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LeoVegas AB Q4: Year-end report 2020
“Yet another record year for LeoVegas with a strong close” – Gustaf Hagman, Group CEO
fourth quarter 2020: 1 october–31 december
- Revenue increased by 13% to EUR 98.4 m (87.1). Organic growth in local currencies was 14%.
- Adjusted EBITDA was EUR 11.5 m (9.2), corresponding to an adjusted EBITDA margin of 11.7% (10.6%). Reported EBITDA includes EUR -3.5 m (5.3) in items affecting comparability.
- The number of depositing customers was 461,983 (372,032), an increase of 24%.
- Adjusted earnings per share were EUR 0.08 (0.06).
Events during the quarter
- LeoVegas was the first company in the gaming industry to offer payments via Open Banking.
- During the quarter the Group’s unique and record-large jackpot was launched under the name LeoJackPot.
- LeoVegas secured long-term and diversified financing through a combination of a bank credit facility (RCF of EUR 40 m) and a bond issue of SEK 500 m under a total framework of SEK 800 m.
- During the quarter, LeoVegas repurchased its own shares for approximately EUR 5 million.
- Ahead of the forthcoming regulation in Germany, a number of changes were implemented. This led to lower revenue during the quarter, with the greatest effect during the month of December.
- LeoVegas has changed its interpretation of the calculation of gaming taxes in Denmark for earlier periods. This resulted in a self-correction, and a one-off cost of EUR 3.5 m has been charged against EBITDA.
- Decision has been taken to migrate the Royal Panda brand to the Group’s proprietary technical platform.
Events after the end of the quarter
- Preliminary revenue in January amounted to EUR 32.5 m (29.9), representing growth of 9%.
- The Board of Directors proposes a raised dividend totalling SEK 1.60 per share (1.40), an increase of 14%, to be paid out on four occasions during the year.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
STRONG CLOSE TO 2020
LeoVegas concluded the record year 2020 with its strongest fourth quarter ever. And we did this despite frequent changes to the gaming requirements in our markets in addition to finding ourselves in the midst of a global pandemic. I am proud of our ability to quickly adapt to changed conditions through a high capacity for innovation at the same time as we are building an increasingly solid and diversified business. It is a demonstration of strength that LeoVegas delivered adjusted EBITDA growth of 25% for the full year while the operating cash flow increased almost 90 %. This was achieved despite maintaining a high investment pace with launches of new brands, new markets and product improvements.
During the fourth quarter we increased our revenue organically by 14%. Growth was mainly driven by a continued rise in depositing customers, which grew 24% to a new record level. Adjusted EBITDA increased by 25% during the quarter to EUR 11.5 m. Reported EBITDA was charged with a one-off provision of EUR 3.5 m related to a changed interpretation of the calculation of gaming taxes in Denmark for earlier periods.
MarkETS
With the exceptions of Sweden and the UK, our core markets showed high double-digit growth during the quarter. Above all I want to highlight Italy, which has now become one of our five biggest markets. During the quarter we launched the Pink Casino brand in Canada. The launch is part of our multibrand strategy, where we are utilising existing resources and our technical platform to expand through scale.
In the German market, LeoVegas has implemented a number of changes ahead of the forthcoming licence system in July 2021. As expected, this affected revenue during the period. Operators in the market are acting differently with respect to the new restrictions, and at present necessary clarity is lacking in the ongoing transitional period, which unfortunately has led to a skewed competitive situation until the licence system has been fully implemented.
TECHNOLOGY AND PRODUCTS
During the quarter we carried out and launched several major projects and innovations. In particular I want to highlight our new exclusive jackpot – LeoJackpot – where our customers can win over SEK 50 m directly from their smartphones. We were also first in the industry to offer payments via Open Banking. This will benefit LeoVegas and our customers in many ways, including through more secure and faster payments and lower transaction costs.
During the quarter we began the migration of Royal Panda to our joint technical platform. As a result, in 2021 all brands will be operated on the same platform. The migration will lead to cost synergies such as lower platform and product costs and a more efficient organisation. The decision has also resulted in impairment of intangible assets attributable to Royal Panda’s platform, which was charged against EBIT in the amount of EUR 1.9 m.
FINANCING AND INVESTMENTS
At the end of the year we secured the Group’s long-term financing needs through the combination of a renewed bank credit facility of EUR 40 m and a newly issued corporate bond of SEK 500 m.
