began in 2009. It covers the introduction of new technology for the lottery.

Intralot will introduce its new lottery solution, including the LotosX Central Gaming System. Arkansas will be one of the first states in the US to roll out the technology.

“We look forward to our continued partnership with Intralot.” Arkansas Scholarship Lottery Executive Director Sharon Strong said. “With this new agreement, we remain committed to both our players and our mission of supporting Arkansas students.”

National Council on Problem Gambling appoints Maurer

The National Council on Problem Gambling has appointed Heather Maurer as its new executive director.

Maurer brings over 25 years of leadership experience in the fields of public health, policy, and nonprofit management. She was most recently CEO of the National Association of Nurse Practitioners in Women’s Health.

As executive director, Maurer will lead strategic direction and oversee national programmes, partnerships and advocacy initiatives.

“I’m honoured to join NCPG and build on its strong legacy of leadership in addressing gambling-related harm,” said Maurer.

Keith Whyte served as executive director of the national council for more than 25 years before his departure in January.

Acquisitions, aggressive expansion into retail betting and a determination to navigate Germany’s highly complex regulatory framework have turned it into one of the country’s most ambitious emerging challengers. 

Under the direction of 54-year-old CEO Pierre Hofer, who has been on the board since 2010, the company is accelerating a wave of consolidation that is reshaping the German betting landscape. 

The major acquisition by Pferdewetten AG subsidiary NetX Betting of the HappyBet franchise from Playtech, as part of the latter’s B2C exit, marked a major pivot for Pferdewetten.de AG. The deal was announced in late May and includes approximately 600 hardware units, such as betting terminals and POS systems. The main strategy is a simple question of gaining market share, explains Hofer to iGB. 

“We knew we could make the shops perform better with our product, improving revenues for franchisees. Playtech also wanted a fast and simple deal,” he says. But for Pferdewetten.de AG, it is only the beginning. A joint venture with Bet3000, another retail heavyweight, is already under way. 

“This [next] deal is actually five to six times bigger than the HappyBet deal. They will switch to our licence. Contracts are ready to sign and several dozen shops are already in the process of switching.” 

And yet another deal is on the horizon, Hofer says. He reveals that his company is in talks with another important player. “But I cannot talk about it for now. It’s consolidation.” He insists an announcement is imminent. 

Reshaping the German betting landscape 

For a company long in the shadow of national giants such as Tipico, the prospect of a sudden leap in scale is dramatic. Hofer admits that the past year has been transformational: “We have seen more or less every single part of a life with ups and downs,” he says. Yet the ups increasingly outweigh the downs. 

Pferdewetten.de AG began modestly during the early days of online betting. In its formative years, it offered general sports betting – until a lack of regulation forced a retreat. “Because we didn’t have a law or regulation for sports betting, management decided to pull out of the sports betting market and focus on horse racing,” says Hofer.

It was a fateful decision. Rivals pressed on in the regulatory grey zone, eventually becoming today’s industry giants, Hofer remarks. Pferdewetten.de AG remained a niche business, profitable but limited by the scale of Germany’s horse racing market. 

The pivot back to sports betting came only in 2018, facilitated by the acquisition of the Sportwetten.de domain (sportswetten means sports betting). “ It’s more or less the best domain you can have in the German market,” Hofer says.

Revenues from the racing business financed the relaunch. “We took positive results and cash from the horse racing business and invested them into the sportsbook in Germany,” he says. The firm grew cautiously, “in line with predictions”, while biding its time for a larger opportunity. 

That opportunity arrived in 2021. “The entire team of a leading sports betting operator in Germany – offering land-based shop betting and online betting – was looking for a new home. They had major discussions with the owner and decided to split,” Hofer explains. The move signalled turbulence among competitors – several foreign firms were shrinking their German exposure or withdrawing outright as compliance pressures mounted. Yet Pferdewetten.de began amassing talent, technology and shop expertise. 

The company’s business model shifted too. “We transformed from a stable, ‘boring’ horse racing operator into a sports betting startup, investing heavily. We moved from paying dividends to issuing capital increases and convertible bonds,” Hofer notes – a clear signal to investors Pferdewetten.de was preparing to scale. 

HappyBet: The deal that set the pace 

The next turning point was the aforementioned acquisition of HappyBet. Following Flutter’s purchase of Snaitech, the German HappyBet business was left in limbo and with Playtech, eager to complete its B2C exit, it sought a buyer. Hofer moved quickly. 

“Around a year ago, we started negotiating with Snaitech and Playtech to get hold of these franchise shops,” he recounts. The final agreement brought over a substantial portion of the HappyBet retail estate – along with the Maltese HQ, employees and several hundred betting terminals. Compatibility with Pferdewetten.de’s systems was a lucky bonus. “Our supplier is the same, so terminals are 100% compatible without major investments,” Hofer applauds.

HappyBet’s steady decline meant the portfolio required selective pruning. “There were maybe 90–95 shops available. We didn’t want around 30–35 of them – too small,” Hofer says. Even so, the remainder represents meaningful scale: “Yes, as expected, we are integrating a mid-double-digit number of shops.”

Pferdewetten.de wants to be number two behind Tipico

Perhaps it is the next chapter that signals a more profound shift. Alongside HappyBet, Pferdewetten.de is finalising a joint venture with Bet3000, one of Germany’s most recognised retail operators. Hofer outlines the scale: “They run 68 owned shops and 120 franchise shops.” 

Contracts are “ready to sign”, he says, with several dozen shops already migrating. If executed as outlined, the group could operate approximately 400 shops by mid next year – a remarkable escalation for a company that entered the retail market only in 2022. 

And then comes the tantalising hint of the new as-of-yet unannounced deal. The implication is clear: Pferdewetten.de is lining up a third acquisition, potentially larger than HappyBet, in a market where weaker operators are seeking exits. 

Hofer’s ambition is now explicit: “Three or four years ago, there were 11 players in the retail market. Now we are down to six. The Bet3000 deal will make it five. Another deal may make it four. Our goal is to become number two in the market – after Tipico – within four years of operations.” Tipico has a current market share of around 50%. 

For a company that once abandoned sports betting entirely, the target is bold. And Hofer’s enthusiasm suggests that he sees consolidation not as opportunism, but as a once-in-a-generation chance to model Pferdewetten.de AG’s trajectory. 

Germany’s regulatory knot 

The obstacle, as always, is regulation. Since the introduction of the Interstate Treaty on Gambling in 2021, Germany has imposed strict monthly deposit limits which narrow product offerings and require heavy compliance reporting. 

Hofer is blunt about the challenges. “Deposit limits make things complicated. It’s overregulated,” he says. He points to the flood of offshore competition. “There are more than 430 illegal betting platforms targeting Germany.” With restricted odds and capped deposits, “many high-volume customers go to illegal platforms. The online casino market is hit very hard.” 

Even fully compliant operators pay a steep price. “Compliance costs are huge – seven digits per year,” he says. “Last quarter alone we spent €300,000 on lawyers and consultants, excluding employees.”

He hopes that next year’s planned update to the treaty may ease restrictions. “Authorities believed they had 95% channelisation – this was unrealistic,” Hofer says. In reality, “the market appears to shrink but actually grows underground.” 

On whether regulation will improve, his answer is measured: “We hope so. Authorities are slow, but starting to understand reality.” 

Performance and prospects 

Despite regulatory pressures, the company’s underlying business is strengthening. “Third-quarter numbers were presented today — we didn’t expect to disappoint. We are at more or less break-even now,”  Hofer notes, adding that next year it should deliver “record EBIT”. 

Growth has been helped by a broadening retail base and a strong sportsbook product built specifically for domestic preferences. “We focus on the German market nationwide – from Munich to Hamburg to Berlin,” he says. 

There is tentative expansion abroad. The company also operates in Denmark under JackpotBet.dk, licensed for sports betting and casino, and maintains a small presence in Austria. But Germany remains the overwhelming priority. 

Asked whether the model is sustainable amid regulatory change, Hofer replies: “Yes, definitely for the next few years. Regulation can change, but we don’t expect it to get worse.” 

The company that in 2007 stepped back from sports betting now stands on the verge of becoming Germany’s second-largest retail operator. In one of Europe’s strictest markets, Pferdewetten.de AG is betting not on luck, but on timing – and on the sudden availability of competitors’ assets. 

If Hofer’s instincts prove correct, the horse racing specialist may soon find itself racing among giants. 

Svenska Spel and ATG on 7 November submitted a joint op-ed article to the Svenska Dagbladet newspaper, outlining their support for a possible ban, which would put an end to any form of online bonuses awarded by licensed operators in Sweden.

In the article, Svenska Spel’s Anna Johnson and Hasse Lord Skarplöth of ATG argued bonuses could lead to gambling-related problems. They noted the particular appeal of the bonuses to younger people, drawing them to gambling and causing long-term issues.

The op-ed also highlighted certain statistics from a recent report by the Swedish Association for Alcohol and Drug Education. One piece of data suggested gambling among boys in their second year of high school increased from 27% to 43% in five years.

While BOS Secretary General Gustaf Hoffstedt shared concerns over young people and gambling, he rejected the direct link to bonuses. He said a ban on bonuses in online gambling would not solve the problem.

“We believe that everyone agrees and is concerned that gambling among young people under the age of 18 is a growing problem,” he said.

“But to claim that this is due to the welcome bonuses that are currently offered to adult players, without mentioning how today’s young people learn to play for money through so-called skins and loot boxes in their favourite games, is not serious.”

Gambling monopolies’ motive

Hoffstedt insisted the ban would benefit both Svenska Spel and ATG by reducing the size of Sweden’s legal market and pushing more players to play with the gambling monopolies.

“Both of these gambling companies, which emerged from the Swedish gambling monopoly, took significant market shares with them from the start when the Swedish gambling market was re-regulated in 2019,” he said.

“The fact that their competitors, who in many cases start with zero customers on their data base, are prohibited from offering a bonus when a new customer is recruited is of course tempting for the old monopolists.

“But they bite their own tail. Because with demands for further restrictions on the legal licensed gambling market, they can only defend their market share in an increasingly shrinking licence market.”

“These two companies could have brought together the gambling market, or at least the members of their own trade association, for some common good. However, they ignore this and run solo games for short-term benefit for themselves, but not for Sweden and above all not for consumer protection in the gambling market,” Hoffstedt added.

Black market concerns from bonus ban

Hoffstedt also flagged concerns over how a ban could drive players to unlicensed sites, which may offer bonuses but not the same protection measures as approved brands.

With this, he called for balance in gambling regulations to consider both consumer protection and gambling pleasure. This, he said, would ensure a higher proportion of users gambling with regulated websites.

“A high proportion of legally licensed gambling is achieved through striking a balance between consumer protection and gambling pleasure,” he said. “The gambling consumers must themselves want to be in the licensed gambling market. If this is not achieved, the entire system will collapse.

“Now Johnson and Lord Skarplöth also want to remove the possibility of giving a bonus to a new gambling customer. If they get their way, we probably haven’t seen the bottom yet in how low the proportion of legally licensed gambling can fall.”

Sweden is in the process of overhauling part of its gambling regulation to deepen enforcement against the black market.

A review of the Gambling Act reached a milestone in September when the Ministry of Finance published investigator Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework and close loopholes that enabled illegal operators to market to locals.

But Hoffstedt previously told iGB the long-awaited update was unlikely to solve some of the market’s deeper-rooted struggles relating to the proliferation of illegal gambling.

Platinum was fined £10 million ($13.1 million) in October for “serious” failings related to anti-money laundering and social responsibility. It was also handed a formal warning and ordered to undergo a third-party audit over the matter.

While the failings were primarily social responsibility issues specific to British regulation, certain AML systems and controls failings from 2023 were flagged as part of the same investigation.

In addition to its British licence, Platinum holds a licence in Gibraltar. As such, the Gibraltar regulator has considered its position, publishing a statement over the matter.

It said there was no specific evidence of money laundering or criminal spend and that there was “very limited financial benefit” to Platinum from the cases. However, it also flagged a “lack of adequate due diligence” for deposit levels and other failures of due diligence and approach to risk.

Examples flagged by the British regulator included failing to identify a user who exceeded their £2,500 loss limit within 16 minutes of registering their account as being at risk of potential harm. Another user staked £73,000 and lost £4,100 in 23 days without any interaction from Platinum.

Meanwhile, Platinum’s customer interaction system failed to identify a player as at risk of harm. This was despite the user losing £5,000 within 24 hours of registration, then over £16,000 in less than three months.

No further action against Platinum in Gibraltar

Despite raising concerns over Platinum’s conduct, the Gibraltar regulator elected not to pursue any further financial penalty.

Setting out its reasoning, the regulator noted the historical nature of the failings, which date back to 2023. It also acknowledged the “significant” value of the fine already issued by the British regulator.

In addition, the Gibraltar commission said Platinum’s systems and controls in relation to the Gibraltar regulatory regime have been improved. It said they are considered “satisfactory”, subject to third-party review in respect of the British regulator’s requirements.

However, given the circumstances of the case, the Gibraltar regulator saw it appropriate to issue a formal caution to Platinum.

“On balance, the licence holder is considered fit and proper to hold a Gibraltar licence given the documented improvements it has made to its systems, controls and approach to risk over time,” the commission said.

“Licence holders that are dual licensed are reminded they are expected to comply with the regime not only in Gibraltar but also of other relevant jurisdictions in which they operate.

“The fact that a formal caution has been issued will be taken into consideration if other matters come to light in the future.”

The £10 million fine was the second time Platinum has faced a financial penalty in recent years. In March 2023, it was slapped with a fine of £2.9 million, again for social responsibility and anti-money laundering failures. At the same time, Kindred’s 32Red brand was fined £4.2 million for similar issues.

Revenue for the three months to the end of September was marginally higher than SEK6.68 billion in Q3 2024. However, the monthly total fell 4.4% short of the SEK7.02 billion posted in Q2 of this year.

Figures from regulator Spelinspektionen showed commercial online gambling remained the primary source of gambling revenue by some margin. Total revenue from the sector, which includes online casino, topped SEK4.51 billion in Q3, up 3.5% year-on-year.

This segment also covers online sports betting, with the increase coming despite a tough comparable period last year. Q3 of 2024 included the latter stages of football’s Euro 2024 tournament, as well as the 2024 summer Olympic Games.

Mixed news from the land-based sector in Sweden

Turning to land-based gambling, revenue from the state lottery and physical slot machines was 7.2% lower year-on-year at SEK1.26 billion.

Revenue from lotteries classified as “gaming for public benefit” edged up 0.5% to SEK822 million. Meanwhile, bingo games under the public benefit umbrella generated SEK48 million, which was level year-on-year.

Elsewhere, land-based commercial gaming, including restaurant casinos, drew SEK67 million in revenue, a rise of 3.1%.

Finally, Q3 was the first quarter in which the former Casino Cosmopol land-based operations did not generate any gambling revenue. Svenska Spel closed its final physical casino in April, just weeks after Sweden’s government voted to abolish land-based casinos. 

Land-based casinos will officially be banned in Sweden from 1 January 2026.

Extended credit gambling ban edges closer in Sweden

Also soon to be banned in Sweden will be gambling with credit. The Swedish Gambling Act already prevents players from using credit to gamble with licensed operators. However, a change in regulation will take this further.

From 1 April 2026, both licensees and gambling agents will be banned from processing transactions that involve any form of credit. This will extend to credit agreements with other actors, such as loan agreements and bank overdrafts, where they may be misappropriated for the purpose of gambling.

Licensees and agents must also take measures to counteract gambling with credit. This could include blocking credit card payments and not promoting third-party lenders to customers.

However, the government said Spelinspektionen could make certain exceptions to the ban. This may cover licensed operators running gambling for public benefit, like charity lotteries.

A total of 1,024 players have been suspended, the TFF confirmed on Monday as an investigation is carried out, including footballers from some of the leading teams in Turkey including Galatasaray, Besiktas and Trabzonspor.  

All players were referred to the Professional Football Disciplinary Board (PFDK) as part of the process.

One of the most high-profile names on the list is Turkish international Eren Elmali, who plays for Galatasaray. The club currently sits first in the Süper Lig, the country’s top division. Following publication of the list, Elmali was withdrawn from the Turkish national team squad ahead of the upcoming World Cup qualification matches against Spain and Bulgaria.

Elmali has since posted a statement on social media, in which he claimed his name appeared on the list in reference to a bet made five years ago. He denied placing any other bets since this wager.

“I want to make clear that my name is included in this file because of a betting transaction I made about five years ago involving someone other than my own team,” Elmali said on Instagram. “Since then, I have neither placed a bet nor had any connection to this matter.”

Lower Turkish leagues suspended amid betting probe

To support clubs during the suspension, the TFF has agreed with Fifa to grant a 15-day transfer and registration period. This will allow clubs to sign new players for a limited time outside the traditional transfer window.

In addition, the TFF has elected to suspend all matches in two lower divisions for two weeks. No games will take place in either the TFF 2. Lig or TFF 3. Lig for at least the next fortnight.

All scheduled matches across the top-tier Süper Lig and TFF 1. Lig will run as planned. No matches are due to take place this coming weekend due to the international break.

“The TFF is continuing correspondence with official institutions, and the investigation will be expanded and continued based on these responses,” the TFF said.

Potential damage to football in Turkey

In terms of the wider impact on Turkish football, Bıçak Law Firm founder Vahit Bıçak tells iGB it could damage the reputation of Turkish football, both reputationally and structurally.

“If the allegations prove accurate, this suggests that betting-related misconduct is not confined to isolated incidents but may indicate systemic weaknesses in integrity education, monitoring and enforcement mechanisms across the football pyramid,” Bıçak says

“The investigation’s scale risks undermining public trust in the fairness and transparency of domestic competitions. Sponsors, broadcasters and fans all expect clear evidence that the sport is governed by strong ethics and accountability. Hence, the PFDK’s proactive stance – although dramatic in scale – should also be viewed as a reaffirmation of Turkey’s commitment to protecting the integrity of the game.”

TFF regulations state any player found to have participated in betting or gambling on football matches, domestic or international, could face disciplinary penalties. These can range from match suspensions and monetary fines to long-term or permanent bans.

However, Bıçak says there are broader criminal law implications. If a player is found to have participated in, facilitated, or benefited from illegal betting, this could trigger prosecution under Law No 7258, which may lead to fines or imprisonment.

A turning point for Turkish football?

He believes the case is so serious that betting regulations in Turkey could be overhauled. This, he said, would introduce clearer oversight mechanisms and reduce the appeal of unregulated markets.

“This investigation has the potential to become a turning point for Turkish football,” Bıçak said. “While it exposes serious integrity concerns, it also presents an opportunity to strengthen regulatory frameworks, improve compliance culture and restore confidence in the sport.

“The key will be ensuring that enforcement is balanced with education and preventive measures, so that future generations of players understand both the ethical and legal consequences of betting activity.

“The distinction between casual betting and organised illegal betting activity is crucial in determining the level of liability and potential criminal exposure,” Bıçak adds.

He explains the case could lead to widespread reform of Turkish sport, as well as the approach towards betting regulation and education. This could include improved education and integrity programmes, closer cooperation between regulators and law enforcement and increased transparency and digital monitoring.

Better Gambling Forum reveals global strategy

The Better Gambling Forum has announced its framework for global player protection at the UN General Assembly.

The Responsible Gambling Practice and Policy Pillars (RG3P) Framework comprises six pillars. The framework, the organisation said, was designed to complement, rather than compete with, existing responsible gambling efforts

Pillars include Education, Informed Choice and Harm Prevention; Risk Detection and Intervention; Support, Treatment and Recovery; Gambling Environment, Product and Marketing; Ethical Industry Practices and Accountability; and Research, Evaluation and Sustainable Funding.

“The pillars are designed to address this challenge and serve as a foundational structure for jurisdictions seeking to create a ‘gold standard’ guide for gambling awareness, treatment programmes and regulations,” said Francis Keyser, a committee member and senior vice president of product at Everi Holdings.

Konami confirms vice president promotions

Konami Gaming has announced a series of internal promotions to vice president, expanding its senior management team.

Jeff George has been appointed as vice president of customer support within the company’s research and development department. Adriane McGrath will become the vice president of professional services and Eddie Sepich will be vice president of embedded and interface development.

Meanwhile, Brian Alu will serve as vice president of information technology, Jeanie Griese as vice president of human resources and Noah VanWetten as vice president of supply chain, purchasing and manufacturing.

“The latest additions to Konami’s senior management team exemplify the level of service, integrity, innovation and teamwork that is core to our company values and long-term success,” said Tom Jingoli, president and chief operating officer at Konami.

Gaming Corps hands top commercial role to Greensmith

Gaming Corps has appointed Graham Greensmith as its new chief commercial officer.

Greensmith joins with more than 20 years of experience from commercial management roles within the industry. He was most recently head of commercial development at Inspired.

“I’m thrilled to be joining Gaming Corps at the most exciting phase of their ambitious journey,” he said. “The goal is clear, to become the vendor of choice for operators, producing games of the highest quality, known and enjoyed on a global scale.”

Big Daddy Gaming lands Swedish licence

Slots studio Big Daddy Gaming has secured a gaming software supplier licence in Sweden.

Issued by regulator Spelinspektionen, the licence enables the studio to bring its slots games to the regulated Swedish market. This will begin before the end of the year, with the first deals to be confirmed in the coming weeks.

“This is a major validation of our compliance standards and technical readiness,” Big Daddy Gaming CEO Erland Hellstrom said. “Sweden is an essential market in our growth strategy. Securing this approval allows us to immediately begin servicing our operator partners here.”

Bragg expands iGaming presence in Romania

Bragg Gaming Group has announced the launch of its premium content suite with Napoleon Romania.

Customers of Napoleon Romania have access to Bragg’s exclusive online casino content and aggregated online casino content. These include titles such as Golden Gal’s Cash Towers, Almighty Pegasus and Big Roar.

Bragg said the roll-out supports its 2025 strategic goal of scaling its aggregation business.

“This strategic deployment further strengthens our market presence in Romania,” Bragg said. “It expands our already fantastic partnership with the Superbet Group brand. A huge commendation to our team for making this happen.”

Ott will replace Alex Thursby, whose departure as non-executive chairman was confirmed by Rank in September. Thursby served in the role for six years and formally stepped down at Rank’s AGM in October.

Karen Whitworth has served as the interim chair since Thursby’s departure. She will switch back to her role as both senior independent director and audit chair when Ott assumes his new position.

Ott is currently a senior advisory partner at the UK arm of Bain & Company. He has worked at the business consulting and services company since 2006.

Ott has also been a founder, investor and board member for two private businesses. These include financial services company Funding Xchange and global fractional ownership business The Hideaways Clubs.

Prior to this, he was group strategy and M&A director at Barclays Bank. In addition, he spent time as a partner at McKinsey & Company and assistant vice president for US Bancorp.

“During a rigorous and wide-ranging selection process, John emerged as the stand-out candidate to become Rank’s chair,” interim chair Whitworth said.

“His wealth of experience in highly regulated industries, and advising and working with boards across the globe, will provide the group with the expertise and leadership that it requires as we embark on the next phase of our strategic journey.”

Widespread growth for Rank in Q1

Thursby’s exit from Rank coincided with the group publishing its results for Q1 of its 2025-26 financial year. These revealed a 9% year-on-year increase in revenue during the three-month period.

Net gaming revenue totalled £210.2 million ($275.9 million). Rank’s digital arm again saw the most growth. Revenue jumped 13% year-on-year to £61.6 million, with a 31% spike in Grosvenor digital revenue and a 9% rise within its Mecca online segment. In Spain, however, revenue fell 1% due to previously reported platform capacity issues.

At the time, CEO John O’Reilly set out his opinion on speculation on tax changes in the UK in the upcoming budget, saying Rank already pays its fair share of tax in the UK.

“Last year the group generated £44.6 million in profit, having paid HMRC and local authorities £188.0 million in taxes,” he said. “Rank Group, with its strong UK focus, is certainly paying its fair share.”

The combination will, on paper, create a €6.4 billion-revenue European champion, according to Banijay’s own pro forma figures. But the significance of the transaction lies less in its scale than in what it reveals about the industry’s direction of travel.  

“This deal represents a significant convergence of the media and gambling industries. It combines entertainment content with sports betting,” says Gabriele Stark-Lütke Schwienhorst, senior associate at CMS Germany.   

The deal, he says, also reflects the trend of vertical integration, whereby content producers leverage their media assets to boost customer engagement and stand out in highly competitive betting markets. 

It signals a shift towards cross-media ecosystems in the European gambling industry and a clear strategy for Tier 1 operators towards continued consolidation in heavily regulated European markets.

Banijay-Tipico’s combination proves entertainment, data and gaming are beginning to interact and integrated digital experiences could become more common.

Last week on Banijay’s Q3 earnings call, CEO François Riahi dismissed analyst suggestions the group could go all-in on gaming and look to wind down its media business. “The Tipico acquisition was a very major event for us and we stick to our strategy here for growth in gaming,” he told analysts.

“However, we also believe that we have very positive opportunities on the content side. So no, we don’t have any plans to sell this division.”

Banijay-Tipico: A strategic marriage 

Banijay’s €3 billion financing package will buy out CVC Capital Partners’ majority stake in Tipico, uniting two complementary businesses: Betclic, a digital specialist with leading positions in France, Portugal and Poland; and Tipico, a dominant omnichannel operator across Germany and Austria. The result is a combined force in six regulated markets, serving 6.5 million customers and operating over 1,200 betting shops. 

For Banijay the rationale is diversification. Long known for producing shows such as “Survivor” and “Big Brother”, the Paris-based group has been edging steadily into gaming. With Tipico, gaming becomes the majority of Banijay’s revenues.

Vaughan Lewis, a veteran gambling strategist, calls it a “transformational deal, creating a leading betting and gaming operator across key European countries, and one of the largest in the world”. The logic, he says, is “further evidence of the ‘local hero’ consolidation strategy, combining market-leading brands while benefiting from group economies of scale”. 

Risks and legal challenges 

The transaction’s stakeholders all emerge with distinct advantages. Betclic gains access to new markets in Germany and Austria, while Tipico inherits a continental platform and capital backing for expansion.

“Big tech synergies should drive better operating margins for the buyer group,” notes Paul Richardson, managing partner at Partis Capital. For CVC, the deal is a well-timed exit after a recent refinancing of Tipico. “This is a great result for them and shows it’s somewhat opportune versus planned.” 

For Banijay’s shareholders, the financial story is equally compelling. The company expects to generate around €100 million in annual synergies in the medium term, while raising profitability from 18.7% to 21.6%.

“Banijay’s gaming division doubles to become the majority of the group,” Lewis adds, suggesting that “there is potential for an IPO or spin-off of the gaming or media unit to unlock further value”. 

The Banijay-Tipico deal will impact the broader gaming landscape for the European sector, remarks Paul Richardson, as “it stops Flutter moving into Germany, as there is very little else to buy of scale in the market”. 

For all the enthusiasm, integration risks remain. Banijay will have to harmonise corporate governance across two highly regulated jurisdictions, reconcile technology stacks and manage cultural integration between a French tech-driven operator and a German retail-anchored one. As Stark-Lütke Schwienhorst points out, “aligning licensing and compliance could be complicated”, since Tipico operates under a German licence.  

And cross-border fiscal implications may also give rise to further legal issues for the Banijay-Tipico transaction, warns Stark-Lütke Schwienhorst. “Chief among these are regulatory and competition law issues, given that the deal is likely to be scrutinised under the EU Merger Regulation and potentially by national competition authorities.” 

Banijay will need to navigate Germany’s Joint Gambling Authority, one of Europe’s strictest regulators, as well as obtain approval from EU competition authorities. Completion, expected in mid-2026, hinges on those approvals — and on Banijay’s ability to integrate entities with very different operating cultures, experts point out. 

Consolidation will continue to drive the sector 

The Banijay-Tipico union is the latest chapter in an accelerating wave of European gambling consolidation – following on from Allwyn´s takeover of OPAP only a few weeks ago. Operators are racing to gain scale as taxes rise, margins narrow and regulation tightens across the continent. “Consolidation will continue to drive the sector, driven by margin pressure from regulation and operating costs,” says Richardson.  

The logic is simple: compliance costs and marketing restrictions are squeezing smaller firms, while established players look to spread fixed costs across wider revenue bases. As in other industries, bigger increasingly means safer. “Scale and resilience to regulatory shocks is key to long-term success,” Richardson observes. 

Lewis agrees, describing the Banijay move as a new template for consolidation across regulated European markets.

The shift, he argues, is away from chasing high-risk grey markets and towards mastering complex regulated ones. “This demonstrates that significant value creation is being driven by regulated markets,” he says. “Regulatory challenges create barriers to entry, which tends to increase the value and sustainability of the leading operators.” 

The French paradox 

That dynamic explains an irony not lost on observers: with Banijay’s gaming division and FDJ United’s acquisition of Kindred Group earlier this year, Europe’s two largest gaming empires are now based in France — a country with punishing tax rates and no legal online casino sector.  

“France’s market is indeed highly regulated and heavily taxed, yet certain operators demonstrate a sophisticated regulatory resilience,” says Stark-Lütke Schwienhorst. 

Their compliance expertise, financial strength and institutional relationships provide a competitive edge as other jurisdictions tighten controls. “Ironically, being forged in a tough market like France or Germany could become a strength when expanding across Europe,” he adds.

Lewis goes further. “France as a hub for Tier 1 operators despite regulatory challenges shows that domestic-based companies are proving operational excellence in challenging environments,” he notes. Any expansion of regulation of online casino in France could significantly grow the total potential market size, he points out.  

For investors, this resilience carries appeal. France’s high tax environment might deter weaker players, but for those that master it, it creates defensible, sustainable competitive advantage. The same logic underpins the position of the state-linked FDJ United, which completed its purchase of Kindred in 2024, adding Unibet’s pan-European presence to its lottery backbone. 

Continental realignment 

The broader picture is of a sector reorganising across the whole continent. The UK – once Europe’s undisputed iGaming powerhouse – is increasingly constrained by a tightening regulatory regime, rising tax burdens and curbs on cross-vertical marketing.

The Netherlands and Sweden are following suit. And last month Denmark announced new tightened rules regarding advertising. In contrast, continental European groups are quietly consolidating strength in markets with stable, albeit strict, regulatory frameworks. The sector is entering a phase of regulatory convergence and market cleansing, suggests Stark-Lütke Schwienhorst.  

“Smaller operators will struggle with rising taxes and compliance costs, leading to further consolidation. Larger, well-capitalised groups with diversified portfolios are best positioned to adapt. There is a good chance that the future European landscape will favour integrated entertainment ecosystems, not pure betting operators.” 

Banijay’s move follows a pattern seen before. Richardson compares it to Flutter’s acquisitions of Sisal and Snai. “A large multinational buying market leader in a local market. In both cases, the buyer had bought into an omnichannel operation and is now exposed to retail,” he says.

Lewis draws parallels with the Sky Betting & Gaming sale to The Stars Group, where CVC also exited.  “That was also CVC selling a market-leading position in a key country to a more diversified leader,” he notes. “FDJ and Kindred had some similarities too. So did the Allwyn/OPAP merger and the Intralot/Bally’s deal.”

Such comparisons underscore how Europe’s betting landscape is becoming a handful of regionally diversified conglomerates — Flutter, Entain, FDJ United, Banijay Gaming and Allwyn are among those.

The road ahead 

Analysts see the Banijay-Tipico deal as an early sign that additional similar deals are coming. 

“This is likely to be a trigger for further M&A across regulated markets,” predicts Lewis. “The industry remains fragmented and relatively immature. Scale is critical, as demonstrated by the €100 million synergies here.” 

Richardson foresees “other private-equity or former PE single-market operators like Lottomatica needing to buy international diversification at scale and get more ‘baskets for their eggs’”.  

Stark-Lütke Schwienhorst, meanwhile, expects a wave of smaller acquisitions: “We can expect continued consolidation, especially targeting small- to mid-sized operators in Europe.”

Acquisitions in RegTech and FinTech will likely also rise, driven by the need to automate compliance and improve efficiency. The broader trend also points toward media-gaming convergence where entertainment companies seek audience monetisation through gaming and betting firms seek audience engagement through content, Stark-Lütke Schwienhorst points out. 

The consensus among experts is that the next phase of European gaming growth will not come from regulatory arbitrage or from unregulated grey zones, but from disciplined execution in challenging jurisdictions.  

Therefore, future growth in Europe’s iGaming industry won’t come from taking advantage of loopholes or operating in loosely regulated markets, but instead from doing business well in countries with strict rules. 

“Operators that thrive under strict regimes such as Germany or France develop advanced compliance frameworks, responsible gambling systems and scalable tech infrastructures,” says Stark-Lütke Schwienhorst. “These conditions foster innovation and credibility, enabling them to outperform less mature competitors. In short, regulatory maturity breeds operational excellence.” 

Lewis concurs: “Betclic and Tipico have shown that operators with strong brands, effective operations and a clear strategy can build a highly profitable and sustainable business in mature, regulated markets.” 

The outcome, if Banijay’s bet pays off, could be a new European order in gaming – one where stability and compliance, not aggression and opportunism, define leadership. The entertainment conglomerate from Paris will need to prove that it can integrate Tipico smoothly. But if it succeeds, the combination of storytelling, data and betting could reshape not only Europe’s gaming industry but its entire digital entertainment economy. 

It has also rejected claims from online gambling association AFJEL that the country is losing as much as €1.2 billion to illegal online casino operators.

Calls to reform the French online gambling market have increased in recent months amid concerns over illegal online offerings. At present, only internet sports betting, horse race betting and poker is permitted in France, with online casinos outlawed.

Lost revenue claims a ‘hoax’

Casinos de France said in its latest statement on Wednesday that legalising online casino would result in a net annual loss of €546 million for public finances, taking into account indirect effects related to health and employment.

Grégory Rabuel, president of Casinos de France and CEO of casino operator Barrière Group, went on to say that the €1.2 billion lost revenue touted by AFJEL “does not exist”.

“It’s a hoax, and worse, it’s a loss for the state,” he said. “Destruction of local jobs, reduction of municipal budgets, the withering away of cultural life in towns and villages. I’m not even mentioning the impact on the mental health of the French, which would amount to hundreds of millions in additional costs for social security.”

Casinos de France instead warned a legal iGaming market would cause “massive” job losses, lead to the closure of dozens of businesses and reduce resources for local authorities in France. It also said such a move would weaken social and economic ties.

Negative impact on physical casinos

At present, the association said the market comprises 203 casinos and seven Parisian gaming clubs, employing over 31,000 people.

In addition, the segment generates €1.6 billion in overall tax and social security revenue and contributes over €600 million each year to local municipalities. Any move to legalise online casinos, the group said, would negatively impact these figures.

The group acknowledged many other larger European countries had legalised online casinos in some form. However, it also highlighted the negative impact this had had on land-based casino venues, as well as how illegal online gambling remained an issue despite regulation.

It noted that land-based casinos had completely disappeared in Sweden since it legalised online casino. The final Casino Cosmopol site, operated by Svenska Spel, closed in April of this year. However, it said almost 40% of wagers in the country were placed on illegal sites.

The group also flagged markets like Switzerland which faced mirror sites constantly reappearing after being blocked by regulator.

“Everywhere, the promise of new revenue has turned into a net loss for local communities: decreased economic activity, job losses, a surge in risky behaviour and the persistence of a thriving black market,” Casinos de France said.

“The mechanism is relentless. When digital takes hold, it captures existing customers without creating new players. The market does not expand, it shifts, and illegal activity latches on.”

