Canada
Betting Sites: US Vs. EU Gambling Laws
Still a major taboo for some, mostly those in governmental power. Casinos and gambling, the two words that strike fear into the political heart. We take a look at two sides of the argument when it comes to the legalization of gambling and licensing casinos, both online and as land-based establishments.
We will be reviewing the American stance on the gambling industry, and that of the EU’s position. What are the differences, why is there a gulf in approach, how licenses are able to work and how it has an effect on players on both sides of the pond?
Why the issues with gambling?
We all know the terms that it’s a political hot potato, no one really wants to deal with it or handle it. For a government to openly say they support gambling is voter suicide. So, when it comes to the allowance of casinos and betting sites how is it that there is a form of unspoken agreement, as long as it’s not overly in the public eye?
Orla Byrne, Editor-in-Chief of BetinIreland, spoke of the issues of unclear communication between governments and the public regarding the interest of betting sites.
“In Ireland, there is a huge betting community and interest especially with sport, most noticeably the Irish horse racing out here. With no communication, it’s the player that suffers most. From not having the guidance to legal sites, to falling foul of gambling addiction and not knowing how to seek help. Our service steps in to make sure players in Ireland are fully aware of what can and cannot be done and we’re proud to help people find licensed casinos that can support Irish players.”
On an economic basis and from this standpoint, gambling is a massive contributor to taxes if they are imposed by a government. Revenues can reach high into the billions and this is much needed income for certain countries.
Gambling, betting, playing, however, you paint the activity, tell people you do this and there is an unease, so ingrained into us that it’s bad, it is a taboo that will long remain.
What does betting offer?
From a player’s perspective, betting online offers an abundance of services. Betting online can be free in cases of bonuses. When you join an online casino, a welcome bonus is granted to new players that make their first deposit to play. Inside the betting sites, you have a huge selection of games, offering the best games and sports markets to place your bets on. The customers can stake their money on more sports and markets than what they can do at the local bookmaker, that’s if there are any local bookmakers for the public to use.
Casinos online and betting sites have fewer restrictions, and in the area of banking, a customer can have many ways of depositing into their casino account and withdrawing.
These are just standard elements of betting, but on a personal level, betting is an escape, a means of enjoyment and entertainment, and for some, it is a source of income that could be much needed.
Even with free games, there is still an interest in playing despite free options being mainly demo games with no real cash reward, but so entertaining are they, people will still play games with no real return.
Betting is different, there is the reward, it’s something beyond simple casino gaming, there is an element of knowledge involved. It puts punters in a position not that of the player versus the bookmaker, but they become the team they are backing. It’s more personal this way, especially if they are personally invested in a sporting team.
With betting sites online, there is the added appeal of live streaming, you can bet on games in real-time and place in-play bets during a game with fluctuating odds. Because the platform of betting is global, no days pass without some form of sporting fixture taking place. It really is a world of betting that lasts 365 days of the year.
The Laws in the USA
When it comes to the US laws on gambling, you first might think they are somewhat relaxed given that the entire state of Las Vegas is the mecca of gambling in the world. This is not the case and a huge misconception.
The laws in the US are similar to a few other countries, Canada, Australia, and India to name a few.
In the United States of America, you have federal law and state law. The federal laws are made by the overseeing government and the Senate, when it comes to state law, these are controlled and ordered by that one state alone.
At a federal level gambling is banned, online and offline. So, how does Las Vegas even exist? Well, this is where the state takes control. The governor of Nevada state will overrule the federal law and control the state of gambling within that area. They can, to a degree, allow for online gambling, however, often is the case that when local law controls all i.e lotteries and casinos, they do not want individual businesses taking business away from the state, especially if you can tax people who win.
So, what about the US Powerball? The US Powerball Lottery which covers 45 states is a multi-state lottery association, again, bypassing federal law.
In Canada, this is the same with their provinces, and with the states inside India.
So, what is the catch? Well, the catch is that US laws are only bound to US soil. The internet is a far too complex an entity when trying to write it into law. At most, you can stop foreign casinos from advertising, that is clear enough. They cannot, however, stop players from using foreign casinos. This is the loophole in the law that actually makes it legal for players inside of America to gamble inside of casinos online that are registered and licensed outside of the US borders. Those casinos then benefit from not having to pay business tax, get millions of players and the US lose out because of the political hot potato that the religious sect of America would frown on and take their votes away.
The Laws in the EU
In the EU, there is no one specific rule of law to say all is accepted. With it being a Union, countries like the states of America can make their own laws. This is the TFEU treaty of the EU rule, and to give it the full name, Treaty on the Functioning of the European Union. Gambling has the freedom to be provided as a service or business in another EU country.