Stable financing combined with a strong balance sheet gives us a solid base for continued expansion, both through organic initiatives and potential acquisitions. During the fourth quarter we carried out share repurchases for approximately EUR 5 m. In addition, the Board of Directors proposes an increase in the dividend to SEK 1.60 per share.
COMMENTS ON FOURTH QUARTER
Revenue for the month of January amounted to EUR 32.5 m (29.9), corresponding to annual growth of 9%. In January revenue was fully impacted by the changes carried out in Germany ahead of the forthcoming regulation.
On the tailwinds of a strong 2020 we are now looking forward to a year with many exciting growth initiatives and an even stronger customer offering.
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Bragg
ThrillTech appoints seasoned CMO to lead next phase of growth
ThrillTech, the market leader in side bet jackpot technology, today announced the appointment of Giles Potter as Chief Marketing Officer (CMO), marking a significant milestone as the company accelerates into its next phase of global growth.
Potter brings extensive experience in B2B marketing, brand leadership, and strategic growth across competitive industries.
As CMO, he will lead ThrillTech’s global marketing efforts—strengthening its market-leading position, elevating the brand, and driving demand as the company expands into new markets and opportunities.
“Bringing Giles on board is a pivotal step for ThrillTech,” said Benjamin Bradtke, Co-Founder at ThrillTech.
“We are entering an exciting growth stage, and his proven track record in building powerful brands and driving strategic marketing initiatives makes him the ideal leader to help scale our global presence.”
Potter will also oversee the build-out and optimization of ThrillTech’s marketing function, aligning closely with sales, product, and leadership teams to ensure a cohesive growth strategy.
His mandate includes refining the company’s positioning, identifying new growth opportunities, and driving innovative marketing approaches that differentiate ThrillTech in the competitive B2B landscape.
“I’m excited to join ThrillTech at such a dynamic point in its journey,” said Giles Potter.
“The company has established itself as a clear market leader, and I look forward to building on that foundation—strengthening the brand, expanding global reach, and unlocking new growth opportunities.”
Prior to joining ThrillTech, Potter was Chief Marketing Officer at Bragg Gaming Group, and has also held senior roles with Evolution Gaming, NetEnt and Red Tiger Gaming in the past decade.
ThrillTech continues to lead the evolution of side bet technology, delivering innovative solutions that drive engagement and revenue for partners worldwide.
The addition of Potter to the leadership team underscores the company’s commitment to scaling its impact and reinforcing its leadership position in the market.
About ThrillTech
ThrillTech is the market leader in side bet jackpot technology, providing cutting-edge solutions that enhance player engagement and unlock new revenue streams for partners across the gaming industry.
With a focus on innovation, performance, and scalability, ThrillTech empowers operators to deliver next-generation gaming experiences.
The post ThrillTech appoints seasoned CMO to lead next phase of growth appeared first on Americas iGaming & Sports Betting News.
Altenar
Ofensiva legislativa y el riesgo de una “Ley Seca” de las apuestas en Brasil
El debate sobre la prohibición de las apuestas de cuota fija en Brasil cobró fuerza tras la publicación de un artículo firmado por José Francisco Manssur y Marcelo Damato, que establece un paralelismo directo entre el movimiento político actual y la histórica Prohibition in the United States, implementada en 1920.
Según los autores, el intento de prohibir un mercado que ya ha sido regulado tiende a repetir errores conocidos, ya que en lugar de eliminar la actividad, la medida incentivaría el crecimiento del mercado clandestino, fortalecería a organizaciones criminales y reduciría la capacidad del Estado para controlar y supervisar el sector.
La analogía no es meramente retórica, funciona como una advertencia sobre las consecuencias no deseadas de decisiones impulsadas más por presión política que por evidencia práctica.
El texto destaca que Brasil ya ha estructurado un mercado regulado robusto, con 84 empresas autorizadas a operar apuestas de cuota fija, cada una habiendo pagado 30 millones de reales en licencias, además de realizar inversiones equivalentes para cumplir con los requisitos regulatorios.
Estas exigencias abarcan desde la presencia física en el país y estructuras de gobernanza hasta sistemas avanzados de monitoreo del comportamiento del usuario, prevención de lavado de dinero y políticas de juego responsable.
