Betshield has announced the arrival of Amilton Noble as Advisory Partner.

The executive joins the company’s strategic core at a time of increased operational demands for licensed operators in the Brazilian betting market.

The move comes alongside a significant shift in how the sector is being evaluated.

Beyond regulatory compliance, recent court decisions have begun to consider not only the existence of formal user-protection policies, but also the platforms’ ability to demonstrate continuous monitoring and preventive action in response to risky behavior.

The evolution toward the “Trust & Protection” concept

Recognized for its pioneering role in Responsible Gaming technology, Betshield is following this evolution by expanding its presence within iGaming operations.

The company is structuring its proposition as a permanent layer of operational trust and protection, incorporating:

• Risk management
• Internal controls
• Ability to demonstrate due diligence

Leadership and experience

Amilton Noble has a consolidated career in the gaming, lottery and iGaming industries.

As Advisory Partner, he will contribute to the company’s institutional positioning and to the consolidation of more structured operational practices in the regulated environment.

According to Noble, the sector is entering a new stage of maturity:

“Market maturity depends on the ability to demonstrate diligence. This is no longer just a licensing discussion, but one of operational responsibility.

Operators will need to present evidence of monitoring and preventive action. Technology becomes part of the company’s own protection.”

A new market positioning

Thiago Iusim, founder and CEO of Betshield, states that the moment represents an evolution in positioning:

“Responsible Gaming has always been our starting point. But we quickly realized it was necessary to go beyond isolated functionality.

The market began to require the ability to demonstrate operational diligence. We structured the Trust & Protection concept: a permanent layer between operator, regulator and user.”

Betshield’s technology performs continuous behavioral monitoring, identifies risk patterns, and generates a documented history of preventive actions.

The platform has also incorporated an anti-money laundering (AML) module, expanding the scope of protection.

Recently, Betshield also announced a strategic partnership with CGS Events, placing player protection as a central theme of the 2026 events agenda.

Who is Amilton Noble

With more than 30 years of experience in gaming, betting, and lotteries, Amilton Noble has built a career closely tied to product design, operational models, and distribution strategies within the Brazilian lottery sector.

He began his career at the Brazilian Jockey Club, where he served as National Betting Manager and oversaw pari-mutuel horse-racing wagering operations.

Starting in 2001, at Hebara, he led the commercial area of Raspadinha do Rio and was responsible for developing products that became market benchmarks.

He also works as a strategic consultant for national and international gaming, iGaming, and lottery companies, focusing on regulation, payout structure, and the economic sustainability of operating models.

His work combines practical experience, critical analysis, and direct involvement in the sector’s evolution.

La semana que redefinió el rumbo del iGaming

Durante la última semana, la industria latinoamericana de apuestas entró en lo que muchos ejecutivos describen reservadamente como la primera verdadera prueba de estrés del modelo regulado brasileño.

No hubo un gran anuncio. Hubo algo más relevante: la confirmación simultánea de escala — y la aparición de múltiples vectores de riesgo.

Por un lado, los indicadores financieros ya posicionan a Brasil entre las mayores economías reguladas de apuestas del mundo.

Por otro, las discusiones fiscales y legislativas indican que el país también puede evolucionar hacia uno de los entornos regulados más costosos para operar.

Pero el factor de presión no provino solo de la política.

A nivel global, la plataforma X (antiguo Twitter) prohibió a las empresas de apuestas utilizar publicaciones de paid partnership con influencers y creadores de contenido, eliminando uno de los principales canales de adquisición utilizados por la industria en los últimos años.

La norma impide promociones remuneradas que involucren operadores, afiliados y loterías — incluso cuando estén identificadas como publicidad — y prevé eliminación de contenido o suspensión de cuentas en caso de infracción.

Solo permanecen permitidos los anuncios directos mediante medios pagos.

En la práctica, los operadores pasan a depender menos del tráfico social indirecto y más de medios institucionales, branding y canales propios — tendencia que coincide con el aumento de costos regulatorios observado en Brasil.