For the laws on online gambling, there is a similar diversity regulatory framework that allows for business in this field as long as it is compliant with the EU laws and that of the national regulator.
In the EU there are only a handful of licensing regulators, the Gibraltar Regulatory Authority, the Malta Gaming Authority and formally of the EU, the UK Gambling Commission.
Of many of the sites you will find online, most will be licensed by the Malta Gaming Authority. The service of a casino licensed by such a body is able to serve any nation it wishes, it is merely down to the casino to set its own banking requirements as it would be for any online business to arrange the banking setup of foreign currencies.
This forms a complete circle of service as these are the very casinos that players from the US are able to join and play in.
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Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.
Fourth Quarter 2025 Financial Highlights:
• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:
• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;
• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;
• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and
• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and
• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.
• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.
Full Year 2025 Financial Highlights:
• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.
• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.
Fourth Quarter 2025 and Recent Business Highlights:
• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.
• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.
• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.
• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.
• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.
• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).
Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”
Board Changes
The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.
Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.
“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.
2026 Outlook
The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).
The post Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues appeared first on Americas iGaming & Sports Betting News.
Media Troopers is positioning itself for entry into Alberta’s soon-to-launch regulated online gambling market through a strategic partnership with Canadian law firm Segev LLP.
The collaboration will see the affiliate marketing and customer acquisition specialist work closely with legal experts Ron Segev and Alon Segev to navigate the province’s evolving regulatory framework. The firm will advise on compliance, licensing readiness, and market entry strategy as Alberta finalises its iGaming model.
Alberta is set to become only the second Canadian province to regulate commercial online gambling, following the launch of Ontario’s market in 2022. The province took a major step forward with the passage of the iGaming Alberta Bill, which establishes a legal framework for private operators and introduces the Alberta iGaming Corporation to oversee the sector.
This regulatory shift is expected to open significant opportunities for operators and service providers alike, particularly as Canada’s iGaming landscape continues to expand. Industry observers often point to Ontario’s rollout as a benchmark, with oversight from bodies such as the Alcohol and Gaming Commission of Ontario, which has helped shape standards around licensing, compliance, and player protection.
As part of its expansion strategy, Media Troopers aims to support licensed operators entering Alberta with localized marketing solutions, including affiliate partnerships and compliance-led acquisition strategies tailored to the province’s regulatory requirements.
Commenting on the development, Shmulik Segal, CEO of Media Troopers, said:
“Alberta represents one of the most exciting emerging regulated markets in North America.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
Segal added:
“Canada’s iGaming market continues to evolve rapidly. Our goal is to be fully prepared to support operators entering Alberta from day one.”
The move highlights a broader trend in North America, where affiliate and marketing firms are increasingly aligning with legal and regulatory specialists ahead of market openings. This approach not only reduces compliance risk but also allows companies to establish early positioning in newly regulated jurisdictions.
For more on Canada’s evolving iGaming landscape, see Europa Gaming’s coverage of Ontario iGaming Market Launch and North America Gambling Regulation.
With Alberta’s framework nearing completion, early movers like Media Troopers are aiming to replicate the success seen in Ontario—where strong compliance foundations and localised strategies have proven critical to long-term growth.
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
The leading digital marketing and customer acquisition group Media Troopers has announced it’s gearing up to join Alberta’s upcoming iGaming-regulated market by partnering with Alon Segev, Managing Partner and Ron Segev, founder of Canadian gaming and betting law firm Segev LLP.
Alberta will become Canada’s second province to regulate commercial online gambling, following Ontario in 2022. The province passed the iGaming Alberta Bill last May, which brought with it a framework to allow operators to enter the province and the creation of a new iGaming regulator, the Alberta iGaming Corporation.
As part of Media Troopers’ strategic entry into the new sector, it has partnered with Segev, who will advise the company on regulatory strategy, compliance requirements, and market readiness as Alberta finalizes its operational and licensing framework.
“Alberta represents one of the most exciting emerging regulated markets in North America,” said Shmulik Segal, CEO of Media Troopers.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
As with Ontario’s competitive market, Media Troopers is dedicated to supporting licensed operators in Alberta with localized marketing channels, affiliate partnerships, and compliance-structured acquisition strategies.
“Canada’s iGaming market continues to evolve rapidly,” Segal added. “Our goal is to be fully prepared to support operators entering Alberta from day one.”
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Americas iGaming & Sports Betting News.
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