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Gaming CEOs Optimistic on Industry Outlook, Report Evolving Industry Challenges

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Amidst an evolving economic landscape, gaming executives report a positive outlook on future industry business conditions while remaining satisfied with the current business environment, according to the American Gaming Association’s (AGA) Gaming Industry Outlook.

Nearly all gaming executives surveyed characterized the current business environment as good (44%) or satisfactory (50%), mirroring similar sentiment from Q3 2023. Meanwhile, executives are more optimistic about future conditions, with 32 percent of CEOs expecting business conditions to improve over the next six months, up from 20 percent in Q3 2023.

“Gaming’s record-setting growth over the last three years has set a new standard for industry success,” said AGA President and CEO Bill Miller. “However, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.”

Gaming Executive Panel

Gaming executives have become more positive in their views that overall balance sheet health will improve over the next 6 months (42% net positive), but they expect the pace of revenue growth (13% net negative) and new hiring (22% net negative) to slow. These expectations for decelerating growth have influenced expectations for increases in capital investment and gaming units in operation, with smaller net positive sentiments than before.

  • In contrast to past Outlooks, gaming equipment suppliers are slightly pessimistic about the sale of gaming units for replacement use and new or expansion use (both 13% net negative). However, they remain optimistic about the pace of capital investment (38% net positive).
  • Half of operator CEOs expect capital investments in hotels over the next year to be higher than normal, and compared to last fall, more also expect higher than normal levels of capital investment in meetings and conventions and table games (28%). Meanwhile, 44 percent of CEOs expect increases in food and beverage investment, down from 67 percent in Q3 2023.

These expectations are also informed by evolving macroeconomic challenges. Executives report that inflationary or interest rate concerns continue to be a major factor limiting operations (28%), but these have been overtaken by geo-political risk (34%) and uncertainty of the economic environment (34%) as the biggest limiting factors in the most recent Gaming Executive Panel.

Current Conditions Index
The Current Conditions Index of 102.8 for Q1 indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment and employee wages and salaries. Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.

Future Conditions Index

The Future Conditions Index stands at 102.2, indicating annualized industry economic activity, after controlling for underlying inflation, is expected to moderately increase over the next six months. This outlook reflects Oxford Economics’ forecast that the U.S. economy will slow during 2024 but avoid recession. Despite a projected economic slowdown, consumer survey results continue to indicate that more than one-third of adults expect to visit a casino during the next 12 months, consistent with prior quarter results.

About the Outlook

The AGA Gaming Industry Outlook is prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q1 2024 survey was conducted between March 28 – April 10, 2024. A total of 32 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single-unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.

 

Compliance Updates

The UAE Gambling License May Become the Most Valuable to Get in 2026

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The current decade is proving truly transformative for the whole global gaming industry, given the rollout of new licensing regimes and major upgrades to already established frameworks. Many of the latest frameworks have emerged offshore, with jurisdictions such as Nevis and Tobique using low taxes, a remote application process, lower licensing fees, and light-touch oversight to secure additional budget inflows.

On the other side, “onshore” hubs, especially in Europe, are doubling down on ever-stricter oversight, making it more complex and expensive to run a gambling business from there. Quite unexpectedly, therefore, a jurisdiction where gambling has historically been prohibited by religion and criminal law moved to introduce a comprehensive licensing regime. This was literally a shock for many; only one in a million industry enthusiasts would have predicted that this country would be the United Arab Emirates (UAE).

Two years ago, the UAE established the General Commercial Gaming Regulatory Authority (GCGRA), the first-in-history federal regulator in the Gulf to oversee gambling across all emirates. Since then, the GCGRA is rolling out gradually, brick by brick, issuing the first few B2B vendor licenses to a select few of internationally recognized suppliers while setting B2C licensing aside and approaching it with caution.

Today, the UAE gambling regulator is authorized to grant licenses for gaming operators (a B2C gambling license issued for a casino, sports wagering, land-based gaming facilities, lottery, and lottery retailers), gaming-related vendors (B2B gambling license), and key persons (affiliates, stakeholders, and employees). Even though the GCGRA has laid down an essential foundation ahead of B2C license issuance, however, the actual B2C regulations are still developing and unavailable to the public, apart from certain provisions on responsible gaming and anti-money laundering (AML) obligations.

As of this second, just a single B2C online gaming license has been issued. Detailed rulebooks on license conditions and the scope of onsite and online gaming activities, however, are still under development and remain subject to ongoing discussion. In essence, while the sector is gradually progressing toward a formal B2C licensing regime, the key details and timing are largely unclear.

In contrast, the B2B regime is already in full swing, with over fifteen UAE gaming licenses already granted to date. The regulator made it clear to everyone that its first priority is to establish a robust B2B ecosystem of technology, payment, content, and other aggregators before opening the door for B2C companies. Considering this, early GCGRA-licensed gambling aggregators get a rare first-mover advantage: legal setup in a business hub like the UAE with privileged access to serve the first wave of B2C UAE gaming license holders (B2C) and secure an unmatched level of trust among banks, investors, and other stakeholders for meeting rigorous regulatory expectations.

With the largely untapped market potential, many industry analysts argue that the UAE gambling license could become the single most valuable license to get in the next year.

The assumption is based on the fact that the UAE always plays the long game. The country’s goal is not merely closing fiscal gaps, as is often the case with offshore jurisdictions, but to drive meaningful economic diversification, expand tourism, and compete with other global entertainment hubs – all reinforcing confidence for entering the market. What’s more, even though the framework is relatively new, the country has an impeccable track record in building high-end regimes, namely in crypto, setting a benchmark for operators and aggregators.

