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Exclusive Q&A with Ivan Lebeau, Founder and President of Gamestream

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Ivan Lebeau is a gnawed veteran in the gaming industry, having worked for over 25 years in video games and technology  development. Ivan founded Gamestream in 2015 with an ambition to create the most advanced global cloud video game solution for professional industries. t

Here he talks about Gamestream and what it offers. Perhaps, the most illuminating things in the interview are two-fold. First, Gamestop’s rare business model of B2B2C in the gaming industry. Second, its proprietary technology that allows seamless game streaming at internet speeds as low as 4mbps.

He also explains Gamestream’s “magic recipe” of technology. Let’s jump straight to the interview.

Q. We usually begin our founder interviews with a stock question. Here it is: What motivated you to found Gamestream?

A. My key motivation in founding Gamestream was to democratise the joys of video game experiences. I see this as making console-quality gaming available for everyone, anywhere, at any time. Gamestream’s proprietary cloud gaming technology can thrive with relatively low internet speeds, meaning it has great applications in developing countries where expensive gaming hardware and connections aren’t always realistic.

Another strong motivation is to bring video games to the hospitality and healthcare fields. Inspired by the game Re-Mission, which has been shown to help young people navigate their cancer diagnoses and treatments, we at Gamestream firmly believe in the healing power of video games. As such, we work closely with partners such as BePlayer One, which aims to make gaming more inclusive for disabled people, and L’École des Héros, which helps teenagers overcome social anxiety through games. The Gamestream platform is also compatible with the main gamepad adapted for disabled people.

Q. What is the business model of Gamestream?

A. Gamestream is a world leader in cloud video game streaming solutions that provides console-quality gaming experiences on the devices that most people already own, including smartphones (iOS and Android), TV (OTT and Smart TV), PC, Mac and tablets.

We offer our partners a complete end-to-end cloud gaming service. While they are in charge of marketing, billing and hosting, Gamestream supplies our technology, our own highly cost-effective servers, and premium content – AA and AAA titles provided by leading video games publishers – as well as sophisticated data reporting.  We help our partners reduce customer churn and increase average revenue per user by enhancing their market position and entertainment hubs.

Following the proven business models of Spotify and Netflix, Gamestream’s partners offer this cloud gaming service to their customers through an affordable multi-device subscription (usually approximately $10 per month). Our customers revert a percentage of this monthly revenue to Gamestream, which we in turn distribute a proportion of amongst the games publishers that populate our catalogue. Aside from this revenue share model, we also receive a non-recurring fee from our telecom partners to adapt, integrate and maintain our service on their network.

Gamestream’s service has been deployed under both white-labelled brands across Europe, the Middle East and Asia through partners in telecoms and hospitality. Examples of this include Telekom Slovenije’s NEO Gaming and Telkom Indonesia’s GameQoo. Customers can also choose to use our consumer brand, Pleio. With Pleio we offer the same proprietary tech and gaming experiences, but under a Gamestream brand which means we take on the community management of our customers’ users who sign up to the service. Bouygues Telecom, one of the largest telcos in France, has been using Pleio since its successful launch in late 2020.

Q. How is Gamestream different from other cloud gaming services e.g. XBOX Game Pass?

A. Unlike many other cloud gaming services which still rely on specialised gaming hardware or purchasing games individually, Gamestream offers console-quality experiences that are entirely cloud based. There are no additional downloads or purchases for our users, and no advertising. Our service is also available on the six main types of device – more than any other operator in the market.

We are one of only two companies in the cloud gaming space that provide a cloud platform with a games catalogue on a B2B2C basis. This means that we typically do not have a direct relationship with the end user – they tend to be customers of our industry partners.

Gamestream’s proprietary technology allows us to offer amazing gaming experiences using internet speeds as low as 4mbps – compared to the 10-15Mbps recommended by other cloud gaming platforms. Unlike other cloud gaming services, we reduce the burden of extra bandwidth usage on telcos by closely integrating with their server infrastructure. By integrating our servers in clients’ data centres, we can offer a much more cost-effective and profitable solution than other providers. It also means our service performs excellently in markets with less developed network infrastructure – but imagine also the incredible experiences we will be able to achieve with 4K, VR and AR as the 5G rollout gathers pace!