Land-based casinos have ‘humane model’

Casinos de France also said that land-based casinos offered a safer gambling option to players. It said this model is “social, humane and profoundly responsible”, in contrast to the online sector, which it said “does not guarantee the same level of security for players”.

“In a physically supervised gaming environment, casinos are the only places where every player is screened before even entering, where minors are systematically excluded and where risky behaviours are identified and addressed by trained staff,” it said.

“Supervision is real, immediate and humane. Casinos directly ensure addiction prevention and support concrete responsible gaming programmes. They are places of community and social connection, where gambling is never an incentive but a controlled, monitored activity, integrated into the local economy.”

For the period ended 30 September, revenue amounted to €1.64 billion ($1.88 billion), the Italian-facing operator reported. This surpassed the previous year at Lottomatica by 16%.

Key to this growth, the operator said, was the SKS365 deal, which completed in April 2024. Now referred to as PWO by Lottomatica, integration by the operator has been completed sooner than anticipated.

As such, Lottomatica said synergies are being delivered ahead of schedule. Two-thirds of synergies from the acquisition are expected to be realised in 2025, with PWO now fully operational on the group’s proprietary platform.

Calm, collected approach from Lottomatica

Despite the success of the acquisition, and delivering targets earlier than expected, Lottomatica said it will not jump into another deal. Instead, as Angelozzi set out in an earnings call, the operator will retain its calculated approach to M&A.

Over the past five years, Angelozzi revealed, the group identified 57 targets for possible M&A. However, it elected to proceed with just three deals, despite having completed due diligence on 14 potential agreements.

The three that completed were all in Italy, including SKS365, now PWO. It also completed the purchase of Betflag in late 2022 and a 65% stake in Distante S.r.l earlier in 2025.

“With M&A, we are going to keep our disciplined approach, measured on value creation and benchmarked against share buybacks,” Angelozzi said. “We have a very selective approach, and we are committed to it.

“Share buyback continues to be remain the main benchmark for shareholder return with our M&A activity. Our focus is on Europe, regulated markets and B2C, within the key segments of operation at Lottomatica.”

His comments reflected similar remarks made after both Q1 and the first half. Post-Q1, Angelozzi spoke about “interesting opportunities” for the group, while at the mid-point of 2025, he refused to rule out more M&A activity in the not-too-distant future.

Double-digit online growth in 9M

Looking to performance for the nine-month period, online was the star of the show for Lottomatica. Revenue climbed 27% to €688.9 million, making it the primary revenue source for the business.

As well as the contribution from PWO, the group said other factors were in play to support the year-on-year increase. These included growth across all product segments and legacy brands, notwithstanding the unfavourable impact deriving from Euro 2024. However, this was partially offset by the FIFA World Club Cup in Q2 2025.

There was also double-digit growth in the sports betting segment, with revenue up 22% to €381.7 million. Again, the PWO purchase helped push revenue up, while Lottomatica also noted an overall favourable sport betting payout.

The group also reported growth within its gaming business, but at a much lower rate than the other segments. Gaming revenue increased 2% to €569.6 million, sandwiched between online and sports betting.

As for player activity, some 32.48 billion bets were placed during the nine-month period. Of these, 21.63 billion were online, 8.05 billion for gaming activities and 2.81 billion sports bets.

Net profit more than doubles

Looking towards the bottom line, spending was higher in almost all areas. The main outgoing was cost of services at €962.6 million, while personnel and other costs were also both higher year-on-year. However, some savings were made in terms of financial expenses.

As such, pre-tax profit for the nine-month period was €158.4 million, a 59.5% increase from last year. Lottomatica paid €60.1 million in tax and deducted €5.0 million in revenue attributable to non-controlling interests.

This meant it ended the nine months with €93.3 million in net profit, up by 102.8% year-on-year.

“Looking forward, we continue to see solid drivers of growth supported by market tailwinds in online, continued improvement in our cash flow conversion and growth and a disciplined approach to capital allocation focused on shareholder returns,” Angelozzi said.

In August, the UK Crown Prosecution Service (CPS) charged Alexander and 10 others with offences that included conspiracy to defraud and fraudulent evasion of income tax. 

The charges relate to the activities of GVC Holdings between 2011 and 2018 via a subsidiary it owned in Turkey. 

In the plea and trial preparation hearing on Monday, His Honour Judge Baumgartner stated his preference was to delay arraignment, the process where defendants are informed of the charges against them. As such no pleas were given during the session.  

The judge said the case would be split into three trials, with the first to include Alexander and former GVC chairman Lee Feldman, as well as five others, provided they didn’t plead guilty to all the charges. 

The first hearing will commence on 14 February 2028, with a trial window of four months. 

The second hearing, where Alexander MacAngus, Richard Raubitscheck-Smith and Raymond Smart will be tried, was set for October 2028.  

MacAngus is facing charges of conspiracy to defraud, while Raubitscheck-Smith and Raymond Smart will be tried on conspiracy charges to defraud and bribe. 

The final hearing will begin on 5 March 2029 and will centre on Robert Hoskin, Entain’s chief governance officer between 2020 and 2023, who was charged with perverting the course of justice. 

Questions raised over evidence, trial location and Entain commercial interests 

During Monday’s session, the defence team questioned the extensive evidence CPS is expected to provide during the trials. One lawyer described it as a “blizzard of material”. 

The judge called for dialogue between the two sides to discuss the volume of evidence being presented. 

Potential reporting restrictions were also highlighted relating to a commercial interest that Entain had in some of the materials, though no conclusion was made on this matter. 

Also discussed was the location of the trials, with many expecting the case to be moved to Leeds Crown Court after comments made at a hearing last month at Westminster Magistrates’ Court. 

On the potential move, the prosecution pointed to many of the alleged criminal activities occurring in the north of England. 

However, Judge Baumgartner said the case would remain at Southwark Crown Court. He stated the disruption in moving the case could cause “great cost for the public purse”.  

Entain’s historical operations in Turkey 

The trials will cover the CPS’ uncovering of these allegations brought against the defendants.  

The case dates back to July 2019 when GVC Holdings denied allegations it was continuing to benefit from the activities of Headlong Limited, a former Turkey-facing subsidiary it owned from 2011 to 2017. 

The company insisted all connections had been cut when the business was sold to Ropso Malta Limited in November 2017, under a deal that included a performance-based earn-out of up to €150 million ($175 million). 

However, the UK’s HMRC later requested further details on the deal from GVC and, in 2020, expanded its probe to include possible “corporate offending”. 

After rebranding as Entain, the company acknowledged that historical misconduct may have occurred, involving a number of employees and former third-party suppliers. 

As the investigation continued, Entain agreed to pay a £585 million financial penalty linked to its past operations in Turkey, relating to alleged breaches of Section 7 of the UK Bribery Act. 

As part of the settlement, Entain also agreed to donate £20 million to charity and pay £10 million to cover the legal costs of the CPS and HMRC. 

Alexander and the others were subsequently charged in August this year in relation to the investigation.

Malta regulator warns of unlicensed websites

The Malta Gaming Authority has warned that several websites are falsely claiming they hold licences in the country.  

The MGA denied any connection with PangaGames.com, Casino1bet.online, PalmsBet1.com, Flexiblesport.com and Casino-Europa.eu. It also denied links with a longer domain operating under the Memo Casino brand.

The regulator said that any reference to the MGA or licences issued by the MGA is “false and misleading”. It cautioned consumers not to gamble with any unauthorised websites or operators.

“The activities of unlicensed entities are unregulated and do not provide the necessary safeguards delineated by virtue of the framework, making transactions with such entities risky for consumers,” the MGA said.

Kambi scores Superbet deal

Kambi Group has entered into an Odds Feed+ partnership with multi-channel sports betting and gaming operator Superbet Group.

Under the deal, Kambi will provide Superbet with access to its full library of traded odds. This includes the ability to expand its odds package to meet player demand and support evolving strategic needs.

Founded in Romania in 2008, Superbet has a presence in several European countries as well as in Brazil.

“This partnership reflects the strength of our trading capability and the trust Superbet Group has placed in Kambi to support their long-term growth,” Kambi CEO Werner Becher said.

North Dakota Lottery switches with Scientific Games

Scientific Games has announced the conversion of the North Dakota Lottery’s system technology.

Scientific Games is powering the lottery with its latest central gaming system and iLottery solution. This, the provider said, will modernise both retail lottery and digital sales.

The omnichannel solution is delivered through Scientific Games’ Momentum integrated ecosystem. This also includes a player account management and CRM solution, featuring an integrated loyalty program, bonusing engine and achievement-based rewards

“We are committed to making the North Dakota Lottery relevant for generations to come and by doing so we achieve our mission to benefit programs meant to improve the quality of life in our state,” said Thomas Lawler, director of the North Dakota Lottery.

SIS lands Racing WA rights deal

Sports Information Services has agreed to a long-term international media rights deal with Racing WA.

SIS will deliver horse and greyhound racing fixtures from Western Australia to its partners around the world. This covers 283 meetings from 31 tracks across the state, including the Perth Cup.

All races will be delivered as an end-to-end solution, including livestreamed pictures, data and on-screen graphics with betting triggers. SIS already offers racing content from both Victoria and South Australia.

“By expanding our content to three major states through this deal with such a well-regarded partner, we are confident the comprehensive offering will be strongly received around the world,” said Conall McSorley, head of racing at SIS.

ENJOY extends reach with Groove Technologies

New software developer ENJOY has secured a strategic partnership with Groove Technologies.

The deal will see Groove offer ENJOY’s content to its network of operator customers around the world. ENJOY develops both slot and live game show titles.

Content such as slot games Hot Fire Coins 2, Fire Express, 3 Mariachi and Bison Strike will be made available to Groove’s partners. Also on offer will be game shows such as Enchanted Forest and Egypt Roulette.

“Our portfolio is growing every month, and to sustain that momentum, we need our titles in front of the right people in the right markets,” said Christos Zoulianitis, chief commercial officer at ENJOY. “Groove enables exactly that, and we’re confident this will be another successful collaboration that will drive both brands forward.”

In his opinion, the AG said it could be argued that Maltese law increases the risk of an operator dissipating its assets or failing to enforce a freezing order. This could result in assets based outside of Malta facing higher scrutiny.

This is particuarly relevant to any ongoing player losses cases being heard either locally or at a European level.

The opinion related to a player-losses case against Evoke-owned Mr Green, which was initiated in Austria where it does not hold an operating licence.

In this particular case, an Austrian consumer gambled and lost €62,878 ($72,419) with Mr Green between January 2017 and April 2019. They brought brought civil proceedings in Austria against the Malta-based Mr Green, arguing their contract with the operator was void.

Austrian courts agreed and ordered Mr Green to refund the consumer’s stakes, plus interest and costs.

However, the player elected to push the case further. In February last year, they applied for a European Account Preservation Order (EAPO) to freeze Mr Green’s bank accounts in other European Union member states, including Ireland, Malta, Sweden and Luxembourg.

An EAPO is a legal tool used in the EU to help creditors recover debts. This is done by freezing funds held in a debtor’s bank account in another EU member state.

EAPO uncertainties leads to concerns

At first, the court rejected the application as it did not believe there was an “urgent need” for the condition to be met.

The court’s primary concern was whether Malta’s Article 56A would block the EAPO. Article 56A is a hotly debated amendment within Malta’s gambling laws which protects local licensees from legal cases brought against them in other EU states

It also flagged the risks of enforcing an EAPO amid concerns that assets could have been moved around or further enforcement obstacles could block the effort. It also noted a delay in filing the claim from the original dispute. The AG warned judgments in other EU states, including EAPOs, could still be enforced despite the protection of Article 56A.

No automatic protection with Article 56A  

With this, the AG said licensing in Malta did not automatically protect an operator from actions carried out in other jurisdictions. He advised operators to keep clear records, avoid dispersing or hiding assets post-judgment and ensure prompt responses to legal claims. Failure to do this, the AG said, increases the risk of successful preservation orders and enforcement overseas.

In addition, the AG picked up on the issue of timing around when an EAPO is filed. In the case of Mr Green, what counted for the operator was that it had terminated its Austrian-facing payment service provider arrangement in early 2021. This, the AG, said was taken into account upon the EAGO filing.

Article 56A could cause issues rather than protect

Summing up the case, it places further pressure on the impact of Article 56A in Malta. While it can be applied in some instances, its validity could be questioned if it tried to prevent foreign court rulings.

EU states can continue to pursue EAPOs on the grounds that Malta’s Article 56A poses risks to the judicial process. As such, operators could see their assets outside Malta frozen.

Incidentally, the opinion seems to support recent comments from the European Commission that the amendment undermines judicial processes across EU member states. In June, the commission wrote to the Maltese government over Article 56A, saying it does not automatically protect Malta-licensed operators from overseas judgments.

In the commission’s letter, it argued Article 56A unfairly shielded Malta licensees against legal challenges brought by other EU markets, and therefore “undermined the principle of mutual trust in the administration of justice”.

Dragic founded the company and returned as co-CEO in September last year. He will switch to the solitary leadership position from 1 January 2026, Superbet confirmed on LinkedIn.

Jimmy Maymann, who has been serving as co-CEO since January 2024, will step back but rejoin the company’s board. His reappointment to the board will also take effect from January.

Other changes include Albert Simsensohn, currently group chief operating officer, becoming deputy CEO. This, Superbet said, will “align strategy and drive execution” across its business.

In addition, Eamonn O’Loughlin will switch from chief operating officer international to the position of chief operating officer. Superbet said this will expand his responsibilities to lead customer operations and partnerships across the group. O’Loughlin will retain commercial leadership for markets outside Central and Eastern Europe.

‘Planned evolution’ for Superbet

Commenting on the changes, Dragic said the new-look team marked a “natural step” in the operator’s growth journey. Dragic founded Superbet in 2008 and initially exited as CEO in 2019 after 10 years in the role, shifting to board member.

“This planned evolution of our leadership team marks a natural step in our growth journey,” Dragic said of the changes. “It reflects the maturity of our organisation and our ambition to push forward, positioning Superbet for the next phase of sustainable global expansion.”

Maymann became CEO at the start of 2024, succeeding Johnny Hartnett, who spent almost five years in the role. He subsequently stepped into a non-executive board position.

“I want to recognise Jimmy, whose leadership and partnership have shaped much of our progress to date,” Dragic said. “Over the past couple of years, we have achieved remarkable results, advancing our product and technology capabilities, strengthening our position in key markets, and building a culture of financial discipline and accountability.

Maymann added: “It’s been a privilege to work with Sacha and the whole Superbet team. I’ll continue to do so as an advisor and as part of the group’s board. This is a great company with a huge potential ahead and I’ll stay engaged and help see it materialise.”

Superbet plots further growth

The news came in what has been an active year for Superbet. In February, it secured a €1.3 billion refinancing agreement with existing investors Blackstone and a number of funds and accounts managed by HPS Investment Partners (HPS).

At the time, the operator said this would support growth into new markets and M&A. It also said it was planning further investment in technologies. 

Superbet was one of the first operators to be granted a full online betting licence in Brazil on 1 January. It was among 14 to be granted a full licence upon the market’s opening. The operator is active in 12 markets in total, also listing Romania, Belgium, Poland and Serbia as key regions.

In recent months, the operator has sought to expand its presence in some of these markets through local sponsorship agreements. These include new deals with Polish football clubs Jagiellonia Białystok and Arka Gdynia.

At the heart of the debate is Morten Rønde, director of the Danish trade body Spillebranchen and managing partner at Nordic Legal. Speaking to iGB on the immediate impact of the changes, Rønde did not mince his words.  

“I am shell shocked to say the least,” he says, capturing the uncertainty and frustration spreading through the sector.  

For more than a decade Denmark has been viewed as a model for balanced gambling regulation – strict enough to protect consumers yet flexible enough to sustain a competitive licensed market. That balance, according to Rønde, has been the key to its success.  

Regulator’s relationship with the sector

In August, Denmark achieved gambling revenue of DKK 714 million – both a year-on-year and month-on-month increase. Sports betting and iGaming markets posted double-digit growth compared to the same month last year. 

“I think the key is that Denmark has struck a balance where you have strict consumer protection and kind of strict, but still pragmatic, rules that are possible to comply with for the operators,” Rønde says. The model, he added, maintained a structure where the regulator has been working “in a very open-minded way”. 

This dialogue-based relationship between the regulator and licensees – praised in a recent comparative report between Sweden and Denmark, ordered by the Swedish trade body BOS – has long been a cornerstone of Denmark’s success.  

Rønde insists the Danish Gambling Authority operates as “the glue in the system”, maintaining trust through direct, transparent communication. “Each operator has two contact persons assigned,” he adds, “a legal contact and a technical contact. So that creates a more personal approach in dialogue with the regulator.” 

A turning point for Denmark’s gambling model 

But that finely tuned balance has come under strain. The government’s new gambling agreement marks a decisive shift. Minister for Taxation Ane Halsboe-Jørgensen of the Social Democrats said it marked the beginning of a reckoning with a gambling industry “that has, for far too long, taken up too much space”.  

She said the new measures were to prevent entertainment “from turning into addiction. It requires both responsible operators, stronger regulations and a sustained political effort.” 

The government claimed nearly 500,000 Danish adults experienced some extent of gambling problem in 2021 – a figure that has doubled since 2016 – with almost 30,000 experiencing serious gambling problems. Twenty-five thousand Danish children and young people have experienced some degree of gambling harm, according to government data. 

“I’m really pleased that we’ve reached a broad agreement that, above all, ensures we can now protect our children and young people much better from advertising for gaming and gambling,” Jan E Jørgensen of the Liberal Party, Venstre, said. 

Denmark gambling addiction debate intensified

As public debate around gambling addiction intensifies in Denmark – fuelled by high-profile media stories about widespread gambling addiction among younger men and political pressure – Rønde argues that the measures being implemented are not evidence-based. 

“There’s been a rise in gambling addiction,” he acknowledges, “but based on a study that is now three years old and had quite inconclusive findings.” The government, he said, is acting largely because “people are just sick of all the gambling adverts, which we agree with – there are too many of them. They are overexposed in the market.” 

Rønde is certain the arguments put forward in the political decision-making process were not supported by meaningful evidence. “In all the proposals that are made, there’s no link to any evidence that this is something that will help gambling addiction. And I am pretty sure that it won’t,” he says. 

In his view, the only sustainable path forward is to manage the balance between consumer protection and an attractive regulated offer. “Advertising in Danish media is the only advantage that a licensed operator has. Because otherwise it’s just restrictions and taxation. When you are [no longer] allowed to advertise, you lose that competitive advantage,” Rønde explains.  

If those advantages continue to erode, he warns, “there’s nothing left other than the branding you can put on your website that says you’re regulated by the Danish authorities.” Outlining the broader risks, he insists restricting the legal market too heavily will tip the balance. 

“And it becomes unviable for the operators, but also for the consumers in Denmark. That leads to leakage in the market and consumers going to the black market. And again, in turn, it would lead to more addiction and more gamblers who get in trouble.” 

Total ad ban threat and the risk of market leakage 

The new rules, agreed to by a broad coalition of political parties, will prohibit betting advertising during live sports broadcasts, restrict outdoor advertising within 200 metres of schools and impose new limitations on bonuses. This could indicate the end of outdoor advertising in Denmark’s major cities.  

Still, Rønde warns the outcome could have been worse: “It looked worse at one point; a complete advert ban was discussed, but it’s still not great where we’ve landed.” The political appetite for stricter measures remains strong. “There are several political parties in Denmark who are in favour of a full advertisement ban,” he notes.  

“What happens if you do impose a ban? Those countries who have tried like Italy and now the Netherlands have seen an explosion in illegal gambling offerings.” He points out the Italian government is now rolling back part of its advertising ban because it was creating too many illegal gambling offers for Italian players. 

Denmark could follow the same path – undermining its once-enviable rate of channelisation. “It’s impossible to block operators from the market,” he says of illegal offerings. Black market presence in the market is heightened by a lack of popular products like crash games and virtual betting, as well as various casino games that are banned.  

H2 Gambling Capital data shows Denmark’s channelisation rate has fallen to 72%, the same as Sweden. It was historically among the highest in Europe, sitting at around 90% in 2022. Rønde attributes much of the decline to player interest in the aforementioned banned verticals.  

Mounting economic consequences 

In terms of economic consequences for the sector, Rønde can’t put a figure on it, but insists the sum of the 20 or more new measures will have a big impact. The trade body is considering what these changes will mean for the industry. Most concerning is the likelihood that operators will exit the market in response. “It will severely impact the market and the whole business of being in Denmark,” he laments.  

TV2, the biggest commercial TV channel in Denmark, which holds the licence to show matches in the Danish football Superliga, said it expects revenue to drop due to the gambling ad ban – potentially up to €12 million per year. “It should be no secret that the regulation comes with significant financial consequences,” TV2’s commercial director, Stig Møller Christensen, said of the impact. Previous government calculations pointed towards a loss in tax revenue in the hundreds of millions in Danish Kroner for the state.  

Denmark was the industry’s ‘beacon of light’ 

In neighbouring Sweden, gambling trade body BOS has been watching Denmark’s developments closely. Gustaf Hoffstedt, BOS’ secretary general, voiced concerns that the new Danish direction could undermine a system long seen as a model for Europe. 

“It concerns me,” he says, “because Denmark, together with the United Kingdom, have been the two beacons of light in Europe when it comes to safeguarding the licensing market.” According to Hoffstedt, H2’s revised estimate of 72% channelisation for Denmark is “totally dissatisfactory”.  

Like Rønde, he warns against measures that risk driving consumers toward unlicensed gambling: “Denmark should pay more attention to how to create an attractive legal licensed market than to implement measures that will scare away more consumers. After all, that’s the number one consumer protection measure that you can take.” 

Hoffstedt cautions that Denmark’s reputation as a regulatory role model is now in question. “Denmark has at least up to this moment been possibly the best example in Europe,” he notes. “Yes, I’m afraid it will change – that Denmark is also choosing a path that in the long run may lead to them crawling in the mud, just as so many other European jurisdictions.” 

The message is clear: tightening regulations without maintaining a viable, competitive legal market risks undoing years of progress in consumer protection and channelisation.

As Denmark’s gambling restrictions move toward implementation in January 2027, time will tell whether one of Europe’s most admired regulatory systems can preserve its balance – or whether it will become, as Rønde fears, another example of good intentions gone awry. 

During the committee session MPs heard from two panels of experts; the first included Jung who is acting interim associate director for economic policy and AI for the Institute for Public Policy Research (IPPR). 

The IPPR in August advised the government to increase remote gaming duty from 21% to 50%, and machine games duty from 20% to 50% of operator profit, to raise an additional £3 billion ($4 billion) in tax revenue per year. 

“Gaming machines and remote betting are fairly sort of sticky. You can raise the tax more and raise more money, but it also means not everyone will be deterred by higher rates or poorer odds,” he told the committee.  

“And therefore, on its own, I would argue it’s not a sufficient policy to address problem gambling.”  

Jung’s points were made in response to comments from ex-industry stalwart and co-founder of Paddy Power Stewart Kenny. He told the committee that “higher-risk” gambling offerings should be taxed more “to disincentivise bookmakers from sucking [players] from sportsbook into the online casino”.  

Netherlands not a fair example in black market tax hike argument 

Responding to a question on the impact of gambling tax hikes on the black markets, Jung said the Netherlands was not a viable example for gambling tax increases contributing to black market growth.  

The market increased its gambling tax in January as part of a staggered hike and, in August, reports suggested the rise would leave a €200 million black hole in the budget as less tax revenue was being made overall in the market.  

In its most recent report on market activity, the market regulator (KSA) said that this year, for the first time, black market spending had outpaced regulated gambling spending.  

“That is an example that [the industry] will use, but it’s the only example they will use,” Jung said. “In the Netherlands, not only did they introduce tax, they did a whole load of other regulatory changes as well, which we are not proposing.” 

Jung also pointed to very complex legal processes which would hinder black market enforcement in the market.  

“Fortunately, we don’t have that in this country. We are much better and we’re seen as world leaders when it comes to tackling this sort of black-market site,” he added.  

He also used Estonia as an example to show there “is no such correlation between the level of tax and the level of the black market”.  

“Estonia, lower tax, lower share of legal market. One of the problems we have in this area is that it’s very hard to measure, because you’re trying to measure something that’s a criminal activity, so notoriously, it’s always hard to measure,” Jung added.  

Retail connected to online businesses  

In a second panel session, Betting and Gaming Council (BGC) CEO Grainne Hurst and BGC tax committee chair Stephen Hodgson answered the panel’s questions on how a remote gambling tax hike would impact retail operations.  

In recent weeks several operators in the UK have warned they would close high-street betting shops in response to a potential tax hike in the UK.  

Hurst said companies operate as a single profit-and-loss model and therefore any impact to the online sector through increase remote gaming duty would inevitably impact their retail businesses.  

Operators would likely have to pull back investment from other parts of their business, she said.  

In a statement on Tuesday, Banijay Group said it would seek to own up to a minimum of 72% equity in the operator through various call options. The acquisition will be paid in cash, backed by a certain funds financing package worth €3 billion ($3.5 billion).

The deal will merge the Betclic and Tipico businesses and shareholders of both companies will maintain shares in the combined entity. Tipico’s founders will also roll over 100% of their shares, into the combined Banijay Gaming group.

To support the acquisition, some of Betclic’s primary financing partners will refinance and underwrite Tipico Group’s existing debt.

The acquisition of Tipico Group will bring Banijay Group’s revenue to €6.4 billion on a pro forma basis, with an adjusted EBITDA of €1.4 billion in 2024.

The deal valued Betclic and Tipico at €4.8 billion and €4.6 billion, respectively. The parties expect to close the acquisition in mid-2026, pending merger control and regulatory approvals.

Banijay group to operate vast retail footprint

According to Banijay, the combined group will become the fourth largest European sports betting and gaming player, as well as the leader of sports betting in continental Europe.

The combined group will operate with a strengthened regulated market footprint and a vast retail presence, including over 1250 betting shops.

Banijay Group CEO François Riahi described the deal as “transformative”, highlighting Tipico’s strong standing in the German and Austrian markets as a particularly attractive proposition for the company’s own goals of expanding and creating value.

“Tipico fits perfectly well in this strategy and is in line with our DNA: strong leader in two important markets, fully regulated, product focused, highly profitable, providing us – in the sports betting business – with the reach, the scale and the diversification that already make the strength of our content business,” Riahi said.

Banijay Tipico deal includes Admiral Austria business

The deal will include Tipico’s Admiral business which was acquired from Novomatic in January. Admiral produces betting and gaming terminals in Austria and operates a suite of retail betting shops.

But Betclic will divest its 53.9% stake in the German iGaming and sports betting company Bet-at-home.

Bet-at-home recently announced it was experiencing struggles with regulation in Germany, leading to essentially flat revenue for H1.

The reformed Banijay Gaming will operate only in locally regulated markets, with the three combined brands currently operating in Germany, Austria, France, Portugal, Poland and the Ivory Coast.

Personnel changes

As of 1 January 2026, Betclic CEO Nicolas Béraud will become chairman of Banijay Gaming’s board, with Lov Group Invest continuing to serve as president.

COO Julien Brun will assume Béraud’s current role as Betclic CEO.

Once the transaction is concluded, former Tipico CEO Joachim Baca will become vice-chairman of the Banijay Gaming board, while current Tipico CEO Axel Hefer will continue in his current position.

Analysts confident deal will pay off

In the wake of Banijay Group’s announcement, Regulus Partners voiced its confidence in the deal’s revenue possibilities, noting these will likely outweigh the costs.

According to a Regulus note, both Tipico and Betclic have proven they can add value even in challenging regulatory environments through “operational excellence”.

Additionally Regulus views both Tipico and Betclic as “local hero specialists”, although the note warned the deal’s long-term value creation could be reliant on Banijay’s ability to replicate its “local hero” model in additional markets.

The note also suggested value creation could hinge on achieving tax and regulatory liberalisation in key existing markets like Germany and France. The black market is likely to be Banijay’s biggest competitor in these core regions.

This rising sophistication is only part of the problem. Many iGaming operators still view fraud prevention through a narrow lens – as a defensive measure rather than a strategic advantage. Manual reviews, outdated triggers and siloed teams are able to intercept attacks, but they also risk alienating legitimate players.

Nearly half of European iGaming operators believe fraud cost them more than 10% of their revenue last year. A further 15% put the figure at more than 20% of their total revenues, with 83% of operators claiming the issue had grown year-on-year.

With fraud accounting for industry-wide losses reaching tens of billions of euros in 2024, it’s clear significant resources must be directed toward protecting businesses. Yet the question remains whether prevention can also drive growth. Could anti-fraud technology move from being a cost centre to becoming a catalyst for profitability?

Volodymyr Todurov, CEO at Frogo, believes it can. “Fraud management shouldn’t be seen as a cost centre any more,” he said. “It’s a profit enabler. Every threat we eliminate, every customer we protect, every second we save in the payout process – it all translates directly into growth.”

From protection to performance

Frogo was founded by iGaming professionals who saw that existing fraud systems focused too heavily on blocking activity rather than understanding it. The Cyprus-headquartered fraud prevention and risk management service provider’s mission is to protect operators without slowing them down, ensuring genuine players can transact freely while threats are detected early.

Frogo’s multi-layered AI framework continuously assesses and learns from behavioural patterns. It analyses transactions in real time, identifying deviations without disrupting normal player journeys. The result is a blend of automation and human strategy that reduces false positives while streamlining legitimate activity.

“The biggest issue I see is that too many systems punish good customers by mistake,” said Todurov. “A few failed deposits might look suspicious in isolation, but without context, you are treating a loyal VIP like a fraudster. That’s not just a bad experience – it’s lost revenue.”

Data in, insight out

At the heart of Frogo’s technology lies what Todurov calls “data enrichment with purpose”. The platform uses device fingerprinting, AI-powered scoring, and graph-based forensics to create an evolving profile of each user. By combining IP data, payment details, device signals and behavioural history, even without receiving any personalised data, Frogo produces a holistic picture that makes fraud easier to detect and genuine play easier to verify.

“The more data we have, the better our accuracy,” Todurov explained. “Fraud prevention is not just about detection; it is about understanding behaviour. With rich data, we can lower false positives dramatically. Without it, an operator might check 11 or 12 genuine customers to catch one fraudster. With the right data, we can find a balance between the client’s risk appetite and the accuracy of the risk model to achieve maximum performance/effectiveness.”

This precision brings commercial as well as operational benefits. Faster payouts and fewer false alarms translate into higher player trust and stronger retention. “When players see that their transactions are smooth and safe, loyalty goes up,” the CEO added. “That is how fraud prevention directly contributes to retention.”

Automation that pays for itself

As well as better detection, Frogo’s proposition is built on measurable financial return. iGaming operators that integrate the platform often see results within weeks, thanks to high automation and speed.

The system can be implemented in as little as two weeks, operating at sub-second response times. By automating tasks that previously required manual oversight, operators can redeploy their teams more efficiently. For instance, automated withdrawal scoring removes the need for financial managers to review every transaction individually, significantly reducing operational costs.

“When we talk about return on investment, we’re not talking about small percentages,” said Todurov. “It is often tenfold or twentyfold depending on transaction volume and integration level.”

Crucially, Frogo’s scoring data also supports wider business functions.

“If a returning player forgets their password and creates a new account, our system spots the connection and alerts the VIP team,” Todurov said. “Instead of blocking the player, the team reaches out to restore their existing account. That saves money on KYC and preserves the relationship.”

The human touch behind the AI

While Frogo’s platform is powered by AI, their valued clients’ security is not delegated to cyborgs. For Frogo, human expertise remains essential, with algorithms alone unable to define a client’s risk strategy. “AI is a tool, not a replacement,” Todurov added. “It can process millions of data points, but it cannot decide your strategy. Humans still design the policies, interpret results and understand business risk.”

Frogo’s team works alongside clients to tailor scoring models and adapt them over time. Frogo regularly analyses operator feedback to refine trigger accuracy and reduce false positives. “If your fraud policy triggers 800 times and you only block 10 actual fraudsters, that is 790 unhappy customers,” Todurov commented. “We analyse those outcomes and adjust the logic to improve conversion.”

This ongoing collaboration between people and technology ensures that anti-fraud systems evolve in lockstep with the threats they are designed to combat.

Future-proofing against AI fraud

Frogo is closely tracking trends such as the rapid evolution of fraud as generative AI becomes more accessible and widely used. The company notes that operators must now prepare for a new class of threats driven by automation, synthetic identities and the growing complexity of payment ecosystems. The expansion of crypto and digital wallets, combined with increasingly advanced fraud tactics, is redefining how risks must be managed.

Deepfake IDs, identity  biometrics and AI-generated liveness checks are now capable of bypassing conventional verification methods. Todurov warned that passing KYC no longer guarantees trustworthiness. “AI can forge documents and fool liveness checks,” he said. “That means we need to rely more on behaviour than on appearance.”

Frogo’s system focuses on the unique patterns of activity that distinguish real users from synthetic ones. “Even if you can fake a face, you cannot fake a person’s digital rhythm,” said the CEO. “We look at velocity, timing, device switching and gameplay behaviour – things that reveal the human behind the data.”

The company’s adaptive approach also addresses the rapid expansion of alternative payment methods. As crypto and e-wallet transactions become mainstream, old rules around payment frequency or wallet count no longer apply. “Having multiple wallets is not suspicious anymore,” Todurov said. “Fraud detection must evolve from static thresholds to dynamic baselines that reflect real customer behaviour.”

Real-time resilience

Frogo’s latest innovation is a real-time alerting system that gives operators instant visibility into emerging threats. Whether detecting abnormal traffic, spikes in failed deposits or subtle shifts in betting activity, the feature ensures teams can respond immediately.

“Speed is crucial. Fraud does not wait for manual review. If something is wrong, we help teams act before it spreads.”

The platform also connects departments that historically worked in isolation. Anti-fraud, payments, affiliates and compliance teams can now share intelligence through unified alerts. “Fraud protection should not happen in silos,” Todurov added. “When teams act together, you are not just stopping fraud – you are improving overall performance.”

Redefining the cost centre

Todurov believes the operators that will thrive in the coming years are those that treat fraud prevention as a driver of performance, not merely a line of defence. “When a tool such as Frogo is fully utilised – both for fraud detection and for generating insights about potentially high-value clients – your return on investment increases proportionally to Frogo’s integration depth with your product.”

“Payouts are processed faster, customer satisfaction improves, and staff workloads are reduced.”

Frogo’s infrastructure runs on secure Amazon cloud architecture, compliant with GDPR and ISO 27001 standards, with PCI DSS certification scheduled for 2025. Each client environment is isolated, ensuring full data protection and regional compliance.

“Our mission is straightforward,” concluded Todurov. “We want to make fraud prevention invisible to the player and invaluable to the business. The smarter it becomes, the more iGaming operators can focus on what truly matters – growth.”

Kambi scores with Holland Gaming Technology

First, Kambi Group has signed a multi-year agreement with Holland Gaming Technology in the Netherlands.

Under the deal, Kambi will provide its full turnkey sportsbook solution to the operator. This includes advanced trading capabilities, an open platform and bet builder product.

The partnership comes after Holland Gaming secured a sports betting licence from Dutch regulator, Kansspelautoriteit. It is already active within the county’s online casino space.

“We’re excited to partner Holland Gaming Technology as they expand into sports betting,” Kambi CEO Werner Becher said. “Their strong marketing and deep industry expertise make them an ideal fit for our turnkey sportsbook solution.”

BetGoodwin launches EveryMatrix sports betting product

Next, EveryMatrix has also detailed a new sports betting venture, linking up with UK-facing BetGoodwin.

