Interviews
The convergence of gambling and video gaming – better together?
An increasing number of industry titans in recent years have moved into video games and many video game outfits have turned their eye to offering ‘gambling’ elements within games. With these moves and the rise of social/mobile gaming bringing these industries closer to traditional gambling and igaming, what is there to be learned from this growing convergence? Andy Sekula, Head of Games at Kalamba and Vladimir Malakchi, CCO at Evoplay offer their thoughts.
Has the global video game boom influenced the design and development of today’s games? Gamification has been a focus for iGaming developers for some time, has this been driven by the rise in video game popularity?
Andy Sekula: There has been a lot of work invested in video game development over the years in regards to all sorts of progression and collection mechanics, with the ultimate goal being to reward players for specific behaviours. The primary goal for that industry is essentially the same as ours – to entertain and engage – and to that end, we can learn from video games just as we can from other products and services that compete for leisure spend such as movie streaming platforms like Netflix.
While the nature of certain AAA video games is sometimes significantly larger in scope – think Grand Theft Auto, for example – the same principles of attracting, engaging and retaining players remains and is in a sense more difficult for iGaming studios as we have to pack the same amount of involvement into a product that is smaller in scale and by nature is shorter in terms of average playing sessions. Despite this, many slots are now a world apart from what was produced 10 or even five years ago and highlight the creative talent our industry possesses.
Vladimir Malkachi: When it comes to popular culture, the video game industry is no doubt one of the most influential verticals, especially gambling, as both gaming and gambling belong to the same concept of entertainment, where audiences from both worlds intersect with each other. After all – the convergence is obvious – both video game and casino players seek the same goals – fun and gaming. However, those who choose gambling games also want to experience the thrill of betting, which offers a whole new dimension.
From a technological point of view, iGaming companies continue to follow the video game industry and adopt their solutions, such as development, game engines, features, graphics, and sound to create an experience similar to the one seen in the video game world. Casino and video game developers also take a similar approach to storylines – they search for innovative, creative, and exciting themes that can provide a fresh and immersive experience to players. iGaming has also inherited the trend of in-game purchases, such as shops and loot boxes, a vivid example of this is the bonus buy feature you see in several casino titles these days – which again shows how much the verticals are converging.
In general, the video game industry is a trendsetter and a source of ideas and inspiration to those within the iGaming space. It attracts both Millennials and Gen Z players, who share many audiences and demographics with many gambling brands.
Licensed games, chosen correctly, can be valuable investments for studios. We have already seen classic video game IPs feature in some slot titles in the past – is this something that can be leveraged further? Must it be something more than just window dressing?
AS: This is quite a tricky thing to do well and there haven’t been too many successful examples of IPs moving from the video gaming world to slot games. Whether this relative lack of success so far is the reason why it hasn’t been leveraged more, I’m not sure.
Done right, I can see some potential in classic universal IPs like PacMan or Donkey Kong but for more modern brands such as the likes of Pokemon, you wouldn’t see it appear in slots until it’s not resonating with a younger audience anymore and when the generations that played the original game are old enough to play video slots, such as with Space Invaders or Street Fighter II.
VM: It’s always exciting when the audiences of two popular brands merge together into one type of entertainment – especially when it comes to something from the wider cultural world being integrated into iGaming.
As well as attracting wider audiences from the outside world, it certainly benefits game providers, giving them a larger media presence and in turn creating wider interest from the outside world, which is especially beneficial if you’re a listed company and as a consequence, as it can directly affect your company’s profitability and volume.
However, alongside the benefits that can be achieved by securing brand rights with third parties, we do need to take costs into account. The average royalty to be paid off to the contractor is 3-15% of the GGR, with joint approval needed from both sides, which can certainly affect the potential for a partnership, and indeed the bottom line.
Saying this though, the benefits usually outweigh the costs, and I’m sure we will see more deals of this type in the future, but considering everything mentioned above, it might not be for everyone, especially those who are just entering and establishing themselves on the market. The key, as always, is identifying your audience and followers and creating a gaming experience that resonates with their values.
Betting on people playing games (esports) has for some time proven hugely successful. What impact has this had and could have going forward, on traditional gambling as a whole?