Q. In what ways do game publishers benefit from associating with the Gamestream platform?

A. Gamestream currently licenses games from more than 60 publishers including Disney, Capcom, Deep Silver, Codemasters, Focus Home Interactive and many others.

First of all, we provide a welcome additional income stream for them, with both brand new and popular legacy games being a good fit for our catalogue. We make this incredibly simple by porting a single version of their games onto our service and allowing users to play it on TV, Android & iOS Smartphones, PC, Mac, and Smart TV.

In addition, we open up exciting new markets for them. This includes emerging economies in Asia, the Middle East and Eastern Europe – and soon India – as well as hospitality (starting with hotels, which is a brand new stream of revenue for games publishers).

Q. You have formed partnerships with several telecom operators. How important are these partnerships for Gamestream’s growth?

A. We started our white label deployments in 2019 with major telecom operators in Indonesia and Dubai, then in Taiwan, Europe (2020) and very soon in India.

These partnerships are a key part of our growth, providing ready-made access to millions of potential subscribers and existing marketing and billing infrastructure operated by the telcos themselves. The reach of our service will hit 80m potential users by the end of 2021 and 400m by the end of 2022 – how else could we reach so many potential subscribers so rapidly?

Secondly, launching in these markets helps us to better understand the local gaming trends. We add local games to our catalogue, and have a growing expertise on local usages as well as the best marketing strategies for user acquisition.

This global understanding of markets and user bases is allowing us to launch dedicated cloud services for video games publishers themselves. High-quality content is vital to creating successful cloud gaming services – so who better to launch them than the content creators themselves? Using Gamestream’s technology, developers can offer demos of their games in the cloud, or even start their own cloud gaming service to become media brands in their own right.

Q. Gamestream also caters to the hospitality industry, for instance hotels and cruise ships. How has the response of the hospitality industry been, especially during and the aftermath of Covid 19 pandemic?

A. Much of the hospitality industry has of course been negatively impacted by the Covid-19. However, with the wider growth in gaming we have seen throughout the pandemic, it has become even more pressing for hospitality providers to find ways to integrate gaming into their offer to customers.

We have a number of growing partnerships with innovative brands such as Accor, which requested that their cloud gaming services be reactivated immediately after reopening, and expect to cultivate more throughout 2021.

Q. What are the benefits and advantages a business – a hotel, hospital or a cruise ship – can gain from Gamestream?

A. Innovation is a key topic in the hospitality and tourism industries to recover from the global pandemic. We travel to escape, to socialise, to boost our wellbeing. Increasingly, people and families do this via the medium of games. Likewise, encouraging millennials and Gen X to choose a hotel or resort over an AirBnB means catering directly to them.

We’ve already seen brands such as Atari plan gaming-theme hotels. While it isn’t possible for most hospitality companies to tear up their business model and start again, it is very simple to integrate a world class cloud gaming offering for their customers. The upshot is retaining customers and attracting new ones, as well as boosting spend in communal areas.

At Gamestream we can do this for our global customers via data centres or local installation, meaning it’s possible for them to offer a cloud gaming service even without fibre optic broadband. We can integrate the service directly with Samsung, Phillips and a large selection of Android Smart TVs, or via a discreet plug-in where TVs have not recently been upgraded. As with telcos, there is no capital expenditure on the part of the hospitality brand.

As well as in-room we have seen great demand in communal areas such as lobbies and kids’ play areas. Our service is likewise perfect for resorts, holiday camps, cruise ships, ski areas – the list is limitless. We are also exploring how our service can be used to provide esports experiences in shared spaces.

Q. In which countries do you operate now? Any immediate plans of expansion?

A. Our cloud gaming service is available on three continents already. From France and Switzerland to Taiwan, Slovenia, Indonesia, the UAE and soon India, people are enjoying unlimited access to our catalogue.

In terms of expansion, we have tripled our revenue over the past year and are on our way to doubling the size of the organisation this year. We expect to continue growing our global customer base in telecoms, hospitality and healthcare – our cloud gaming service can be deployed rapidly in any territory!