The operator has rolled out a full turnkey sports solution from EveryMatrix. This followed the signing of a multi-year full turnkey agreement signed in 2024.

The platform offers more than 200,000 monthly live events and up to 800 live markets on English Premier League fixtures. Betting options include pre-live and live bet builder across 11 sports, cash out functions and odds boost.

Julian Head, CEO of BetGoodwin, said: “This is a milestone launch for us. EveryMatrix’s modern sportsbook gives us a feature-rich platform that will help deliver an outstanding betting experience to our customers.”

Pragmatic Play opens Colombia studio

In other news, Pragmatic Play has expanded its reach in Latin America by launching a new live casino studio in Colombia.

Delivered and operated by ARRISE, the Bogotá-based studio will deliver localised, premium live casino experiences in Latin America. Supported by an investment of over $15 million, the facility is set to create over 1,500 new jobs.

More than 100 tables will be located at the studio. These include roulette and blackjack, all customised to local preferences and hosted by Spanish and Portuguese-speaking dealers.

Irina Cornides, chief operating officer at Pragmatic Play, said: “This new live casino studio in Colombia represents a major milestone in our native content expansion strategy across Latin America.” 

Michigan regulator targets illegal websites

Into the US, the Michigan Gaming Control Board (MGCB) has taken further action against unlicensed gambling operators.

The regulator issued cease-and-desist letters to eight online casinos found to be illegally offering iGaming to Michigan residents. The MGCB regularly sends these notices to tackle unlicensed activities.

Aussie Play, CryptoGames, FortuneJack, Hugewin Casino, My Stake Casino, Play at Harry’s Casino, RuneChat and Slots Garden were all contacted by the regulator.

“These unauthorised websites often appear sophisticated and legitimate, but they operate outside of Michigan law, MGCB Executive Director Henry Williams said. “The MGCB will not hesitate to intervene when we find operators ignoring our state’s gambling laws.”

NCPG welcomes affiliates in Texas and Vermont  

And finally, the National Council on Problem Gambling (NCPG) in the US has announced two new members.

The Texas Coalition on Problem Gambling and the Vermont Council on Gaming and Health have joined the organisation. Both groups will work with the NCPG and other members on supporting those impacted by problem gambling.

While the NCPG advocates for problem gambling support at the national level, its state affiliates focus on regional efforts. With the new additions, NCPG now has affiliates in 37 states.

“Every state has a unique gambling landscape, but the need for prevention and support is universal, NCPG Board President Derek Longmeier said. “Affiliate organisations are vital partners in NCPG’s mission.”

At stake is whether Estonia – already one of the world’s most digitised economies – can convert its technological advantage and forward-thinking tax policies into a credible and sustainable hub for online gaming. 

“Estonia is indeed moving toward positioning itself as a more attractive and competitive jurisdiction for gambling operators,” says Margus Reiland, partner and head of regulation, gambling and tax at Tallinn-based Law Firm Widen. 

Reiland explains that Estonia’s new gambling bill currently being debated in Parliament represents the most significant update to Estonia’s gambling framework in more than 15 years.  

New measures being considered

Among its key measures are: 

• Updated definitions of remote and additional gambling. 

• Broader scope for licensed operators to offer support services such as IT and accounting within the same group. 

• Mandatory audits of annual financial reports. 

• Clearer anti-money laundering data requirements for licence applications. 

• The Tax and Customs Board becoming the single point of contact for licences. 

• Tighter rules on gambling venues located near youth facilities. 

• Tenfold increases in fines and penalties. 

• Perhaps most importantly, a reduction in the remote gambling tax rate. 

According to the bill’s explanatory memorandum, its aim is to “modernise rules that have remained largely unchanged for over 15 years, strengthen supervision and improve the reliability and transparency of the gambling sector”. 

“In other words,” Reiland adds, “the reforms aim to encourage licensed operators to base their operations in Estonia instead of elsewhere in the world.”  

The timeline for reforms remains uncertain but Reiland says the bill is currently under parliamentary discussion and has not yet been adopted. “That being said, if the government coalition remains stable and continues to support the proposal, it is likely that the amendments will eventually pass,” he adds.  

Estonia new gambling bill’s tax reform 

One of the headline changes is the proposed lowering of Estonia’s gambling tax. For Reiland, this sends a clear strategic signal. The proposed bill by MPs from the Eesti 200 and the Reform Party would gradually reduce the remote gambling tax rate by 0.5 percentage points per year, aiming to reach 4% by around 2029.  

“From a regulatory standpoint, the intent appears to be to strengthen Estonia’s position in the gambling sector,” Reiland says. “And that intent is without a doubt positive.” 

Operators have largely welcomed the move, viewing it as recognition that “their long-standing concerns and challenges are being acknowledged by policymakers,” says Reiland. Although he also points out that the wider political debate “has been more divided”.  

The main question seems to be whether lowering the gambling tax truly benefits the wider economy or primarily favours the operators. 

The most prominent opponents are members of the centre-left opposition party Keskerakond The underlining sentiment is that the proposed gambling regulation is a lobby project, with no real positive effect. Industry insiders, however, are cheering the direction of travel.  

In an October blog post, Tim Heath, founder of crypto-driven gaming giant Yolo Group, praised Estonia’s new gambling bill, noting: “Only a year ago, the plan was to raise taxes. Proposing a different course took serious courage, and it shows the Estonian government understands how our industry really works.” 

Yolo has been headquartered in Estonia for years. Lower tax friction, Heath argued, would attract more operators, which in turn could bring “more investment, more jobs and, ultimately, more tax revenue. By going down this path, Estonia is choosing to grow its share of the pie rather than fight over the crumbs.” 

Digital credibility as a competitive edge 

Reiland believes Estonia’s strengths go beyond gambling taxation. “Obtaining and maintaining a licence in Estonia is already relatively fast, cost-efficient and administratively straightforward,” he explains. 

On top of that, “Estonia has strong IT infrastructure, robust cyber security standards and a well-developed anti-money-laundering framework. This raises the regulatory credibility to a high level.” 

In his view: “Estonia has always been a solid and effective choice for getting a licence – it just hasn’t received the same level of international attention as some other jurisdictions.” That could soon change. Estonia’s X-Road data-exchange system – a secure interoperability platform connecting public and private databases – underpins much of the nation’s digital governance and has become a unique asset for regulators. 

“It’s not just used in gambling supervision,” Reiland notes. “It’s also in data exchange across government agencies, health service providers and many private sector stakeholders. I wouldn’t go as far as to say it is a branding exercise but a widely used system that does actually support regulatory efficiency.” 

Yolo Group’s Heath agrees that this technological backbone gives Estonia an advantage few others can match. The market’s use of crypto as a payment method for gambling is a huge benefit to the group. “Estonia’s embrace of crypto in this new regulation helps cement its reputation as the world’s most digital country,” he wrote. “It encourages operator transparency and turns it into a national advantage.” 

Crypto and compliance in the EU  

Unlike many European jurisdictions tightening their stance on digital assets, Estonia is keeping cryptocurrency as an approved payment method – albeit under strict AML and KYC rules. 

“The Estonian approach allows crypto as a payment method for Estonian licensed operators,” Reiland explains. But he cautions that since MiCA – the European Union’s comprehensive legal framework for crypto-assets, designed to bring consistency, consumer protection and financial stability to the crypto sector – it is still a novel regulation and national practices differ.  

“It should be analysed under other target market jurisdictions whether all necessary requirements have been met,” says Reiland. In practice, he says, “the key question isn’t whether to use crypto but whether the operators know how to apply the highest standards of AML, KYC, enhanced due diligence etc under self-regulation principles”. 

In his blog post Heath echoed this pragmatism, arguing that Estonia’s openness “aligns with MiCA and EU best practice”. The integration of blockchain analytics tools such as Chainalysis, he suggests, allows for “real-time tracing and risk-scoring of crypto transactions,” thus enhancing transparency rather than undermining it. 

Crypto casinos, which are largely unlicensed or illegal across most European markets, are gaining rapid popularity among younger players. Last month Yolo announced it would be leaning entirely into regulated markets, and in another blog post Heath said he believed crypto was becoming “mainstream”.

Predictability and digital expertise 

Some in the industry remain cautious of Estonia’s new gambling bill and point to last year’s short-lived proposal to raise gambling taxes as a sign of political volatility. But Reiland dismisses this concern. 

“Estonia has had a very stable regulatory framework for a long time,” he insists. “The only real changes have come in the past couple of years, largely because different interests were competing over how to modernise the system. Right now if the bill is passed, the expectation is that the framework will remain generally stable for many years and the likelihood of a reversed course is very low in my eyes.” 

That sense of predictability – combined with Estonia’s digital expertise – could be decisive in drawing operators who are increasingly weary of the administrative burdens in older licensing hubs. The draft bill also introduces modest reforms to responsible-gambling measures, including expansion of the Estonia´s self-exclusion register, HAMPI. 

“There were different ideas floating on the self-exclusion list amendments but right now the latest parliamentary bill seems to be quite conservative,” Reiland notes. “It is my view still that probably the HAMPI regulation will be overhauled pretty soon since the existing system has been in place for quite some time.” 

Heath, meanwhile, highlighted this as one of the most important improvements, arguing that the reforms “lay the foundation for a safer, fairer environment – one where players can simply enjoy the thrill of the game, confident that they’re spinning in a trusted, regulated space”. 

Estonia’s new gambling bill a blueprint for Europe? 

If Estonia succeeds, could its model influence EU-wide discussions on digital gambling regulation? Reiland is cautiously optimistic. “Hopefully, if Estonia’s system proves effective, it could serve as a model for EU discussions rather than an outlier,” he says.  

“The underlying logic is not to prohibit or overregulate, but to use IT systems and secure information exchange to support legitimate business while maintaining continuous oversight.” 

Marriage of innovation and integrity could pay off 

For now, Estonia’s new gambling bill’s parliamentary journey continues. “It might be expected that after this bill has been adopted, the Ministry of Finance might also present a bill covering the remaining issues,” Reiland says – mentioning future clarification on crypto and the HAMPI system as likely priorities. “No seismic changes are to be expected.” 

As Heath of Yolo Group put it: “What Estonia is proposing right now could become a blueprint for how small, smart countries lead global industries – by marrying innovation with integrity.” And with legal experts like Reiland pointing to stability, efficiency and credibility as the cornerstones of the new framework, Estonia’s gamble on innovation might just pay off. 

The measures are expected to be implemented no later than 1 January 2027. 

On Friday, the Danish parliament passed its ‘Gaming Package 1’, aimed at preventing gambling addiction and strengthening the protection of children against gambling harms. 

The package will introduce a whistle-to-whistle ban on gambling ads during live sports broadcasts, starting 10 minutes before the event and ending 10 minutes after the games conclude.  

This will include bans on live odds being displayed across banners in stadiums and a restriction on the use of celebrities and influencers in gambling ads.  

Package prohibits gambling ads near schools 

Additionally, the package prohibits the use of “free money games” as welcome bonuses. 

Gambling ads on public transport and within 200 metres of schools or other educational institutions will also be prohibited under new rules, while persons aged under 25 will not be allowed to feature in any gambling marketing. 

Denmark’s Gambling Act will be amended to mandate age filters on social media ads to ensure content isn’t targeted at those aged under 18, while gambling addiction treatment centres will receive an additional DKK8 million ($1.2 million) in funding next year.  

These centres will receive further funding of DKK3 million in 2027, DKK5 million in 2028, DKK2 million in 2029 and DKK3 million in 2030. 

Denmark’s Tax Minister Ane Halsboe-Jørgensen said the measures should prove effective in curbing gambling addiction in the country. 

“With Gaming Package 1: A More Responsible Gaming Market, the government, together with a broad majority in the Danish parliament, is taking an important step towards a more responsible gaming market,” Halsboe-Jørgensen said.  

“The work does not stop here.” 

Government’s ‘showdown’ with Danish gambling sector 

Upon revealing the package of restrictions, the government said Denmark had faced issues with rising gambling addiction in the country.  

It claimed nearly 500,000 Danish adults had experienced some extent of gambling problems in 2021, a figure that has doubled since 2016, with almost 30,000 experiencing serious gambling problems. 

The government also stated 25,000 Danish children and young people have experienced some degree of gambling harm, with 2,600 having a serious gambling problem. 

Halsboe-Jørgensen explained the agreement marked a shift in mentality in Denmark, with closer attention paid to restricting the gambling sector and the harms that can come from it. 

“This is the beginning of a showdown with a gaming industry that has been allowed to take up too much space for far too long, so that entertainment does not turn into addiction,” Halsboe-Jørgensen said.  

“This requires both responsible providers, stronger rules and a sustained political effort.” 

Denmark regulator to be strengthened 

The agreement will also seek to further empower Spillemyndigheden, the country’s gambling regulator.  

Spillemyndigheden will be given the authority to block illegal gambling sites, with clearer principles and criteria for calculating fines and sanctions. 

Certain administrative burdens will also be eased, such as the need for gaming providers to send a copy of decisions on closing gambling accounts to Spillemyndigheden. 

Denmark gambling revenue on the increase 

In August, Denmark achieved gambling revenue of DKK714 million, both a year-on-year and month-on-month increase. 

Denmark’s sports betting and iGaming markets both posted double-digit growth when compared to the same month last year. 

The nation’s self-exclusion scheme ROFUS reached 63,488 users by the end of August, with 41,362 of those having permanently excluded themselves from gambling.

On Friday, Betsson announced its Q3 results for the period ending 30 September. Group revenue was up 5.6% to €295.8 million ($343.5 million), while EBITDA (€82.5 million) and operating income (€66.9 million) also increased by 2.7% and 3.7% respectively.

Q3 revenue from locally regulated markets shot up by 16% in Q3, accounting for 64% of Betsson’s total revenue, compared to 58% last year.

Overall growth was powered by performance in Western Europe, particularly Italy which achieved all-time high revenue across the quarter.

This was largely driven by growth in Betsson’s online casino product in Italy, which recorded trecord revenue for the period. The group did not break down its numbers by specific market.

Revenue for the whole of Western Europe’s in Q3 stood at €56.9 million, accounting for 19% of Betsson’s total group revenue for the quarter, up from 16% in Q3 2024. Broken down by vertical, iGaming revenue in the region came in at €45.7 million during the period, while sportsbook was €11.1 milion.

Betsson balance sheet supporting continued investment

In the press release announcing the results, Betsson CEO Pontus Lindwall said Betsson was continuing to “drive the digitalisation” of the global gaming market, with a geographically diversified offering protecting the company from potential headwinds in some markets.

“We have a proven, successful product portfolio consisting of both casino and sports betting, as well as a well-diversified mix of revenues from different geographical regions, which lowers the risks of periodically weaker developments in individual products or markets,” Lindwall said.

“I look forward with confidence to the end of the year and ahead to 2026 with the upcoming World Cup in football. Our strong balance sheet enables continued investments in product development and strengthened market positions to support continued stable profit growth and dividends to our shareholders.”

Record LatAm casino revenue for Betsson in Q3

A key area of focus for Betsson this year has been the LatAm region, as it launched in both Brazil and Paraguay in 2025, while also maintaining a presence in Colombia and Peru.

It’s proving a fruitful market, too, with LatAm revenue growing 10.2% year-on-year in Q3.

Casino revenue in the region was at record levels, increasing to €56.6 million from the €46.1 million generated in the same quarter last year.

This offset a year-on-year decline in sportsbook revenue from €23.1 million to €19.8 million.

Betsson attributed the sportsbook decline to seasonally lower activity and a lower sportsbook margin, with Q3 last year featuring the European Championship and Copa America football tournaments.

LatAm revenue accounted for 26% of Betsson’s revenue in Q3 compared to 28% in Q2.

However, Betsson noted continued underlying growth in Argentina in terms of customer deposits and turnover, while Peru and Colombia’s revenue also grew year-on-year.

Betsson plans to sustainably outgrow the market

For the nine months ending 30 September, Betsson reported an 11.7% increase in group revenue to €893.1 million.

EBITDA increased 6.5% to €244.4 million, while operating income also rose by 7.2% to €199.9 million.

Looking ahead, Betsson said its long-term plan was to sustainably “outgrow the market”, highlighting growth in existing markets, expansion into new markets and development of its B2B offering as growth areas.

Betsson initiates share buyback programme

Alongside its Q3 results, Betsson also announced it will initiate a share buyback programme with a maximum purchase amount of €40 million.

The buybacks will take place on the Nasdaq Stockholm stock exchange, with the process of repurchasing class B shares in Betsson to be managed by Arctic Securities AS.

The buyback programme starts on Friday and will last until 30 April next year.

Speaking to analysts during the group’s Q3 earnings call on Thursday, Evolution CEO Martin Carlesund hinted at the December deadline, although he said the Gambling Commission had not specified a timeline for the review.  

Evolution Gambling Commission review stems from supplier crackdown

The GC commenced its review in December, after discovering the supplier’s games were being provided to unlicensed operators in the country. The case indicated a wider crackdown on supplier compliance in the UK, as the commission stepped up enforcement against the growing black market.  

Gambling Commission CEO Andrew Rhodes had previously warned operators to step up their monitoring of business relationships, to ensure partners were not facilitating illegal gambling. 

“When it comes to the UK Gambling Commission timeline, unfortunately I don’t have any other information. It’s in the hands of the regulator and our estimation is that it will be by the end of this year,” Carlesund told analysts.  

Q3 revenue dips on troubles in Asia  

In what has been a pivotal week for the group, as it unveiled that Playtech had commissioned a secret investigation against it, Evolution reported its net revenue for Q3 had decreased by 2.4% to €507.1 million. 

Carlesund blamed Asia for its continued impact on the group’s earnings, as it continued to fight targeted cyber-attacks during the period.  

He also looked to the Philippines iGaming market, noting it had been “very volatile” during its early stages.  

“Other markets such as India, which in our view show signs of moving towards regulation, create a higher level of uncertainty than before,” he said in a statement.  

However, the group reported quarter-on-quarter growth in Europe after a couple of challenging quarters during which the market had been impacted by ring-fencing actions to prevent Evolution’s games from being used in grey markets.  

Europe revenue hit €182.2 million in Q3, up from €180.2 million in Q2. But in a year-on-year comparison, Europe was down 6.5%. The ring-fencing exercise commenced after the commission’s review was launched. The supplier initiated the project to ensure it was meeting compliance requirements across Europe and not contributing to the growing back market.  

EBITDA for the period was down 18.9% to €337 million, while EBITDA margin hit 66.4%, down from 71.7% last year. Profit landed at €252.3 million, down 23.2%.  

Starting with Svenska Spel, the group saw net gaming revenue reach SEK1.87 billion ($199.4 million) in the quarter ended 30 September. This beat the previous year by 7%, the operator said in its Q3 financial report.

Svenska Spel noted growth across two of its three core businesses: Tur lottery and Sport & Casino. However, it saw a decline in the Vegas gaming machine segment, while the group was also slightly impacted by the discontinuation of its Casino Cosmopol land-based casino business.

Its final Casino Cosmopol location, in Stockholm, was shuttered in mid-H1. Several locations closed in January 2024, as well as another venue in Sundsvall in 2020.

However, growth across Tur lottery and Sport & Casino was more than enough to offset any impact of the closures, and indeed the Vegas declines, with top-line revenue clearing last year by a comfortable margin.

“Svenska Spel reports a third quarter with increased net gaming revenue, driven by strong product brands such as Eurojackpot and Oddset,” President and CEO Anna Johnson said. “Two out of three business areas show growth, which has a positive impact on the result, which increases compared to the same quarter last year.”

Lottery revenue exceeds SEK1.3 billion at Svenska Spel

Breaking down Q3, the Tur lottery remained Svenska Spel’s primary source of revenue by some margin. Revenue in this segment climbed by 7% to SEK1.31 billion. The operator put this down to a strong performance by Eurojackpot, where high jackpots contributed to increased customer interest, as well as a successful relaunch of Lotto.

Elsewhere, revenue from Sport & Casino jumped 9% year-on-year to SEK489 million. This, the group said, was helped by continued positive development for both online casino and sports betting under the Oddset brand, noting an increase in customers.

The only segment to go against the growth trend was Vegas, with machine revenue falling 10% to SEK78 million. Svenska Spel put this down to a fall in partners and a challenging economic situation affecting the restaurant industry.

Svenska Spel also noted that online accounted for SEK1.22 billion of total revenue, up 15% from last year. This meant online drew 65% of all revenue in Q3, compared to 60% in the same quarter of 2024.

Net profit rises to SEK584 million

Looking towards the bottom line, costs were relatively stable, although a drop in staffing costs following the Casino Cosmopol closures was posted.

Operating profit increased 18% to SEK718 million, on the back of revenue growth and stable expenses. Pre-tax profit also climbed 22.8% year-on-year to SEK739 million, helped by interest and other financial income.

Svenska Spel paid SEK155 million in tax, leaving a net profit of SEK584 million, up 18.5%.

“During the quarter, we delivered both increased revenue and progress within all of our strategic goals – a result of the joint work of the entire Svenska Spel,” Johnson said.

As for the year-to-date, net gaming revenue at the group for the nine months to the end of September was SEK5.56 billion, up 2%. Operating profit also increased on the back of this – by 8% to SEK1.90 billion for the period.

Pre-tax profit climbed 7% to SEK1.95 billion while, after SEK409 million in tax, net profit hit SEK1.54 billion, a rise of 8.3%.

ATG bounces back in Q3

Looking to ATG, the group saw net gaming revenue in Q3 rise 1% year-on-year to SEK1.30 billion. This was in contrast to the first two quarters of 2024, during which the operator posted a decline in revenue.

CEO Hasse Lord Skarplöth put the improved performance down to growth across horse and sports betting in Q3. He also noted a “continued focus on efficiency improvements”, with optimism about Q4 and beyond.

“It has been a challenging first half of the year for us, but the third quarter marks a small turnaround for ATG,” Skarplöth said. “The group’s net gaming revenue increased by 1% compared to the same quarter last year.

“To meet a changing market, we work consistently with efficiency improvements to reduce costs and strengthen profitability. We are already seeing clear results from an even more focused use of resources.”

Sports growth offsets casino decline

Analysing the quarterly performance, ATG said horse racing accounted for 77% of revenue in the period. However, the SEK958 million generated was only marginally more than in Q3 of last year.

In terms of sports betting, the performance here was more positive at SEK171 million, a rise of 6%. This pushed its total contribution to group revenue up from 12% to 13%.

However, in contrast, casino revenue dipped 1% to SEK167 million, or 10% of all revenue in the quarter. ATG noted that this year’s Q3 had four fewer jackpots than in the same period last year.

Digital and online channels generated SEK1.19 billion of all revenue, a rise of 2%. However, retail revenue dipped 8% year-on-year to SEK109 million.

Reduced spending pushes profit up at ATG

Looking at spending, expenses were reduced across several areas including gambling tax and other costs. Coupled with the slight rise in revenue, this allowed operating profit to climb 9% to SEK434 million.

Pre-tax profit increased 7% to SEK441 million while net profit after tax in Q3 also climbed 7% year-on-year to SEK428 million.

“Our ambition is clear: to create sustainable growth and strengthen ATG’s long-term competitiveness – for the benefit of our customers, the sport and the entire horse industry,” Skarplöth said.

As for the year-to-date, net gaming revenue for the nine months to end of September hit SEK3.86 billion. This fell 3% short of the previous year due to declines across both Q1 and Q2 at ATG.

Coupled with higher costs in some areas, this meant that operating profit fell 11% to SEK1.11 billion for the period. Pre-tax profit was also 12% lower year-on-year at SEK1.12 billion.

ATG paid SEK39 million in tax and also accounted for SEK2 million in positive foreign currency translation impact. This meant it ended the nine-month period with SEK1.08 billion in net profit, some 12% behind last year.

This week’s revelation that Playtech commissioned a secret and seemingly invasive investigation into Evolution proves that competition among games developers has reached a tipping point.  

 “We are seeing an upward trend in IP disputes because people see huge value in this space. There is a lot to fight over,” says Joel Vertes, partner and co-head of Intellectual Property at CMS in London. 

His team, which is one of the largest IP practices in Europe, regularly deals with disputes involving game developers, platforms and even individuals accused of IP infringements or misappropriation of trade secrets. Vertes highlights the rapid expansion, advanced technology and vast variety as key drivers. “The gaming sector as a whole has just exploded in the last 10 years,” he adds.  

How the Spribe/Aviator case broke new ground 

One case in particular crystallises how IP disputes manifest in the sector. It is the recent high-profile legal battle between the two game developers Spribe and Aviator LLC, which involves Spribe’s award-winning crash game Aviator. 

The dispute started in Georgia last year, in a case that resulted in Spribe being found to have registered Aviator LLC’s trademarks in bad faith. This year the dispute resurfaced in a UK High Court, and in August Spribe won a UK injunction against Aviator LLC, blocking it from producing a copycat crash game and the use of Spribe’s trademarks. 

Although Aviator filed for permission to appeal in the Court of Appeal on 11 September, the application was abandoned on 8 October, and the court dismissed it the same day, having criticised Aviator’s conduct as “petulant”.

The case highlights the UK’s strong enforcement of IP rights. Proceedings regarding the same case are ongoing in other jurisdictions, including the EUIPO. The UK trial is expected to be heard in either 2027 or 2028.  

Protecting IP is challenging 

Vertes underscores the importance of interim injunctions in IP disputes: “Even though temporary, they can be decisive. If granted, the defendant is blocked from acting and many disputes settle shortly after.” 

He explains that in Europe, game mechanics are difficult to protect directly. “Generally, you’re looking at a bundle of rights. So, you’re looking at the brand, and you’re looking at underlying copyright in the source code,” Vertes says. The “general look and feel” of a game, along with registered design rights over graphical user interfaces, have become key IP battlegrounds. 

“The work we’re doing a lot of at the moment is in design rights,” he adds, pointing to how in the UK and Europe, design protection offers a whole new angle to fight over. The increasing speed of game development cycles – accelerated further by AI technology capable of generating code and imagery rapidly – adds urgency to IP vigilance. 

Richard Williams, IP lawyer at Keystone Law in London, emphasises the strategic importance of brand and trademark protection in gaming: “Clearance is a critical step. If you don’t check, you might be blocked from a market or subject to costly litigation.” 

An example of this is the backstory to the dispute between Spribe and Aviator LLC. In its Georgia case Aviator LLC claimed the rights to the name and logo created in 2017.

Williams stresses that smaller markets can still have a huge impact. “This insight reveals how early trademark clearance – often overlooked – can make or break international expansion.” 

IP disputes are being weaponised 

In Europe, legal frameworks around IP protection are more uniform than in many regions, but still complex. Vertes advises that those involved in the industry must become “IP-savvy quite quickly,” ensuring their names, designs and coding practices do not infringe on others’ rights. 

There is agreement among experts to whom iGB has spoken that IP cases are being weaponised in a competitive market. “Obviously, even if the IP dispute isn’t successful, it’s a good way of trying to keep competitors out of the market for as long as possible,” says Richard Williams. 

Joel Vertes agrees that it does happen: “I don’t see any reason why you shouldn’t weaponise your IP. If you’ve filed a patent over some mechanics in a game, or you’ve registered designs over the graphic user interface, why would you not go out and enforce it?” In the end, it is all about upholding brand and technology exclusivity in a highly competitive environment.

“It’s not about squishing small companies from entering the market – they’re perfectly entitled to compete. But that doesn’t mean they’re entitled to step on others’ toes to do it.” 

Across the Atlantic is a different picture 

Across the Atlantic, the situation is notably different, as the US is largely shaped by distinct legal doctrines and litigation cultures. Steven Caloiaro, an intellectual property litigator at the Reno office of Dickinson Wright, offers a contrasting perspective. 

Caloiaro observes that patent litigation in the US gaming sector has actually declined over the last decade. He attributes this to pivotal Supreme Court decisions like Bilski vs Kappos in 2010 which narrowed patent eligibility for software innovations.  

“Bilski made it very difficult to successfully litigate software-related patent cases,” Caloiaro explains. Since many iGaming innovations revolve around software – such as progressive jackpots, reward systems and bonus mechanics – the impact has been significant, he explains. 

“For the established gaming community, litigation has been down – specifically in the iGaming sector.” 

Instead, the rising trend in the US is “softer IP” disputes covering trademarks, trade dress and trade secrets, as evidenced in recent cases like Light & Wonder vs Aristocrat. In that case, a game designer’s movement between companies raised trade secret concerns—a classic scenario in the tight knit industry.

Non-compete enforcement has also increased in the US as companies seek to indirectly protect IP by limiting employee mobility. Caloiaro notes: “Non-competes can serve as a workaround to protect IP.” Despite challenges from the Federal Trade Commission, gaming companies have actively sought to enforce these clauses, he says. 

Fundamental distinctions between Europe and the US

When it comes to enforcement remedies, Caloiaro contrasts the US and Europe: “In the UK or EU, if you win, you’ll almost certainly get an injunction. In the US, it’s not guaranteed, which can reduce the value of a win if you’re trying to keep a competitor off the market.”  

Moreover, damages awarded in US courts tend to be significantly higher, but litigation is also more costly and carries higher risk since parties usually bear their own legal fees regardless of the outcome. 

Outlining other fundamental distinctions between European and US IP enforcement, Vertes says the biggest difference is the size of damages. “US claims can be worth far more than European ones. So if you’re chasing a big monetary win, the US is [more] attractive,” he explains.  

Vertes also points out the value of “design rights” in Europe, a somewhat underutilised protection in the US, where trade secrets and trademarks dominate the softer IP landscape. The Aviator injunction highlights how UK courts actively protect registered trademarks and associated branding.  

By contrast, Caloiaro notes that US patent law’s challenges in protecting software-based innovations tend to reduce patent suits but encourage a focus on trade dress – the visual appearance of a product – and trade secret claims.  

AI’s rise complicates the IP picture on both sides of the Atlantic. Caloiaro agrees that AI lowers barriers to entry and blurs lines between inspiration and infringement, although US patent offices require a human inventor, limiting AI-generated patent claims. 

Best practices moving forward

Both European and US experts emphasise proactive IP management. Vertes urges companies to “choose a name, make sure you’ve cleared it, that you’re not infringing on others”.  

“Talk to your developers. Make sure they’re not just going online and scraping or copying. There’s no rule that says if you make five changes from a copyright work, it’s suddenly okay. It doesn’t work like that,” he says.

Caloiaro stresses the importance of understanding the different IP types – trademarks, copyrights, patents – and filing registrations and documentation accordingly.  Both lawyers are in agreement that, in today’s fiercely competitive and fast-moving iGaming market, a sophisticated IP strategy is essential for any company to survive. 

According to EUROMAT, lawmakers in Croatia failed to notify the European Commission over amendments made to the country’s Gambling Act. This, the organisation said, was in breach of European Union (EU) law.

All EU member states are required to inform the European Commission about new draft laws or regulations that affect market access, provision of services, or impose mandatory technical requirements. This is to allow for any scrutiny from the commission.

Changes to the Gambling Act were outlined in March this year. They included mandatory player ID systems, limitations on the location and layout of gambling venues and a ban on online and social-media advertising. Croatia also introduced a new, central player self-exclusion register.

EUROMAT also said providing benefits from exemptions and regulatory privileges would create an “uneven playing field” that could harm certain areas of the market.

The organisation said as the European Commission was not notified of the changes, this constituted a breach of EU law. EUROMAT had previously warned it would seek action if the changes were implemented, while both the Croatian Gaming Association (HUPIS) and European Commission issued similar warnings over the proposed amendments.

“Such open disregard for established EU procedures raises serious concerns,” EUROMAT said. “What message does it send to other member states if one country can so blatantly and openly ignore rules that all others are expected to respect?”

Croatia ‘threatens legal certainty’ for gambling businesses.

EUROMAT President Jason Frost hit out at the Croatian government over the case. He said the formal complaint marks the first step in the EU’s legal process.

“Based on EUROMAT’s complaint, the European Commission will be able to assess the evidence and decide on the next steps, including whether to open infringement proceedings against Croatia,” Frost said.

“The notification procedure exists to ensure that national measures are compatible with the principles of the single market. Croatia’s decision to ignore this obligation not only breaches EU law; it also threatens legal certainty for businesses across Europe.

“The commission must act decisively to uphold the integrity of the internal market.”

HUPIS Secretary General Filip Jelavić also criticised the government’s approach to changing gambling law. He urged the European Commission to act to ensure “fair market conditions” are upheld in Croatia.

“The Croatian government has deliberately sidelined both stakeholders and EU institutions,” he said. “By failing to notify, it has prevented scrutiny of measures that fundamentally distort competition and harm different segments of the gaming sector.

“We urge the Commission to carefully assess EUROMAT’s complaint and intervene without delay to ensure that the rule of law and fair market conditions are upheld.”

At present, the only Dutch licence for gaming machines applies to terminals in arcades and hospitality venues, as well as skill machines.

Now, a limited number of new licences will be made available to allow holders to exclusively run skill machines. KSA said this will make it easier for operators that only offer machines to apply for a licence.

KSA defines a skill machine as a terminal that offers games where progression depends on the player’s skill. Such machines should not pay out prizes that are anything other than additional or longer games. Examples of a skill machine include pinball machines where players can win extra balls by scoring more points.

The regulator explained further that any slot machine that is not a skill machine is automatically classed as a gambling machine.

Shorter review for skill machines licence

KSA said on Monday it would publish more information about the application procedure in the coming weeks. However, any companies interested in applying can make a submission immediately.

The new licences will likely have a shorter review process than others, making it easier for operators to begin running machines.

“With this limited operating licence, we’re meeting a need from the gaming machine market,” KSA said.

“Operators that only operate skill machines have indicated that they would like a separate licence, separate from the provision of gaming machines.

“This limited operating licence can have a shorter substantive review process and therefore be issued more quickly.”

Slot machines set for reform

Confirmation of the new licence comes amid possible changes to slot machine rules in the Netherlands. Earlier in October, Arno Rutte, secretary of state for legal protection, said that he will use recommendations from new research to shape new policies on land-based slots.

Rutte referenced five research reports on gambling, including the KSA’s recent piece on the impact of tax increases. The last of these, published in late September, set out a series of proposed changes to regulation on slots.

The report focused on player protection issues facing slots. It pointed out that many regulations related to land-based slots have not been updated since 2000. Areas of focus included user preferences for utilising cash to play and mixed feedback on new ID measures.

Betfred could close all UK shops

Bookmaker Betfred has warned it could close all its UK high street betting ships if gambling taxes rise as feared.

According to The Guardian, Betfred is considering shutting all 1,287 of its shops. This would put 7,500 jobs at risk across the UK.

The government is considering introducing higher tax rates for gambling companies active in the UK. Chancellor Rachel Reeves will set out the plans during November’s budget.

Flutter Entertainment also recently said it plans to close shops in the UK and Ireland. Entain and Evoke also said they could shut branches in response to higher tax.

Aerssen departs Dutch Lottery

The Dutch Lottery has announced that Jet Roos-van Aerssen is stepping down as chief financial and risk officer (CFRO).

Aerssen had worked for the operator since May last year, having succeeded Arjan Blok as CFRO. Blok went on to become CEO of the Dutch Lottery.

Prior to joining the organisation, Roos-van Aerssen worked in various international and national financial roles. This included stints with Talpa Network, Aegon and General Electric.

“Jet has made a significant impact on our organisation and our contribution to sports and exercise in the past year and a half,” Blok said. “We have come to know her as a professional and appreciate her commitment to the Dutch Lottery. We wish Jet every success in the future.”

Kambi scores betting partnership with Betnation

Also in the Netherlands, Kambi Group has agreed to a multi-year partnership with online operator Betnation.