AS: Betting on outcomes, as we’ve seen with traditional sports betting, has been around long before esports (or even electricity!) appeared, but now it’s established, esports is an ideal focus for sportsbooks since there’s a lot of both skill and luck (randomness) involved – so its a perfect vehicle for evolving the betting industry. I think given the different demographic that we see watching and being involved with esports, there’s the prospect of opening up igaming and betting industry offerings. This would mean the emergence of a whole new sector of players/bettors and consequently the potential for new styles of games/experiences to suit. It will be interesting to watch it evolve.
VM: Without a doubt, the implementation of gaming-inspired features into casino products can significantly expand what’s on offer, and as a consequence, attract new players. This is especially the case when it comes to the spirit of fixed odds and sports betting, and when incorporated into gaming titles, can help go a long way to reaching sports betting fans who might want to give gaming a try.
In our view, instant games are among the best examples of how this approach can be carried out. Players can choose types of bets, which provides them with a gambling experience similar to betting on sports, which in turn makes them feel right at home without any major learning curve required to start playing a game.
The value of such products was analysed heavily during 2020 when sports events were canceled, and bettors needed to find a substitution for the hobby they used to entertain themselves with. Subsequently the adoption of betting mechanics in casino games’ introduced casino brands to the sports betting market and simultaneously covered its audience’s demand – we’ve seen the success it has had during the last two years, and there’s no reason for that not to continue even with sports back, as we are entering a new era of gaming where such transitions are far easier than before.
A recent study declared that video gamers are up to 4.5 times more likely to participate in betting and igaming. How can this new demographic of potential players be best approached?
AS: To some extent, this could be two things: being literate with technology and already being introduced to the concept of gambling (like gatcha boxes) and competition (leaderboards) that they have already been exposed to and are experienced in. Or maybe it’s more about the preference for electronic entertainment (deemed the ‘spiritual opium’ by Beijing regulators). Either way, it’s another sector of players for us to understand and to do our best to accommodate.
VM: As we’ve mentioned, there’s plenty of intersection when it comes to audiences and demographics, as at the end of the day, all users are after one thing – entertainment. This means that everything starts with a product that can both encompass and be adapted to players’ usual patterns of expectations for the gaming experience. It is evident that both video gamers and sports betting fans have their own preference – gamers especially look for a storyline, strong characters, and a clearly-defined challenge – while sports bettors will always gravitate towards ‘live events’ and the thrill of taking on the ‘house’.
In line with this – when robust analytics of audiences and demographics are applied, companies can learn where users can be found and the methods behind attracting them through specific messaging and themes. This requires analytics-based marketing, as well as creative and technological solutions, which will of course vary across product type and the desired outcome.
Online, social gaming is a place where many gamers meet up, forge friendships and communities – to what extent can this be mirrored within igaming?
AS: Basically, a brick and mortar casino creates an environment where players can gamble in a social setting, which additionally reinforces many emotions. This can be, to some extent, recreated within the live casino vertical, where people chat and bet on the outcomes of the casino games and their variations in real-time. We can also see some efforts being made in order to make slot games more of a social experience, where people can not only watch and chat with the streamer but can also bet with them. There’s great potential for experiences like this to be developed.
VM: Socialisation is an established concept in the video game industry, where multiplayer gaming has almost become a must-have offering and certainly has become an event that players expect when certain games are released. A wide variety of platforms designed for communication between players is key to making this happen – with forums, chats, and online communities allowing gamers to interact with each other.
Steam set the trend for socialisation in the gaming vertical, providing an opportunity for players to discuss games, share their opinions and give recommendations. Twitch has continued this trend, as well as attracting gambling streamers, once again demonstrating how the two audiences often intersect. The content on Twitch attracted fans of casino games, which gave rise to the communication between gamblers.
Today, the social aspect of gambling continues to grow, which will no doubt continue to see growth continue given the demand. The pandemic and insufficient levels of communication due to lockdowns have only enhanced the demand for socialisation within iGaming, as it’s become quite apparent that modern players seek to exchange their playing experience.