Cloud gaming is the best use case for 5G, and you can expect to see us grow particularly in Asia and the Middle East where 5G is rolling out.  According to Newzoo, the value of the cloud gaming market is on track to exceed the five-billion-dollar mark in 2023, demonstrating the sheer scale of opportunity available.

Q. Finally, could you share some insights into the technology on which Gamestream platform is built?

A. Gamestream’s magic recipe is a combination of tried and tested, industry-grade technology with a seamless modern interface, leading games catalogue and multi-device strategy.

What enables us to provide such a high-quality experience even on relatively slow connections is our ability to compress and scale graphics using a video compression standard called H265. We also go into the very code of the games in our catalogue to define the processing power they need and are incredibly agile at distributing server load. In essence, we use cloud technology to inject the processing power of the most powerful computers into the ordinary, everyday devices that people own.

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Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas

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Rafael Brunati y Celso Basílio, abogados de Silveiro Advogados especializados en mercados regulados, derecho corporativo y derecho de la competencia, analizan las recientes medidas adoptadas por el Consejo Monetario Nacional (CMN) de Brasil y la Secretaría de Premios y Apuestas (SPA/MF), así como su impacto en la industria del iGaming y las apuestas deportivas.

En este artículo, examinan cómo el nuevo marco regulatorio redefine los límites entre las apuestas, los instrumentos financieros y los modelos emergentes de mercados digitales, al tiempo que refuerza la Ley N.º 14.790/2023 como pilar central de la regulación del sector.

Por Rafael Brunati y Celso Basílio

El conjunto de medidas adoptadas recientemente por el Consejo Monetario Nacional (CMN) y la Secretaría de Premios y Apuestas del Ministerio de Hacienda (SPA/MF) representa un nuevo capítulo en la consolidación regulatoria del mercado brasileño de iGaming y apuestas deportivas.

Más que una respuesta puntual a los llamados mercados predictivos, las iniciativas señalan un intento más amplio de reorganizar los límites entre apuestas autorizadas, instrumentos financieros y actividades consideradas irregulares en el país.

La Resolución CMN N.º 5.298/2026 prohibió la oferta y negociación de derivados vinculados a apuestas, eventos deportivos, juegos en línea y temas políticos, electorales, culturales o de entretenimiento sin referencia económico-financiera.

En la misma línea, la Nota Técnica SPA/MF N.º 2.958/2026 encuadró las plataformas de mercados predictivos como explotación ilegal de apuestas de cuota fija, lo que derivó en el bloqueo de decenas de plataformas por parte de la Anatel.

El movimiento refuerza de manera clara la centralidad de la Ley N.º 14.790/2023 como marco regulatorio exclusivo para la explotación de apuestas de cuota fija en Brasil.

En la práctica, el gobierno ha comenzado a delimitar con mayor precisión quién puede operar en este mercado y bajo qué condiciones.

Las plataformas que buscaban posicionarse como mercados financieros, contratos de eventos o estructuras tecnológicas alternativas pasaron a ser tratadas materialmente como operadores de apuestas.

El mensaje regulatorio es directo: si el producto compite por el mismo público, utiliza una lógica económica similar a las apuestas y conlleva riesgo asociado a eventos futuros, tiende a quedar dentro del perímetro regulatorio de la SPA.

Desde la óptica regulatoria y de competencia, esto genera un efecto relevante para los operadores autorizados.

Las empresas que invirtieron en licencias, cumplimiento normativo, prevención de lavado de dinero, integridad deportiva, políticas de juego responsable y estructura regulatoria dejan de competir con plataformas que operaban al margen de estas exigencias mediante encuadres jurídicos alternativos. Se produce así un fortalecimiento indirecto del valor económico de la licencia regulatoria otorgada por la SPA.

Al mismo tiempo, este fortalecimiento viene acompañado de un aumento significativo de las obligaciones operativas y de cumplimiento.

Las recientes medidas también reabren un debate importante sobre los límites regulatorios de las llamadas betting exchanges y los modelos peer-to-peer.

La propia Nota Técnica SPA/MF N.º 2.958/2026 reconoce que la negociación entre apostadores y la existencia de precios dinámicos no desnaturalizan necesariamente la condición de apuesta de cuota fija. Esta interpretación es relevante porque acerca los mercados predictivos a las estructuras de bolsas de apuestas ya previstas en la Ley N.º 14.790/2023.