Así, el mercado enfrenta una doble transición simultánea:
mayores costos para operar localmente y menos atajos para adquirir usuarios globalmente.

En este contexto, el BiS SiGMA South America deja de ser un encuentro sectorial y pasa a funcionar como un checkpoint estratégico — un espacio donde la industria ya no debate oportunidad, sino viabilidad.

Escala confirmada: la regulación midió lo que ya existía

Entre reportes de operadores, presentaciones a inversores y briefings de proveedores, una cifra dominó la semana: cerca de US$7 mil millones en GGR durante el primer año del mercado regulado.

La relevancia del dato es estructural, no financiera.
Resuelve una incertidumbre de una década: Brasil nunca fue un mercado en desarrollo, solo un mercado no medido.

La regulación no creó demanda; reveló demanda.

Según el ex secretario de Premios y Apuestas, Regis Dudena, el marco permitió al Estado transformar el sector “de invisible a monitoreado y gravado”.

En la práctica, la reforma funcionó menos como creación de mercado y más como formalización económica.

Consecuencias inmediatas:

• formación de ecosistema local de proveedores
  • realocación de capital de operadores Tier 1 al país como jurisdicción principal
  • sustitución de entrada oportunista por inversión institucional
  • compliance convirtiéndose en costo operativo permanente

Estratégicamente, Brasil cambió de categoría: de territorio de expansión a base operativa.

Ejecutivos internacionales ya comparan el país con mercados del sur de Europa, como Italia y España, y no con jurisdicciones emergentes.

Para Marlon Tseng, de Pagsmile, la regulación reposicionó al país como destino primario para operadores globales y proveedores tecnológicos.

X restringe alianzas pagas con apuestas y cambia la dinámica de adquisición en el iGaming

La plataforma X actualizó sus políticas comerciales y ahora prohíbe publicaciones de paid partnership con empresas de apuestas. La regla bloquea cualquier promoción remunerada — operadores, afiliados, loterías o servicios relacionados — independientemente de que el contenido esté etiquetado como publicidad.

Incluye compensación financiera, comisiones por enlaces afiliados, regalos o acuerdos comerciales. En caso de infracción, el contenido podrá eliminarse y la cuenta sufrir restricciones o suspensión.

La restricción no afecta la publicidad tradicional comprada vía el sistema de medios pagos de X. En la práctica, los operadores deberán migrar estrategias basadas en influencers hacia medios directos u otros canales.

El mercado interpreta la medida como otro paso hacia modelos de marketing más institucionalizados y menos dependientes del tráfico social indirecto.

La segunda fase: riesgo de sostenibilidad

Tras confirmarse la escala, surge una segunda variable: presión fiscal.

Las discusiones legislativas apuntan a mayor carga tributaria y restricciones operativas.

El riesgo deja de ser el costo de entrada y pasa a ser la compresión de márgenes a largo plazo.

La pregunta central ya no es si la regulación funciona, sino bajo qué equilibrio tributario continúa funcionando.

BiS SiGMA South America: el evento se convirtió en infraestructura de mercado

El evento dejó de ser solo una conferencia para transformarse en parte de la infraestructura operativa del mercado regulado brasileño.

Las empresas llegan con problemas concretos:
adaptar tecnología, recalibrar marketing y reconstruir márgenes.

Funciona como un “mercado operativo” donde se cierran contratos de KYC, plataformas, pagos y certificación.

Compliance se vuelve producto, no obligación

La regulación pasa de costo necesario a diferencial competitivo.

Prioridades:

• verificación de identidad (KYC)
  • monitoreo transaccional (AML)
  • integración técnica local
  • auditorías recurrentes

El mercado deja de premiar solo adquisición y pasa a premiar eficiencia operativa.

Tributación y riesgo económico

El proyecto CIDE-Bets propone 15% sobre depósitos.