También se enfatiza el papel de la Secretaria de Prêmios e Apostas, especialmente en el bloqueo de cerca de 30.000 sitios ilegales, lo que demuestra la capacidad del Estado para actuar de manera efectiva cuando el mercado opera dentro de la legalidad.
Otro punto central del argumento es el impacto económico de una posible prohibición.
Los autores estiman que el país podría perder aproximadamente 15 mil millones de reales en 2026 solo en ingresos fiscales directos e indirectos, además de poner en riesgo empleos e inversiones ya realizadas.
También existe un riesgo significativo de judicialización masiva, con empresas buscando compensaciones por pérdidas derivadas de un cambio abrupto en las reglas del juego.
En este contexto, el texto plantea una cuestión crítica sobre la imagen de Brasil ante los inversores internacionales, ya que al abrir, regular y luego prohibir un sector en pocos años, el país enviaría una señal de alta inseguridad jurídica, con impactos que irían más allá del iGaming.
Por último, los autores cuestionan la narrativa de que las apuestas son uno de los principales factores del endeudamiento de las familias brasileñas.
Con base en datos de LCA Consultoria, el artículo señala que el gasto en apuestas representa solo el 0,46 por ciento del consumo familiar, una proporción relativamente baja en comparación con otros rubros.
Atribuir el endeudamiento exclusivamente al sector sería una simplificación de un problema estructural más amplio, que involucra crédito caro, inflación y baja educación financiera.
La conclusión es clara, la prohibición no resolvería los problemas que pretende atacar y, en cambio, generaría nuevos riesgos económicos y sociales.
Uso de las apuestas en Brasil y su impacto en el comportamiento financiero
Datos recientes de una encuesta de Datafolha permiten profundizar en el perfil del apostador brasileño y en el papel de las apuestas en la economía doméstica. El estudio, realizado con más de 2.000 personas en 117 municipios, indica que alrededor del 10 por ciento de los brasileños utiliza plataformas de apuestas o casinos online.
Entre estos usuarios, casi la mitad afirma que apuesta con el objetivo de generar ingresos adicionales, especialmente para complementar el pago de gastos mensuales, lo que refleja un cambio relevante en la percepción de la actividad.
A pesar de esta motivación, el impacto directo de las apuestas sobre el endeudamiento parece limitado cuando se analiza de forma aislada.
Solo el 1 por ciento de los encuestados declaró utilizar dinero destinado a cuentas esenciales para apostar, lo que sugiere que el comportamiento de riesgo extremo sigue siendo minoritario.
Especialistas de instituciones como la Fundação Getulio Vargas reconocen que las apuestas pueden contribuir al endeudamiento, pero subrayan que se trata de uno entre varios factores, siendo más determinantes el acceso al crédito, las tasas de interés, la inflación y el nivel de ingresos.
Al mismo tiempo, estudios internacionales como los realizados por el National Bureau of Economic Research muestran efectos indirectos relevantes.
Según estas investigaciones, cada dólar gastado en apuestas tiende a reducir el ahorro o la inversión en otros activos, lo que indica un efecto de sustitución en la asignación de recursos.
En Brasil, sin embargo, el estudio de LCA refuerza que el peso de las apuestas en el presupuesto familiar sigue siendo comparable al de categorías como el consumo de alcohol, lo que matiza la narrativa de que el sector es el principal responsable del endeudamiento.
El retroceso de Caixa y el conflicto entre estrategia económica y política pública
Uno de los episodios más emblemáticos del período fue la decisión de Caixa Econômica Federal de posponer el lanzamiento de su plataforma de apuestas hasta 2027.
La entidad estatal ya había obtenido una licencia federal y pagado 30 millones de reales para operar en el mercado regulado, además de desarrollar un plan de negocio que proyectaba ingresos de hasta 18 mil millones de reales en dos años.
Aun así, el proyecto fue detenido debido a la presión política del gobierno federal, que ha adoptado una postura más cautelosa frente a la expansión del sector.
Este retroceso expone una clara desalineación entre la estrategia comercial de la institución y la orientación política del Ejecutivo.
Mientras la Caixa veía el mercado de apuestas como una oportunidad de diversificación de ingresos y una herramienta para competir con operadores privados y combatir la ilegalidad, sectores del gobierno comenzaron a tratar el crecimiento del sector como un problema de salud pública, lo que generó incertidumbre y paralizó una iniciativa avanzada.
Más allá del impacto financiero inmediato, la decisión plantea dudas sobre la previsibilidad regulatoria en Brasil.