Kambi will deliver its turnkey sportsbook solution to Betnation in the country. This includes a range of sports betting technology and services, such as a betting engine and trading and risk management capabilities.

Betnation has operated an online casino in the Netherlands since October 2022.

“Kambi’s reputation for excellence, cutting-edge technology and a commitment to regulated markets made them the natural choice as our new sportsbook provider,” Betnation CEO Robert Schouten said.

BetMGM extends with NFL’s Steelers

BetMGM has extended its partnership with the Pittsburgh Steelers of the NFL.

The deal will run to 2029, with BetMGM serving as an official sports betting, online casino and gaming partner.

BetMGM and the Steelers will introduce new fan-focused experiences, as well as continue the “Decade of Black & Gold Sweepstakes”. The latter awards one fan in Pennsylvania or West Virginia with 10 years of season tickets and hospitality tent passes for Steelers home games.

“This partnership extension allows BetMGM to continue delivering experiences that reflect the energy and passion of Steelers Nation,” said Casey Hurbis, BetMGM chief marketing officer.

Svenska Spel details community funding programme

Svenska Spel has launched a new initiative to fund local sports clubs in the Gotland region of Sweden.

Föreningsdrömmen Gotland will distribute SEK1 million ($106,124) each year. This will see 10 clubs in the region receive SEK100,000 each.

Clubs interested in the funding can begin to apply from 12 November. Funds can be used to fund equipment, travel, camps or support their own initiatives.

“Sports are an important meeting place for children and young people. It is where joy is born, where dreams grow and where community takes shape,” Svenska Spel CEO and President Anna Johnson said. “With Föreningsdrömmen, we want to give more people the chance to be involved and feel the joy and belonging that sports create.”

Operators across the Netherlands were forced to shut their doors for set periods in line with national pandemic lockdowns, to help stop the spread of Covid-19.

One operator impacted by the closures raised a case with the Dutch Council of State in July this year. It argued that KSA should not have imposed a gambling tax while the venue was closed for part of 2020.

The council confirmed the unnamed operator was exempt from paying gambling tax on the days when it could not open. As such, it ruled the operator should be refunded the tax for these periods.

Following the ruling, KSA will open up similar refund options to other operators also impacted by Covid-19. Those that think they fit the criteria have until 14 November to submit a claim for the period between 2020 and 2021.

“In practice, this means a partial refund of the levies based on the periods in which the sector was forced to close due to the coronavirus,” KSA said in a statement on 17 October.

“This refund will also include the statutory interest from the payment date by the licence holder, to the repayment date of the tax.”

Tax refunds may impact Covid-19 financial support

However, while the regulator will consider all applications, it did issue a warning over the wider impact of the scheme.

It said any refund could be impacted by any financial support operators received during the pandemic. KSA also urged gambling businesses to consider whether they currently owe any tax and if a refund application is “worthwhile”.

Any adjustment would automatically be included when determining an operator’s final gambling tax for 2022.

“The coronavirus period was an exceptional situation,” KSA said. “We will review all applications for accuracy and assess each case individually to determine whether to issue a refund.

“However, we warn that a refund of the gambling tax may have consequences, for example, previously received Covid-19 support or taxes due. It is the provider’s own responsibility to determine whether a refund application is worthwhile.”

The newly combined business is valued at around €16 billion. In an era when European gambling operators are scrambling to keep pace with regulatory changes, technological disruption and the need for scale, this deal could be seen as both a defensive manoeuvre and a bold strike forward.

Although anticipated – Allwyn first invested in OPAP in 2013 – the full buyout marks a watershed moment not only for the companies involved but for the European gambling sector as a whole.

As Ben Robinson, an M&A advisor at Corfai Capital, puts it: “This is a mega-deal in a sector that has historically been sleepy. Allwyn is proving that a lottery company can act like a high-growth tech firm.”

The deal transforms Allwyn, which changed its legal status to a Swiss-based entity in October 2024, from a regional lottery operator into a vertically integrated, multi-product juggernaut with operations across Europe and ambitions to conquer the US.

It becomes the second-largest listed gaming group globally with pro forma EBITDA of €1.9 billion amid double-digit growth. It trails only Flutter Entertainment, whose 2025 EBITDA is projected at around $3.3 billion.

A decade-long courtship

Allwyn’s relationship with OPAP spans over a decade. The group, formerly known as Sazka, took an initial stake in 2013 and gradually deepened its involvement before increasing its stake in OPAP to 48.1% in 2022. This full acquisition is not a shotgun marriage but, as Robinson called it, “a decade-long courtship” during which Allwyn dissected OPAP’s business and built a shared technology roadmap.

Ed Birkin of H2 Gambling Capital frames the move as a natural evolution rather than a surprise. “They already owned 52% of OPAP, so acquiring the remaining 48% isn’t something that is overly surprising or unusual,” he says.

What matters is not the transaction itself but what it enables: a strategic leap forward. Birkin notes: “This is the logical next step in the transformation of Allwyn from a Czech lottery operator to a truly global powerhouse in the gambling sector.”

One brand, one tech, one team

At a joint presentation held between Allwyn and OPAP’s exec teams on 12 October Allwyn CEO Robert Chvátal framed the takeover as a milestone in the group’s journey.

“With this combination we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content,” he told analysts.

OPAP’s CEO Jan Karas echoed that ambition, adding the new deal was a springboard for innovation. “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” he said.

“Building the portfolio of attractive games that customers appreciate and bringing innovations is something that we leverage not only from best practices but also practical solutions.”

He also highlighted plans to adopt AI processes across multiple disciplines, noting: “Adopting AI for us is going to happen across multiple disciplines, ranging from customer solutions to platforms and internal productivity.”

The emphasis, according to both executives, is on operational integration: “one brand, one tech, one team.”

Financial appeal for OPAP investors

The detail around tech integration caught Robinson’s attention – particularly Allwyn’s plan to roll out in-house AI and data analytics platforms across OPAP’s retail operations.

This, he says, could potentially edge out longtime technology partners like Intralot and give Allwyn tighter control over its customer engagement and operational costs.

For OPAP shareholders, it’s not just a change of ownership but a change of trajectory. Robinson points to the dividend yield as a key part of the financial appeal.

“Management promised a minimum €1/share from FY 2026. With OPAP shares trading around €18.7 and a current dividend yield of ~7.6%, this implies a forward yield of about 5% – higher than many US blue-chip dividends,” he explains.

Global listing part of Allwyn‘s global transformation

Allwyn’s takeover of OPAP exemplifies a wider trend of consolidation in the gambling sector, driven by tighter regulations and challenging market economics. Across Europe and beyond, operators are seeking scale and diversification to maintain competitive advantage.

“It’s a smart piece of finance,” says Paul Richardson, an M&A specialist at Partis Solutions. “It ticks a lot of boxes for what they want, which is a listing for Allwyn and then the ability to do bigger and better things in other markets.”

A public listing in Athens gives Allwyn the liquidity and equity currency to pursue more deals, with a possible secondary listing elsewhere on the horizon. During the presentation, Allwyn said it would look to New York or London for its second listing.

Richardson estimates a six‑ to nine‑month window for a US listing, but points out that first the group must prove that the business is well-executed and actually achieving the promised benefits before attempting an IPO abroad.

Strengthening OPAP’s position

The deal also strengthens OPAP’s position, says Birkin. “With the market consolidating to a number of large, global operators, being part of this is going to position them better for the future than being a standalone single market leader.”

But he believes the actual acquisition of the remaining 48% of OPAP is “pretty irrelevant” in a European or global context.

“I wouldn’t compare this to past deals [of similar size] such as Bwin and PartyGaming, Ladbrokes and Coral, Ladbrokes Coral and GVC, Paddy Power and Betfair – all of those were pretty transformational deals for the industry at the time,” says Birkin.

“For Allwyn, the key part here is that, on the back of its acquisitions of Novibet and PrizePicks, and the other M&A it’s done in recent years, to consolidate the extra earnings from OPAP combined with the public listing, this now really puts them on the map as a global powerhouse,” he adds.

But Robinson does believe that Allwyn´s takeover of OPAP could affect the European market and may force Europe’s state lotteries to either privatise or partner up.

“The line between public lotteries and private bookmakers is blurring. Expect a more competitive, tech-driven European market.”

He compared the deal with France’s FDJ acquisition of Kindred for €2.45 billion in terms of expanding beyond its domestic market, and DraftKings’ $750 million acquisition of digital-lottery courier Jackpocket.

Legal obstacles

If the industry is moving towards scale and diversification, Allwyn wants to lead the charge. The strategy is to position itself as a 360-degree gaming and entertainment platform, combining national lottery licences with sports betting, fantasy and casino offerings.

“By controlling national lotteries, Allwyn secures a wide moat and an easy marketing journey,” says Robinson. “By adding high-growth verticals, it chases Flutter-like multiples.”

PrizePicks, Allwyn’s recent US-focused acquisition, which enters the group into fantasy sports, is part of that ambition – although is not without legal obstacles. The company ceased paid contests in New York because of regulatory issues and paid a $15 million fine. It is also facing a class-action lawsuit in Massachusetts.

Robinson notes: “While the acquisition is a catalyst, Allwyn must navigate legal headwinds before touting PrizePicks to US investors.”

But the stakes are rising. A New York listing is being explored, although the group previously stumbled in the US in an abandoned SPAC attempt to become listed on the NYSE.

That was back in 2022 when it struck a deal with Cohn Robbins Holdings Corp. The reverse merger was cancelled later that year, as both sides cited unfavourable market conditions. A traditional IPO is more likely today, particularly given the equity value of the €16 billion OPAP deal and its recent foothold in US fantasy sports.

Debt is manageble

The group’s potential global reach, vertical integration and AI capability positions it well for expansion but execution remains the hardest part. Integrating technology stacks, aligning regulatory frameworks and blending corporate cultures are all challenges that must be addressed, industry observers have said.

Debt is manageable for now: pro forma net leverage is around 2.7x EBITDA, with a target of 2.5x. CEO Chvátal reassured investors during the deal presentation that “the secondary listing in Athens will not involve new equity issuance” and that free float – the amount of stock available to the public – will stay about the same.

More takeover deals and buyouts may follow in Allwyn´s quest for domination. As Richardson admits, “I expect Allwyn to carry on doing M&A.”

With OPAP under full control, Allwyn has the scale, story and strategy to compete on the world stage. Now it must deliver.

As a result, the Netherlands has been ordered to bear its own costs for the long-standing case and to pay those further costs incurred by defendant – the European Gaming and Betting Association (EGBA). 

In the 2023 ruling, the EU General Court found the European Commission (EC) had failed to properly investigate whether the Netherlands had provided incumbent Dutch lotteries with unlawful state aid, by extending their monopoly lottery licences without an open tender process. 

The case, brought by the EGBA, dated back to 2016 when the trade body lodged a complaint with the European Commission, highlighting the lack of open tender process in the Netherlands.  

It said the Netherlands’ process to renew the incumbents’ licences constituted a violation of the EU’s state aid rules. 

Then, in 2023, the General Court insisted the EC should have analysed whether licence holders were mandated to pay a portion of their proceeds to certain charities, as this process could have amounted to indirect state aid.  

The Netherlands appealed that 2023 ruling and requested the EGBA pay all related legal costs. 

What’s next for the Netherlands? 

However, on Thursday, the EGBA celebrated the ECJ’s latest judgment, which dismissed the Netherlands’ appeal entirely and upheld the General Court’s previous 2023 ruling.  

As a result, the EC will be required to assess distribution of aid by the Netherlands’ gambling monopolies, including indirect charity beneficiaries. 

It will launch an investigation into whether the Netherlands’ lottery tender process facilitated unlawful state aid distribution.  

EGBA secretary general welcomes ECJ Netherlands monopoly ruling 

Reflecting on the latest result, and the ending to a drawn-out legal process, EGBA Secretary General Maarten Haijer hailed the ECJ’s Thursday ruling as “a clear victory for the proper enforcement of EU law”. 

In a statement Haijer said: “The court has confirmed what we said all along: the Commission must investigate state aid complaints thoroughly and cannot take shortcuts.  

“While this case dates back to 2014, it remains relevant today. It demonstrates that the Commission must fulfil its responsibilities as guardian of the treaties – and that there are consequences when it fails to do so.” 

Haijer reiterated that EU member states must ensure a fair and competitive process when issuing gambling licences. 

Revenue for the month reached DKK714 million ($112 million), national gambling regulator Spillemyndigheden said. This was comfortably clear of the DKK571 million posted in August 2024 and 12.6% above DKK634 million in July this year.

Breaking this down, the regulator highlighted sports betting as the main area of growth. During the month, revenue in this segment jumped 53.4% year-on-year to DEKK225 million. This was also the highest monthly total of the year so far.

Mobile sports betting accounted for DKK160 million, or 71.3%, of all revenue. Revenue from computer betting topped DKK37 million, while retail stores generated DKK27 million.

Double-digit growth was also reported within the iGaming sector, where revenue climbed 20.7% to DKK361 million. As has been the case for some time, this segment also remained the primary source of gambling revenue in Denmark.

Online slots drew the most revenue at DKK284 million, or 78.6% of the segment total. Next was online blackjack with DKK22.5 million in revenue, ahead of roulette on DKK16.9 million, poker at DKK8.6 million and bingo DKK8.2 million. The remaining DKK21.1 million was split between other games.

Mixed news for land-based gambling in Denmark

Turning towards the land-based gambling market, revenue from slot machines dipped 0.7% year-on-year to DKK95 million. Of this, DKK76.8 million came from physical machines placed in gaming halls and DKK18.7 million terminals in restaurants.

However, land-based casino revenue edged up 4.9% to DKK31 million in August. It was the fifth consecutive month that revenue in the sector surpassed DKK30 million.

The remaining DKK2 million was drawn from land-based bingo activities, in line with the past few months.

Spillemyndigheden also published figures on self-exclusion during the month. By the end of August, a total of 63,488 had registered with the ROFUS scheme. This included 41,362 who had permanently excluded from gambling and 22,126 who opted for temporary exclusion.

Of all registrants since the scheme launched in 2012, some 65.2% permanently blocked themselves from gambling. The next highest option was six months, with 16.2% of users selecting this period.

Revenue for the three months to 30 September amounted to €864 million ($1.01 billion), FDJ United reported. This fell short of the €890 million restated amount for the corresponding period in the previous year.

Restated revenue for Q3 2024 is based on the assumption that Kindred Group was part of the FDJ business last year. FDJ United closed its €2.45 billion acquisition of Kindred in October 2024, with its results first included in the group’s Q4 2024 numbers.

However, FDJ flagged that revenue would have been stable had it not been for various gambling tax increases across Europe, primarily France. It said the impact of the higher taxes was €21 million, with €18 million of this coming from rises in France.

Tax increases in France came into effect on 1 July and spanned both land-based and iGaming activities. The largest rise was for online betting, with the rate rising to 59.3% from 54.9% of GGR. Previously, FDJ said the changes would cut €45 million from its EBITDA total for 2025.

The market also faced increases across social welfare contributions from gambling operators as of last July.

“The change in FDJ United’s revenue at the end of September reflects the prolonged decrease in our online betting and gaming business in certain markets and the impact of higher taxation on gaming, particularly in France since 1 July,” Chairwoman and CEO Stéphane Pallez said.

Some growth despite tax impact in Q3

Detailing its performance, FDJ United revealed mixed fortunes across its four business segments. French lottery and sports betting remained the primary source of revenue at €595 million, a rise of 2.1%.

However, excluding the €14 million impact of gaming tax increase on lottery, revenue here would have been 4.5% higher year-on-year.

Lottery revenue climbed 2.5% to €508 million, driven by draw games and instant games. As for sports betting, this remained level at €87 million, despite a tough comparison period in 2024 that included the latter part of the Euro 2024 football tournament.

However, revenue from online betting and gaming fell 15.6% in Q3 to €209 million, again on a restated comparison basis.

FDJ put this down to an additional tax deficit of €7 million, mainly due to the rises in France but also in Romania. It also noted tighter regulations in both the UK and the Netherlands.

As for the other two segments, international lottery revenue edged up 0.3% to €44 million for the quarter. However, revenue from payments and services dipped 1.8% to €16 million.

Year-to-date revenue tops €2.73 billion at FDJ

As to how Q3 impacted FDJ in its year-to-date, revenue for the nine months through to the end of September hit €2.73 billion. This was 2.1% short of last year’s restated €2.79 billion total.

Declines were reported in all but one of the group’s business segments. French lottery and retail sports betting revenue was up 3.1% to €1.89 billion, with a 4.8% rise in lottery revenue to €1.57 billion offsetting a 4.8% decline in sports betting revenue.

Online betting and gaming revenue fell 12.9% to €675 million on the back of higher taxes in France and tightened regulations in other markets. International lottery revenue also dipped 11.5% to €124 million – due to the sale of Sporting Group at the end of 2024 – while payments and services revenue slipped 1.6% to €47 million.

FDJ vows to step up cost cutting

Looking ahead, FDJ said it anticipated a slight drop in revenue for the fourth quarter. This will likely be due to lower revenue from French lottery and retail sports betting, as Q4 includes several “exceptional events” in draw games. However, online betting and gaming revenue is likely to be stable.

With this, FDJ said it expects full-year revenue to reach “more than €3.70 billion”. Given that last year’s restated total was €3.79 billion, this could mean a year-on-year decline in revenue for the group. Recurring EBITDA is set to hit approximately €900 million with a recurring margin above 24%.

In addition, FDJ said it will now step up its cost reduction efforts as part of its 2025-2028 performance plans.

“The group deepens its transformation and performance plan in 2025 and pursues the operational implementation of its strategy, in line with the growth objectives of its Play Forward 2028 plan,” Pallez said.

This figure includes its 50% share in the US-facing BetMGM business, although the operator did, for the second time, break its earnings down to also exclude its US figures.  

Ex-US NGR was up 4% or 5% cc, assisted by a 10% NGR uptick in the CEE region. 

UK NGR was up 8%, in line with expectations the operator said, with online (up 15%) largely driving the uptick. This was down to “growth in players’ values driving strong volumes and further market share gains”, Entain said.  

Notably NGR in Brazil was down 10% year-on-year during the period due to unfavourable sporting results which offset 14% volume growth.  

During the earnings call on Wednesday, Group CFO Rob Wood said that, despite this drop in revenue, the company is “excited” by Brazil’s potential.  

Wood dubbed the Brazil results as “genuine bad luck from sports results” as the market has a high football mix and was impacted by both Champions League and local league results.  

Wood insisted that, despite the dip, the market was “trading on the right side of expectations on a volume basis”.  

Impact of tax hike in UK  

When asked on the earnings call about mitigating the impact a possible remote gambling tax increase could have in the UK, Entain CEO Stella David warned a number of business areas would take a hit. 

“There are a number of levers we could pull which include being less generous on bonusing, odds [could] be not quite as good, a reduction in marketing. These are all things that one does to mitigate against unwelcome tax increases,” David told analysts.  

Adding to David’s point, Wood said the sports sector would take a hit as operators (including Entain) would likely pull back on sponsorship deals and the advertising around them.  

“It doesn’t matter which [market’s] tax [rate] moves, sponsorships, because there is a long pay back and they are about brand awareness, are an obvious place operators will go,” Wood added.  

“The only winner in that situation is the black market because they have less competitive disadvantage. The loser of course is [the] sports [sector].” 

“Obviously we don’t sit on our hands and not plan for those eventualities,” David added.  

The possible increase in remote gambling tax is a hot topic among the sector today and was also addressed in Rank’s Q1 2025 earnings update on Wednesday.  

In April the UK government said it was considering a new tax framework for remote gambling. It opened a consultation and is expected to provide an update on its plans in the 26 November autumn budget.  

Analysts asked Entain execs whether a hike could benefit the operator by speeding up industry consolidation and weeding out smaller competitors.  

Wood said it was certain that smaller operators would be squeezed, and up to 25% of the UK’s iGaming market was made up of tier 3 or smaller operators.  

Entain AUSTRAC proceedings update  

On the operator’s ongoing legal proceedings with Australia’s AUSTRAC, David said she was pleased with the operator’s current compliance framework in the market.  

“I think we’re probably market leading [with the system we have in place now],” David said. She noted there was no clear timeline for the proceedings and the legal process could end up being worked out in court.

It is currently working through a mediation process with the regulator, which “will take as long as it takes”, she said. Mediation started in the summer.

The operator appointed a new permanent CEO for its Australia business in August. Andrew Vouris acted as interim CEO for two months before being made permanent.

For the three months to 30 September, net gaming revenue at Rank topped £210.2 million ($280.9 million). This, the group said, surpassed the £197.5 million reported in the same period in the previous year.

While Rank reported growth across all four of its core business segments, the highest rise came in digital. Here, like-for-like revenue climbed 13% year-on-year to reach £61.6 million in Q1.

Rank noted a 31% spike in Grosvenor digital revenue as well as a 9% rise within its Mecca online segment. In Spain, however, net gaming revenue fell 1% due to previously reported platform capacity issues. Rank said such issues are being addressed, with the launch of a new bingo platform set to see the segment return to growth in Q2.

Rank sees Grosvenor venues revenue exceed £100 million

Turning to land-based operations, net gaming revenue from the Grosvenor venues business was up 8% to £102.7 million. Again, this segment drew the most revenue for the group.

Growth here was helped by a 5% increase in customer visits and a 3% increase in spend per visit. Outside London, Rank said Grosvenor’s performance grew 10%, whereas in the British capital growth was noted at 4%.

The group said a relatively quieter summer in London was offset by an improved performance of Victoria Casino. This followed a major refurbishment that was completed in July.

Breaking down this segment further, electronic table gaming revenues grew 11%, which the group said represented “return on investment” from recent upgrades to terminals. Table games revenue edged up 3% and gaming machine revenue climbed 12% following the rollout of additional B1 gaming machines across the estate.

This latter point followed a pledge from Rank to take advantage of new land-based rules in the UK implemented in August. These included allowing casinos to instal more gaming machines and potentially offer in-house sports betting. Rank said in August it was exploring plans to launch sports betting at its UK casinos.

Elsewhere, revenue from Mecca venues grew 5% despite a 1% decline in overall customer visits. Spend per customer, however, was 6% higher year-on-year. Finally, Enracha venues in Spain reported a 5% increase in revenue for the quarter.

Rank paying ‘fair share’ of tax

Chief Executive John O’Reilly spoke positively about the Q1 performance. He said the figures place the group on track to hit its full-year targets.

“We have started the year strongly,” O’Reilly said. “We’re confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.

“We are pleased to be rolling out additional gaming machines in our Grosvenor venues. We’re on track with our installation programme and now expect a total of 850 incremental machines to be added to our estate before the end of H1 2025-26.”

O’Reilly also addressed ongoing speculation regarding tax changes in the upcoming budget in November. Reports suggest the government is likely to increase gambling tax in the UK. The main change could be a switch to a single rate for all remote gambling.

Speaking in August after Rank published its full-year results, O’Reilly urged the government to tread carefully in terms of implementing changes to tax. Now, he said the group is paying its fair share of tax already, given its strong UK focus.

“Speculation regarding tax changes in the upcoming budget is, inevitably, hanging over the business,” O’Reilly said. “We are engaged with the treasury on the implications of tax changes on the viability of our venues, employment levels, future investment and the customer.

“Last year the group generated £44.6 million in profit after tax, having paid HMRC and local authorities £188.0 million in taxes. Rank Group, with its strong UK focus, is certainly paying its fair share.”

The Central and Eastern European-facing group will take a 51% share in Lob, recognised as Montenegro’s second-largest provider of sports prediction services and sports and gaming entertainment content. As part of the agreement, Fortuna has the option to increase its stake over time.

Lob generated revenue of €30 million ($34.7 million) in 2024 and employs more than 300 people, operating a network of around 100 points of sale.

While financial details were not disclosed, Fortuna said the acquisition represents one of the largest foreign direct investments in Montenegro in recent years. The Czech Republic-headquartered group added that the deal marks a significant step in strengthening its presence across Southeast Europe.

Fortuna enter Montenegro: Lob’s appeal

Fortuna – which already operates in Czech Republic, Slovakia, Poland, Croatia and Romania – said the acquisition would benefit both Lob and the wider Montenegrin gaming market.

Montenegro is an official candidate for European Union membership, with accession negotiations under way since 2012.

Dieter John, Fortuna’s group chief executive, said of the move: “Montenegro is a market with great potential and a clear EU direction. We will significantly invest in Lob, drive its growth and establish best-in-class capabilities and practices.

“Through our partnership with Lob, our goal is to contribute to the modernisation of the entertainment sector, enhance transparency and develop innovative solutions that improve user experience.”

Lob operates predominantly online, with 77% of its business conducted digitally and 23% through retail. Sports account for 65% of its activity, with gaming representing the remaining 35%.

Fortuna said it plans to modernise all Lob user touchpoints through investments in advanced technology management, AI-powered personalisation, analytics and insights, and the enhancement of digital platforms and online experiences.

Lob Chairman Goran Knežević said: “The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”

John was appointed as Fortuna’s new chief executive in January 2025, replacing the outgoing Victor Corcoran.

The tension in the room was palpable. Operators, lawyers,and regulators gathered in a large hall: 16 tables, two companies per table, with KSA staff mingling at the edges.

When the Dutch remote‑gambling market launched in 2021, licences were granted for five years. The first 10 operators – TOTO, FPO, Holland Casino, NSUS Malta, Play North, Tombola Malta, Hillside, Bingoal, Betent and LiveScore Malta would face renewal in October 2026. Both LiveScore and Tombola exited the market in 2024.

With that date approaching, speculation had grown that the KSA would tighten rules – making the relicensing process laborious and punishing. Many feared a reset, rather than a renewal, that would overwhelm even well‑established operators.

‘Past behaviour’ requirement sparks concerns among operators

The anxiety was partly caused by statements made before 1 October. The KSA chair had hinted that it would look into past behaviour when considering new and reapplications for gaming licences.

In its public announcements, KSA said: “Providers that made mistakes in the past five years must explain during the application process how they have learned from previous mistakes and how they intend to prevent recurrence. If we find this explanation insufficient, the permit may be denied or additional conditions and restrictions may be imposed.”

Bjorn Fuchs, chairman of VNLOK – the Dutch iGaming trade body – confirms that wild rumours circulated among operators prior to the meeting.

“We [thought we] were going to be punished for bad behaviour. Maybe we get five years, maybe one year, maybe we lose it altogether. These were some of the concerns,” he says.

Operators also feared that every facet of their business would be re-scrutinised. Would new demands be imposed on advertising, addiction prevention, AML and player funds? Might entire chunks of existing policy be deemed insufficient?

What came out of the operator KSA licence renewal meeting?

But after the meeting, as Fuchs recalls: “There was a sigh of relief going through the room when it was presented,” although the tension was not entirely dispelled.

Rather than a crackdown across the board, what is emerging is a more regulated renewal framework.

Fuchs summarises: “If you have a clean sheet, there are some hoops, but for various modules you can just send a declaration which states that you’re compliant.”

He emphasises the new system will make burdens less demanding than before, but the new “exit plan” requirement and sharper duty‑of‑care definitions do bring some added complexity.

Justin Franssen, a regulatory lawyer and partner at Franssen Tolboom, likewise tells iGB the KSA is not imposing extreme hurdles on existing licensees, as some had feared would be the case.

Although new measures such as more comprehensive responsible gambling policies and civil judgment compliance are being introduced, these largely build on existing structures, he explains. “The gambling authority strives to make the reapplication process as smoothly as possible,” Franssen says.

The formal session on 1 October opened with KSA addressing submitted questions across various licensing modules. A detailed programme had been circulated in advance.

Operators asked pointed questions: How much weight will prior fines carry? How is behaviour/activity abroad assessed? When does the new licence take effect relative to the old one?

Various operators and law firms pushed hard for more clarity, Fuchs said, and the KSA acknowledged that need for clarity.

Unpacking the KSA’s exit plan requirement

Most notably, all submissions must now include the aforementioned exit plan – a new obligation that applies across the board. This requirement, intended to ensure orderly market withdrawal, marks a move toward embedding long-term risk management into the licensing process.

It requires operators to describe in detail how they will responsibly wind down their operations should their licence not be renewed or be revoked. Or if they decide to leave the market midway through the five years between renewals.

In short, it is to ensure players are not left vulnerable in the event of sudden market withdrawal. This includes ensuring proper handling of player balances, communication strategies to customers, technical shutdown procedures and data retention compliance.

In another marked departure from previous practice, the breach-prevention module (overtredingspreventie) is no longer confined to new entrants. Existing licensees seeking renewal must now also submit detailed protocols on how they proactively prevent regulatory breaches.

Several modules, including those related to financial security, player fund provision and internal oversight, can now be approved through signed declarations rather than full evidence-based submissions. Should doubts arise, the KSA may demand supporting documentation.

Non-compliance with KSA licence renewal rules could end in licence revocation

Other areas are heading in the opposite direction. The Central Data Bank (CDB) module has seen a notable hardening of requirements: operators must now submit a detailed control plan, present evidence of system conformity and provide a test programme.

Meanwhile, advertising and recruitment remain documentation-heavy areas, showing little regulatory leniency amid public and political sensitivity about consumer protection and market integrity.

Background checks have also become more intrusive in the KSA licence renewal process. The reliability assessment now obliges applicants to disclose previously unreported persons – individuals who were involved with or connected to the gambling operation but were not disclosed in earlier applications – or past behaviour linked to the operation and to map out corporate and personal affiliations.

Perhaps most consequential is the now-strictly enforced clause on civil judgment compliance. Operators who have failed to comply with enforceable rulings – be they related to player winnings, losses, or data subject access requests – could have their licence revoked.

As Franssen warns: “If an operator does not comply with civil judgments, they will not get a licence. The licence can be pulled.”

Political pressure on the market

Overall, the feeling among operators is that the regulatory changes reflect a market recalibrated for oversight and accountability.

As chair of the trade organisation, Fuchs’ stance is a mix of cautious optimism and realism. In his view, many new demands are not radically burdensome.

He notes that operators may now submit declarations in many modules rather than full packages, reducing paperwork in some cases. The real burden falls on areas like exit planning and the finer detailing of duty of care.

But Fuchs worries about one big overhang for the online market: political pressure. He described how for years in the Netherlands, gambling had “no friends in politics” and was subject to opinion-driven restrictions by Christian and socialist parties.

Those parties, such as the Christian Union and SP, have steadily pushed for tighter regulations or even prohibition. The coalition politics of 2021, reliant on such parties, suppressed the fact-based dialogue and liberal push-back, Fuchs expressed. The result: increasing constraints and shrinking product flexibility for legal operators.

Deregulation in Netherlands is ‘unrealistic’

Fuchs believes a turning point came earlier in 2025, when Parliament and a government roundtable began acknowledging how large the unregulated market had become and how detrimental that is to regulation and player protection.

Anti‑gambling voices like national addiction rapporteur Arnt Schellekens – who has previously been very vocal about banning online play – have moderated, admitting that prohibition would only drive players towards the unregulated market.

“The National Rapporteur is not in favour of a gambling ban, because it would drive people into illegality,” Schellekens said recently. Fuchs thinks that outright deregulation is politically unrealistic, even if opposing parties gain influence.

Franssen accepts that new entrants to the market will face burdens – even more than in 2021 – but he doesn’t expect the KSA to place unachievable demands on existing licence holders.

He warns, however, of “overarching playing limits” in the pipeline. Currently, deposit limits are set operator‑by‑operator. A regime to enforce a limit across all operators would devastate monetisation, he said.

Overall, Franssen calls the market situation in the Netherlands “a death by a thousand cuts”. Some smaller operators, he predicts, will drop out or be consolidated.

No friends in politics – but hope

Gambling remains a topic fraught with moral questions in the Netherlands, and few parties risk openly embracing it. For the operators, the tax hikes and tightening of regulations reflect more political caution than logic.

The gaming tax, starting at 29% at market launch, has climbed to 34.2% and is expected to reach 37.8%. The media, social pressure and anti‑gambling campaigns reinforce a political narrative that gambling needs constant control, stakeholders tell iGB.

Fuchs argues that the political tide appears less venomous now, as serious attention is turning to illicit gambling growth and the limits of prohibition. Yet he is aware that “gambling has no friends in politics” – and that upcoming elections may again bring forward stricter stances rather than liberalisation.

Franssen echoes this: many of the restrictions, such as advertising bans and deposit limits, were quickly introduced after the 2021 launch in response to political backlash. Any operator considering entering the Dutch market now must weigh a difficult climate of political fragility, he explained.

Fuchs hopes that in the future, fact‑based regulation replaces stacking of new burdens. “If you keep squeezing the legal industry, people go to the illegal offering,” he adds.

Indeed, many in the sector point to the growth of the unlicensed or offshore market and remain skeptical of early KSA claims that channelisation was 80–20. He believes the illegal sector was always larger, and that recent tight regulation has driven more players outside KSA’s purview.

Still, the hope among operators is that if KSA gets relicensing right – clear, proportional, consistent – they may strengthen legitimacy and player trust in the long run and could gradually push out illegal operators.

The report covers the first six months of 2025, through to the end of June. Key data in the report showed that overall GGR for online gaming in the Netherlands hit €600 million ($695 million), down 16% from the final six months of 2024.

Online casino games were by far the most popular among consumers. Sports betting came next, then peer-to-peer casino games and horse race betting.

KSA said this decline was partly down to overhauled responsible gambling rules in the country. These include new deposit limit settings for online players, with players now restricted as to how much they can wager with each operator.

But the regulator also flagged a rise in player accounts. The average number of active online accounts per month reached 1.29 million in H1, up from 1.18 million in the latter part of last year. Of these accounts, an average of 7.1% were new.

KSA said players were likely creating more accounts across several different operators so that they could deposit and gamble more. Once they reach a limit with one operator, they cannot deposit again until this resets. Spreading their activity across numerous websites opens up more play options.

‘Worrying’ trend in illegal online gambling

However, of most concern to KSA was illegal website activity. While it said channelisation – the percentage of people gambling with legal operators – was stable at approximately 94%, the amount of revenue going into unlicensed sites continued at upward trend.

By the end of H1, total revenue going to legal sites dipped from 51% in H2 2024 to 49%. KSA said this could be partly explained by users shifting to illegal sites to avoid the new player protection rules. Illegal operators are not governed by the same rules as licensed sites, with customers able to spend without limits.

“KSA considers this a worrying development, as players in the illegal market are much less well protected,” the regulator said.

Another issued flagged by the regulator was in reference to the age of players. Figures for H1 showed people aged 18 to 24 accounted for 23% of all accounts used during the half. This, KSA said, was high as the group only represents 9.3% of the Dutch adult population.

However, the regulator did note that those in the group tended to lose far less than older players. On average, the loss for those aged 18 to 24 was €37, compared to €78 for adults.

Overall, an estimated 839,000 active players were active with legal providers during the first six months of 2025. This meant 5.7% of the adult population gambled legally online, up from 5.4% in H2 of last year.

HKJC hands senior role to Stylsvig

The Hong Kong Jockey Club has announced Casper Stylsvig as executive director of its sports business.

Stylsvig will focus on commercial growth across horse racing, football, lottery and emerging sporting opportunities. He also will become a board member and report directly to CEO Winfried Engelbrecht-Bresges.

An experienced sports executive, Stylsvig was most recently chief revenue officer at English Premier League football club, Chelsea. Previously, he also held senior leadership roles at FC Barcelona, Manchester United, Fulham and AC Milan.

“This role represents a natural progressive next step in my career, bringing together best practices from global football to help shape the future of a truly unique, multi-sport business,” Stylsvig said.

PMU and HKJC launch new pool bet

In other news out of HKJC, the organisation has partnered with France’s Pari-Mutuel Urbain on a new common pool bet.