Este punto podría abrir espacio, en el futuro, para modelos regulados de betting exchange en Brasil, siempre que estén dentro del perímetro autorizado por la SPA.

Sin embargo, la regulación operativa de este formato aún no ha sido desarrollada por la autoridad, lo que mantiene un nivel importante de incertidumbre para los operadores interesados en innovación de producto.

Desde otra perspectiva, las medidas también tienden a generar una intensa judicialización. Existen debates relevantes sobre los límites de la competencia del CMN para restringir ciertos tipos de derivados, sobre la actuación interpretativa de la SPA respecto a los mercados predictivos y sobre el bloqueo de plataformas sin orden judicial.

Independientemente del desenlace de estas disputas, lo cierto es que el mercado brasileño de iGaming y apuestas deportivas entra en una nueva fase.

La lógica regulatoria deja de centrarse únicamente en la autorización formal para operar y pasa a incorporar de forma más intensa temas como integridad financiera, protección de usuarios vulnerables, gobernanza de datos, trazabilidad de pagos y supervisión operativa continua.

El sector continúa creciendo, pero ahora dentro de un entorno significativamente más sofisticado —y más exigente. Para los operadores autorizados, esto representa simultáneamente una barrera de entrada para competidores irregulares y un aumento relevante en los costos de cumplimiento. En un mercado cada vez más regulado, la diferencia competitiva tiende a depender menos de la capacidad de ofrecer apuestas y más de la capacidad de operar con seguridad regulatoria, integridad operativa y rápida adaptación a las nuevas exigencias del Estado.

Rafael Brunati, abogado en las áreas de Derecho Societario, Contratos, M&A y Private Equity, así como del sector bancario en Silveiro Advogados, es graduado en Derecho por la Universidad Presbiteriana Mackenzie, posee un LL.M en Derecho Societario por INSPER y es miembro de la Comisión de Derecho Bancario de la OAB/SP.

Celso Basílio, abogado en las áreas de Mercados Regulados, Telecomunicaciones, Contratos y Derecho de la Competencia en Silveiro Advogados, es máster en Derecho por la FGV Derecho SP, posee un LL.M en Derecho de los Contratos por INSPER y es graduado en Derecho por la Universidad Presbiteriana Mackenzie.

The post Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas appeared first on Americas iGaming & Sports Betting News.

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New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil

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Rafael Brunati and Celso Basílio, lawyers at Silveiro Advogados specializing in regulated markets, corporate law, and competition law, analyze the recent measures adopted by Brazil’s National Monetary Council (CMN) and the Secretariat of Prizes and Betting (SPA/MF) and their impact on the iGaming and sports betting industry.

In this article, they examine how the new regulatory framework reshapes the boundaries between betting, financial instruments, and emerging digital market models, while reinforcing Law No. 14,790/2023 as the central pillar of regulation in the sector.

ByRafael Brunati and Celso Basílio

The set of measures recently adopted by the National Monetary Council (CMN) and the Secretariat of Prizes and Betting of the Ministry of Finance (SPA/MF) marks a new chapter in the regulatory consolidation of Brazil’s iGaming and sports betting market.

More than a targeted response to so-called predictive markets, these initiatives signal a broader effort to redefine the boundaries between authorized betting activities, financial instruments, and operations considered irregular in the country.

CMN Resolution No. 5,298/2026 prohibited the offering and trading of derivatives linked to betting, sports events, online games, and political, electoral, cultural, or entertainment themes without a financial-economic reference.

In the same direction, SPA/MF Technical Note No. 2,958/2026 classified predictive market platforms as illegal fixed-odds betting operations, leading to the blocking of dozens of platforms by Anatel.

The move clearly reinforces Law No. 14,790/2023 as the exclusive regulatory framework for fixed-odds betting in Brazil.

In practice, the government has begun to draw a sharper line around who can operate in this market and under what conditions.

Platforms that previously positioned themselves as financial markets, event-based contracts, or alternative technological structures are now being materially treated as betting operators.