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Filipe Senna, sócio da Jantalia Advogados e secretário-geral da Comissão de Direito dos Jogos e Apostas da OAB/DF, analisa a recente decisão no Brasil de bloquear plataformas de mercado preditivo como Kalshi e Polymarket.
Ele argumenta que a medida reflete um passo regulatório necessário para sanar ambiguidades legais em um segmento que se situa entre ferramentas informativas, sistemas de apostas e derivativos financeiros, reforçando a necessidade de coerência e tratamento igualitário nos mercados regulamentados em constante evolução do Brasil.
Por Filipe Senna
O bloqueio de plataformas de mercado preditivo como Kalshi e Polymarket no Brasil, a partir de medida do Conselho Monetário Nacional (CMN) e de orientação da Secretaria de Prêmios e Apostas (SPA), é juridicamente consistente e segue a mesma lógica já aplicada a operadores de apostas ilegais.
A decisão não nasce de um impulso restritivo, mas da necessidade de preservar a coerência de um mercado que passou a ser regulado de forma mais clara nos últimos anos.
Embora essas plataformas se apresentem como instrumentos de leitura da opinião pública, sua atuação prática vai além do caráter informacional.
Parte relevante dos produtos ofertados se aproxima, e em alguns casos se equipara, às apostas de quota fixa reguladas pela Lei nº 14.790/2023. Eventos esportivos disponibilizados nesses ambientes replicam dinâmicas semelhantes às chamadas bolsas de apostas, o que torna difícil sustentar uma distinção material entre um modelo e outro.
Há ainda um segundo ponto sensível. Algumas dessas plataformas oferecem instrumentos que se assemelham a derivativos financeiros, com ativos vinculados a preços de mercado.
Por operarem fora do país, não se submetem às exigências da Comissão de Valores Mobiliários. O resultado é uma assimetria regulatória relevante, na qual empresas estrangeiras competem em condições mais favoráveis do que operadores que seguem as regras brasileiras.
Nesse cenário, o bloqueio cumpre uma função de proteção institucional, ele resguarda tanto o mercado de apostas quanto o mercado financeiro de distorções concorrenciais.
Empresas que atuam no Brasil com autorização precisam cumprir obrigações rigorosas, que incluem recolhimento de tributos, políticas de prevenção à lavagem de dinheiro e mecanismos de proteção de dados.
Permitir que outras operem à margem dessas exigências compromete a isonomia do sistema.
A medida também tem caráter indutor. Caso essas plataformas desejem atuar no país, deverão se adequar ao enquadramento jurídico correspondente ao tipo de produto que oferecem.
Se a atividade se assemelha a apostas, deve seguir a regulação das bets. Se se aproxima de instrumentos financeiros, deve observar as regras aplicáveis a esse mercado. Trata-se de um princípio básico de organização econômica em setores regulados.
Não há violação à livre iniciativa. No ordenamento brasileiro, a liberdade econômica convive com a necessidade de cumprimento de regras, especialmente em atividades que envolvem risco financeiro e impacto social.
A atuação estatal, nesse contexto, busca garantir que a concorrência ocorra em bases legítimas, sem favorecimento indevido a quem opera fora da jurisdição nacional.
Existe, de fato, um componente informacional nesses ambientes. Mercados preditivos podem oferecer sinais úteis sobre expectativas coletivas.
O problema surge quando esse elemento convive com estruturas que reproduzem a lógica de apostas ou de produtos financeiros de alto risco.
Nesses casos, o usuário deixa de interagir apenas com informação e passa a assumir riscos típicos de jogos de azar ou de operações especulativas.
Um exemplo ajuda a ilustrar essa fronteira. Há mercados em que o participante precisa prever, em intervalos de 5 (cinco) minutos, a variação de ativos como o Bitcoin.
A dinâmica, embora apresentada como preditiva, se aproxima mais de jogos de azar ou de mecanismos semelhantes às antigas opções binárias, cuja natureza sempre esteve associada ao risco elevado e à ausência de proteção adequada ao usuário.
Diante dessa zona cinzenta, a postura adotada pelo regulador é prudente. Interromper a atividade permite aprofundar o debate, definir critérios mais claros e evitar que lacunas normativas sejam exploradas.