The International Order Couple bet will be available on all Hong Kong races. It will also cover the 95 World Pool races on the PMU calendar.

This builds on a partnership that began in October 2019 with the launch of Simple common pool bets. In 2022, PMU then joined the HKJC World Pool for International Winner and International Placer bets.

“This growing collaboration demonstrates the commitment of both institutions to offering an ever richer and more diverse betting experience to their customers, while strengthening their ties in the international horse racing world,” PMU said.

ESPN Bet fined $15,000 in Massachusetts

Penn Sports Interactive, operator of ESPN Bet, has been fined $15,000 by the Massachusetts Gaming Commission over a violation of advertising rules.

The case related to comments made by ESPN host Rece Davis during a gambling segment on “College GameDay” in 2024. Davis referred to a betting tip by analyst Erin Dolan as being a “risk-free investment”.

Massachusetts sports betting law bans terms such as “free”, “risk-free” and “can’t lose” in reference to wagering.

“Mr Davis used the prohibited language ‘risk free investment’ after he referred to a sports wager,” the commission said. “As a result of the aforementioned regulatory violations, the Commission hereby fines PSI/ESPN Bet $15,000.”

CT Interactive enters Greece with Novibet

CT Interactive has rolled out its content in Greece for the first time through a partnership with Novibet.

Customers of Novibet Greece will have access to a range of CT Interactive titles. These include Lucky Clover, Win Storm, 40 Treasures, HOT 7s X 2 and The Big Chilli.

This latest rollout follows a similar link-up between CT Interactive and Novibet in Mexico.

“Launching our content exclusively on Novibet Greece is a remarkable milestone for us,” CT Interactive Chief Commercial Officer Monika Zlateva said. “It enables us to bring our top-performing games to the Greek market.”

Wazdan builds on Canadian presence with NorthStar

Wazdan is to expand its presence in Canada through a new partnership with NorthStar Gaming.

Wazdan, an iGaming developer, will provide Playtech-powered NorthStar with a range of its content. Titles include 36 Coins, Hot Slot: 777 Cash Out Grand Diamond Edition and Mighty Fish: Blue Marlin.

The launch will also introduce Ontario audiences to engagement-boosting mechanics such as Hold the Jackpot, Cash Infinity, Collect to Infinity, Sticky to Infinity and Cash Out.

“Expanding our presence in Ontario with such a locally rooted and trusted brand as NorthStar is an exciting milestone,” said Radka Bacheva, Wazdan head of sales and business development. “Its strong position in the market, combined with our portfolio of rewarding experiences, ensures we can deliver measurable growth and enhanced entertainment to players nationwide.”

Last week the Spanish government imposed a new policy requiring online gambling operators to present tobacco-style warnings across their products, alerting players to the dangers of gambling addiction and the likelihood of losing money.

Speaking to iGB, Hinojosa said the body had found out about the new policy in the media. It was not included in any discussions with the regulator before the announcement by Minister for Social Rights Pablo Bustinduy at a safer gambling event on 1 October.  

“The only thing we know is the Ministry for Consumer Affairs said last week ‘we are going to implement these new measures’ but said nothing about how the resolution [would be included in the law].

“They didn’t share any proposal with the sector, so we are exactly like you, reading about it in the media,” he adds.  

No clear timeline for tobacco-style warnings introduction

When asked when the tobacco–style warnings must be introduced by operators, Hinojosa says there has been no clear response from the regulator.  

“This is not really [made clear] by the regulator. We don’t know exactly what it’s about. We would like, once again, a solid impact analysis.” 

According to the government’s announcement, the rule was implemented into Spain’s gambling laws as part of the Royal Decree 958/2020, which covers marketing and gambling communications.   

It also noted the influence of recent addiction data as justification for the measure. The data was published by the Spanish Ministry for Health in 2024 and formed part of the country’s National Drug Plan.   

But Hinojosa questioned the relevance of the data, saying: “[Looking at addiction statistics] and the gambling problem across the consumer, it’s not really a bigger problem than before.”   

“The data for addiction among students is similar over the last four or five years. It is concerning for us, of course, but it’s not really a bigger or different problem than before.” 

Return of strict ad measures expected in Spain  

Policymakers in Spain are considering further player protection measures, including restoring a previously withdrawn ban on the use of celebrities in gambling advertising. 

The minister said this was currently being processed through the Spanish Congress and he did not offer a timeframe for the measure to be reinstated.    

Hinojosa tells iGB that up to five policies from the original Royal Decree 958/2020, which heavily restricted gambling marketing back in 2020, are being reconsidered by the government.  

These regulations sought to reduce minors’ exposure to gambling advertising in Spain by banning aspects such as sponsorship deals with operators. 

The decree was approved by the Supreme Court in November 2020, but a number of measures were overturned in 2024.  

Other stakeholders have speculated that the full scope of restrictions could be reinforced in the short to medium term, including watersheds for TV and radio advertising and welcome bonuses for new customers.  

“Big changes in regulation must be strongly grounded in empirical evidence and temporal sequences, rather than political decisions driven by impulse, intuition, or the partial interpretation of a single data point,” he says of the government’s overall approach to gambling reform.  

““It is [difficult] to understand why there are so many regulations to protect the player, then who protects the gambling market?”   

But Hinojosa says there is no indication of a timeline for these policies to be debated, due to the current political instability in Spain.  

In June, the organisational secretary of the Spanish Prime Minister’s Socialist Workers’ Party (PSOE) resigned on corruption claims and the prime minister himself has faced opposition calls to resign over the scandal which extends to others within the party.  

No threat of gambling tax increase in Spain 

One challenge that Hinojosa does not expect the Spanish sector to face is that of increasing tax rates. Governments across the UK and Netherlands and further afield to Latvia and Romania are considering or are already implementing tax increases for the sector.  

But Hinojosa says Spain has not had a budget session in the last two years and is not expected to have one in 2025, meaning any potential tax rise is not on the cards in the short term.  

“We do not expect any change to the tax system,” he tells iGB. “It would be another blow to the investments and the innovation that the sector brings to the country, whether the government likes it or not.” 

Under the deal, Glitnor will replace its current B2B sports betting provider with Kambi’s end-to-end sportsbook technology and services. This will include a new betting engine, Kambi’s Bet Builder product and AI-powered trading capabilities.

Glitnor will apply the changes to its full portfolio of online brands, active across jurisdictions in Europe and the Americas. Among these iGaming brands are Lucky Casino, Happy Casino, Flax Casino and One Casino.

The group counts Sweden, the Netherlands and Ontario in Canada among the markets in which it has a presence. Customers in all these regions will have access to the new-look sportsbook.

Glitnor pledges to ‘elevate’ sports betting

Richard Brown, CEO of Glitnor Group, said the new deal represents a long-term partnership. He added that it will help the group grow its presence in core markets.

“Partnering with Kambi was a clear choice for us as we looked to elevate our sportsbook offering,” Brown said. “Kambi’s market-leading technology, proven track record and unrivalled expertise give us the foundation to deliver a premium, seamless sports betting experience to our players.”

Kambi CEO Werner Becher added: “We are incredibly pleased to welcome Glitnor Group to the Kambi network following their decision to switch to our award-winning sportsbook.

“This multi-jurisdictional agreement is a testament to the strength of our premium Turnkey Sportsbook, proven to deliver cutting-edge technology that drives growth, ensures regulatory peace of mind and creates a world-class betting experience for players.”

New financing for Glitnor

The revamp comes after Glitnor in September announced details of a new finance facility to help fund future M&A plans.

Provided by hedge fund HG Vora Capital Management, Glitnor secured €55 million under the arrangement. The group will also use the financing to support its wider growth strategy, including investment in product development and wider operational expansion efforts.

Glitnor has completed several M&A deals in recent times. These include the acquisition of OneCasino, an iGaming operator with a presence in various markets across Europe. Last year, the group also agreed to purchase a 37.5% stake in New Jersey iGaming operator PlayStar.

In September, Latvia’s government announced plans to bring forward planned gambling tax increases by 12 months to 1 January 2026. The higher rates were originally set to commence on New Year’s Day 2027, under plans approved in December 2024.

The increases would see tax on interactive gambling and telephone-based betting revenue in Latvia rise from 12% to 15% of GGR and 15% to 18%, respectively.

Annual gaming machine taxes would rise from €6,204 to €7,440. In addition, contributions on roulette, card and craps tables would increase from €33,696 to €40,440 per year.

The Ministry of Finance estimated the tax increases would raise an additional €9.2 million. However, this has been called into question by the LLAB. The body said tax income in Latvia would fall as a result of the higher rates.

Concerns over gambling venues

This decline, it said, would be due to the closing of venues that would not be able to cope with increased taxes. It forecast over 20 gaming halls and 10 card or roulette tables could close in 2026. In turn, this could lead to a tax deficit of €2.5 million ($2.9 million).

The LLAB also noted how gambling tax in Latvia had already increased recently, rising 20% in early 2024. This, it said, led to the closure of 24 gambling halls, and the association warned that this number would increase should taxes rise again.

“By raising the tax rates on gaming halls and machines, the promised budget increase will not happen,” said Juris Celmārs, representative of the LLAB and chairman of SIA Olympic Casino Latvia. “On the contrary, budget revenue will decrease.”

LLAB hits at ‘misleading’ tax forecasts in Latvia

The LLAB highlighted how the gambling tax increase had been brought forward without consultation with the industry. In addition, it accused the government of making “misleading” forecasts about the expected impact of higher tax rates.

“Not only are the principles of good governance not followed, but misleading forecasts have also been made about the impact of tax changes on budget revenues,” the LLAB said.

“They were made without taking into account market rules and trends: a decrease in turnover in the land-based segment and a significant drop in the number of gambling halls.”

Going into more detail on the expected impact of tax hikes, the LLAB noted how the number of gambling halls in Latvia had fallen by more than 70% in the past 20 years. In 2005, there were 327 halls, whereas by June this year, only 168 remained.

Alongside this has been a drop in slot machine numbers, with the LLAB saying this is “consistently decreasing”.  Some 4,916 machines were active in January 2024, although this fell to 4,037 by September of this year.

Lower venue and machine numbers, the LLAB said, has also had an impact on revenue from the land-based sector. It said machine revenue fell 12% in H1 this year, to €55 million.

It was a similar story for gaming tables, the organisation said. Revenue from games such as roulette and blackjack dropped 12.5% year-on-year in H1 to €4.7 million.

The Latvian government is trying to raise €565 million in additional funds for security, family support and education in the budget for 2026. A package of draft laws relating to the budget – including the gambling tax increases – will be submitted to parliament for approval on 15 October.

Concerns over lower tax come after similar changes were implemented in the Dutch market, with data suggesting this could lead to a drop in tax income. In August, figures from the Licensed Dutch Online Gambling Providers (VNLOK) trade body showed gross gaming revenue in the first half of 2025 will be down 25% compared to last year.

As such, tax revenue will be at 83% of the revenue collected from the same period in 2024, despite a 4% tax increase to 34.2% of GGR from 1 January. The rate for operators is set increase further to 37.8% of GGR tax from 1 January 2026.

Footballer banned for betting breach

Dutch professional footballer Osman Foyo has been banned from playing for five months after breaching rules on betting.

Foyo, who plays for English League One team AFC Wimbledon, placed 252 bets on matches. The BBC said the bets were made between 29 October 2023 and 28 March 2025.

English Football Association rules say players across the national pyramid are not permitted to place bets on football. Those who breach the regulation risk fines and bans.

Four of the five months in the ban issued to Foyo have been suspended, meaning he will only miss an initial month. He was also ordered to pay a fine of £1,000.

Broadway Gaming names Cleary as CEO

Online bingo specialist Broadway Gaming has appointed Mark Cleary as its new CEO.

Confirming the news on LinkedIn, Broadway said Cleary will make the step up from chief operations officer. He has served in his current role for more than eight years.

Cleary replaces founder David Butler as CEO. Butler will transition into the role of executive chairman, where he will focus on strategic partnerships and M&A opportunities.

“Mark has been instrumental in the company’s growth, operational excellence and team culture and driving Broadway to become the UK’s largest independent online bingo operator,” Broadway said.

Hickey takes managing director role at Games Inc

Another new appointment was confirmed at Games Inc, with Fiona Hickey becoming managing director.

Hickey takes on the role at the slot game studio after working in the iGaming sector for more than 15 years. She joins after six years with Push Gaming.

Hickey will focus on three areas: growing the studio’s distribution footprint, ramping up game output and strengthening its platform.

 “I am excited to be leading such a talented team at a really pivotal moment for Games Inc,” Hickey said.

Danish regulator raises awareness of helpline

Danish regulator Spillemyndigheden has launched a new campaign to raise awareness of the StopSpillet helpline.

Running throughout October and December, the campaign will mainly target men in their 30s and 40s. Research showed fathers of that age may have more difficulty seeking help.

Since its launch in January 2019, StopSpillet has had almost 4,000 conversations with players and their relatives.

“The campaign is intended to show more of what you risk missing out on if you let gambling fill you up too much,” said Anders Dorph, director of Spillemyndigheden.

Light & Wonder launches cancer support campaign

Light & Wonder has partnered with several organisations to launch a new campaign focused on battling cancer.

“Gaming vs Cancer” will seek to raise awareness, funding and support for cancer research, care and community programmes. Global Gaming Women is among the organisations working with Light & Wonder on the initiative.

To support the initiative, Light & Wonder will hold a month-long fundraising campaign to benefit the American Cancer Society. It will match all donations up to $10,000 made through the Light & Wonder Game Changers for Good portal.

“As the leading cross-platform global games company, we recognise both the responsibility and the opportunity we have to make a meaningful impact in the communities where we live, work and play,” said Shannon Demus, CFO Gaming Americas at Light & Wonder.

With the introduction of Gibraltar’s new Gambling Act 2025, the jurisdiction is embarking on a broad reform of its regulatory framework – designed to reflect the realities of a fast-evolving gaming industry in a post-Brexit landscape.

This legislative overhaul replaces the long-standing Gambling Act 2005, and aims not just to modernise but to reposition Gibraltar as a top-tier regulatory hub, after it was recently removed from the European Commission’s list of high-risk jurisdictions.

According to Victoria Reed, a regulatory consultant and founder of Better Change, the 2025 Act – effective since 1 October with a transitional period of six months – represents a “substantive and directionally aligned” leap forward.

”Gibraltar was one of the first jurisdictions to build a reputation as a credible, well-regulated hub. We’ve got a low corporate tax rate, access to skilled people and, crucially, a regulator that struck the right balance between commercial awareness and strict oversight which undoubtably helped attract many of the industry’s biggest brands,” she tells iGB.

Its close link to the UK gave operators access to the market, which cemented Gibraltar’s importance for many of the UK’s tier one players.

”After Brexit though, it lost the ability to passport licences across the EU, so its value became even more tied to its guaranteed UK market access. That shift meant Gibraltar had to double down on reputation and substance and the new act is designed to do exactly that,” says Reed

The framework, she explains, expands scope, embeds economic substance, strengthens oversight of the full value chain and maintains an active enforcement stance.

What’s included in Gibraltar’s new Gambling Act?

The new Gambling Act is comprehensive, placing new classes of businesses under supervision, introducing individual accountability for senior managers and enforcing real local economic presence.

As Andrew Lyman, head of Gibraltar’s Gambling Division, puts it: “Any gambling business now managed and controlled in or from Gibraltar potentially falls within scope.”

Key innovations within the new act include:

• Substantive presence requirements: Licensees must now demonstrate real economic substance in Gibraltar – through staff, offices, infrastructure and local tax contribution. The goal is to eliminate “brass plate” operations that offer little benefit to the jurisdiction.
• Expanded licensing perimeter: The act creates distinct licences for B2C, B2B and “Gaming operator support services”. Activities such as marketing and CRM, managed trading and software hosting now require their own approvals.
• Approved persons regime: For the first time, senior decision-makers will require personal vetting and licensing, similar to the UK’s Personal Management Licence. This enhances accountability at the individual level.
• Marketing oversight: All marketing activities conducted “in or from Gibraltar” will be subject to new regulation – bringing affiliates, group marketing hubs and even creative agencies into scope.
• Enforcement powers: The Gambling Commissioner’s powers are significantly bolstered. The commissioner can now issue administrative fines, cease-and-desist orders, conduct inspections and impose suspensions where warranted.
• Digitalisation and reporting: Operators must prepare for increased digitised reporting, particularly in relation to AML, financial disclosures, technical standards and safer gambling initiatives.

Gambling Appeals Tribunal introduced to review regulatory enforcements

Crucially, a Gambling Appeals Tribunal is being introduced. The independent body established under the updated Gambling Act is designed to hear appeals against decisions made by the gambling commissioner. These may include licence refusals, suspensions, revocations or other enforcement actions.

The tribunal’s creation marks a key milestone in Gibraltar’s broader regulatory reform, legal experts have said, reinforcing its position as a jurisdiction committed not only to robust regulation, but also to fairness, transparency and legal accountability.

Ultimately, it adds another layer of trust that should help to attract serious operators to the market.

Gibraltar’s new Gambling Act: Impact on stakeholders

Steven Caetano, partner at Isolas law firm, notes: “The act raises standards for all stakeholders, with the greatest operational impact on operators and their key personnel.”

Operators must overhaul their group structures to map out which business units will require licensing. For multinationals, this may mean multiple licence applications and reorganised internal governance. B2B providers and third-party support services – including marketing, technology and CRM services – must now assess whether they require standalone licences.

Similarly, senior personnel face new responsibilities, with the “Approved Persons” regime emphasising personal accountability front and centre.

Regulators gain more authority – but also a heightened responsibility to ensure fair, consistent and transparent enforcement.

In the end, players stand to benefit through stronger consumer protections, responsible gambling requirements and greater market integrity.

Navigating the challenges

Stakeholders have welcomed the new regulation, but it doesn’t come without significant challenges. Among them are increased compliance costs as new licence applications, reporting obligations and staffing requirements will drive up outlay – especially for smaller operators or those transitioning from leaner compliance models.

If the new act succeeds in attracting more business to Gibraltar, there will likely be demand for more local staff, though a relatively small labour pool in Gibraltar may pose recruitment challenges.

However, the anticipated UK-EU border agreement is expected to ease the movement of frontier workers from Spain, by removing the need for border checks between Spain and Gibraltar.

There is also a degree of transitional complexity. Although current licensees will be “grandfathered” into the new system, they will still need to undergo fresh applications within six months of the Gambling Act’s commencement.

Uncertainty around licensing categories in Gibraltar’s new Gambling Act

Speaking to iGB, legal experts agree there is a level of uncertainty around how some of the the new rules should be implemented.

Victoria Reed points to the uncertainties around licensing categories: “The government has said marketing carried out ‘in or from Gibraltar’ will generally need its own licence but has also indicated it may carve out some intra-group activity on a case-by-case basis. Until more secondary rules and precedents are published, operators can’t be entirely sure which affiliates, agencies or shared-service teams fall inside scope and which don’t.”

She also highlighted new rules around support services leaving room for interpretation.

”The act lists functions like managed trading, RNGs, hosting and advertising as ‘support services’, but leaves room for interpretation,” Reed adds.

”Multinational groups will need to decide whether in-house teams that straddle multiple hubs — for instance a centralised risk team partly in Gibraltar — require licensing.”

Caetano flags additional guidance could be needed to clarify B2B versus B2C licensing:

“The distinction between B2B and B2C activities is clearer, but some hybrid or cross-border models may require further guidance.”

In essence, it is unclear if dual licensing is needed or whether it could be covered under one tailored licence.

Credibility in a crowded field

Gibraltar’s iGaming sector, which employs more than 3,200 people across 54 operators, continues to be a cornerstone of the peninsula’s economy, generating 20% of its GDP.

Last year the sector contributed £110 million in corporate tax and £40 million in PAYE contributions. There are currently 83 licensees appointed – 49 B2C and 34 B2B.

In a reality where jurisdictions like Malta, the Isle of Man, and emerging offshore hubs are all vying for operator attention, Gibraltar’s message is clear about its brand: credibility, not convenience.

Where a place like Malta offers flexibility, and the Isle of Man applies rigid structure, Gibraltar positions itself in the middle as a risk-based market, but also with regulatory discretion and pragmatism, Reed explains

As Gibraltar’s Minister for Justice, Trade and Industry Nigel Feetham noted in his recent parliamentary budget address, Gibraltar has never operated a “no-questions-asked” model and the jurisdiction expects its licensees to respect local laws in other markets and take local licences where appropriate. This ethos is embedded in the 2025 Act.

“If we drive business away, it will be business we don’t want,” Lyman notes.

The real test begins now, where both regulators and businesses will be adapting to the new act, but the tone is optimistic.

“We’ve already seen renewed interest in the jurisdiction,” says Lyman. Caetano agrees the act “ensures Gibraltar remains at the forefront of the global online gambling industry for years to come”.

Norsk Tipping has been hit with a series of sanctions in recent months due to issues across its lottery games. In total, the operator faces having to pay out more than NOK110 million ($11 million) in financial penalties.

Following the failings, the Norsk Tipping board instructed PwC to review its largest lottery products and the central focus of its recent failings: Lotto, Vikinglotto and Eurojackpot.

Core findings by PwC revealed that Norsk Tipping had focused too much of its time and efforts on innovation and new developments “at the expense of quality and control”.

PwC also questioned Norsk Tipping’s leadership and the division of responsibility, describing this as “unclear” at the operator. In addition, it flagged “insufficient” follow-up of suppliers.

Going into more detail, PwC said that, while Norsk Topping has an “extensive” control framework, there were weaknesses within the system. These included the balance between innovation and stable operations, clarity of roles and responsibilities, supplier follow-up and systematic handling of deviations.

PwC added that, at times, maintenance and internal control were not prioritised over new technology development.

“We take the report very seriously,” said acting CEO Vegar Strand. “It’s important once again to apologise to our customers who have been affected by these errors.

“Even though much works well, the report shows that we have had too many vulnerabilities. We’re fixing that. Every stone will be turned to ensure we both learn from our mistakes and build a new and better Norsk Tipping.”

Signs of improvement at Norsk Tipping

The report noted some of the actions already taken to rectify the concerns. Some of these, it said, were implemented back in February of this year, prior to the details of the failings coming to light.

Detailing these actions, PwC said Norsk Tipping had postponed some of its development work and, since May, the operator has directed all available resources, including over 150 staffers, to improving current operations.

Meanwhile, Norsk Tipping has also implemented tougher controls into its lottery processes, with more oversight during execution. This includes replacing manual checks with automated systems to cut out human error.

In addition, under external leadership, the operator reviewed critical processes to identify and eliminate any risks of errors or legal breaches. This, PwC said, led to 300 small and large quality measures and improvements being implemented.

Aside from this, previous Norsk Tipping CEO Tonje Sagstuen resigned from her post back in June. Vegar Strand, who previously held the role of director of strategy, analysis and business development, has been at the helm on an interim basis ever since.

“The report shows where we need to improve, but also that important measures were implemented over seven months ago,” Norsk Tipping board member Sylvia Brustad said. “The board takes this extremely seriously and will closely follow the ongoing work.

“We are confident that the company has learned from its mistakes and the improvement efforts will lead to a new and stronger Norsk Tipping in the future.”

KPMG raises concerns over priorities at Norsk Tipping

Alongside the PwC report, KPMG carried out its own review of Norsk Tipping’s operations. It focused specifically on errors within its Eurojackpot draw, which resulted in 47,000 players being incorrectly notified they had won excessively high prizes on 27 June.

Norsk Tipping could yet face a NOK10 million penalty over the issue, subject to a final decision by Norwegian gambling regulator Lotteritilsynet.

“There does not appear to be a lack of routines per se, but rather that these have gradually been diluted and weakened operationally over time, as the organisation has undergone repeated structural changes, shifting priorities and reallocation of personnel, responsibilities and areas of expertise,” KPMG said of its investigation.

“In continuation of this, the work environment is described as one where innovation, speed and performance have been prioritised too much over control and quality assurance.”

The Eurojackpot case was one of several recorded in recent months at Norsk Tipping. Its largest penalty fee was set at NOK46 million earlier in September for a technical failing related to Eurojackpot and Lotto. The regulator found players in cooperatives, gaming clubs and cooperative banks had a greater chance of winning than they should have had.

A separate penalty of NOK36 million was announced in March after a bug prevented self-excluded players from blocking themselves from their Norsk Tipping accounts. This followed a NOK2.5 million fine in 2024 after the company mistakenly paid a player NOK25 million in incorrect winnings.

In addition, in late September, Norsk Tipping was informed it could face another penalty of NOK25 million. This would be in relation to 52 players being incorrectly drawn as winners of million-krone prizes during a “super draw” on 19 April this year. This, Norsk Tipping said, was due to a technical error within its lottery system.

However, the market’s gambling trade body JDigital has criticised the measure, warning that comparisons between gambling and tobacco are unreasonable.  

In a statement to Infoplay on Thursday, the trade body said the measure was “difficult to justify” and “did not correspond to the nature of regulated online gambling in Spain, which is one of the most monitored and controlled activities in Europe”.  

The rule has already been implemented into Spain’s gambling laws this week as part of the Royal Decree 958/2020, which covers marketing and gambling communications.  

Spain gambling warnings to help prevent addiction

The announcement was made by Minister for Social Rights Pablo Bustinduy at a safer gambling event on Wednesday. He said the messaging must be displayed across online games and in any banners and marketing messaging on social media.  

Current messaging which includes “play responsibly” will be replaced by warnings such as: “Gambling addiction is a risk of gambling”, “The probability of being a losing gambler is 75%” and “Losses for all gamblers are four times greater than their winnings”.  

“The responsibility should not fall on users but on the authorities, who have the democratic duty to ensure that the environments they access are safe,” Bustinduy told attendees.  

These new warnings are based on 2024 addiction research published by the Spanish Ministry for Health, which formed part of the country’s National Drug Plan. The report sought to determine the prevalence of gambling, both online and in-person, among the Spanish population. 

Within its findings, the research said up to 82% of treatment admissions in Spain during 2022 were related to gambling addiction. 

The minister said the new measure would help prevent gambling addiction and problem behaviours before they occur.  

Referencing land-based betting, he said “unscrupulous” companies have no qualms about taking advantage of those in greater need. This, he said, is also happening online.  

Ban on celebrity advertising back on the cards 

Notably, the minister is also working to reinstate regulations banning celebrities and influencers from promoting gambling activities and banning welcome bonuses aimed at young people.  

This change is being processed through the Spanish Congress and he did not offer a timeframe for the measure to be reinstated.  

It relates to a host of previous measures passed in November 2020 restricting marketing activities for gambling operators. These included banning sponsorship deals with operators and welcome bonuses.  

However, these were partly reinstated in April last year, meaning operators could once again use celebrities to market their products and could offer welcome bonuses. But some stakeholders have hinted that certain measures could be reinstated, as Minister Bustinduy indicated on Wednesday.  

Codere Italia was already offering retail gambling services in Italy. This included gaming halls and bingo venues, as well as a network of gaming machines across other locations such as bars.

However, the operator secured an extended licence from Agencia de Aduanas y Monopolios (ADM) to operate online. Its local, Italy-facing website, Codere.it, is now live, and Codere Italia said the launch marked a “strategic step” in the evolution of its offering in Italy. The operator added it will seek B2B partnerships with other operators and companies seeking to grow their presence in the country.

The launch expands Codere’s wider iGaming footprint further into Europe, outside its home market of Spain.

‘Natural and strategic’ step for Codere in Italy

Alejandro Pascual, regional manager for Europe and country manager of Codere Italia, said customers in Italy would benefit from a “consistent, high-quality” omnichannel experience.

“With Codere.it, we are taking a natural but strategic step: to also decisively consolidate the online segment, while maintaining our identity as a committed, regulated and customer-centric operator,” Pascual said.

“Our goal is to offer a consistent, high-quality omnichannel experience. Codere is strongly interested in developing collaborations with industry partners, particularly those already operating in Italy and wishing to continue operating online with the support of a strong and trusted brand.”

Roberto Russo, director of online operations at Codere Italia, added: “We have built a solid and scalable platform, ready to grow and adapt to the needs of our users and partners. Our approach is long-term, with the goal of creating a safe gaming ecosystem capable of establishing itself as a benchmark in the Italian market.”

Italy’s consolidated iGaming sector

While Codere will be a newcomer to the Italian iGaming sector, many other operators have been put off by recent reform in the country.

In May, the ADM officially ended its tender process to award remote gambling concessions for the regulated market. However, compared with the previous tender that attracted 93 applications, only around 50 were said to have thrown their hat in the ring this time around.

These concerns were realised a few weeks later when the ADM confirmed 46 applications were approved for new online gambling licences. Betfair, Snaitech and Sisal, all owned by Flutter Entertainment, were on the approved list, along with 888 Italia (Evoke), Hillside (Bet365), LeoVegas and William Hill.

Lower interest can be put down to the higher fees associated with the licences. The new €7 million figure eclipses the fee of €200,000 under the previous licensing model.

Online sports betting and online casino operators also face tax rates of 24.5% and 25.5%, respectively, on gross gaming revenue. Operators will also be subject to an annual fee set at 3% of GGR.

In addition, they must spend at least 0.2% of their GGR on responsible gambling campaigns.

In a letter to the Dutch House of Representatives on Tuesday, Rutte highlighted five recent research reports on gambling, including the KSA’s recent piece on the impact of tax increases. The latter of these, published in late September, set out a series of proposed changes to regulation on Dutch slots.

Commissioned by the Dutch Scientific Research and Data Centre, the report looks at certain player protection issues facing slots. It points out that many regulations related to land-based slots have not been updated since the year 2000.

Cash remains king on slot machines

Among its key findings was that cash remains the preferred method of payment for physical slots players. This was more apparent among older players, with younger players leaning more towards contactless and card-based play.

The report noted the risks associated with cash gambling — primarily money laundering and robberies. However, it also highlighted barriers to cashless gaming, including how health experts said this could actually negatively impact users.

“Health experts indicated seeing and feeling cash, especially during the exchange process, can provide a moment of realisation for the player,” the report said.

“Introducing [personalised] player cards in the hospitality industry is also seen as difficult and expensive. From an addiction prevention perspective, cashless play only offers benefits if the player card is personalised so the player’s playing behaviour can be monitored and options such as personal playing limits are possible.”

Mixed response to ID checks for slots

The report also considered issues surrounding player identification. At present, only casinos and gaming halls require a full ID check, with hospitality venues only checking age. With this, researchers said industry stakeholders had identified a gap in current policy.

However, there was a somewhat mixed response to how this issue could be addressed in the long term. Those from a harm prevention background backed full player identification at all locations. Other respondents raised concerns over the cost of implementing such a system, as well as noting that this could drive players towards illegal gambling.

“Based on the results of the choice experiment it has become clear that the possible, the introduction of player accounts on physical slot machines could pose a barrier to entry for players,” the report said.

Spending limits still up for debate

Another primary focus area for researchers was playing limits, which the report said were already “strict” in the Netherlands. Stake limits are pre-set at each location and are not adjusted in line with inflation.

Researchers questioned whether this approach should be adjusted, given that limits have been the same since 2022, when the Netherlands first adopted the euro. At present, users can only wager a €0.20 stake and incur a maximum hourly loss of €40, with some calling for this to rise to €0.50 and €100, respectively.

There was a high level of support among respondents for a system that allowed players to set their own limits. However, again, some raised concerns about the costs associated with making such changes.

Finally, respondents were asked for their opinion on expanding the content available to slots players. At present, each machine is limited to only running a certain number of games, but there have been some calls to extend this.

However, for operators of casinos and gaming arcades, there was only limited demand for a wider range of slots. Again, respondents said the high level of investment would deter them from adding more content.

“Modernisation is simply not urgent for them because they can easily handle the existing technical regulations,” the report said.

Rutte set to oversee Dutch gambling reform

Rutte is new to the role of secretary of state for legal protection in the Netherlands. He recently took over from Teun Struycken, who stepped down over the decision to block sanctions against Israel due to the ongoing conflict in Palestine. Struycken was one of several ministers to exit over the matter.

Struycken’s departure came at a time of change for the Dutch gambling market. In February, he said a new gambling bill was expected by the end of the year. At the time, he said this could include measures such as increasing the age limit for higher-risk products like online slots.

With Struycken’s resignation, the status of the new bill is still very much up in the air. However, Rutte’s letter to the government suggests that work on potential changes to regulations remains ongoing.

That said, Dutch politics faces a decisive month, with a snap election having been called for 29 October. This follows the collapse of the government in June when Geert Wilders, leader of the far-right Party for Freedom, withdrew from a four-party coalition.

One change that is almost certain to happen is a further increase in gambling tax. This will rise to 37.8% of gross gaming revenue from 1 January 2026, subject to any late changes. It follows a rise from 30.5% to 34.2%, which came into effect on 1 January 2025.

National regulator l’Autorité Nationale des Jeux (ANJ) said revenue was ahead of the €5.5 billion in the same period last year. The figures did not include land-based casinos and gaming clubs as these results were published separately.  

Gambling revenue in France has grown steadily year-on-year in H1 during the past few years. This has been partly due to growth in the online gambling sector, with revenue rising again in H1, by 6% to €1.4 billion. However, the ANJ said this increase “masks” certain trends in the market.

Double-digit growth for online sports betting in France

Online sports betting revenue jumped 10% year-on-year to €961 million, helped by a 15% rise in stakes to €6 billion. Unique player accounts also climbed 10% during the half.

The ANJ noted that this was despite the lack of a major, global sports event in H1 this year. In 2024, H1 included the early stages of football’s Euro 2024 football tournament, where in the same period this year, there was no such competition.

Incidentally, football remained the most popular sport among players in France, drawing 52% of all online bets. Tennis followed with 26%, then basketball on 9% and rugby 2%. The remaining 11% of wagers were split between other sports.

However, as noted by ANJ, this growth was not apparent within other areas of the online gambling market. Internet poker revenue declined 4% to €246 million. Cash game poker revenue was 15% lower at €47 million although other formats remained steady. The overall decline also came despite a 10% rise in unique players, which ANJ said was helped by cross-selling the product.

Elsewhere, online horse racing betting revenue was level at €174 million. Stakes here were 1% higher at €795 million but grew at a slower rate than in H1 of the previous two years. It was also noted that unique online horse racing players fell 3% year-on-year.

FDJ H1 revenue tops €3.5 billion after Kindred acquisition

ANJ also published separate figures for La Française des Jeux (FDJ), which completed its acquisition of Kindred Group in October last year. This helped push revenue up 19% in H1 to €4.4 billion.

Sports betting remained its primary source of revenue at €3.5 billion, up 4% on the previous year. However, driven by the Kindred acquisition, online betting and gaming revenue hiked 458% to €703 million. International lottery revenue for the period declined by 9% to €168 million.

Finally, ANJ referenced Pari Mutuel Urbain (PMU), which, like FDJ, had its results posted separately. In H1, revenue at PMU topped €830 million, which was 2.6% behind the same period in 2024. Stakes were also down 4.2% to €3.2 billion.

PMU had a tougher time in the first quarter, during which revenue dropped 4% and stakes 5.5%. However, it saw some level of revenue in Q2, although revenue was still down 1.3% and wagers 3%.

Singapore-based PvX Capital also contributed to the financing round. Midnite’s funding was provided via a specialised user acquisition financing strategy. This is meant to help Midnite invest in growth initiatives like talent acquisition and product development.  

The vehicle, dubbed a House Advantage Fund (HAF), is a direct lending fund managed by Discerning Capital. Midnite CEO Nick Wright said it could “triple down on performance and brand marketing campaigns, while preserving cash for innovation and expansion”.  