El hecho de que una empresa estatal se retire tras cumplir con todos los requisitos legales puede interpretarse como una señal de inestabilidad para inversores privados.
El caso también generó reacciones en el sector y está siendo analizado por el Tribunal de Contas da União, reforzando la percepción de que el entorno institucional aún está en fase de consolidación.
Entorno político, entre prohibición y regulación

El panorama político brasileño en relación con las apuestas está marcado por ambigüedad y disputa de narrativas.
Por un lado, existen sectores del gobierno y del Congreso que defienden medidas más estrictas, incluyendo la prohibición total.
Por otro, líderes políticos relevantes, como José Guimarães, reconocen que esta medida difícilmente tendría apoyo suficiente, indicando que el Congreso está más dispuesto a discutir ajustes regulatorios que a eliminar el sector.
Esta división refleja una tensión entre preocupaciones sociales e intereses económicos.
El gobierno ha implementado medidas para restringir el acceso de poblaciones vulnerables, como el bloqueo de beneficiarios de programas sociales y la introducción de herramientas de autoexclusión.
Al mismo tiempo, mantiene el marco regulatorio y fiscal, reconociendo su importancia para la recaudación y la formalización del mercado.
En el Congreso, el debate seguirá intensificándose con proyectos que abordan tanto restricciones como mejoras regulatorias.
La percepción predominante es que Brasil avanzará dentro de un modelo regulado, aunque con mayor rigor, lo que apunta hacia la consolidación del mercado en lugar de su eliminación.

Eventos del sector ganan impulso en 2026
La agenda de eventos de iGaming en Brasil continúa expandiéndose en 2026, consolidando al país como un hub clave en América Latina.
Tras el BiS SiGMA South America 2026, realizado del 6 al 9 de abril en el Transamerica Expo Center, se anunciaron nuevos encuentros estratégicos como el BiS SiGMA Brasília 2026, previsto para el 2 y 3 de junio, y el BiS SiGMA João Pessoa 2026, programado para septiembre.
Estos eventos reflejan una tendencia de descentralización y profundización del debate, llevando temas de regulación e innovación más allá de los centros tradicionales.

En paralelo, el CGS Brasília 2026, que se celebrará los días 5 y 6 de mayo en el Hotel Royal Tulip Brasília, reunirá a ejecutivos, operadores y reguladores en torno a temas como compliance, publicidad responsable y prediction markets.
El volumen y la diversidad de estos encuentros evidencian una mayor madurez del sector, con foco creciente en gobernanza, regulación y sostenibilidad, en un contexto político todavía incierto.
Altenar refuerza su presencia institucional en América Latina

En el ámbito corporativo, uno de los movimientos destacados fue la entrada de Altenar en la CIBELAE.
Fundada en 1988, la organización reúne operadores de loterías y reguladores de América Latina, España y Portugal, actuando como un foro clave para la cooperación y la promoción del juego responsable.
La adhesión representa un paso estratégico en la consolidación de la empresa en mercados regulados, especialmente en América Latina, donde el crecimiento viene acompañado de desafíos como la fragmentación regulatoria y la necesidad de localización.
Al integrarse a la entidad, Altenar fortalece su diálogo institucional y su participación en el desarrollo del sector.
La compañía destaca su enfoque en flexibilidad y escalabilidad tecnológica, permitiendo a los operadores adaptarse a cambios regulatorios y condiciones locales.
Este posicionamiento es especialmente relevante en Brasil, donde el marco regulatorio aún está en evolución.
Además, la participación en CIBELAE refuerza su alineación con estándares internacionales y organizaciones como la World Lottery Association, reflejando una tendencia más amplia hacia la institucionalización del sector y la integración entre actores globales y mercados locales.
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Altenar
Legislative offensive and the risk of a “Prohibition era” for betting in Brazil
The debate over banning fixed-odds betting in Brazil has gained momentum following the publication of an article by José Francisco Manssur and Marcelo Damato, which draws a direct parallel between the current political movement and the historical Prohibition in the United States implemented in 1920.
According to the authors, the attempt to ban a market that has already been regulated is likely to repeat well-known mistakes: rather than eliminating the activity, such a measure would encourage the growth of the black market, strengthen criminal organizations, and reduce the State’s ability to control and supervise the sector.