Só a partir dessa delimitação será possível discutir, com segurança jurídica, eventual regulamentação futura para esse tipo de plataforma.
O objetivo final é preservar um ambiente econômico equilibrado, em que inovação e livre iniciativa possam coexistir com regras claras. Sem isso, o risco não é apenas jurídico, mas também de credibilidade de todo o sistema.
Filipe Senna
Sócio do Jantalia Advogados e Secretário-Geral da Comissão de Direito dos Jogos e Apostas da OAB/DF. Autor do livro ‘A Regulação da Sorte na Internet’
The post A necessária contenção dos mercados preditivos no Brasil appeared first on Americas iGaming & Sports Betting News.
Filipe Senna, Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF, analyzes the recent decision in Brazil to block predictive market platforms such as Kalshi and Polymarket.
He argues that the measure reflects a necessary regulatory step to address legal ambiguities in a segment that sits between informational tools, betting systems, and financial derivatives, reinforcing the need for coherence and equal treatment within Brazil’s evolving regulated markets.
By Filipe Senna
The blocking of predictive market platforms such as Kalshi and Polymarket in Brazil, following a measure by the National Monetary Council (CMN) and guidance from the Secretariat of Prizes and Betting (SPA), is legally sound and follows the same logic already applied to illegal betting operators. The decision does not stem from a restrictive impulse, but rather from the need to preserve the coherence of a market that has become more clearly regulated in recent years.
Although these platforms present themselves as tools for gauging public opinion, their actual operation goes beyond an informational function. A significant portion of the products offered approaches—and in some cases is equivalent to—fixed-odds betting regulated under Law No. 14,790/2023. Sporting events made available in these environments replicate dynamics similar to so-called betting exchanges, making it difficult to sustain a material distinction between one model and another.
There is also a second sensitive issue. Some of these platforms offer instruments resembling financial derivatives, with assets linked to market prices. Because they operate outside the country, they are not subject to the requirements of the Securities and Exchange Commission. The result is a relevant regulatory asymmetry, in which foreign companies compete under more favorable conditions than operators that comply with Brazilian rules.
In this context, the blocking fulfills an institutional protective function: it safeguards both the betting market and the financial market from competitive distortions. Companies operating in Brazil under authorization must comply with strict obligations, including tax payments, anti-money laundering policies, and data protection mechanisms. Allowing others to operate outside these requirements undermines the system’s fairness.
The measure also has an inducing character. If these platforms wish to operate in the country, they must adapt to the legal framework corresponding to the type of product they offer. If the activity resembles betting, it must follow betting regulations. If it approaches financial instruments, it must comply with the applicable rules for that market. This is a basic principle of economic organization in regulated sectors.
There is no violation of free enterprise. In the Brazilian legal system, economic freedom coexists with the need to comply with rules, especially in activities involving financial risk and social impact. State action, in this context, aims to ensure that competition occurs on legitimate grounds, without undue advantage for those operating outside national jurisdiction.
There is, in fact, an informational component in these environments. Predictive markets can provide useful signals about collective expectations. The problem arises when this element coexists with structures that replicate the logic of betting or high-risk financial products. In such cases, users no longer interact solely with information but instead assume risks typical of gambling or speculative operations.
An example helps illustrate this boundary. There are markets in which participants must predict, in 5-minute intervals, the variation of assets such as Bitcoin. Although presented as predictive, the dynamic is closer to gambling or mechanisms similar to the former binary options, whose nature has always been associated with high risk and insufficient user protection.
Faced with this gray area, the regulator’s stance is prudent. Suspending the activity allows for deeper debate, clearer criteria to be defined, and prevents regulatory gaps from being exploited. Only after such delimitation will it be possible to discuss, with legal certainty, any future regulation for this type of platform.
The ultimate goal is to preserve a balanced economic environment in which innovation and free enterprise can coexist with clear rules. Without this, the risk is not only legal, but also related to the credibility of the entire system.
Filipe Senna
Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF (Brazilian Bar Association, Federal District chapter). Author of the book ‘The Regulation of Luck on the Internet’.
The post The necessary containment of predictive markets in Brazil appeared first on Americas iGaming & Sports Betting News.
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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