The use of a credit facility should remove the risk of unnecessary dilution when scaling the business at speed.  

“The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs,” Wright said in a statement on Wednesday.  

“This arrangement also signifies the strength of the partnership Midnite has with Discerning Capital. The confidence the team has in what we are doing at Midnite allows us to strive for continued growth and execute our strategy to disrupt the gaming industry for good.”  

Midnite closed $10m series B in April

Midnite closed its $10 million series B round in April. This was led by Discerning Capital, the Raine Group and Play Ventures, with additional investment from Venrex and Big Bets. At the time, its total capital raised was over $35 million.  

Its UK sportsbook was launched in 2018 by former daily fantasy sports platform Dribble founders, partnered with Sky Bet. Horse race betting and iGaming were added to the product portfolio in 2023. The operator has grown its team from 60 to 150 in 12 months.  

It operates its betting and iGaming platform entirely in-house and has licences in both the UK and Ireland.  

“For too long, the growth trajectory of online wagering operators has been constrained by the limitations of traditional venture capital or credit, which is hard to obtain across the broader gaming ecosystem,” Discerning Capital managing partner Davis Catlins said of the deal.  

“By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or onerous repayment structures. This credit facility sets a new benchmark for how ambitious firms in our sector can finance growth.” 

In the bill, the government set out its proposal for a total ban on gambling with credit cards. The Swedish Gambling Act already prevents players from using credit to gamble with licensed operators.

However, the incoming bill takes this a step further, with the government having previously said that current regulations had “limited scope”. An extension of the ban would effectively close a loophole that currently allows people to use borrowed money to gamble.

From next April, licensees and gambling agents will be banned from processing transactions that involve any form of credit. This will extend to credit agreements with other actors, such as loan agreements and bank overdrafts, where they may be misappropriated for the purpose of gambling.

Licensees and agents would also be required to take measures to counteract gambling with credit. This could include blocking credit card payments and not promoting third-party lenders to customers.

However, the government said regulator Spelinspektionen could make certain exceptions to the credit ban. This may cover licensed operators that run gambling for the specific purpose of public benefit, like charity lotteries.

“The requirements shall apply to all forms of gambling subject to licensing and regardless of how the game is provided,” the government said.

Sweden aims to tackle gambling debt

The extension of the ban is aimed at tackling a rise in gambling-related debt in Sweden. In the bill, the government referenced the Överskuldsättningsutredningen — an investigation into credit use for gambling and over-indebtedness

Kronofogden, the Swedish Enforcement Authority, which said debt for consumers in the country had reached a record SEK138 billion ($14.7 billion) in January 2025, is also referenced.

The bill also highlighted a survey by the Public Health Agency on “Health on Equal Opportunities” in Sweden. This found between 3% and 4% of the population aged 16-84 experienced some degree of gambling problem. Those who played slot machines and casino games in the past 12 months accounted for 40% of these people.

Should the bill come into effect as expected, regulator Spelinspektionen would be charged with overseeing its enforcement. It would have support from both the Finansinspektionen financial supervisory authority and Konsumentverket consumer agency.

For those that fall foul of the new rules, Spelinspektionen would have expanded powers to administer penalties. These could include suspension, financial penalties and, in the more serious cases, revoking a licence.

Sweden tries again with extended credit ban

With the bill being published, this is the closest Sweden has come to extending its ban on gambling with credit. The government has tried and failed on several occasions to expand the regulation that was first introduced in 2019.

In February last year, it put forward similar legislation, again with a focus on credit from outside licensees. Spelinspektionen was supportive of the legislation, having itself called for a full ban on credit card gambling a few months prior.

However, the regulator also urged more clarity over the proposed rule changes. Concerns included how the term “credit” was classed. Ultimately, the bill did not pass into law, but the latest effort looks more promising.

Elsewhere, the Swedish government last week published a memorandum updating its gambling act to make all unlicensed operators illegal under new rules. A loophole previously enabled operators to target players in English and by using euros instead of the local currency.

While stakeholders have welcomed the changes, some have said this update will not be enough to solve dropping channelisation rates in the market.

But the long-awaited update is unlikely to solve some of the market’s deeper-rooted struggles relating to the proliferation of illegal gambling.

The changes were proposed by the Ministry of Finance’s investigator, Marcus Isgren, who authored the report outlining amendments designed to strengthen the regulatory framework.

If enacted, the changes – scheduled to take effect on 1 January 2027 – would represent the most significant reform of Sweden’s regulated gambling regime since its re‑regulation in 2019.

The proposal would redefine which gambling services fall under Swedish law, significantly expand the administrative tools available to regulators, and shift responsibility for compliance from the state to the operators.

A positive response to Sweden’s Gambling Act update

For a market grappling with falling channelisation since 2019, this could be a turning point.

Anna Johnson, CEO and president of Svenska Spel, the state-owned operator, celebrated the report, as have other prominent stakeholders in the market.

“The investigator’s proposals are long-awaited and welcome. We have long pointed out that the regulations around illegal gambling need to be tightened. It’s about improved protection for consumers, but also about safeguarding trust in the entire Swedish gambling market. Ensuring that gambling is conducted in a responsible and sustainable way is the very foundation of our operations,” Johnson said.

A spokesperson for the Swedish Gambling Authority, Spelinspektionen, similarly praised the government’s review. In a comment to iGB, the regulator said: “We have brought to the government’s attention the need to amend the scope of the Gambling Act with regard to online gambling. We therefore view the investigator’s proposal positively, as it strengthens our ability to work more effectively against unlicensed gambling.”

Change is positive

One of the architects of the longstanding industry pressure that led to this reform is Gustaf Hoffstedt, CEO of industry trade body BOS. Speaking to iGB, Hoffstedt struck a positive tone, even if it is unlikely the law will come into force for at least another year.

“I’m all fine with my patience right now, when I can notice that we are ticking boxes during the path. I don’t have a problem with waiting until 1 of January 2027, because, as an ex-politician myself (Hoffstedt represented the Moderate Party in the Swedish parliament between 2010 and 2015), I am fully aware that the legislative process takes that time. What was so frustrating was the initial five or six years, when nothing happened,” he said.

Hoffstedt supports the shift to a participation-based model, but his optimism is measured. The reform, he estimates, might improve channelisation – but not enough to meaningfully stem the flow of Swedish players to unlicensed sites and barely making a dent in the current leakage to the unlicensed market.

“From the industry’s point of view, we are quite certain that it will substantially contribute to a strengthened channelisation. However, substantially means maybe two or three percentage points. Even if this reform is successful, it certainly doesn’t solve the general problem.”

Consumer appeal the real challenge

According to Hoffstedt, the deeper issue is not legal enforcement, but consumer appeal. Sweden’s licensed market, he says, lacks the attractiveness needed to retain players – especially in a sector driven by thrill, incentives and fast-moving innovation, with offshore platforms offering more bonuses, more games and faster payouts.

“We have an alcohol monopoly in Sweden that is easier to uphold since alcohol is a physical product,” he notes. “But I can just take my smartphone and gamble on hundreds of illegal, unlicensed gambling companies.”

The legislative instinct across Europe, he argues, is to build legal walls – through DNS blocking, payment restrictions and repressive licensing regimes. But this alone won’t work.

“This review was a niche product. But we’re now advocating for a general, broad inquiry into how to improve the channelisation of the Swedish gambling market.”

He hopes the government will launch such a review before the next general election in September 2026. “That could be the most valuable contribution to a functioning market.”

Reframing the law: what’s in Sweden’s Gambling Act update?

Under current law, online gambling operators fall under Swedish jurisdiction if they target the Swedish market. This so-called “riktningskriteriet”, or “directional criterion,” relies on visible cues – such as use of the Swedish language, local currency (SEK), or Swedish branding – to establish intent.

However, many foreign operators have circumvented the rule by offering platforms in English, using the euro, and avoiding overt national markers. In doing so, they’ve been able to legally accept Swedish players without a licence – remaining outside the regulator’s reach.

For years, this loophole in Sweden’s Gambling Act has enabled player leakage to unlicensed operators. According to BOS, which represents 19 gambling companies operating in the market, prior to the re-regulation, channelisation was slightly below 50%. Immediately after the re-regulation it was plus 90%. But those numbers quickly dropped.

Spelinspektionen currently estimates it to be at 85%. Channelisation for online casino in Sweden is estimated at 72%–82% – a number which BOS describes as “catastrophic”.

In comparison, channelisation in neighbouring Denmark, where the market is significantly more liberal, is estimated at around 90%, with an equal distribution between different product groups.

The core reform is a shift from asking whether a gambling site is targeting Swedish users to whether people in Sweden participate in the game. Under the new law, it wouldn’t matter how the site is marketed – if someone in Sweden can play, the law applies.

From intent to activity

Effectively, the legal burden would shift from proving intent to target to proving active exclusion. Operators wishing to stay outside Swedish jurisdiction must implement “appropriate and effective measures” to block Swedish residents from accessing their platforms. Even sites with no Swedish branding or language – if accessible to Swedes – could face legal action.

These are the key enforcement shifts in the amendment:

• Responsibility: Operators will be required to take “appropriate and effective measures” to prevent Swedish residents from participating – not only to avoid targeting them.
• Exemption test: To fall outside the law’s reach, an operator must show that exclusion measures have been implemented – not merely that they do not target Sweden.
• Promotion ban expansion: The prohibition on promoting unlicensed gambling would extend to payment processors, financial services, administrative or technical support and other intermediaries facilitating unlicensed operations.
• Presumption of participation (for payments): Payment intermediaries that handle transactions linked to unlicensed gambling must assume Swedish residents are participating from Sweden unless clear evidence suggests otherwise.
• Criminal liability adjustments: The criminal provisions of Sweden’s Gambling Act would be updated to explicitly cover unlicensed gambling and the promotion thereof, under the new participant‑based framework – potentially expanding liability to those who knowingly facilitate unlicensed activity.

Is there an appetite for deeper reform?

According to Hoffstedt, a big issue is also that unlicensed operators are sophisticated enough to mimic the branding of legal operators, so that even well-meaning consumers are gambling on illegal sites without knowing it.

“That’s one of the main problems in Sweden,” he said. “And it’s actually not easy to solve, because crooks can, for instance, just steal the sign of the Swedish Gambling Authority and place it on their homepage.”

And while the government has run limited public awareness campaigns, Hoffstedt believes more could be done.

“The Gambling Authority launched one or two such campaigns, but I do think we should do more – perhaps within the industry as well. I know the Danish trade association launched their own campaign. Maybe that’s something we should look at too.”

If passed, as is expected, the new law would nevertheless mark a major turning point in Swedish gambling enforcement. But its true effect remains to be seen.

Without reforms that make Sweden’s licensed market more attractive to consumers – alongside stronger enforcement – the most muscular legislation may still prove leaky, he stresses.

“The proof of the pudding is in the eating,” Hoffstedt said.

With a general election in Sweden looming next year, the political appetite for deeper reform may soon be tested.

During a “super draw” on 19 April this year, 52 players were incorrectly drawn as winners of million-krone prizes. This, Norsk Tipping said, was due to a technical error within its lottery system.

The error saw players who submitted bets through cooperative banks around Christmas and New Year deleted from the system. They were then subsequently excluded from the draw at Easter.

According to Lotteritilsynet, some 16,698 participants and 0.2% of the ranks were impacted by the error. This meant the draw was not carried out properly, with some users incorrectly winning prizes valued in the millions.

Norsk Tipping refunded the stakes of players who did not participate in the draw. However, Lotteritilsynet said that as the draw process breached the country’s Gambling Act, Norsk Tipping should be sanctioned.

In its notice on Monday, Lotteritilsynet said this penalty fee could be set as high as NOK25 million. Norsk Tipping has three weeks from the date of this notice (29 September) to comment on the case before the regulator makes its final decision.

‘Gross negligence’ from Norsk Tipping

Tore Bell, department director of Lotteritilsynet, hit out at Norsk Tipping over the matter. He noted how Norsk Topping had been aware of issues for some time and that the regulator had considered stepping in. However, following assurances from the operator, Lotteritilsynet allowed the draw to proceed.

“Trust that the draw and the basis for the draw will be correct is absolutely fundamental for a lottery,” Bell said. “Therefore, it is very serious when this has not been in place.

“This is gross negligence. Norsk Tipping did not check that all ranks were included in the draw, even though they had knowledge at the time that there had been serious errors in the draw basis over a long period of time.

“We can stop a lottery that is not being carried out correctly. We considered that in this case, but we received repeated guarantees that the draw would proceed correctly. It is unacceptable that there were still errors in the draw.”

Bell also flagged that Norsk Tipping had submitted a preliminary security report on this draw shortly after it was carried out. This stated that the draw was carried out without issue, with all players having the same chance of winning. However, this was not the case.

“It is reprehensible that Norsk Tipping could establish that the super draw was carried out correctly despite not checking that everyone who had bought tickets was allowed to participate in the draw,” Bell said. “This is likely to weaken trust in the company.”

Penalties continue to mount up for Norsk Tipping

Should Lotteritilsynet proceed with the penalty fee, it would be the fourth issued to Norsk Tipping in the past year.

The largest fee was set at NOK46 million earlier in September for a technical failing related to Eurojackpot and Lotto. The regulator found players in cooperatives, gaming clubs and cooperative banks had a greater chance of winning than they should have had.

A separate penalty of NOK36 million was announced in March after a bug prevented self-excluded players from blocking themselves from their Norsk Tipping accounts. This followed a NOK2.5 million fine in 2024 after the company mistakenly paid a player NOK25 million in incorrect winnings.

In addition, Lotteritilsynet recently said Norsk Tipping could face a further NOK10 million penalty over an error on the Eurojackpot game. Some 47,000 players were incorrectly notified that they had won excessively high prizes in a draw on 27 June. Incidentally, this led to previous Norsk Tipping CEO Tonje Sagstuen resigning from her post.

“All these cases make it crucial that Norsk Tipping tightens its routines, controls and the quality of what it does,” Bell said. “That is why we have announced a major inspection this autumn where we will look at Lotto, Eurojackpot and Vikinglotto.”

Lotteritilsynet had faced criticism over its handling of the cases. Gambling trade bodies across Scandinavia banded together to condemn a “lack of action” from the regulator following the scandal. They deemed the incident “exhibit A in the case against state gambling monopolies”.

Revenue was comfortably higher than the DKK562 million reported in July last year. Figures from regulator Spillemyndigheden showed this return also surpassed June this year by 8.4%.

Breaking down the monthly performance, online casino drew the most revenue in July at DKK349 million. This was 20.5% more than in the same month last year.

Online slots were by far the biggest draw for users, generating DKK291.7 million in revenue. Blackjack followed with DKK22.2 million, then roulette with DKK16.8 million, with other revenue split across bingo, poker and other games.

Meanwhile, sports betting bounced back from two consecutive months of decline to post DKK159 million in revenue, beating last year by 6.0%. Some DKK114.5 million came from mobile betting, DKK28.1 million from desktop computers and DK16.8 million from retail locations.

Steady month for land-based gambling in Denmark

On the subject of land-based activity, physical slot machine revenue amounted to DKK90 million. This was only marginally lower than last year’s DKK92 million haul.

Spillemyndigheden said 80.1% of all slot machine revenue came from terminals located in gambling halls. The remaining 19.9% came from machines placed inside restaurants.

Elsewhere, land-based casino revenue increased 18.8% year-on-year to DK33 million. The remaining DKK2 million came from land-based bingo activities.

Self-exclusion rates edge up during August

In terms of self-exclusion, the regulator said that, by the end of August, 62,577 people had signed up with the country’s ROFUS scheme. This would suggest that around 170 players opted to self-exclude during the month.

Of those who have registered with ROFUS, 65.0% have opted for permanent exclusion from gambling. Men account for 78.2% of all sign-ups, compared to women at 21.3%.

The online betting group posted gross betting and gaming revenue of €25.3m ($27.5m) for the six months to 30 June 2025. This was almost unchanged from the prior year. Net gaming revenue of €19.7m was down slightly, by 2.5%, as higher levies took effect.

Profitability improved despite stagnant sales. EBITDA before special items rose to €3m, compared with €1.2m last year, while net profit almost tripled to €1.8m.

Management credited lower marketing costs, which fell as there wasn’t a major summer football tournament. Indeed, advertising expenses – including marketing and bonuses – were down 20.5% to €8.2m.

Bet-at-home’s European market concerns

The headline numbers mask a more complex story about the operator’s two core markets.

In Austria, a steep increase in the betting levy from 2% to 5% of stakes took effect on 1 April, triggering an immediate decline in activity.

Management responded by beginning to pass on the costs to customers in June, but this move risks eroding competitiveness since several rivals have absorbed the increase themselves.

The longer-term picture in Austria is also uncertain. Austria’s new coalition agreement includes language about a “further development of the gambling monopoly”, which could open the door to the eventual liberalisation of the online sector. For now, the state monopoly remains in place, with licensed foreign operators continuing to serve Austrian customers in a grey-market environment, but the trajectory of reform could materially alter market conditions over the coming years.

Regulatory challenges in Germany

Germany remains Bet-at-home’s largest market, but the regulatory environment there continues to generate friction. A recent report by the German Sports Betting Association (DSWV) concluded that the regulated market is facing a “serious structural problem,” with as much as a quarter of gambling activity still channelled through unlicensed operators.

The DSWV pointed to restrictive measures such as the €1,000 monthly deposit cap, limits on bet types and onerous checks on player affordability as key drivers of consumer flight to the black market.

Bet-at-home has repeatedly stressed that while regulation is necessary, overly tight rules undermine licensed operators and threaten the policy objective of keeping play within the legal framework.

The company did secure licence renewals in Germany through to 2027 and was permitted to add certain international friendlies to its sportsbook this year, but management said the broader constraints remain a drag on revenue potential.

Managing legacy risks

Beyond its core markets, Bet-at-home continues to manage legacy risks, including the liquidation of its former Maltese subsidiary. While the company expects some recovery from that process, ongoing disputes over the enforceability of customer claims and European scrutiny of Malta’s legal framework have added uncertainty. Legal challenges also persist in Germany and Austria, where customers are seeking reimbursement of historical gambling losses, although management considers the current financial exposure to be contained.

Looking ahead, the group maintained full-year guidance for gross betting and gaming revenue in the range of €46m to €54m, with EBITDA numbers before special items coming in between break-even and €4m.

The wide range reflects the unpredictability of regulatory and tax developments across its footprint. Management continues to emphasise efficiency, technology investment and brand visibility as levers for navigating the challenging landscape, but acknowledged that external pressures will remain the decisive factor in performance.

Isgren’s report has proposed scrapping the Gambling Act’s current “directional criterion” for online gambling and replacing it with a new rule that prohibits illegal sites from providing access for Swedish players, regardless of whether operators are actively targeting the market.

What are Isgren’s key proposals?

Under the current regime, online gambling falls under Swedish law only if it is considered to be “directed” at Sweden. This standard has allowed many unlicensed companies to avoid oversight by structuring their services in ways that avoid obvious Swedish markers, such as language, currency or local marketing. The proposed shift to a “participant criterion” would instead apply the law whenever Swedish residents are able to access and play.

Additional recommendations would broaden the prohibition on promoting illegal gambling in Sweden. Beyond advertising, this would extend to payment processors, financial services and other support providers that support unlicensed operations.

A presumption rule would apply, so that if a provider processes payments to or from an unlicensed operator, it must assume Swedish participation unless there is clear evidence to the contrary.

The memorandum also proposes adjustments to criminal provisions, meaning unlicensed gambling and the promotion of unlicensed services would be made illegal and subject to criminal charges.

Collectively, the measures aim to strengthen Sweden’s channelisation target – ensuring at least 90% of gambling takes place with licensed operators, in order to protect consumers and safeguard tax revenues.

Earlier this month, Sweden’s Gambling Authority estimated that channelisation is currently 85%, down from 86% during the prior year.

Minister welcomes proposals

Finance Markets Minister Niklas Wykman announced the Gambling Act review in February 2025, with a view to enforcing tougher policies against illegal operators.

Industry stakeholders have long debated the shortcomings of the current framework. The online gambling trade association BOS has repeatedly warned that unlicensed operators exploit the directional test to reach Swedish consumers, often offering services in English and using euro currency.

Minister Wykman welcomed Isgren’s submission, calling it “a crucial step in creating a safer and fairer gambling market”. In a press statement, he said the government would now prepare the proposals within the Regeringskansliet (Government Offices) before a formal referral round and parliamentary debate. If approved, the reforms would come into force on 1 January 2027.

Isgren’s proposals were welcomed by Svenska Spel president and chief executive Anna Johnson, who repeated  a call for DNS blocking of illegal sites.

“The investigator’s proposals are long-awaited and welcome,” Johnson said. “This is about improved protection for consumers, but also about safeguarding trust in the entire Swedish gambling market.

“It is absolutely necessary to continue with more measures to combat illegal gambling. DNS blocking of illegal gambling sites is a natural next step to take. It would further strengthen the Swedish licensing market as well as the protection of Swedish consumers.”

BOS demands new gambling inquiry

BOS – a longtime critic of the Gambling Act – welcomed the proposal that would force unlicensed companies to take active measures to exclude Swedish gamblers.

Secretary General Gustaf Hoffstedt said: “This is an important contribution to the possibility of strengthening the Swedish gambling licence market, which is now proposed to criminalise almost all unlicensed gambling in Sweden. I foresee the government shortly submitting a bill to the Riksdag in accordance with the investigation’s proposal.

“Good job Mr Investigator and with the hope of equally good job from the government and the Riksdag to now proceed with legislation on the matter. Unlicensed gambling in Sweden must be smoked out.”

In early September, the group called for a new broad gambling inquiry, with the task of proposing measures that strengthen channelisation in the Swedish gambling market. Among the proposals that should be considered, BOS mentioned a less rigid regulation of loyalty bonuses, which are currently completely prohibited.

Hoffstedt said at the time: “The appointment of a broad inquiry tasked with preventing leakage to the unlicensed gambling market would undoubtedly be this government’s most important measure to protect and strengthen the legal regulated gambling market, before Sweden goes to the polls in September next year.”

As confirmed by draft legislation, the tax increases were originally scheduled to commence on New Year’s Day 2027, under plans approved in December 2024. However, the timeline has been shortened following a broader spending review by ministers last month.

The government is also accelerating plans to close down the country’s Lottery and Gambling Supervision Inspectorate (IAUI). The regulator will be consolidated into Latvia’s State Revenue Service (SRS) on 1 April – three months earlier than initially expected.

Latvia gambling tax hiked to 18%

From 1 January, Latvia’s gambling taxes on interactive gambling and telephone-based betting revenues will increase from 12% to 15% of GGR and 15% to 18% respectively.

Annual gaming machine taxes will rise from €6,204 to €7,440. Meanwhile, contributions on roulette, card and craps tables will increase from €33,696 to €40,440 per year.

The Ministry of Finance estimates that Latvia’s gambling tax increases will raise €9.2 million. Of that total, €175,000 will be handed to municipalities, with the rest to be pumped into the state budget.

Cost savings

Meanwhile, according to Finance Minister Arvils Ašeradens, the earlier-than-planned closure of IAUA will bring several benefits, including administrative cost savings.

Until the start of April, Latvia’s gambling industry will continue to be overseen by two regulators. The IAUI focuses on regulatory compliance and oversees licensing matters, while the SRS is responsible for tax issues.

However, their responsibilities overlap in several areas. Both have the power to enforce sanctions, conduct investigations and implement anti-money laundering measures.

“The integration of gambling oversight into the SRS will allow us to establish unified management faster, make better use of our resources and deliver higher-quality services to the public,” Ašeradens said.

Spending review

The decisions on gambling taxes and regulation were taken following a government cabinet meeting in late August. Ministers at the meeting discussed the state budget and spending plans across various areas through to 2029.

The government is trying to raise €565 million in additional funds for security, family support and education in the budget for 2026.

A package of draft laws relating to the budget – including the gambling tax increases – will be submitted to Latvia’s Parliament for approval on 15 October.

Across European markets, governments are imposing or proposing steep gambling tax hikes on operators, many of which last year contributed €3.8 billion in taxes to the European economy as a whole, according to the European Gaming & Betting Association (EGBA).

In most cases, policymakers have said they are turning to the sector to help plug budgetary holes. And gambling is a seemingly easy target for governments that can play into the public health argument against the industry.  

“Gambling has traditionally been viewed as a good source of relatively painless government revenue. Tax policies in European countries are also increasingly focusing on excise taxation, particularly environmental and public health excise duties, to raise much-needed public revenue,” explains Virve Marionneau, associate professor and tax expert, as well as director of the Centre for Research on Addictions, Control and Governance at Helsinki University. 

However, the returns from these gambling tax policies are uncertain and are likely to negatively affect the broader sector. So, what lies behind the political decision-making? 

Netherlands gambling tax hike impact already being felt

Let’s first take a look at what’s going on in the Netherlands. Lawmakers there approved a sharp increase in gambling tax, from 30.5% to 34.2% of GGR, starting in January 2025, with a further rise to 37.8% in 2026.

The Dutch Treasury had expected an additional €200 million in tax revenue annually, but figures from the licensed Dutch online gambling providers, represented by VNLOK, suggest that GGR in the first half of 2025 will be down 25% compared to the previous year, resulting in a shortfall of €200 million. 

Both VNLOK and the Dutch regulator KSA have expressed concern about the government’s plan for a further tax increase. 

When taxes increase on gambling operators, they often pass additional costs on to their customers. This could manifest in higher betting odds, higher fees or less attractive bonuses and promotions. As a result, players may turn to the more lucrative but also riskier unlicensed market. 

“The tax hike will have a negative impact on our market. Channelisation rates will decrease. We are worried about that, because we believe a strong legal market is key in combating illegal offerings,” Marloes Derks, spokesperson for KSA, tells iGB. 

Despite this, the Dutch government has stated that its tax policy will not change, even though expected revenue is falling short of expectations.

In accordance with budgetary rules, windfalls and shortfalls in tax revenue are reflected in the balance after policy is adopted. Therefore, the revenue shortfall, from this perspective, is not seen as grounds for a compensatory policy, according to State Secretary for Taxation Eugène Heijnen, who addressed the Dutch parliament earlier this month. 

A strategy doomed to fail 

The Dutch tax hike has drawn attention from other markets. 

“As I understand it, the message from Dutch politics is that they consider the concept of channelisation to be irrelevant. They simply ignore it in favour of various moral views on gambling. And then, of course, it becomes easy to raise taxes,” says Gustaf Hoffstedt, secretary general of BOS, the Swedish Trade Association for Online Gambling. 

He observes a trend across Europe of tightening conditions for licensed gambling companies, with tax increases being just one example. 

“An important component of that trend is the lack of interest in how such deteriorations affect the ability of licensed gambling companies to keep out unlicensed competitors,” Hoffstedt says. 

In his home country of Sweden, the Ministry of Finance was expected to raise €50 million a year through an increase in tax from 18% to 22% on GGR, effective from July 2024. But Hoffstedt – who calls the political reasoning behind the tax hike “profit hunger” – believes those figures are more likely to be around €20 million-$40 million. And it will come at a cost, he adds. 

“Reduced channelisation and around a thousand new gambling addicts as a result of the transition from licensed to unlicensed gambling,” he predicts. 

Trend across Europe 

Looking toward Eastern Europe and Tier 2 markets, Romania has imposed a 27% GGR tax on online operators from July 2025, up from 21%, and is also introducing higher licensing fees.

In the Czech Republic, the government increased the GGR tax for online betting, bingo and poker from 23% to 30% in 2024 to fund public spending. 

In Slovakia, where activity in the online casino market rose by almost 30% year-on-year in 2024, Environment Minister Tomáš Taraba has called the gambling industry “profiteers of human misery”. The government has proposed raising the tax rate for online gambling to 30%. 

Meanwhile, in Germany, every euro wagered on slot machines and poker faces a 5.3% levy. Because of this rule, up to 80% of online slot play now takes place with unlicensed operators, estimates the German Online Casino Association. German online casino tax revenue saw a decline of 16% in 2024 and, since 2022, there has been a 47% drop. 

France is already one of Europe’s most expensive markets to operate in, but the government is planning to expand GGR taxation and charges. It aims to generate an additional €1.6 billion in gambling-related revenue. 

“A few European jurisdictions like Malta and Estonia stand out with exceptionally low tax rates to attract onshore gambling operators. Other countries, like France, use high tax rates as a means to control entry to the market. The aim of French gambling policy has been to keep the number of licensees low,” says Marionneau, tax expert from Helsinki University. 

UK gambling tax decision will affect the whole sector 

And then there is the UK – Europe’s biggest market for online gambling – and for a long time, known in the industry as the voice of reason in Europe when it comes to a balanced approach to gambling regulation. However, for the industry, that perception may be about to change.

In April, the UK government proposed bringing the current three-level tax rate system for remote gambling under one consolidated rate. 

The industry has expressed concerns over the changes, believing it could result in all gambling verticals facing a 21% duty.

Several voices are pushing for a much bigger tax increase on the gambling sector. Among them, former Prime Minister Gordon Brown and the Institute for Public Policy Research (IPPR). They argue that a tax increase on the sector should be used to help fight the rising child poverty in the UK.

IPPR has recommended increasing remote gaming duty from 21% to 50%, and machine games duty from 20% to 50% of operator profit. General betting duty would rise from 15% to 25%, estimating that this could generate around €1.5 billion. 

The UK government is expected to present its plans in the 2025 autumn budget on 26 November.

UK government sending mixed signals

The UK’s Betting and Gaming Council has called the proposal “reckless” because it will drive players toward the unlicensed market, a claim that IPPR has chosen to dismiss. 

“There appear to be three drivers here: the economy, policy and politics. HM Treasury keeps all taxes under review and we know that it has been looking at online gambling for a while. It may take the view that the online gambling market can sustain higher levels, which will be unresented by the population at large,” says Dan Waugh, partner at Regulus Partners. 

The government is sending mixed signals regarding its attitude toward the gambling industry, and this has raised alarm bells, he says. 

“The Department for Digital, Culture, Media and Sport (DCMS) adheres to the traditional view that gambling is a legitimate pastime that can involve negative health consequences. It therefore favours a balance of freedom and protection. The Department of Health and Social Care, on the other hand, perceives gambling as the ‘new tobacco’ and wishes to do various unspeakable things to it enroute to prohibition.  

“Prudent operators will be looking at how they can mitigate the costs of any tax increases.” 

Whatever happens in the UK will affect the entire market in Europe, says Hoffstedt. 

“The UK, together with Denmark, has been able to show that it is possible to combine high channelisation with high consumer protection. If channelisation in the UK declines in the future, it will negatively affect all gambling markets in Europe.” 

Hoffstedt hopes that governments will eventually recognise the negative consequences. 

“In the end, it becomes obvious to everyone that a gambling market that lacks consumers – when they’ve gone to the unlicensed gambling market – lacks relevance and legitimacy. It is a strategy that is doomed to fail in every jurisdiction that uses it.” 

For the three months to the end of June, gross online gambling revenue amounted to €410.3 million ($484.2 million). Regulator Directorate General for Gambling Regulation (DGOJ) said this surpassed Q2 last year and was 2.8% more than Q1 2025.

Total deposits for the period increased 23.7% to €1.35 billion, with this only marginally lower than Q1. Player withdrawals were also up 28.9% year-on-year to €962.9 million and on par with Q1.

The DGOJ also noted an 11.7% rise in new accounts to 504,853, although this was 11.6% down from Q1. Marketing spend increased 37.1% from last year to €164.5 million, with this also slightly higher than Q1 of this year.

Online casino remains king in Spain

Breaking down the market, online casino was again the primary source of online gambling revenue.

In Q2, revenue from online casino reached €216.4 million, representing 52.7% of the whole market and 26% more than 2024. The DGOJ said this growth was driven by slot machines, where revenue hiked 33.6%.

There was also growth in sports betting, with revenue rising by 18.2% to €171.4 million, or 41.8% of overall revenue. This was also 2.7% more than in the opening quarter of 2025 in Spain.

A further €19.1 million was attributed to online poker, a year-on-year decline of 25.2% and 25.1% behind Q1. Bingo revenue topped €3.4 million, down 6.4% from last year and 6.9% less than Q1 of 2025.

The DGOJ also made reference to gambling defined as “contests” in Spain. However, it said only “very small figures” were reported across both revenue and player spending.

By the end of Q2, a total of 77 operators held licences in Spain. Of these, 64 had at least one active single licence during the period. These included 52 that offered online casino gaming, 42 sports betting, nine poker, four bingo and two contests.

The deal, announced on Monday, follows a period of repositioning for Allwyn including launching a new digital business to be led by ex-Betfred US CEO Kresimir Spajic.

It also operates the National Lottery in the UK and underwent one of the sector’s biggest retail lottery tech overhauls in August, replacing all the UK’s lottery terminals.

The deal will provide Allwyn with access to the US DFS and betting space. It’s only other link to the US market is via its Illinois Lottery operation.

Allwyn will acquire a 62.3% stake in PrizePicks and will pay an initial cash consideration of $1.6 billion. This implies an upfront enterprise value of $2.5 billion for PrizePicks, but this could increase $4.15 billion, if the DFS operator achieves certain performance metrics over the next three years.

The transaction is expected to close in the first half of 2026, subject to the satisfaction of certain closing conditions.

In terms of PrizePicks’ day-to-day operations, current CEO Mike Ybarra and his existing leadership team will continue to operate the brand as a standalone within Allwyn, retaining the majority of their ownership interest.

Customer base in the millions for PrizePicks

PrizePicks launched in 2015, operates in 45 US states and claims to be one of the fastest growing DFS operators in the market.

PrizePicks first started considering sale options in July 2024 when it hired investment bank Moelis & Co to explore potential mergers and acquisitions.

Unlike traditional DFS platforms where users draft entire teams, PrizePicks allows users to predict the over/under on individual player statistics and fantasy scores. PrizePicks recently found its way back into several regulated markets, which could help strengthen its viability and sustainability cases.

In the 12 months to June 2025, PrizePicks generated an adjusted EBITDA of $339 million, with revenue growth exceeding 60% year-on-year.

Co-founder Adam Wexler will continue to serve as a member of PrizePicks’ board of directors.

Wexler said the Allwyn deal will provide the investment needed to further the company’s growth.

“With Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage,” Wexler said.

PrizePicks CEO Mike Ybarra added: “Today marks the start of an exciting new chapter for PrizePicks and our growing community of players.

“By joining forces with Allwyn, a like-minded and disruptive company that shares our passion for bold product innovation, we will accelerate our mission to make our games more interactive, engaging and rewarding for fans everywhere.”

Allwyn CEO Robert Chvatal hopes Allwyn’s biggest US investment to date will drive the business’ growth in the market.

“PrizePicks is an entrepreneurial company that is empowering a new generation of fans who want to engage with their favourite sports and athletes, not just spectate,” Chvatal said.

“[We’ve] created an intuitive platform that simplifies the process of making skilled predictions.”

These associations have become increasingly pivotal in challenging policymakers and holding regulators to account against tightening policies across Europe.  

But LiveScore CEO Sam Sadi told the audience he believed they faced an impossible job in representing the entire sector, due to the conflicting interests of large and small operators. 

Are some welcoming incoming restrictions?

Sadi said some tier one players were welcoming new measures like advertising restrictions and tax hikes, as they help to consolidate a market and improve the position of leading operators.  

“You’ll see some super large operators being able to absorb advertising restrictions or increased taxes and even benefit, because the marketplace consolidates at the top and smaller operators have to leave the market.” 

In Spain, Codere Online has said on numerous occasions that it has been impacted by the rollback of advertising restrictions in the market in 2024.  