El problema no es solo el impuesto, sino la acumulación de costos:

• tributos directos
  • costos regulatorios
  • cargos sectoriales

Impactos:

Menores márgenes
Mayor CAC
Menor competitividad
Riesgo de migración al mercado informal

Brasil podría ser el mayor mercado regulado de la región — y uno de los más difíciles de monetizar.

El dilema: recaudar o formalizar

Si la carga es moderada → el mercado formal absorbe el informal
Si es excesiva → el informal vuelve a crecer

La discusión dejó de ser jurídica y pasó a ser económica.

Regionalización obligatoria

La expansión deja de ser “LatAm” y pasa a ser país por país.

Adaptaciones:

• pagos locales
  • marketing cultural
  • producto deportivo específico
  • presencia institucional

LatAm deja de ser un bloque y pasa a ser múltiples mercados domésticos.

Marketing: de volumen a legitimidad

Antes: exposición masiva. Ahora: aceptación social

• storytelling cultural
  • patrocinios
  • comunicación responsable
  • reputación institucional

Inversores

Menos capital especulativo, más estratégico:

• operadores compliance-resilientes
  • infraestructura
  • antifraude
  • pagos

Contexto regional

Brasil se vuelve laboratorio regulatorio:

Si funciona → acelera regulación regional
Si falla → frena expansión continental

Conclusión: la industria entra en la adultez

El sector ya no intenta demostrar que existe, sino que es sostenible.

El BiS SiGMA no será un evento sobre oportunidad.
Será un evento sobre equilibrio.

Entre expansión y sostenibilidad.
Entre recaudación y competitividad.
Entre política y economía.

Y el resultado definirá el ritmo de toda la industria latinoamericana de apuestas.

The week that redefined iGaming’s trajectory

Over the past week, the Latin American betting industry entered what many executives privately describe as the first real stress test of Brazil’s regulated model.

There was no major announcement. Instead, something more significant happened: the simultaneous confirmation of scale — and the emergence of multiple risk vectors.

On one side, financial indicators already position Brazil among the largest regulated betting economies in the world.

On the other, fiscal and legislative discussions suggest the country may also evolve into one of the most expensive regulated environments to operate in.

But the pressure did not come only from politics.

Globally, the platform X (formerly Twitter) prohibited betting companies from using paid partnership posts with influencers and content creators, eliminating one of the industry’s main acquisition channels of recent years.

The rule blocks compensated promotions involving operators, affiliates and lotteries — even when labeled as advertising — and foresees content removal or account suspension in case of violation. Only direct paid media ads remain allowed.

In practice, operators will rely less on indirect social traffic and more on institutional media, branding and owned channels — a trend that coincides with the increase in regulatory costs observed in Brazil.

As a result, the market now faces a simultaneous double transition:
higher costs to operate locally and fewer shortcuts to acquire users globally.

In this context, BiS SiGMA South America shifts from an industry gathering into a strategic checkpoint — a space where the sector is no longer debating opportunity, but viability.

X restricts paid partnerships with gambling and changes acquisition dynamics in iGaming

The platform X (formerly Twitter) has updated its commercial policies and now prohibits betting companies from using paid partnership posts with influencers and content creators.

The rule blocks any compensated promotion involving operators, affiliates, lotteries or related services, regardless of whether the content is labeled as advertising.

According to the platform, paid partnerships include any form of financial compensation, commission via affiliate links, gifts, or commercial agreements between a brand and a creator.

In case of violation, content may be removed and the account may face temporary restrictions or suspension for repeat offenses.

The restriction, however, does not affect traditional ads purchased through X’s paid media system, which remain permitted under separate rules.

In practice, operators will need to shift acquisition strategies away from influencer-based promotion toward direct media or alternative channels.

The measure comes amid growing global pressure on digital gambling promotion and follows a broader movement seen across major platforms, which have been increasingly limiting the activity of affiliates and creators in the sector.

The real impact will depend on how consistently the rules are enforced — still untested at scale.

But the market already interprets the change as another step in the transition of iGaming toward more institutionalized marketing models and less reliance on indirect social traffic.