The regulatory message is direct: if a product targets the same audience, uses similar economic logic to betting, and involves risk linked to future events, it is likely to fall within the SPA’s regulatory perimeter.

From a competitive and regulatory standpoint, this produces a meaningful effect for licensed operators. Companies that have invested in licensing, compliance, anti-money laundering controls, sports integrity, responsible gaming policies, and regulatory infrastructure are no longer competing with platforms operating outside these requirements under alternative legal interpretations.

This indirectly strengthens the economic value of the license granted by the SPA.

At the same time, this strengthening comes with a significant increase in operational and compliance obligations.

The recent measures also reopen an important discussion on the regulatory limits of so-called betting exchanges and peer-to-peer models.

SPA/MF Technical Note No. 2,958/2026 itself acknowledges that betting between users and the existence of dynamic pricing do not necessarily alter the nature of fixed-odds betting.

This interpretation is relevant because it brings predictive markets closer to exchange-style betting structures already contemplated under Law No. 14,790/2023.

This point could, in the future, open space for regulated betting exchange models in Brazil, provided they fall within the SPA’s authorized perimeter. However, operational rules for such formats have not yet been defined by the regulator, leaving a significant area of uncertainty for operators seeking product innovation.

From another perspective, these measures are also likely to generate substantial litigation.

There are important debates regarding the limits of the CMN’s authority to restrict certain types of derivatives, the SPA’s interpretative role regarding predictive markets, and even the blocking of platforms without judicial orders.

Regardless of the outcome of these disputes, the fact is that Brazil’s iGaming and sports betting market is entering a new phase.

Regulatory logic is no longer focused solely on formal authorization to operate, but increasingly incorporates issues such as financial integrity, protection of vulnerable users, data governance, payment traceability, and continuous operational supervision.

The sector continues to grow, but now within a significantly more sophisticated—and more demanding—environment. For licensed operators, this simultaneously creates a barrier to entry for unregulated competitors and increases compliance costs.

In an increasingly regulated market, competitive advantage is likely to depend less on the ability to offer bets and more on the capacity to operate with regulatory security, operational integrity, and rapid adaptation to new state requirements.

Rafael Brunati is a lawyer specializing in Corporate Law, Contracts, M&A, Private Equity, and Banking Law at Silveiro Advogados.

He holds a Law degree from Universidade Presbiteriana Mackenzie, an LL.M in Corporate Law from INSPER, and is a member of the Banking Law Commission of the São Paulo Chapter of the Brazilian Bar Association (OAB/SP).

Celso Basílio is a lawyer specializing in Regulated Markets, Telecommunications, Contracts, and Competition Law at Silveiro Advogados.

He holds a Master’s degree in Law from FGV Direito SP, an LL.M in Contract Law from INSPER, and a Law degree from Universidade Presbiteriana Mackenzie.

The post New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil appeared first on Americas iGaming & Sports Betting News.

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Una decisión inequívoca para los mercados predictivos en Brasil

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La Resolución 5.298 del Consejo Monetario Nacional de Brasil establece un límite regulatorio claro para los mercados de predicción como Polymarket y Kalshi.

En este análisis, Carlos Akira Sato examina cómo la medida refleja un cambio profundo en la arquitectura financiera de Brasil, redefiniendo qué califica como un instrumento financiero legítimo y estableciendo límites a la financiarización de eventos no económicos.

Carlos Akira Sato es cofundador de Fenynx Digital Assets y especialista en mercados regulados, infraestructura financiera y juego responsable.

En este artículo de opinión, argumenta que la Resolución 5.298 de Brasil no se trata tanto de prohibir Polymarket y Kalshi, sino de definir los límites de la próxima generación del sistema financiero.

La publicación de la Resolución nº 5.298 del Consejo Monetario Nacional establece, de forma inequívoca, un nuevo límite para la actuación de plataformas como Polymarket y Kalshi en el país. La conclusión es directa: estos modelos dejan de encontrar espacio regulatorio en Brasil. Pero la relevancia de la decisión no reside en la prohibición en sí, sino en lo que revela sobre el futuro de la arquitectura financiera.

La Resolución 5.298 no aborda explícitamente los mercados predictivos. Actúa en un plano más profundo, al redefinir qué puede considerarse un instrumento financiero legítimo.