In November, Codere Online CFO Oscar Iglesias said the reintroduction of welcome bonuses had had a slightly negative impact on profit margins in Spain in Q3 due to the costs involved and increased competition from newer operators.   

“When competition is higher, the prices are increasing both in digital and in traditional media, which eventually leads to a higher CPA and then later, maybe to a slower ROI (return on investment) until we are able to cover those CPAs,” CEO Aviv Sher told analysts during the operator’s Q3 earnings call on 27 November.    

Sadi said these conflicting interests made it “an almost impossible job to represent the entire industry, where so many objectives are in place”.  

Gambling trade bodies should define goal of entire industry

The mood across many of the panels discussing the challenging position facing the sector in Europe and further afield was particularly negative throughout the event.  

Many insisted the continued uncertainty around new regulations and the political stability in some markets across Europe were proving hugely challenging to navigate.  

FDJ CFO & Strategy Officer Pascal Chaffard told the audience that trade bodies should be working to represent as many operators as possible across the global sector. 

He said: “The purpose of those trade associations is to define what is the goal of the whole industry and not let one or two black sheep damage our reputation. 

“If you have one black sheep in the industry, it will let down the reputation of the entire industry.” 

On tax, the European leaders’ panel discussed how increasing tax rates are hindering growth across various markets.

BoyleSports CEO Vlad Kaltenieks said: “This is a big debate and I look at it from the overall social and economic impact.

“My real desire is to build a sustainable environment. And that looks like an environment where companies can continue to grow and innovate and invest in technology and employment to build that ecosystem for the economy to flourish.  

“Tax is one of these vehicles that can really affect how the companies move in that direction. So if the tax regime is clear and beneficial, that could be very productive. If it is becoming more restricted, it can lead to uncertainty and problems within the wider market,” he added.

Detailing the increase, Zeal said lottery gross margin had strengthened throughout 2025. It also noted how its Traumhausverlosung social lottery had posted growth, with the operator on track for a better-than-expected performance.

As such, Zeal has forecast posting between €205 million ($241 million) and €215 million in full-year revenue. This is higher than the existing guidance of €195 million to €205 million, published alongside its FY24 results in March.

The midpoint of the updated guidance, €210 million, would represent an 11.6% increase on revenue reported in the previous year. FY24 represented a record year for Zeal, with both revenue and EBITDA reaching all-time highs.

As for EBITDA, this is now set to range between €63 million and €68 million. Previously, Zeal said EBITDA would be in the range of €55 million to €65 million. Should it reach the midpoint of €65 million, this would surpass the previous year by 5.0%.

Zeal said the new guidance depends on general conditions in the market, particularly further jackpot development. The group added that it intends to publish its Q3 financial results on 5 November.

Weak jackpot cycle fails to derail Zeal in H1

Improved guidance comes on the back of a successful H1 for Zeal. The operator said group revenue increased by 32% to €101.5 million, while EBITDA climbed by a significant 76% to €35.4 million.

This was despite subdued jackpot conditions, with lower average jackpot levels for LOTTO 6aus49 and Eurojackpot. In addition, successful marketing initiatives saw average active customers per month rise by 12% to 1.51 million.

Speaking at the time, CFO Andrea Behrendt said: “Our half-year results are a true team success – especially given that the jackpot situation was rather weak compared to the previous year.

“Challenging market conditions particularly underscore our operational excellence. The significant increases in revenue and EBITDA were driven by further expansion of our customer base and profitability.”

Change at the top for Zeal

Shortly after the conclusion of H1, Zeal announced Stefan Tweraser would become its new CEO. He replaced Helmut Becker, who led the operator for 10 years, on 15 September.

Becker, whose departure was first confirmed in January, will remain available as a consultant until early next year. Becker is expected to move into investing and starting new projects away from gaming once his tenure at Zeal ends.

Tweraser is a newcomer to the gambling sector. He most recently served as CEO of German NewSpace start-up Rocket Factory Augsburg. He was also chief marketing officer of music streaming service Deezer and CEO of hospitality data business SnapShot.

Another recent senior change at Zeal saw Carola Gräfin von Schmettow, former CEO of HSBC Germany, become its new chairwoman. She replaced the outgoing Peter Steiner.

Gräfin von Schmettow was elected to the position at the Zeal annual general meeting. She has been a member of the company’s supervisory board since November 2024.

Thursby informed the group’s board that he does not intend to stand for re-election. He will formally step down as chair and from the board at Rank’s annual general meeting on 15 October.

Thursby joined the Rank board as a non-executive director in August 2017. He then went on to become chair in October 2019.

Prior to his time with Rank, Thursby was chief executive of the National Bank of Abu Dhabi from 2013 to 2016. He also held various senior roles at Australia and New Zealand Banking Group, following 20 years with Standard Chartered Bank.

“For a number of months now I have been reflecting on this exciting inflection point for Rank, with the long-awaited legislative reforms for casinos now being implemented and a digital business which is beginning to scale,” Thursby said. “I believe now is the right time to step down.

“I do so with a combination of pride in the progress we have made, including in terms of governance processes and procedures, and also with confidence that Rank is in excellent shape to write the next exciting chapter of its rich history.”

Rank commences search to replace Thursby

Confirming the news, Rank said a process to identify a replacement is “well advanced”. It added that an appointment is “close”, and an announcement is expected within the next couple of months.

Karen Whitworth, senior independent director at Rank, will serve as interim chair. Lucinda Charles-Jones will become interim senior independent director, and Keith Laslop interim audit committee chair.

Rank CEO John O’Reilly paid tribute to the outgoing Thursby, describing him as a “committed and talented” chair.

“I would like to thank him personally for his unwavering support and for his dedication to the Rank Group and to its stakeholders,” O’Reilly said. “Our recent successes and outlook are due in no small part to his sure-footed guidance and invaluable leadership.”

Positive FY25 at Rank amid changing regulations

The news comes after Rank in August published its FY25 financial results, revealing year-on-year growth. Net gaming revenue rose 8% to £795.4 million ($1.08 billion), with growth apparent across all core segments.

Net profit was also higher, rocketing 248% to £44.6 million. However, in its analysis of the year, Rank noted the impact of new regulations. The statutory levy for research prevention and treatment of problem gambling was introduced from April 2025 in the UK, rising from an existing voluntary rate of 0.1% to 1.1%. A maximum staking limit for online slots play of £5, and £2 for consumers aged under 25, was also implemented in April 2025.

According to Rank, the impact on digital profitability in the final quarter of the year was approximately £1 million. Therefore, it said the expected annualised impact will be in the region of £4 million going forwards.

On the flip side, the other changes in regulation noted by Thursby in his leaving notes have allowed Rank to expand operations. Work is ongoing to install more terminals across its UK estate. The group is also seeking to introduce sports betting at its venues for the first time.

For the Eurojackpot draw on 27 June this year, some 47,000 people were told they had won a large prize. In addition, 30,000 of these players received SMS or push notifications on their phones about the supposed prizes.

The issue was caused by an error in a formula used to convert prize from euros to kroner. Prizes were mistakenly multiplied by one hundred instead of dividing by one hundred. There were no issues with the Eurojackpot draw itself.

Lottstift in July ruled Norsk Tipping had violated the country’s Gambling Act. However, the regulator stopped short of taking action while it carried out a review of the operator – although this remains ongoing.

Now, Lottstift said Norsk Tipping will be ordered to pay up to NOK10 million for the failing. This represents 0.1% of Norsk Tipping’s turnover, which was just over NOK10.2 billion in 2024.

The operator will have up to three weeks to respond to the ruling and set out any case it may want to raise to have the fine reduced. Norsk Tipping has already implemented several measures to avoid similar errors in the future.

Norsk Tipping to reduce charity contributions

In response to the fine, Norsk Tipping’s acting CEO Vegar Strand said the company is taking the violation of gambling regulations very seriously.

He apologised for the failing and said extensive measures have been taken to strengthen routines, monitoring and processes across the company.

“Our most important task going forward is to ensure that our games and services work as they should, and that customers can trust us,” he said.

As a result of the fine, Norsk tipping would reduce its charity contributions.

‘Serious breach of trust’ by Norsk Tipping

Lottstift Director Atle Hamar hit out at Norsk Tipping over the Eurojackpot scandal. He said players should be able to play games knowing that they can trust the operator.

“Players should be able to trust Norsk Tipping, and this is a serious breach of trust,” Hamar said.

“Of course, it must be brutal when you receive a notification that you have won a large prize, and then it is not true. This case is harmful to trust in Norsk Tipping.

“It is reprehensible that the error was not discovered in connection with either testing or controls, but only after the message about the incorrect prize amount had been sent to the players.”

In addition to the penalty, Lottstift will have “extensive” monitoring of the Lotto, Eurojackpot and Vikinglotto games offered by Norsk Tipping. This will form part of its ongoing review of the operator.

Gambling trade bodies across Scandinavia banded together to condemn a “lack of action” from the Norwegian regulator following the scandal. They deemed the incident “exhibit A in the case against state gambling monopolies”.

Previous Norsk Tipping CEO Tonje Sagstuen resigned from her post when the incident was revealed in June.

Multiple issues at Norsk Tipping

The Eurojackpot prize case was just one of several issues flagged at Norsk Tipping in recent months.

Earlier in September, Norsk Tipping was handed a NOK46 million penalty over a technical failing related to Eurojackpot and Lotto. The regulator found players in cooperatives, gaming clubs and cooperative banks had a greater chance of winning than they should have had.

Users who played alone had a lower chance of winning, with the error having been present since 2015. Norsk Tipping first became aware as early as November 2024 of possible errors but did not investigate it further.

In March, a NOK 36 million fine was also issued after a bug prevented self-excluded players from blocking themselves from their accounts. This followed a NOK2.5 million fine in 2024 after the company mistakenly paid a player NOK25 million in incorrect winnings.

Hadar said each case revealed “serious errors” at Norsk Tipping that need to be addressed.

“Norsk Tipping has too poor control over its games, and the cases show a fundamental problem in both the system and controls,” Hamar said. “These are serious errors, and they have not been discovered until the consequences are major.”

The Champions League gets underway on Tuesday, with the tournament the second most bet-on in Germany following the Bundesliga.

According to a DSWV press release on Monday, the volume of betting has “skyrocketed” around the start of the Champions League, with players needing to be particularly vigilant to ensure they bet with licensed operators.

The DSWV claims there are at least 382 illegal German-language websites offering sports betting, compared to just 34 legal betting sites.

DSWV President Mathias Dahms says this 11:1 ratio “puts players at risk”, warning of the impacts from illegal betting.

“In the legal sports betting market, players benefit from guaranteed player protection, reliable payouts and tax revenue for the common good,” Dahms said.

“Illegal providers in the black market, on the other hand, do not adhere to any rules, offer no security and have a higher risk of gambling addiction.”

The DSWV stressed players are also at risk of criminal proceedings, with a maximum penalty of six months’ imprisonment or a fine applicable to those found participating in illegal sports betting.

Advertising crucial for identifying licensed operators

In the view of Dahms and the DSWV, advertising is crucial to make it easier for sports bettors to differentiate between licensed and unlicensed operators.

Dahms noted the importance to licensed companies of being visibile during Champions League matches, particularly on advertising hoardings around stadiums and through TV ads.

In the Champions League and the Bundesliga, only licensed operators are allowed to advertise in the arena and on TV.

The DSWV also highlighted the white list of licensed operators, which is available on the website of the regulator, Gemeinsamen Glücksspielbehörde der Länder (GGL).

Additionally, legal providers display a clearly visible GGL logo on their sites, while only licensed operators offer comprehensive player protection measures.

Dahms concluded: “It is in the common interest of regulators, providers and players to strengthen the legal market and push back the black market.

“This is the only way to ensure player protection, integrity and tax revenues.”

Arrest over horse race fixing in UK

A 42-year-old man has been arrested in connection with allegations of fixing horse races in the UK.

The unidentified man is alleged to have committed offences under section 42 of the Gambling Act 2005. This section concerns cheating at gambling or assisting someone else with cheating.

The arrest was part of a joint investigation by Greater Manchester Police and the Gambling Commission. This launched following reports of suspicious betting activity linked to horse races earlier this year.

The commission said it would not be commenting further on the case at this time.

Bragg seeks to allay fears over cyber incident

Bragg Gaming Group has played down a recent cyber incident, saying the issue has been resolved.

Bragg revealed the cybersecurity incident on 16 August. It said that it took appropriate steps to mitigate any potential impact of the breach, working with independent experts.

Bragg said there is no indication that any personal information was affected, nor was there any impact on its ability to operate. It also sought to reassure customers about the security of its game titles.

“The company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the company,” Bragg added.

Playbook Fusion enters Netherlands with Bingoal

Playbook Fusion has made its debut in the Dutch market through a partnership with Bingoal.

The deal will see Bingoal become the first operator in the Netherlands to launch Playbook Football. This real-money virtual football management betting game allows users to build teams, place bets, receive in-game rewards and climb divisions.

Bingoal customers can access the game across both the operator’s casino and sportsbook zones.

“This is a unique concept that offers gamification and persistence our bettors are seeking,” Bingoal Casino Product Manager Dany Salmon said. “We are confident that it will resonate well with our player base across Sports and Casino verticals.”

Games Global opens first live dealer studio in Brazil

Another new market entry comes from Brazil, where Games Global partnered with Spin Gaming to establish the country’s first live dealer studio.

Powered by OnAir, Spin Gaming will deliver live game streaming and technical support to its partners.

The agreement also marks the creation of the first Brazilian academy specialising in training live casino dealers. This, the two companies said, will help generate hundreds of jobs for people in Brazil.

“This landmark deal with Spin Gaming not only highlights Games Global’s unwavering commitment to delivering tailored solutions to local markets but also highlights our drive to support iGaming infrastructure in emerging jurisdictions,” said Ricardo Regner, director of LatAm at Games Global.

Paf lands Finnish Ski Association deal

Paf has signed a long-term partnership agreement with the Finnish Ski Association.

The deal runs through 2030, with Paf serving as the official main partner of the Finnish Ski Association. This will become effective when the new Finnish licensing system enters into force, provided Paf secures a licence.

The agreement covers the national A-teams in cross-country skiing, Nordic combined and ski jumping. It also includes the under-23 and under-20 national teams in cross-country skiing.

In addition, Paf will be an official partner of the FIS World Cup events in Ruka and Lahti, as well as the Finnish Cup in cross-country skiing.

“We are truly excited about this new main partnership with the Finnish Ski Association,” Paf Manager Thomas Näsman said. “Our shared values provide an excellent foundation for building a long-lasting and successful collaboration.”

When questioned in parliament last week, Heijnen said no plans were in place to counteract the expected decline. According to Casino Nieuws, the minister told politicians that gambling tax earnings would be in line with expectations set out by KSA in a recent report.

“It is true that the estimate for revenue has been revised downwards this year,” Heijnen said. “This picture is broadly consistent with the expectations communicated by the KSA in a recent report.”

Revenue drop a possibility in the Netherlands

Regulator Kansspelautoriteit (KSA) released a report in August revealing the measure will likely result in a €40 million ($47 million) drop in iGaming revenue, in contrast to earlier forecasts of a €100 million rise in GGR for 2025.

This is due to a gambling tax hike in the Netherlands that is being implemented in two phases. An initial increase from 30.5% of GGR to 34.2% came into effect on 1 January 2025. This will increase further to 37.8% of GGR from 1 January 2026.

Similarly, August data from the Licensed Dutch Online Gambling Providers (VNLOK) trade body suggested the higher rate could severely impact tax income and cause a €200 million black hole in 2025. The report based this figure on GGR in the first half of 2025 being down 25% compared to last year.

VNLOK said the impact was due to several new restrictive measures enacted over the last year. These include bans on untargeted advertising and sponsorships, new deposit limits and the increased tax burden. It called for the government to act on this and revise the current tax framework.

The Ministry of Finance previously said it expected to collect an additional €200 million annually between 2025 and 2028 in gambling tax revenue, thanks to the increase in rates.

Dutch revenue shortfall ‘not a compensatory policy’

During the short debate in parliament, Heijnen acknowledged that gambling tax revenue is lagging behind, particularly in the online sector. He added this was due to tightening regulations but maintained laws would not be amended as a result.

“In accordance with budgetary rules, windfalls and shortfalls in tax revenue are reflected in the balance after policy is adopted,” he said. “Therefore, the revenue shortfall from this perspective is not a compensatory policy.”

Heijnen is new to the role of State Secretary for Taxation, having taken up the position in early September. He succeeded Tjebbe Van Oostenbruggen, who resigned at the end of August.

Van Oostenbruggen was one of several individuals to step down in the wake of Foreign Minister Caspar Veldkamp resigning over the decision to block sanctions against Israel because of the conflict in Palestine. Gambling minister Teun Struycken also left his role.

Groupe Partouche benefits from new casino launches

The third quarter results showed Groupe Partouche benefiting from a bigger casino portfolio, with a new venue in Cannes and one further afield in Benin contributing to a 5.3% year-on-year rise in revenue. 

That prompts the question: Can French operators leverage shared language to expand into Francophone Africa? There is evidence of it happening with Spanish businesses in Latin America, so why not French companies in Africa?

And talk of France means talk of iCasino is never far away. Groupe Partouche, with operations in Belgium and Switzerland, could be building up its capabilities. Depending on whether there is any regulatory progress and if it can leverage its land-based database, could it carve out share in France’s future online gaming market?

Right to the Source is on Apple Podcasts

The Georgian gambling market

We’re talking the country not the state, but interestingly gambling in Georgia accounts for 3.5% of GDP. That’s the highest level of any country H2 Gambling Capital tracks, Ed points out. 

And while attractions such as “Black Sea Vegas” Batumi are designed to bring in the players, online is the real story in Georgia, making up the vast majority of revenue. 

Georgian gambling is also dominated by major industry players, with Crystalbet (Entain) and Adjarabet (Flutter) battling for supremacy. However it’s local operator Crocobet that’s growing rapidly. 

All this and the usual diversions into the sublime and the ridiculous in the latest Right to the Source!

Veikkaus said it will not process any wagers until disciplinary decisions are taken following a match-fixing probe that is being carried out by the Finnish Centre for Sports Ethics (SUEK).

Veilkkaus’ decision includes markets covering the top-tier F-Liiga, which started its new season on Wednesday. Finnish Cup and international games are also blocked, plus some other contests.

Mikko Lahti, director of security and risk management at Veikkaus, said the operator would “reassess the situation” after disciplinary proceedings closed.

SUEK aims to finalise its findings this month before the Finnish Floorball Federation’s (SSBL) Competition and Disciplinary Group hands out punishments. However, sanctioned individuals will be given “several weeks” to respond to the findings, the federation said.

Veikkaus’ suspicions

Veikkaus had already refused to process bets on floorball games at the World Games multi-sport event last month in Chengdu, China. It took the decision after announcing in June that it had uncovered suspicious betting activity in the sport.

Initially, the suspicious activity related to a Finland national team game last December and an F-Liiga game this spring. The national game was Finland versus Norway in the 2024 Men’s World Championship and the domestic contest was the 2024-25 playoff between Classic and SPV.

In both cases, Veikkaus said inside information about the game appeared to have been used in bets. Suspicions were raised due to the unusually large wagers, with Veikkaus flagging up its concerns with the league and the SSBL.

No criminal activity found

Under Veikkaus’ agreement with the F-Liiga, players, coaches and team staff are prohibited from betting on games.

SUEK’s investigation has so far found no evidence yet of criminal activity, Ikonen added.

SUEK secretary general Teemu Japisson added: “The rules of sport have been violated here, according to our investigation, not Finnish law.”

Growing match-fixing scandal

At the outset, it was thought that about a dozen people may have violated the rules. However, the subsequent probe has revealed the true scale of the scandal, which Suek’s head of investigation Jouko Ikonen has described as the worst in the seven-year history of his organisation.

According to SUEK’s investigation, about 100 players, coaches and employees from the F-Liiga have violated betting regulations. Representatives of every team have been implicated, with activities stretching as far back as the 2021-22 season.

Ikonen said reports covering 75% of the “very clear” betting violations have been shared with the SSBL so far.

“In these clear cases, the betting volumes and amounts are generally small, and almost all of the subjects of the investigation have admitted to violations,” Ikonen said.

Earlier this week, Veikkaus reported a year-on-year decline in revenue and net profit during the first half of 2025 after investing “significantly” in preparations for the upcoming liberalisation of the Finnish iGaming market.

Sales revenue in the six months to 30 June 2025 amounted to €466.4 million ($548.4 million) – some 3.6% below H1 of 2024, but in line with expectations.

Revenue for the six months to 30 June reached €387 million ($452.3 million), Playtech said in its H1 results announcement. This lagged behind the €429.7 million reported in H1 2024.

The new-look agreement with Caliente caused a 9% drop in B2B revenue to €347.6 million, as Playtech stopped receiving an additional B2B services fee during the period. As such, revenue from the joint venture declined during the first half.

Announced in September 2024, the new agreement signalled the end of a dispute between the two companies, with Playtech holding a 30.8% interest in Caliplay as of 1 April this year.

Excluding the impact of the revised agreement, Playtech’s B2B revenue was up 3% year-on-year. Playtech maintained the joint venture is “ideally placed to deliver significant value” for the group in the mid-term.

“Our revised agreement with Caliente Interactive, which completed in March, sets both parties up for continued success in the future,” Playtech CEO Mor Weizer said. “Caliente Interactive paid its first dividends in the second half of the year following a period of strong performance.”

Caliente impact clear to see with B2B decline

Taking a closer look at H1 data, the biggest B2B decline came in Latin America – on the back of the revised Caliente agreement – with revenue in this market falling 32% to €87.7 million.

UK B2B revenue dipped 3% to €64.2 million. Playtech reported growth across new and existing licensees but absorbed a decline in revenue from an operator continuing to insource their self-service betting terminals.

There was better news in Europe, however, where revenue climbed 4% to €102 million. The supplier said this was primarily driven by strengths in Poland, Spain and Switzerland. It added that it continues to scale its product offering across European markets. Rest of world revenue increased 27% to €6.6 million.

Playtech also saw growth in the US and Canada, with revenue jumping 64% to €21.8 million. In the US, revenue more than doubled, due to a combination of increased wallet share with existing licensees and the impact of successful launches with new operators in 2024.

The group went live during the year with several major brands including DraftKings, FanDuel and Delaware North.

Playtech returns to B2B focus with Snaitech sale

H1 also saw Playtech complete the sale of Snaitech to Flutter Entertainment in a deal worth approximately €2.3 billion. This lined up with the supplier’s switch in strategy to become a pure-play B2B supplier.

Also forming part of this new approach was the sale of HappyBet, which went through on 28 May. The German-facing brand was sold to Pferdewetten AG subsidiary NetX Betting, just two months after Playtech began the sale process.

UK affordability regs hit Playtech H1 B2C revenue

As a result of these sales, Playtech H1 B2C revenue totalled €41 million, down 17% year-on-year. As HappyBet was disposed of part-way through H1, Playtech only drew €7.8 million from the business.

The remaining €33.2 million of B2C revenue came from Sun Bingo and other B2C activity. This was 17% lower than the previous year, with Playtech blaming increased regulation including financial vulnerability verifications in the UK. This, it said, resulted in a drop in overall player activity.

While Wiezer said recognised revenue was down, he talked up what he saw as a “strong” performance in H1. He said Playtech transitioning “back to its roots” as a predominantly pure-play B2B business will be of value in the long term.

“We continue to see significant growth opportunities in the market for Playtech,” he said. “I am confident that the combination of our market-leading technology and talented people puts us in a strong position to deliver on this exciting potential.”

Earnings-wise, Playtech reported €12.9 million in EBITDA, which was 87% short of €99.3 million in 2024. However, adjusted EBITDA came in at €91.6 million. Although 16% less than the previous year, this was in line with expectations.

Pre-tax loss for the period hit €58.8 million, while after tax, loss from continuing operations stood at €78.1 million. However, when including €1.65 billion in profit from continuing operations – namely the Snaitech sale – this left a healthy bottom line net profit of €1.58 billion, compared to just €5.9 million in 2024.

But when adjusting this bottom line to discount one-off items, including selling Snaitech to Flutter, net profit was €93.1 million, marginally ahead of €92.3 million last year.

What can we expect for Playtech in H2?

In terms of the rest of the year, Playtech said it has had a “solid” start to H2 with normal seasonality.

It has plans to increase investment for growth in both the US and Brazil. However, it flagged certain headwinds in Brazil and Colombia. In its May trading statement, Playtech highlighted Brazil’s transition to a regulated market, as well as Colombia introducing a temporary VAT charge.

Despite this, it remains on track to deliver FY 2025 adjusted EBITDA ahead of expectations. As such, it has retained its guidance of between €250 million and €300 million for the full year.

“These results show the strong start Playtech is making in its transition back to its roots as a predominantly pure-play B2B business,” Weizer said.

“I’m very pleased we have reported earnings ahead of expectations from earlier in the year, reflecting the strong performance across our key markets.”

Speaking alongside Reeves at Intralot’s Capital Markets Day in London Monday, current Intralot CEO Nikolaos Nikolakopoulos said the combined group had ambitions to launch one or two B2C products in a new market every year, once the merger completes.  

Intralot to launch B2C in new market every year

In at least one case, Nikolakopoulos said the group would operate a joint venture with a local media company to leverage its brand and reach within the market. Nikolakopoulos did not say which market or media brand the operator would partner with, but he said the strength of the group’s brand “would make a difference”.  

On Bally’s presence in the UK, Reeves said Bally’s was the number two brand for iGaming in the market, with a 14% share of the total market. Today the operator also maintains a small presence in Spain, although the UK remains 94% of its total revenue split.  

“We’re very UK dominant. [But] this combination [with Intralot] allows us to spread out our revenue. It’s good and bad being UK dominant, you know? You might say you’re too concentrated. [But] regulation means that you end up with a stable, reliable business,” he told analysts and investors.  

“We have six million players in our database and one million monthly unique players. That means that we actually have a relatively low spend per player, but that makes it sustainable forever.”  

UK online stake limits improved Bally’s retention efforts

Retention, Reeves said, was a particular strength for Bally’s, thanks to the operator’s efforts to adapt to increased regulation in the UK.  

Bally’s adapted its offering to provide players more chances to win on online slots but at lower multiples, like at 10x of their stake. Implemented as a response to online slots stake limits enforced in April, he said enabling players to win more often had improved the overall customer experience.  

“We’ve seen that boost customer attention. And hence boost revenue, because players don’t have as many bad experiences,” Reeves said.  

“Igaming growth was driven by return to play optimisation strategies. We actually adjusted what we paid back to players more because of regulation. 

“We’re always thinking about what is the right environment for customers to engage with. Also, normal organic market growth has occurred, boosting our revenue, and our active user base has increased. It makes sense given we’re retaining customers better.”  

Combined Intralot Bally’s group eyes €200 billion global TAM

Nikolakopoulos told the audience he expected the group to see a “significant upside [from] the monetisation of player data and the retention of players”.  

In its FY2024 results, Bally’s International Interactive reported €709 million in run-rate revenue, alongside a 40% adjusted EBITDA margin. Reeves also said the Bally’s business had maintained a consistent CAGR of 10% since 2019. 

As a combined group, Intralot expects the UK and Spain’s iGaming market to have a cumulative TAM of €14 billion by 2029.  

Globally, it forecasts a TAM of €200 billion by 2029 across iGaming, online sports betting and its existing lottery services.

Intralot Bally’s merger to complete by end of year 

Intralot announced its €2.7bn acquisition of the Bally’s International interactive business in July, noting the deal would likely close by Q4 of this year.  

The aim of the combination is to create a global iGaming and lottery leader with €1.1 billion in annual revenues. The new combined group will be listed on the Athens Stock Exchange and operate B2C and B2B lottery operations in a vast number of markets globally.  

The group will also benefit from an agreement in place with Bally’s International which will see it gain a share of the business’ profits, once it becomes profitable. 

“We’re maintaining exposure to the US without taking on the downside risk, which is significantly valuable,” Reeves said during the presentation. The group expects to launch its own iGaming product in the US, utilising Intralot’s relationships and expertise as a B2B lottery provider in the market.  

Its bullish B2C expansion plan also includes the potential for M&A, in acquiring local brands.  

“Although it’s not a primary focus to go after M&A, we think that there could be some selective acquisitions because of the fragmentation that you see across the European B2B and B2C gaming space,” Reeves added.  

Revenue for the three-month period from May to July topped €189 million ($221.2 million), according to figures from Groupe Partouche. This surpassed the €179.5 million reported in Q3 last year and was also ahead of Q2 2025.

In France, where the group is primarily focused, Q3 revenue was 5.3% higher than the previous year at €169.1 million. The operator said this was helped by a 5.8% increase in attendance at its venues, as well as its acquisition of a new venue, Casino Partouche Cannes 50 Croisette.

Higher footfall pushed slots revenue in France up 2.6% to €130.4 million. Electronic table games revenue also climbed 11.8% to €22.6 million and non-electronic table games 20.8% to €16.6 million.

Outside France, revenue increased 5.6% to €19.9 million. Groupe Partouche put this down to a 19.0% rise in revenue from online gambling in Switzerland to €6.6 million, as well as a 63% rise in physical slot machine revenue to €10.1 million.

The operator also noted the recent opening of a new casino in Benin in West Africa. Casino Partouche Cotonou commenced operations in January this year.

Q3 consolidated turnover rises 7.3%

Groupe Partouche paid €105.2 million in levies during the quarter. This resulted in €83.7 million in net gaming revenue, a rise of 5.6%.

Turnover excluding net gaming revenue was up 11.8% to €31.5 million, while €0.7 million was deducted in fidelity programme costs. As such, this left €114.5 million in consolidated turnover for Q3, an increase of 7.3%.

Breaking this down, casinos accounted for €99.3 million of turnover, some 6.4% more than last year. Hotel turnover also climbed 4.9% to €10.0 million, with other turnover up 34.3% to €5.2 million.

Nine-month revenue tops €550.5 million at Groupe Partouche

Looking at the year-to-date, total revenue for the nine-month period to the end of Q3 was €550.5 million. This surpassed the €526.4 million reported at the same point in the previous year by 4.6%.

Net gaming revenue was also up 3.9% to €269.1 million, with consolidated turnover rising by 6.2% to €347.8 million.

Casinos drew €315.0 million of all turnover, up 6.0% year-on-year. Hotel turnover increased 2.6% to €22.7 million and other turnover was 24.% higher at €10.0 million.

Actual sales revenue in the six months to 30 June 2025 amounted to €466.4 million ($548.4 million), Veikkaus reported. This fell some 3.6% short of H1 last year but was in line with expectations for the period.

Total group GGR topped €463.9 million, falling 3.9% short of the previous year. Lottery games revenue was down 3.9% to €246.4 million. Slot machine and table games revenue also fell 4.3% to €71.3 million and iGaming revenue dipped 3.7% to €146.5 million.

However, revenue from its Fennica Gaming international subsidiary almost tripled year-on-year.

“Veikkaus performed during the first half of the year according to expectations,” President and CEO Olli Sarekoski said. “The long-standing decline in gross gaming revenue has been curbed compared to the end of 2024. Work in this area continues.

“The development projects from the first half of the year have progressed as planned and are expected to support gross gaming revenue in the second half. The improvement in cost efficiency has positively impacted the profit level.”

Veikkaus focused on preparations for open Finnish market

Sarekoski also referenced the group’s work in preparation for Finland opening its market to more operators. The country plans to launch its multi-licence, liberalised market in January 2027, marking the end of Veikkaus’s monopoly on iGaming.

Veikkaus, which has been in steady decline for some years, supports the change. Sarekoski said the group continues to work to ensure it is in a competitive position once the new-look market opens.

“Everything we do now is focused on being fully prepared for the opening of the market – and ready to succeed in the new environment,” Sarekoski said. “We want to continuously develop ourselves in the spirit of our new purpose of ‘we passionately drive better gaming’.

“We’ve the will to act with ambition and in accordance with our values, following the culture of doing the right thing, and creating a sustainable business and games. We are especially focused on strengthening our digital capabilities across the entire group to ensure we remain competitive in a changing landscape. Leveraging data and AI plays a key role in this transformation.”

Complete product overhaul for Veikkaus’ online arm

Veikkaus told iGB in July it was leaning heavily on a new and improved sportsbook and various other platforms, to obtain a top spot in the open iGaming market.

The overhaul of Viekkaus’ iGaming arm started in September 2023 when the business hired iGaming EVP Jarkko Nordlund. Nordlund brings extensive experience in entertainment industries with him, having spent time at MTV, Universal Music and Canal+.

As part of the transformation, the business has overhauled its product and back-end operations and has sought to hire talent with vast experience from private operators in Europe.

“Everyone is waiting for Veikkaus to fail,” Nordlund told iGB at the time. “The competition will be fierce when the market opens, so we must be very competitive. Our aim is to challenge the mentality of our current position, so we need to secure market leadership.” 

Delayed Milli launch hits Veikkaus in H1

The launch of a new lottery game by Veikkaus during H1 forms part of its long-term strategy for success. Milli went live in June, with Sarekoski billing it as the most significant lottery game release since Eurojackpot.

“Milli has great potential and we have high expectations for its performance – it has already attracted international interest,” he said.

However, the tardy launch of Milli impacted financial performance in H1. This delay was due to regulatory approval coming into effect later than expected.

Veikkaus said it was also hit by lower jackpot levels, particularly in Eurojackpot, as well as changes in general consumer behaviour and a decrease in purchasing power.

Fennica Gaming revenue skyrockets in H1

Despite losses across online, lottery and land-based, Veikkaus-owned games developer Fennica Gaming saw revenue skyrocket 166.9% to €2.5 million in H1.

This followed Veikkaus’ game studio operations being transferred under the Fennica Gaming banner. The company also secured B2B gaming vendor licences for Ontario in Canada, Greece and the United Arab Emirates during the period.

“This integration allows us to better serve our international customers and accelerate game development,” Sarekoski said. “Veikkaus has world-class game development expertise which can now be more effectively leveraged to serve all our customers.”

Veikkaus faces H1 pre-tax profit declines

Spending-wise, costs across the operator were higher across materials and services, staff and other operating expenses, due in part to ongoing preparations for the new Finnish market. There were some savings on lottery tax and depreciation, amortisation and impairment, but operating profit fell 10.7% to €220.6 million.

Pre-tax profit was also 9% lower than last year at €229.6 million and, as Veikkaus did not pay tax in H1, the figures for bottom-line net profit were the same.

“To succeed in a competitive market, we must evolve in ways that support our long-term competitiveness,” Sarekoski said.

“This means not only developing our systems but also strengthening our competencies for operating in a competitive environment. We have further strengthened our expertise through new recruitments and by engaging partners to support the development of our digital competitiveness.”

Röhr will commence the temporary role from 1 November and oversee Spelinspektionen until further notice. He has worked as chief legal officer at the regulator since June 2008.

Prior to joining the Spelinspektionen, Röhr spent several years working in the court system in Sweden. This included a spell at the Court of Appeal in Stockholm.

His appointment comes after Spelinspektionen confirmed that Rosenberg would be stepping down as director general on 31 October, ahead of her becoming director and head of the Swedish Real Estate Agents’ Inspection Authority. She has led the body as its director general since 2017.

“Johan Röhr has extensive experience in the business,” Spelinspektionen Chairman Claes Norgren said. “He will ensure continuity in management. We will continue as planned and at an unabated pace while waiting for a new director general to be appointed.”

Ryker and Bitx Operations banned in Sweden

In other news, Spelinspektionen has issued banning orders to Ryker and Bitx Operations for targeting players in Sweden without a licence.