Scale confirmed: regulation measured what already existed

Across operator reports, investor briefings and supplier presentations, a single estimate dominated the week: roughly US$7 billion in GGR during the first year of the regulated market.

The relevance of this figure is structural rather than financial.
It resolves a decade-long uncertainty — Brazil was never a developing betting market, only an unmeasured one.

Regulation did not generate demand; it revealed it.

According to former Secretary of Prizes and Betting Regis Dudena, the framework allowed authorities to transition the sector “from invisible to monitored and taxed.”

In practical terms, the reform functioned less as market creation and more as economic formalization.

The consequences are immediate:

Local supplier ecosystems forming around operators, tier-1 international brands reallocating capital to Brazil as a core jurisdiction,  institutional investment replacing opportunistic entry compliance infrastructure becoming a permanent operational cost center

Strategically, Brazil has shifted category — from expansion territory to operational base.

International executives increasingly benchmark the country alongside Southern European markets such as Italy and Spain, not emerging jurisdictions.

Industry leaders also report accelerated professionalization of the ecosystem.

For Marlon Tseng, regulation effectively repositioned the country as a primary destination for global operators and B2B technology providers.

The second phase: sustainability risk

However, confirmation of scale has been followed by the emergence of a second variable — fiscal pressure.

Legislative and administrative discussions now point toward higher taxation and tighter operational constraints.

For operators, the risk is not entry cost, but long-term margin compression.

Industry associations warn the regulatory model could approach the threshold at which legal channel competitiveness declines against offshore supply — a pattern observed in multiple mature jurisdictions.

The market therefore enters a new phase: economic calibration.

The central question is no longer whether regulation works, but at what tax equilibrium it continues to work.

Executives increasingly frame the issue as a shift from regulatory approval to regulatory sustainability.

Market size will now depend less on demand and more on channelization efficiency after full fiscal implementation.

BiS SiGMA South America: the event became market infrastructure

The trade show scheduled for the first week of April (6–9) in São Paulo has taken on an unusual role for industry events.

BiS SiGMA South America has consolidated itself as the main meeting point for the Latin American iGaming sector, but its function has evolved: t is no longer just a conference and has become part of the operational infrastructure of Brazil’s regulated market.

The upcoming edition, from April 6 to 9 in São Paulo, is expected to bring together approximately 18,500 participants, more than 400 exhibitors, over 250 speakers and delegations from across the region.

In a country where regulation, operations and commercialization are being built simultaneously, the event acts as a practical environment to address licensing,

AML compliance, payments, advertising and user acquisition — issues that are no longer theoretical but required for day-to-day operations.

The decisive factor is not size but timing: companies arrive with concrete problems that must be solved immediately — adapting technology to regulatory requirements, recalibrating marketing under advertising restrictions and rebuilding margins under a new fiscal and compliance cost structure.

For that reason, the show operates as an “operational marketplace,” where KYC, platform, payments and certification contracts are effectively signed.

Rather than debating the future, the industry uses the meeting to adjust the present and make real operations viable within Brazil’s new regulated environment.

Compliance becomes a product, not a cost

One of the clearest shifts this week has been perceptual rather than legal.

Historically, operators treated compliance as a necessary burden. Now it has become a competitive differentiator.

The logic is straightforward:

The stricter the operational requirements, the greater the advantage for structured operators — and the smaller the space left for informal competition.

Operational priorities now center on:

• robust identity verification (KYC)
• transaction monitoring (AML)
• technical integration with local standards
• recurring audits

The economic effect is direct:  the market stops rewarding pure user acquisition and begins rewarding operational efficiency.

Regulatory technology, fraud prevention and payment infrastructure providers have moved from secondary suppliers to ecosystem protagonists.

Betting taxation reignites debate over sustainability of the regulated market

The discussion around betting in Brazil has entered a new phase.

If regulation brought legal predictability, tax policy has begun to introduce economic uncertainty.