The analogy is not merely rhetorical,it serves as a warning about the unintended consequences of decisions driven more by political appeal than by practical evidence.
The article highlights that Brazil has already structured a robust regulated market, with 84 companies authorized to operate fixed-odds betting, each having paid BRL 30 million in licensing fees, in addition to making equivalent investments to comply with regulatory requirements.
These requirements range from maintaining a physical presence in the country and governance structures to implementing advanced systems for user behavior monitoring, anti-money laundering measures, and responsible gambling policies.
The role of the Secretariat of Prizes and Betting (SPA) is also emphasized, particularly its success in blocking around 30,000 illegal websites, demonstrating the State’s capacity to act effectively when the market operates within legal boundaries.
Another central point of the argument is the economic impact of a potential ban.
Manssur and Damato estimate that the country could lose approximately BRL 15 billion in 2026 in direct and indirect tax revenues alone, in addition to jeopardizing jobs and investments already made.
There is also a significant risk of large-scale litigation, with companies seeking compensation for losses resulting from an abrupt regulatory shift.
In this context, the article raises a critical question about Brazil’s image among international investors: by opening, regulating, and then prohibiting a sector within a few years, the country would signal a high level of legal uncertainty, potentially affecting not only iGaming but the overall business environment.
Finally, the authors challenge the narrative that betting is one of the main drivers of household indebtedness in Brazil. Based on data from LCA Consultoria, the article points out that betting expenditures account for only 0.46% of household consumption, a relatively low share compared to other expenses.
Therefore, attributing indebtedness solely to the sector would be an oversimplification of a broader structural issue involving expensive credit, inflation, and low financial literacy.
The conclusion is clear: prohibition would not solve the problems it aims to address and would instead create new economic and social risks.
Betting usage in Brazil and its impact on financial behavior
Recent data from a survey conducted by Datafolha provides deeper insight into the profile of Brazilian bettors and the role of betting in household finances.
The study, which surveyed more than 2,000 individuals across 117 municipalities, indicates that around 10% of Brazilians use online betting platforms or casinos.
Among these users, nearly half (46%) report betting as a way to generate additional income, particularly to help cover monthly expenses.
This finding reflects a significant shift in perception, as betting is no longer viewed solely as entertainment but also, for part of the population, as an economic tool.
Despite this motivation, the direct impact of betting on indebtedness appears to be limited when analyzed in isolation.
Only 1% of respondents reported using money allocated for essential bills to place bets, suggesting that extreme risk behavior remains relatively rare.
Experts, including representatives from Fundação Getulio Vargas, acknowledge that betting can contribute to indebtedness but emphasize that it is only one of several factors.
Elements such as access to credit, high interest rates, inflation, and income levels remain far more significant drivers of financial distress.
At the same time, international studies, such as those conducted by the National Bureau of Economic Research, highlight indirect effects.
According to these analyses, every dollar spent on betting tends to reduce savings or investment in other financial assets, indicating a substitution effect in resource allocation.
In Brazil, however, LCA’s findings reinforce that betting’s share of household budgets remains comparable to categories such as alcohol consumption, which helps contextualize and moderate claims that the sector is a primary cause of indebtedness.
The overall picture is therefore more complex and calls for a balanced, data-driven regulatory approach.
Caixa’s retreat and the conflict between economic strategy and public policy
One of the most emblematic developments during this period was the decision by Caixa Econômica Federal to postpone the launch of its betting platform until 2027.
The state-owned bank had already secured a federal license and paid BRL 30 million to operate in the regulated market, as well as developed a business plan projecting revenues of up to BRL 18 billion over two years.
Nevertheless, the project was halted due to political pressure from the federal government, which has adopted a more cautious,and in some cases critical,stance toward the expansion of betting in the country.
This retreat exposes a clear misalignment between the institution’s commercial strategy and the government’s political direction.
While Caixa viewed the betting market as an opportunity to diversify revenue streams and compete with private operators while also combating illegal gambling, segments of the government began framing the sector’s rapid growth as a public health issue.
This shift in narrative created uncertainty and ultimately stalled an initiative that was already in an advanced stage of implementation.
Beyond the immediate financial impact, the decision raises broader concerns about regulatory predictability in Brazil.
The fact that a state-owned entity stepped back after fulfilling all legal requirements and investing in the sector may be interpreted as a sign of instability by private investors.