Yet, what truly stands out is the license scarcity: the current GCGRA framework foresees only a limited number of approvals per emirate granted to B2B operators that meet stringent regulatory, operational, and integrity thresholds. The combination of high demand and limited supply significantly amplifies the license’s commercial value, given that the future B2C operator market – projected to generate billions in annual revenue – will be exclusively served by a select pool of qualified B2B vendors.

Beyond this, the UAE’s combination of robust economy, attractive taxation, political stability, and high consumer trust sets it apart from offshore jurisdictions launching gambling licensing regimes.

Taking all factors into account, the UAE gaming license could become the new “golden standard” as one of the most respected regulatory regimes worldwide, turning into the license every operator wants to add to their portfolio. Unsurprisingly, therefore, aggregators are already preparing to move ahead with licensing, bracing for what may become one of the most scrutinized application and approval processes of all time.

With this in mind, joining the ranks of the select few UAE gambling license holders (B2B) will hinge on early, meticulous preparation of necessary documentation and specialized region-specific professional advice. Among these are qualified consultants at Inteliumlaw, a UAE local law firm with on-the-ground representatives in the country and extensive experience in supporting gambling businesses. Having spent years navigating gambling frameworks and establishing relations with regulators, Inteliumlaw is emerging as a top legal partner for operators looking to capitalize on what is set to become the most valuable licensing opportunity of 2026: the UAE gaming license.

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Compliance Updates

ELA Games’ Continued Growth: Expansion Into Greece With New License

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The studio increases its global presence with its new license acquisition

ELA Games, a rapidly growing game development studio, has officially acquired a license to operate in Greece.

This milestone marks another step in ELA Games’ European expansion, strengthening its presence in one of the most promising regulated markets. With approval from the Hellenic Gaming Commission (HGC), local operators can now integrate the studio’s high-performing titles into their content portfolios, while Greek players gain access to visually rich and innovative games. The license reinforces ELA Games’ commitment to compliance, responsible entertainment, and delivering exceptional gaming experiences that drive measurable value for operators

ELA Games’ approach to intentional and sustainable growth has seen it develop several culturally relevant titles for the Greek market. Cash of Gods and Wealth of Legends are two titles inspired by mythology that create an immersive and visually rich experience with rewarding mechanics. Other standout titles, such as Flame Fruits Frenzy, Detective Fortune, Noble Crown, and many more, are also available for players in the region to enjoy.

Marharyta Yerina, ELA Games’ Managing Director, commented, “Acquiring the Greek license is a crucial step in our long-term growth strategy. Greece is a special market with a rich cultural history, so it’s incredibly important that we deliver high-quality and rewarding content that resonates with the local player base. Operators in the region will have access to high-performing and proven titles that stand out in the casino lobby and keep players engaged.”

ELA Games continues its expansion across European markets, having recently entered regions like Sweden, Denmark, and Serbia. With each new license, the studio strengthens its position as one of the most exciting and fastest-growing companies in iGaming, bringing visually rich, innovative, and exciting content to players worldwide.

The post ELA Games’ Continued Growth: Expansion Into Greece With New License appeared first on European Gaming Industry News.

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Expanse Studios Secures Romanian Class 2 B2B Gaming License

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Expanse Studios, a B2B iGaming content provider and subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has been granted a Class 2 license by Romania’s National Gambling Office (ONJN), authorizing the company to distribute specialized gaming software across one of Europe’s fastest-growing regulated markets.

The license, granted under Decision No. 273, enables Expanse Studios to provide its portfolio of proprietary slot games, crash games, and casino content to licensed Romanian operators. This approval positions the company to serve a market that generated approximately €600 million in gross gaming revenue in 2024 and maintains one of Europe’s highest channelization rates at over 90%.

Strategic Entry into High-Growth Regulated Market

Romania represents one of Eastern Europe’s most dynamic iGaming jurisdictions, with internet penetration reaching 88% of its 19 million population and a regulatory framework that has attracted over 50 licensed operators. The market has demonstrated consistent growth, with total industry turnover exceeding €2 billion in 2023, reflecting a 15% year-over-year increase.

The Class 2 B2B license allows Expanse Studios to distribute content to Romania’s licensed B2C operators without establishing a Romanian entity or paying Romanian corporate taxes, while providing access to a market where mobile gaming dominates and player engagement continues to accelerate.

Romania’s stringent licensing requirements under Government Emergency Ordinance 77/2009 make ONJN approval a significant credential for B2B providers. The regulatory framework emphasizes technical compliance, player protection, and operational transparency—requirements that align with Expanse Studios’ existing European operations across 1,300+ casino brands.

“Securing ONJN approval validates our technical capabilities and regulatory compliance standards in one of Europe’s most demanding jurisdictions,” said Damjan Stamenkovic, CEO of Expanse Studios. “Romania offers substantial distribution opportunities through licensed operators serving a tech-savvy player base with strong engagement metrics. This license strengthens our European B2B footprint and demonstrates our ability to meet the compliance requirements of mature regulated markets.”

Expanding B2B Distribution Infrastructure

The Romanian license complements Expanse Studios’ recent European partnerships, reflecting accelerating demand for the company’s content across regulated jurisdictions. With 56 proprietary titles including Super Heli, Titan Roulette, and Wild Icy Fruits, Expanse continues scaling its high-margin B2B operations across Europe, Latin America, and North America.

Romania’s market characteristics—including preference for mobile platforms, strong affinity for slot content, and established payment infrastructure—align well with Expanse Studios’ content portfolio and distribution model. The company’s games will be available to Romanian operators seeking certified, compliant content for their licensed platforms.

This license approval reinforces Golden Matrix Group’s broader strategy of expanding regulated B2B operations in jurisdictions with transparent licensing frameworks and sustainable growth trajectories.

The post Expanse Studios Secures Romanian Class 2 B2B Gaming License appeared first on European Gaming Industry News.

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