Al exigir que los contratos estén vinculados a variables económicas con formación objetiva de precios, el regulador elimina la posibilidad de estructurar instrumentos —por sofisticados que parezcan— basados en eventos políticos, sociales o conductuales. No se trata de un ajuste periférico, sino de un reposicionamiento conceptual.

Durante años, plataformas como Polymarket y Kalshi prosperaron precisamente en la ambigüedad. No son casas de apuestas tradicionales ni encajan completamente como bolsas de derivados.

Operan en un territorio intermedio: contratos basados en probabilidades, lenguaje financiero y una promesa implícita de descubrimiento eficiente de precios sobre el futuro. Esa zona gris siempre fue su principal activo y también su mayor riesgo regulatorio. Lo que Brasil ha hecho ahora es eliminarla.

El punto más sofisticado de la resolución está en su diseño. El Consejo Monetario Nacional no atacó la tecnología, ni el formato de las plataformas, ni su ubicación. Atacó la esencia: la naturaleza del riesgo negociado.

Al hacerlo, volvió irrelevante si la operación se realiza mediante contratos bilaterales, plataformas offshore o protocolos basados en blockchain. Si el riesgo no es económico, el contrato no es admisible. Es una forma de regulación que privilegia la sustancia sobre la forma y que, por ello, tiende a ser más resiliente.

Esta decisión proyecta efectos más allá del debate sobre apuestas. Dialoga directamente con la discusión sobre tokenización y con la idea, ampliamente difundida en los últimos años, de que cualquier evento podría convertirse en un activo digital.

Brasil señala lo contrario: la innovación es bienvenida, pero no ilimitada. La tokenización encuentra legitimidad cuando está anclada en la economía real —crédito, cuentas por cobrar, activos productivos— y la pierde cuando intenta capturar comportamientos, opiniones o eventos sociales como base de negociación.

Es en este punto donde la resolución también revela una tensión institucional. El propio texto normativo asigna a la CVM la responsabilidad de emitir regulación complementaria. La elección es jurídicamente comprensible, pero institucionalmente discutible.

Si el propio diagnóstico del regulador reconoce que se trata de instrumentos híbridos —que transitan entre derivados, valores mobiliarios y estructuras de captación—, la ausencia de una iniciativa conjunta desde el inicio resulta llamativa. La opción de una regulación secuencial, con el CMN estableciendo directrices y la CVM detallando la normativa, introduce un desfase que puede reabrir temporalmente la misma zona gris que se busca cerrar.

La paradoja es evidente. La resolución es sofisticada al atacar la esencia económica de los contratos, pero fragmenta la ejecución regulatoria al distribuir competencias de forma no simultánea.

En un entorno donde la innovación financiera ocurre en la intersección de distintos regímenes —bancario, mercado de capitales y, en ciertos casos, apuestas—, la coordinación deja de ser deseable para convertirse en necesaria. La falta de sincronía puede generar interpretaciones divergentes, inseguridad jurídica y, sobre todo, oportunidades residuales de arbitraje.

Aun así, el núcleo de la decisión permanece sólido. Al restringir lo que puede considerarse un activo financiero, Brasil establece un límite silencioso pero poderoso a la financiarización de la realidad. No todo evento puede convertirse en un contrato. No toda expectativa puede convertirse en un precio. Y no todo lo que puede tokenizarse debe necesariamente negociarse.

Decir que Polymarket y Kalshi no pueden operar en Brasil es, por tanto, correcto. Pero es solo la superficie. Lo que está en juego es la definición de las fronteras de la próxima generación del sistema financiero.

Un sistema que seguirá incorporando tecnología e innovación, pero que, al menos en el caso brasileño, permanecerá anclado en la economía real. Y en ese proceso, la calidad de la coordinación entre reguladores será tan determinante como la claridad de las propias reglas.

Carlos Akira Sato – Cofundador de Fenynx Digital Assets. Especialista en mercados regulados, infraestructura financiera, gobernanza, innovación y juego responsable.

The post Una decisión inequívoca para los mercados predictivos en Brasil appeared first on Americas iGaming & Sports Betting News.

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