Ryker and Bitx Operations operate several online casino brands. However, neither has been approved to offer iGaming to players in the country.

As such, the regulator said they both breached national law and must cease all activity with immediate effect.

“Spelinspektionen prioritises measures that contribute to games being played by operators that have a Swedish gaming licence,” Spelinspektionen said.

Sweden Q2: gambling revenue tops SEK7.02 billion

Spelinspektionen also recently published financial data for the regulated Swedish gambling market in Q2. Total gambling revenue increased 1.9% year-on-year to SEK7.02 billion ($744 million).

Commercial online gaming, covering areas such as internet-based casino and sports betting, drew the most revenue. In total, online gaming revenue climbed 1.4% to SEK4.63 billion.

Meanwhile, revenue from state-owned lottery and physical slot machines increased 10.2% to SEK1.42 billion.

Lotteries classed as “gaming for public benefit” generated SEK846 million, down 5.3%, while revenue from bingo games under the public benefit umbrella was level at SEK49 million.

A further SEK63 million came from land-based commercial gaming, including restaurant casinos. In addition, SEK8 million came from the final few weeks of activity at the last Casino Cosmopol land-based venue.

Rush Street Interactive names Tyagi as CTO

Rush Street Interactive has announced the appointment of Shubham Tyagi as its new chief technology officer.

Tyagi joins the company having worked in the technology sector for more than two decades. He was most recently CTO for Warner Bros Discovery Sports.

He joins the senior leadership team at RSI, reporting directly to CEO Richard Schwartz. RSI said the appointment represents its commitment to securing top-tier senior leadership.

“Shubham stood out not only for his experience and expertise, but also for his ability to build trust, drive alignment and scale platforms that serve millions of customers around the world,” Schwartz said.

Sanders exits as COO of MGM Resorts

Another senior management change will see Corey Sanders depart as chief operating officer at MGM Resorts International.

Sanders has worked at MGM for more than 30 years but will step down at the end of 2025. He will remain, however, as an advisor to President and CEO Bill Hornbuckle until December 2026.

During his time at MGM, Sanders served in a series of roles. In addition to COO, he was chief financial officer and treasurer, as well as COO for MGM’s core brands.

“It’s impossible to overstate what Corey has meant to this company over the last 30-plus years,” Hornbuckle said. “He has been a constant presence, providing foundational leadership for all the key moments that have defined our history.”

New iGaming consultancy targets ‘cost-effective’ licences

A new iGaming consultancy has launched to meet demand for “cost-effective” gambling licences.

The new venture, iGaming Licensing, is from the team behind regulatory service provider Global Gaming Solutions. It will focus on helping clients secure “affordable” licences in regions such as Anjouan, Nevis and Tobique.

Brothers Mark and Tom O’Neill will lead the company, supported by partners James Lees and Rachel Booth. Among them, the quartet boasts several decades of experience in iGaming regulation.

“With a compliance-first ethos, a carefully designed recommendations platform and a reputation for excellence, the group is positioning itself as the go-to partner for businesses seeking trusted licensing solutions in an increasingly complex regulatory landscape,” Mark O’Neill said.

Gaming Corps integrates full portfolio with Light & Wonder

Gaming Corps has entered into a global distribution agreement for its iGaming content with Light & Wonder.

The deal will see Gaming Corps’ full games portfolio made available via Light & Wonder’s content marketplace ecosystem. This covers slots, crash, mine, table and plinko titles.

Light & Wonder’s content marketplace hosts more than 6,700 titles and handles over five billion game rounds each month.

“This deal with Light & Wonder is a significant moment for us,” Gaming Corps CEO Juha Kauppinen said. “Their content marketplace is one of the leading distribution networks in the industry. This agreement puts our content in front of new audiences in key regulated markets.”

Bwin scores Spanish partnership with NFL

Bwin has announced an official regional partnership with the National Football League in Spain.

Under the multi-year deal, Bwin will serve as the NFL’s official sports betting partner in the country.

The agreement comes ahead of the NFL hosting its first official game in Spain. The game in Madrid on 16 November will see the Washington Commanders face the Miami Dolphins at Bernabéu Stadium.

“We’re delighted to have Bwin on board as a new partner in the market, helping to create unique and exciting experiences for our growing fan base in Spain,” said Brett Gosper, head of Europe and APAC at the NFL.

The report, published on Friday, focused on systems currently in place across operators that hold a Dutch online gambling licence. Research took place during 2024 and 2025, with the aim of determining whether the analysis measuring systems suitably helped to protect players from harms.

Such systems are part of the duty of care requirements that apply to all licensed operators in the Netherlands. They must determine the level of risk associated with so-called “high-risk games” such as online slots. Based on this, they must implement measures to help prevent harms.

In addition, it questioned the associated costs of the systems. KSA said conducting the risk analyses required “significant” effort and expense for a licensee, while only providing “little” additional protection for the player.

KSA questions methods for risk analysis

Setting out its primary concerns, KSA said the methods for carrying out risk analyses remain “under debate”. It identified five different methods, with the most popular systems being Asterig and Gamgard.

Asterig was established in 2010 and further developed in 2013, and is publicly available to all operators. KSA said while it delivers consistent results, there are concerns over reliability, validity and applicability, adding it is “insufficiently substantiated”. Limitations include the criteria used and scoring scales.

As for Gamgard, KSA said this should be regarded only as a preliminary screening, as only a limited number of potential risk factors are assessed. Researchers questioned its validity and transparency, adding that it is not publicly available.

“These methods originate from a time when the online market in the Netherlands was not yet legalised,” KSA said. “As far as KSA could establish, these methods have not been further developed since the opening of the Dutch online market on 1 October 2021. Although academic articles raised concerns about these methods at the time, no new or alternative methods have emerged to date.”

The regulator found in nearly all cases, licensees conducted their risk analysis by game category rather than for each individual game to save time and costs, and because they found game styles within each category did not differ very much.

KSA took issue with analysis not being conducted per game. Analysis conducted at the game category level could lead to some games being assigned too low a risk level. However, current regulations do not contain any rules on this specifically.

Operators were found to use a mixture of external and internal analysis for these player risks. The KSA found 21 licensees used an external analyst, while seven conducted the whole of the risk analysis internally.

Variable outcomes a concern for KSA

The regulator also took issue with how operators presented different outcomes for the same games. During the study, licensees used six different consultancies and consultants, with the analyses differing across certain operators. This, KSA said, was the case even when the same games were being analysed.

“Analyses differ by licensee, even when the same consultancy/consultant is used,” KSA said. “As these often concern the same games, it appears that the risk analyses do not lead to consistent results, even when conducted by the same party.”

Off the back of this, the regulator flagged how the outcome of risk analyses across operators are not comparable. This, it said, was partly due to some licensees taking mitigating measures into account, while others do not. As such, KSA questioned whether the licensees are correctly assessing the risk of the games they offer.

A further concern related to how independent and expert conduct of analyses is not always “adequately guaranteed”. KSA said uncertainty as to who was considered “independent” was an issue, while the expertise and knowledge of some external analysts was “insufficiently clear”.

As such, KSA concluded the current system is not up to scratch. It said it is already in talks with the Dutch Ministry of Justice and Security about future improvements. KSA added that its long-term aim is for a “uniform system” to determine risk analysis for online games.

However, the opinion deemed the court had been provided with sufficient information to assess the compatibility of German law with EU law. 

It also ruled that courts of EU member states are allowed to review the compatibility of the law of another member state with EU law. 

The opinion relates to a case brought before the ECJ in April by a civil court in Malta (C‑440/23). Opinions are typically delivered by an advocate general during the final part of the oral stage of proceedings. Although it is not a formal ruling on a case, it analyses the legal aspects and provides answers to questions posed by a case.  

In this instance, the opinion concluded that a number of questions brought by the Maltese court were valid, including whether it was reasonable for locally regulated markets (like Germany) to prohibit online casinos licensed only in Malta. 

Another question raised was “whether European courts had jurisdiction to review the compatibility of the law of another member state with EU law”. 

Players can bring losses cases against Malta-licensed operators  

However, the opinion did rule that a player bringing a civil claim against an operator without a local licence to operate does not constitute an abuse of EU law.  

This point clearly addressed the core question of whether EU law supports player losses claims made against Malta-licensed operators by players in Germany and Austria.  

In this case the advocate general agreed with the claimant that the contract between a player and operator in this case was deemed void under contract law.  

This point could have huge implications for the hundreds of similar player losses cases being addressed in regional courts across Germany and Austria. 

These were put on hold when four prominent litigations, including case C‑440/23 were progressed to the ECJ, as regional courts were unable to resolve complex questions around German gambling law and the sector’s interpretation of European laws. 

Sector looks to Tipico case for clarity on Germany’s gambling laws

However, Claus Hambach, managing partner at German law firm Hambach & Hambach, tells iGB that cases will remain on hold until the ECJ addresses the core question of whether Germany’s previous State Treaty, which placed a total ban on internet games of chance, was compatible with EU law. 

“Such as anticipated from the hearing, the advocate general mainly dealt with procedural questions. This was an explicit request by the ECJ. The advocate general did not address the key question of whether the internet ban in Germany is compatible with EU law,” Hambach says. 

He says the sector will now look to the next player losses case to be heard by the ECJ on 24 September, for clarity on whether German gambling laws are in line with the EU’s Treaty on the Functioning of the European Union (TFEU).  

Case 530/24 involves prominent German betting operator Tipico and was referred to the ECJ in May by the Federal Court of Justice of Germany (BGH). 

“The focus now shifts to the Tipico case. The first in-depth legal examination of the German Interstate Treaty Gambling (ITG) by the ECJ will now concern a sports betting case and not betting on lotteries and casino,” says Hambach. 

Revenue in the three months to 30 June 2025 amounted to €2.27 billion ($2.66 billion), data from Allwyn showed. This was clear of €2.15 billion in Q2 last year, while the 6% increase was in line with overall growth seen in Q1 of 2025.

Meanwhile, revenue from gaming activities, referred to by Allwyn as gross gaming revenue (GGR), also climbed 6% year-on-year to €2.19 billion. Of this, 42% was attributed to digital operations, up 16% from the previous year.

“I am very pleased to report another quarter of strong financial performance following our strong first quarter, reflecting continued successful execution of our growth strategies,” Chvatal said. “Total revenue increased 6% year-on-year in the second quarter on a reported basis. This is in line with our growth rate in the first quarter, and 9% year-on-year excluding a one-off benefit to GGR in the comparative period.

“This excellent performance reflected our focus on growth in the digital channel, alongside the dedication of our teams across markets to enhancing the customer proposition and the player experience. As always, we delivered this growth while maintaining our commitment to player safety and upholding our responsibilities to all stakeholders.”

UK GGR tops €1.09 billion in Q2

Breaking down its Q2 performance, Allwyn said numerical lotteries drew the most GGR at €1.22 billion, up 8% from last year.

Instant lotteries GGR climbed 3% to €355 million, while iGaming was up 13% to €191 million and video lottery terminal (VLT) and casino GGR 5% to €231 million. The only decline came in sports betting, with GGR in this sector dipping 2% to €185 million.

Geographically, the UK continued to lead the way. This has been the case since Allwyn took control of the UK National Lottery in February 2024. For Q2, GGR in the UK reached €1.09 billion, up 7% year-on-year.

Detailing this growth, Allwyn highlighted the performance of EuroMillions, which benefited from favourable jackpot cycles and successful promotion events. Online instant win games also saw growth, helped by new game launches and increased player activity. It added that unusually high levels of prize payouts in the comparative period supported top-line growth.

“We remained focused on the ongoing execution of our plans to transform the UK National Lottery,” Allwyn said. “This included upgrading legacy technology infrastructure that has long constrained new product development and innovation, to support future commercial initiatives and the further enhancement of the customer proposition.”

This improvement work continued post-Q2, with Allwyn announcing several developments. Above all was a major tech upgrade, where, from 2-4 August, Allwyn carried out wide-scale changes across the lottery retail network. This included launching new terminal software and moving onto a new platform.

Alongside this, Allwyn committed to installing thousands of new lottery terminals over the coming weeks. In total, over 30,000 Wave terminals will be placed in the premises of retail partners that currently use Allwyn’s existing machines.

Allwyn reports growth in all regions

Elsewhere, Allwyn said its Greece and Cyprus market saw good growth in Q2, with GGR rising 5% to €583 million. This, it expanded, was supported by the online channel, where GGR increased 9%. It added that growth in the physical retail channel remained “solid” at 3%.

Allwyn also saw a 4% increase in GGR in Austria to €403 million. Here, GGR from numerical lotteries was 6% higher and instant lotteries 10%, while online GGR climbed 7%.

“The strong performance in numerical lotteries was supported by favourable jackpot cycles in the main national game, Lotto, as well as multi-national jackpot game, EuroMillions,” the operator said.

Finally, GGR in the Czech Republic, where Allwyn originated, reached €133 million. This was 9% higher than the previous year, with growth higher than in any other region. Allwyn noted “strong” growth across all major product lines, including numerical lotteries (12%).

Away from GGR, Allwyn reported €54 million in revenue from its Technology and Content segment in North America. This was 7% lower than Q2 last year, with the group putting these numbers down to lower incentive compensation fees owing to unfavourable cycles for multi-state jackpot games, Powerball and Mega Millions.

Earnings increase in Q2

Allwyn did not publish a full breakdown of its finances. However, it did offer an insight into its earnings for Q2. Net revenue for the period climbed 6% to €994 million, although operating EBITDA slipped 8% to €301 million.

However, Allwyn noted €61 million worth of adjustments to EBITDA. These included the add-back of certain non-cash amounts relating to the acquisition of its interest in Instant Win Gaming (IWG). Allwyn took a majority stake in IWG in February 2024.

After applying these adjustments, this left an adjusted EBITDA of €362 million, up 6% year-on-year. In addition, adjusted EBITDA margin improved from 36.1% to 36.4%.

As for H1, total revenue increased by 6% to €4.52 billion, with GGR also 6% higher at €4.34 billion. Net revenue also climbed 5% year-on-year to €2.00 billion.

Operating EBITDA dropped 5% to €612 million. However, after applying adjustments, this left €728 million in adjusted EBITDA, an increase of 4% from the previous year.

“Overall, I am very pleased with our continued progress,” Chvatal said. “I believe we’re well-placed for the remainder of 2025 and the next chapters of our growth story.”

Allwyn continues working to improve player experience

On this note, Allwyn has announced several other developments to support its expansion strategy. Alongside its UK-focused activity with improvements to the National Lottery, it made several M&A moves.

The first came in Q1, with Allwyn agreeing to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet. Allwyn will pay an initial €217 million, with up to €110 million also due depending on performance of the business.

More recently, just after the end of Q2, Allwyn announced the sale of land-based casino assets in Germany and Australia. It also acquired the remaining minority stake in Greece- and Cyprus-facing online operator, Stoiximan.

This, Allwyn said, supports its increasingly digital-focused strategy. In relation to this, Allwyn appointed Kresimir Spajic as CEO of its new Allwyn Digital business, with a remit to lead its global digital expansion. Spajic began his new role on 1 September.

Just prior to releasing its Q2 results, news also broke of KKCG selling a 4.27% stake in Allwyn International to another Czech investment fund, J&T Arch Investment. The sale, Allwyn said, will allow more investors to support the group moving forward. KKCG will retain a majority 95.73% stake in Allwyn, held via Allwyn AG.

The deal valued Allwyn’s share capital at €11.20 billion.

Belgian gambling market shrugs off restrictions

In episode 18 Robin Harrison and Ed Birkin start off by discussing why gambling revenue in Belgium continues to grow. Revenue in 2024 rose despite the regulator and politicians constantly tightening controls on the industry. 

Right to the Source on Apple Podcasts

Considering it has been an early mover with deposit limits, advertising bans and deposit limits Belgian gaming growth may embolden other markets to get strict on their licensees. If the market continues to grow, what’s the harm? But Belgian gaming benefits from a unique quirk, and it’s quite a surprising factor that may contribute to that continued growth. 

Zeal for change

Next up discussion turns to Zeal Network, Germany’s lottery brokerage business that could prove a blueprint for companies looking to transition to more sustainable business models. Having successfully executed a pivot from lottery betting to brokerage, the addition of online slots may be building a formidable business. 

And even in one of the more structured episodes of Right to the Source to date there’s still time for wild diversions into Sesame Street, transfer deadline day and French icasino. 

Revenue for the three months to the end of June amounted to SEK7.02 billion ($744 million). This edged ahead of Q1 last year and was 5.9% above Q1 this year, according to figures from the regulator.

Commercial online gaming, covering areas such as internet-based casino and sports betting, drew the most revenue. In total, revenue from online gaming topped SEK4.63 billion, a year-on-year rise of 1.4%.

The increase in online gaming revenue came despite the sports betting market having been impacted by a tough comparable period in 2024. Q2 included the early stages of football’s Euro 2024, which led to increased betting activity in Sweden.

Double-digit growth for state-owned lottery and slots in Sweden

Away from online gambling, revenue from state-owned lottery and physical slot machines also increased. The SEK1.42 billion was 10.2% ahead of the previous year, with this sector seeing more growth than any other segment.

Meanwhile, revenue from lotteries classed as “gaming for public benefit” was 5.3% lower at SEK846 million. However, bingo games under the public benefit umbrella reported SEK49 million in revenue, level with last year. A further SEK63 million came from land-based commercial gaming, including restaurant casinos.

Finally, the remaining SEK8 million was generated from the final few weeks of activity at the last Casino Cosmopol land-based venue. Svenska Spel closed its final physical casino in April, just a few weeks after Sweden’s government voted to abolish land-based casinos. 

Casinos are set to be banned from 1 January 2026. Technically, Svenska Spel could have kept the venue open until the end of 2025. However, it closed ahead of time following a change in ownership instruction in Stockholm.

Rosenberg exits as director general of Spelinspektionen

In other news, Spelinspektionen announced that Camilla Rosenberg is to step down as its director general.

Rosenberg will exit the regulator on 31 October, ahead of her becoming director and head of the Swedish Real Estate Agents’ Inspection Authority. She has led Spelinspektionen as its director general since 2017.

“I would like to thank Camilla for her meritorious work at Spelinspektionen during a time of profound changes in the gambling market,” Spelinspektionen Chairman Claes Norgren said. “I congratulate her on her new position.

“Operations will continue as planned and at an unabated pace while waiting for a new director general to be appointed.”

In April, Swedish operator ATG announced it had formed a 50/50 JV with local Finnish racing association Suomen Hippos, with the new Hippos ATG to be powered by ATG’s in-house gaming platform.

On Thursday, the JV announced it would operate in Finland with the ATG brand, operating its site as ATG.fi and utilising the ATG gaming app for mobile phones, as well as featuring ATG’s existing style and design.

The move is described as a “cost-effective solution”, leveraging ATG’s existing communication assets, messaging and design.

Mikael Bäcke, CEO of the Hippos ATG JV, believes the use of such a well-known legacy brand in ATG will provide a strong platform in terms of brand awareness.

“ATG is a strong, trusted, quality brand in Sweden and already familiar to many Finnish gamblers,” Bäcke said. “That is something we want to build on as we enter the new Finnish gambling market in 2027.”

The launch of ATG Talent

Bäcke also explained up to 60% of the JV’s surplus will go directly back to supporting the horse racing sector in Finland.

Alongside its financial support for the racing sector in Finland, Hippos ATG launched a development programme aimed at individuals expected to have a bright future in the sport.

ATG Talent participants will meet a number of experts who will provide “knowledge, inspiration and support” in areas such as team-building, leadership and sports psychology.

The participants will be selected in collaboration with Suomen Hippos during the final quarter of 2025, with the first round of the development programme to be carried out over 2026.

Monopolies’ marginalisation of horse racing

Finland is preparing to open its gambling market by 2027, bringing an end to Veikkaus’ monopoly.

Until now, the state-owned operator has held exclusive rights to iGaming and online sports betting in the market but, from 2027, private operators, including Hippos ATG, will be able to compete in a liberalised market.

In August, Bäcke told iGB that Hippos ATG expects to compete as a leading brand for horse racing betting in the newly liberalised market.

He said the JV would aim to recapture the “marginalised” horse racing betting vertical in Finland.

“Today there’s a vacuum in Finnish market and it’s a great opportunity for both ATG and Suomen Hippos,” Bäcke said.

“The [JV] is based on both parties providing the most valuable assets they have to make this company competitive. That means the strong anchoring in the local market that Suomen Hippos has and the very close relationship they have with the 200,000 horse racing customers,” he added.

Hippos ATG will go live on day one of the licensed online market in Finland.

The ATG Finland JV board of directors is made up of ATG CEO Hans Lord Skarplöth and members of both ATG and the Suomen Hippos association.

The unnamed influencers could be fined €30,000 ($34,953) for breaking the rules. However, both fines are conditional and will only apply if the individuals continue to breach regulations on gambling advertising.

The National Police Board said both cases related to affiliate gambling content posted by the influencers. This, the board added, was seen to “directly or indirectly market gambling” in Finland, in violation of the Lotteries Act.

Marketing took place outside Finland

Both influencers promoted several grey market brands operating in Finland to viewers outside the market. The content appeared across several platforms including Twitch and Kick’s streaming services.

“The board considers that through their actions related to commercial co-operation, the influencers have increased the visibility of gambling, gambling websites and companies serving as intermediaries for gambling,” the board said.

The influencers have been ordered to remove this content and immediately stop posting further content that promotes gambling. Should they fail to comply, they could be hit with the financial penalties.

Finland has strict rules on gambling advertising. At present, state-owned Veikkaus holds a monopoly on both land-based and online gambling in the country and is therefore the only operator permitted to market its services.

However, Veikkaus still faces restrictions on the type of marketing content it can publish. These include not promoting high-risk games such as slots externally, with no third-party advertising allowed.

Third influencer fined €30,000 for similar breach

Meanwhile, another influencer has been ordered by the National Police Board to pay a conditional fine for failing to forgo from promoting gambling.

The influencer, who again was not named, was initially warned about their behaviour and issued a conditional fine. However, they continued to publish prohibited content on social media and the board handed them a €30,000 fine. The influencer did not appeal the decision within the allotted 30-day period.

This case also related to unlicensed gambling operators. Again, marketing occurred outside the country and appeared on several platforms.

“It seems to be a common misconception that the marketing of gambling in Finland from outside Finland would be allowed,” senior adviser Tomi Sallinen said. “However, this is not the case. Only Veikkaus is allowed to market gambling in mainland Finland.”

All change in Finland

While the Veikkaus monopoly remains the case at present, Finland’s market is set for major change in the coming years. The sector is preparing to transition to a liberalised market by 2027, with Veikkaus’ monopoly set to come to an end.

Operators can apply for licences from early 2026 and suppliers for software provider licences from early 2027. This staggered approach will conclude in 2028, after which operators will only be able to offer games from locally licensed software providers.

GGR in the six months through to 30 June amounted to €1.15 billion ($1.34 billion), OPAP reported on Wednesday. This comfortably surpassed the €1.08 billion reported in the first half of last year.

Four of five segments within OPAP reported growth in H1, the exception being instant and passives, which saw a slight decline. Lottery remained its main source of revenue, ahead of sports betting, but it was iGaming that experienced the most growth.

Revenue from iGaming in H1 topped €171.3 million, up 22.1% from the same period last year. OPAP put this down to higher player engagement, with this backed up by comments from CEO Jan Karas.

Double-digit growth was recorded in the iGaming business across both the first and second quarters of 2025. This continued a trend that carried over from 2024, with iGaming the main area of growth for OPAP.

“iGaming delivered strong results for yet another quarter,” Karas said. “This was supported by the continuous evolution of the game portfolio, user experience and loyalty proposition.”

Lottery leads the way in H1

However, Karas also highlighted continuing success within the group’s lotteries segment. Here, he picked out both the Tzoker and Eurojackpot draws as stand-out catalysts for growth.

Lottery revenue was up 3.9% year-on-year to €386.7 million, the largest of any segment at OPAP.

“Revenue growth was driven mainly by Tzoker,” he said. “It maintained high levels of player engagement and performance thanks to a series of favourable jackpot rollovers, which also extended into Q3.

“Eurojackpot’s positive momentum also continued, supported by a new communication campaign. These factors had a broader positive impact on retail footfall and all gaming verticals.”

Euro 2024 impacts sports betting performance

Elsewhere, sports betting revenue climbed 5.2% to €368.2 million. This was impacted by tough comps in Q2 with the early stages of the Euro 2024 football tournament last year. Betting revenue was down 1.9% during the quarter.

This offset growth within the segment in Q1.

Another area that saw 4.3% revenue growth was video lottery terminals (VLTs) to €173.7 million. OPAP said that this was due to product enhancements and ongoing terminal upgrades across its network.

The one area of decline for OPAP – instant and passives – saw revenue dip by 0.5% to €52.2 million. However, with the segment returning to growth in Q2, this suggested a change in fortunes, with scratchcards reversing the recent downward trend.  

Bottom-line net profit tops €239.7 million

After GGR contribution and other levies and duties, net gaming revenue in H1 was €787.9 million, beating last year by 6.4%.

Costs were higher but revenue growth offset this, with EBITDA rising 6.6% to €398.4 million. Operating profit was 7.3% higher at €329.8 million, while pre-tax profit climbed 7.0% to €324.5 million.

Income tax payments totalled €84.5 million, meaning OPAP ended H1 with a bottom-line net profit of €329.7 million, up 6.6% year-on-year. This was split €233.4 million to owners of the company and €6.3 million to non-controlling assets.

Q2 revenue up 4.7% at OPAP

As for Q2, GGR climbed 4.7% to €557.9 million. Again, this was helped by double-digit growth in the iGaming segment, while the lottery, betting, VLT and instant and passives businesses also saw increases.

Q2 net gaming revenue climbed 4.9% to €381.5 million, with gross profit up 5.5% to €236.2 million. EBITDA was 4.3% higher at €191.3 million while net profit to owners of the company increased 3.6% to €110 million.

“Looking ahead, we are confident that OPAP is well positioned to meet its financial and business objectives for FY2025,” Karas said. “We remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”

The Dutch gambling tax hike is being implemented in two phases. An initial increase from 30.5% of gross gaming revenue to 34.2% came into effect on 1 January 2025. This will rise again to 37.8% of GGR from 1 January 2026.

Holland Casino already faced the initial rise during the first six months of 2025. However, with the secondary increase looming, Bergervoet voiced his concerns as to how this might impact the operator.

He flagged how, if the 37.8% rate had been in place for H1, it would have cut its profit for the period. At the current rate of 34.2%, this incurred an additional €13.5 million in costs during H1.

“The financial pressure remains high, especially considering the planned second increase in gaming tax in 2026,” Bergervoet said. “If the rate had already been at 37.8%, we would have closed the first half of the year with a profit of €1.1 million, or a loss of €5.5 million if we didn’t have the one-time revenue from sales.

“This shows how vulnerable we are, despite all our efforts so far.”

Holland Casino benefits from double property sale

The one-time revenue Bergervoet referred to was the sale of two properties. Holland Casino generated €8.7 million from the sale of a location in Zandvoort, as well as €2.7 million from selling its former casino in Groningen.

This double sale, the operator said, resulted in an increase in profit of €6.6 million.

As for its wider performance in H1, Holland Casino said revenue was slightly lower year-on-year at €390.9 million. In-store revenue grew slightly, although online revenue declined.

Land-based casino visits edged up 0.7% to 2.6 million during the half, with average spend per visit also slightly higher.

However, new player protection measures implemented last October hit online revenue.

Players are now prohibited from depositing more than €700 in a single calendar month. The limit is set lower at €300 for those aged between 18 and 25.

Costs-wise, Holland Casino managed to lower operating expenses by €30.1 million. This was the result of targeted savings, including a restructuring at the company’s head office.

As such, profit before corporate tax reached €14.2 million. This was a stark improvement from last year’s €3.5 million loss, helped by the property sales and cost-saving measures.

Initial tax rise creates €200 million black hole

While in theory the tax rise was aimed at generating more income for the government, this has so far not been the case.

In August, Dutch publication Financieele Dagblad reported figures from the Licensed Dutch Online Gambling Providers trade body showed gross gaming revenue in H1 will be down 25% year-on-year.

As such, Kansspelautoriteit tax revenue will be at 83% of revenue collected from the same period in 2024. This was despite the higher tax rate coming into play in January this year.

The Ministry of Finance had expected to collect an additional €200 million annually between 2025 and 2028, it said in September when the tax hike was approved.

Funding confirmed for Dutch gambling addiction programme

Dutch regulator Kansspelautoriteit (KSA) has confirmed the extension of a gambling harms, addiction and prevention programme in the country.

KSA will continue to work with healthcare research and healthcare innovation organisation ZonMw on the initiative.

The programme has also secured an additional €21 million ($25 million) in funding. This will be used to fund independent research to improve the prevention and treatment of gambling addiction.

“The protection of players is a key priority for the KSA,” Michel Groothuizen, KSA chair, said on 28 August. “By continuing this programme, we are joining forces to gather more necessary knowledge on this subject, so that we can prevent gambling harm as much as possible.”

Trio of appointments for Western Australia regulator

New appointments have been confirmed at the Gaming and Wagering Commission (GWC) of Western Australia (WA).

Former WA Police Assistant Commissioner Paul Steel, lawyer Melanie Cave and former minister Bill Johnston will all join the body. The trio of appointments was announced by the state’s government.

Steel became the first full-time member at the commission. He will continue to oversee casino activities to ensure operations are lawful and responsible

Cave brings experience in commercial and property law. In addition, Johnston joins the GWC after 17 years working as a minister and retiring from parliament prior to the March 2025 state election.

BCLC hits back at anti-money laundering ruling

Meanwhile in Canada, the British Columbia Lottery Corporation (BCLC) has appealed a ruling by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) over a notice of violation.

FINTRAC delivered findings of alleged administrative deficiencies on anti-money laundering legislation at the BCLC. The findings did not include allegations of any criminal offence.

The BCLC said it conducted a review of the findings, providing information to support its case against FINTRAC. However, FINTRAC elected to uphold the decision, with the BCLC seeking a repeal of this ruling.

“We take responsibilities under Canadian anti-money laundering legislation very seriously,” the BCLC said. “We are confident in its position we have fully complied with all legal and regulatory obligations.”

MGM to increase NFL responsible gambling messaging

Turning to the US, MGM Resorts International and BetMGM will increase responsible gambling messaging inside NFL stadiums for the upcoming season.

For the third consecutive year, GameSense messaging will appear on LED ribbons at selected stadia. Also new for the 2025 season, these messages will be featured prominently on stadium scoreboards during pre-game activities and also within gameday magazines.

GameSense is a responsible gaming programme first developed and licensed to MGM Resorts in 2017 by the BCLC. The programme focuses on engagements with guests and customers about how to gamble responsibly.

“Placing GameSense in league stadiums gives us direct access to millions of fans each week,” said Rhea Loney, chief compliance officer at BetMGM. “It’s a powerful platform to promote public awareness and amplify our commitment to provide a safe and informed gambling experience.”

Bet365 secures Maryland sports betting licence

Finally this week, Bet365, through its Hillside parent company, secured an online sports betting licence in Maryland.

The Maryland Lottery and Gaming Control Commission signed off on the licence and Bet365 has since rolled out its online sports betting platform in the state.

With the addition of Bet365, there are now 12 mobile and online sportsbooks active in Maryland. This is in addition to 13 retail sportsbook locations and Riverboat on the Potomac, in partnership with Fanatics.

Bet365 is now active in 15 jurisdictions across the US.

The new requirement, one of several amendments confirmed by KSA on Tuesday, will come into effect from 1 January 2026. It will apply to any gambling business seeking a licence in the country, whether they are renewing or seeking entrance into the regulated Dutch market.

Operators must include their proposed exit plan as part of their licence application or reapplication. It should set out how they plan to halt their offering in the Netherlands and fully withdraw from the market, should they elect not to extend their licence beyond the initial five year period.

KSA has also requested operators include a document explaining how they plan to inform the regulator of any changes to their policies and operations in a timely manner. This is in addition to a risk analysis on AML and CTF regulations and the Act on the Prevention of Money Laundering and Terrorist Financing.

Should operators not comply with the new requirements, the KSA said they could have their application rejected. This, the regulator added, could be the case even if the business held a Dutch licence previously.

Dutch operators prepare for licence renewal

The announcement comes ahead of the fourth anniversary of the Netherlands launching legal online gambling. The market officially opened on 1 October 2021, clearing the way for players’ legal iGaming and sports betting.

Operators that secured the first licences in the new market will soon have to begin pulling together their applications for renewal. Early licences, issued prior to the market opening, run for five years and are due to expire in October 2026. Businesses that wish to remain active in the Netherlands must seek renewal ahead of this.

For operators seeking renewal, KSA said they will face a different process from those companies applying for the first time. KSA will reassess certain components such as their policies for preventing gambling addition and advertising protocols.

The regulator also warned operators that have fallen foul of regulations in the first few years of the licensed market could see this count against them in their renewal application. Such operators will be required to show how they have addressed failings within their application.

“Providers that made mistakes in the past five years must explain during the application process how they have learned from previous mistakes and how they intend to prevent recurrence,” the regulator said.

“If we find this explanation insufficient, the permit may be denied or additional conditions and restrictions may be imposed.”

The report, published on Monday, found the channelisation rate for the competitive market in Sweden fell to 85% in 2024, 1% lower than the 86% rate reported in 2023.

The study utilised a different methodology from previous years, after Spelinspektionen tasked itself with developing a new method for calculating the channelisation rate.

H2 Gambling Capital’s figures have been disregarded this year, although the company recently adjusted its channelisation estimate for Sweden from 91% to 72%.

Spelinspektionen’s new methodology utilises player surveys and internet traffic analysis, with 5,767 respondents to the study and 2,032 unlicensed websites identified.

Online casino was found to be a particular pain point in terms of the illegal market, with online casino’s channelisation rate estimated to be between 72% and 82%.

In comparison, betting is estimated to have a channelisation rate of between 92% and 96%.

The total proportion of players who played in the licensed competitive market during 2024 is estimated to be 96%.

The player survey found the main reasons for playing on unlicensed offerings is a better opportunity for winning on websites without a Swedish licence.

Reflecting on the update, Gustaf Hoffstedt, secretary general of the Swedish Trade Association for Online Gambling (BOS), said it was important to compare the estimated channelisation rate of 85% to Spelinspektionen’s long-term target of 90%.

Prevalence of illegal online casino a key concern

In Hoffstedt’s view, it’s “unacceptable” that approximately a quarter of online casino is being played on unlicensed offerings.

He believes that more needs to be done by politicians to improve the rate, adding: “It is equally unacceptable that this has been accepted by political decision-makers for half a decade, since the channelisation has also been low in previous assessments, without effective regulatory measures being taken.”

Later this month, investigator Marcus Isgren will present a proposal to alter the scope of Sweden’s Gambling Act.

Isgren is expected to consider measures that will make it tougher for illegal sites to operate in Sweden.

Hoffstedt welcomed these changes, although he also warns overregulation of the legal market must be addressed to ease the restrictions on licensed operators.

“Anyone who understands the gambling market knows that the elephant in the room is that the licensed market is so tightly regulated that it does not appear attractive enough in the eyes of the consumer,” Hoffstedt concludes.

“Without a review of, for example, the total ban on bonuses and other loyalty programmes, next year’s channelisation assessment from the SGA will also be a disappointment.”

By comparison, Netherlands regulator KSA reported in July that the market’s channelisation rate had dropped from 95% to 93%.

However, KSA also admitted there is a chance that some players are gambling large amounts with illegal providers.