A bill currently under discussion in the Chamber of Deputies — known as CIDE- Bets (Economic Intervention Contribution on Betting) reported by senator Alessandro Vieira — proposes a 15% levy on deposits made by bettors on digital platforms.

The proposal is part of the Anti-Organized Crime funding package and aims to raise approximately BRL 30 billion to finance enforcement actions, according to CNN Brasil.

The industry, however, believes the economic effect may be the opposite of what is intended.

A study by LCA Consultores estimates that the illegal market handles roughly BRL 38 billion — about 51% of the country’s total betting activity.

In practice, regulation completed its first year without significantly eliminating clandestine operations, and the creation of a new tax may once again shift the competitive balance.

Thy alters the product’s economics.

Expected impacts on the business model

Margins
Operators will have less room for bonuses and promotions.

Customer acquisition.
Acquisition costs tend to rise as the value proposition weakens.

Retention
Lower competitiveness against non-regulated international offers.

Structural risk
Users may migrate back to the informal market.

In practical terms, Brazil could simultaneously become the largest regulated market in Latin America — and one of the hardest to monetize.

The “Colombia effect”

Specialists point to the Colombian experience as a warning. The country adopted a similar taxation model with a 19% VAT applied to online betting, which reduced legal activity and strengthened illegal operators. The measure was later revoked.

The concern is that the same economic mechanism may occur in Brazil:
when the regulated product becomes too expensive, consumers do not stop betting — they simply change platforms.

The central dilemma: collect or formalize

The discussion has shifted from legal to economic. If the tax burden is moderate → the formal market absorbs the informal one.

• If it becomes excessive → the informal market grows again.

This balance will determine the success of Brazil’s regulated model.

The fact that the sector now debates demand elasticity, international competitiveness and cost structure already signals maturity:
the market is no longer discussing whether betting will exist — but whether it will be sustainable.

Regionalization becomes mandatory strategy

Another observable shift this week is the transformation of international expansion logic.

Operators no longer speak about “entering Latin America.”
They speak about operating country by country.

Brazil leads that transition.

Key adaptations underway:

• local payment methods
• culturally contextual marketing
• sports-specific product configuration
• institutional presence

This represents structural change:
the standardized global operating model no longer functions in the region.

Latin America is no longer treated as a block market — it is a collection of domestic markets.

Marketing: from volume to legitimacy

As regulatory oversight increases and acquisition costs rise, marketing strategy evolves.

Previously: growth through maximum exposure

Now: growth through social acceptance

Operators increasingly prioritize:

• cultural storytelling
• strategic sponsorships
• responsible communication
• institutional reputation

The objective shifts from acquiring customers to justifying industry presence.

This transition typically marks markets entering the post-legalization phase.

Investor behavior changes

Brazil’s mixed signals have not discouraged investment — they have refined it.

Speculative capital tends to retreat.
Strategic capital tends to expand.

Investors now favor:

• compliance-resilient operators
• infrastructure providers
• antifraud technology
• payment solutions

In other words: less betting on explosive growth, more betting on operational sustainability.

The Latin American context

Brazil’s developments are not local — they are regional indicators.

Neighboring jurisdictions observe the country as proof of three realities:

1. achievable economic scale
2. real operational complexity
3. inevitable political pressure

Brazil has effectively become Latin America’s regulatory laboratory.

If successful → regional regulation accelerates
If unsuccessful → continental expansion slows

Conclusion: the industry enters adulthood

For years, Latin American iGaming operated on projections.
Now it operates on consequences.

Growth has materialized.
Taxation has begun.
Conflict has emerged.

The sector is no longer trying to prove its existence — it is trying to prove its sustainability.

BiS SiGMA will likely represent the first major operational adjustment moment of Brazil’s regulated era.

It will not be a conference about opportunity.
It will be a conference about equilibrium.

Between expansion and sustainability.
also taxation and competitiveness.
and politics and economics.

And the way this equation resolves will define not only Brazil’s future — but the pace of the entire Latin American betting industry.