The case has also triggered reactions from industry associations and is being reviewed by oversight bodies such as the Tribunal de Contas da União, reinforcing the perception that the institutional environment is still evolving.

Political environment: between prohibition and regulation
Brazil’s political landscape regarding betting is marked by ambiguity and competing narratives. On one side, there are factions within the government and Congress advocating for stricter measures, including the possibility of a full ban on fixed-odds betting.
On the other, key political leaders acknowledge that such a measure would likely lack sufficient support to pass. José Guimarães, for example, has stated that Congress appears more willing to discuss regulatory adjustments than to eliminate the sector altogether.
This divide reflects a broader tension between social concerns and economic interests.
The government has implemented measures to restrict access to betting among vulnerable populations, such as blocking beneficiaries of social programs and introducing self-exclusion tools.
At the same time, it maintains the sector’s regulatory and tax framework, recognizing its importance for revenue generation and market formalization.
The development of new public policies aimed at preventing gambling addiction also suggests a middle-ground approach that seeks to mitigate risks without dismantling the industry.
In Congress, debates are expected to intensify in the coming months, with legislative proposals addressing both restrictions and further regulatory refinements.
The prevailing perception, however, is that Brazil will continue advancing within a regulated model, albeit with adjustments and stricter oversight.
While short-term uncertainty remains, the structural direction points toward consolidation rather than elimination.

Industry events gain momentum in 2026 and expand regulatory debate in Brazil
The iGaming events calendar in Brazil continues to expand significantly in 2026, consolidating the country as a major hub for industry discussions in Latin America.
Following the BiS SiGMA South America 2026, held from April 6 to 9 at the Transamerica Expo Center, the calendar has been extended with new strategic gatherings throughout the year.
Among them are the BiS SiGMA Brasília, scheduled for June 2–3, and the BiS SiGMA João Pessoa, planned for September (dates yet to be confirmed).
These events reflect a clear trend toward decentralization and deeper engagement, bringing discussions on regulation, innovation, and industry development beyond traditional hubs.
In Brasília, the choice of the federal capital underscores the importance of institutional dialogue at a critical moment for the market’s regulatory future.
Meanwhile, the João Pessoa edition is expected to focus on state lotteries and regional market dynamics, broadening the understanding of Brazil’s internal diversity.

At the same time, the CGS Brasília 2026 is positioning itself as a key executive forum, taking place on May 5–6 at the Hotel Royal Tulip Brasília.
The event will gather C-level executives, operators, suppliers, and regulators for an extensive agenda of thematic panels.
Key topics include the impact of regulation, responsible advertising, prevention of illicit activities, legal certainty, and the role of prediction markets.
The program also features discussions on compliance, civil liability, and communication strategies, along with networking sessions and technical workshops.
The scale and diversity of these events highlight not only the sector’s growth but also its increasing maturity, with a stronger focus on governance, regulation, and sustainability.
In a still uncertain political environment, these conferences play a central role as platforms for strategic alignment among industry stakeholders.

Altenar strengthens institutional presence in Latin America through CIBELAE membership
On the corporate front, one of the notable developments was the entry of Altenar into CIBELAE (Corporación Iberoamericana de Loterías y Apuestas del Estado). Founded in 1988, the organization brings together lottery operators and regulatory bodies from across Latin America, Spain, and Portugal, serving as a key forum for collaboration, best practices, and the promotion of responsible gaming standards.
Altenar’s membership represents a strategic step in consolidating its presence in regulated markets, particularly in Latin America, where rapid growth is accompanied by challenges such as regulatory fragmentation, evolving compliance requirements, and the need for strong localization.
By joining CIBELAE, the company enhances its engagement with institutional stakeholders, contributing to the sustainable development of the industry.
According to the company, its competitive edge lies in the flexibility and scalability of its technology, enabling operators to adapt quickly to regulatory changes and local market conditions.
This positioning is especially relevant in Brazil, where the regulatory framework is still evolving and requires solutions that balance strict compliance with operational efficiency.
Furthermore, participation in CIBELAE reinforces Altenar’s commitment to international standards of integrity and collaboration, aligning with organizations such as the World Lottery Association.
This move reflects a broader industry trend toward greater institutional integration between global players and local markets, aimed at ensuring sustainable growth in an increasingly regulated and competitive environment.
The post Legislative offensive and the risk of a “Prohibition era” for betting in Brazil appeared first on Americas iGaming & Sports Betting News.
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