Hello, on Gaming&Co today:
Election time: Brazil’s President takes aim at online betting
Rhino best: Betsson strikes €64.5m deal for Canada-focused B2C business
Going Dutch: KSA issues record fine to unlicensed operator
Search me: Gambling.com Group to diversify away from SEO, Partouche keeps performing despite Berck-sur-Mer dispute
News shorts: Stake, William Hill, Kaizen, EveryMatrix
Subscribe to Gaming&Co!
Brazil’s President criticises iGaming regulations of 2025
Well-worn tactic likely to be guided by presidential elections set for October
No tropicalia: Industry figures have reacted with dismay at comments by Brazil President Luiz Inácio Lula da Silva that he will “work with the Congress and put an end to virtual casinos” and ban online betting. During a speech celebrating International Women’s Day (IWD) on 7 March, ‘Lula’ criticised the introduction of the regulatory framework that legalised online sports betting and gaming in January 2025.
Although “most addicts are men, the burden falls on women. It’s the money for food, rent and children’s school that disappears on the cell phone screen,” he said. “Let’s work together, uniting the government, Congress and the judiciary, so that these digital casinos don’t continue to indebt families and destroy homes.”
Eye of the tiger: The regulations were introduced by Lula’s Workers’ Party (PT), and, singling out the game ‘Tigrinho’, a popular slot game themed after a baby tiger, he added: “Casinos are prohibited in this country. It makes no sense that the tigrinho game is permitted. We want to work with Congress and put an end to this.”
Triple B rating: SBC News reported that the attacks could be motivated by the presidential elections that are set to take place in October, with the PT “returning to its trusted campaign slogan of ‘BBB-Tax – on Billionaires, Bankers and Bets’”.
Indeed, since early this year, Lula has been increasingly vocal about the rapid expansion of online betting, despite the newly regulated regime providing R$9.9bn (€1.65) in taxes to government coffers in 2025.
Who needs friends like this: In February, the President proclaimed that he was “no friend to the gambling industry” and suggested that Brazil’s laws may need to be tightened significantly.
Industry executives told iGB his latest comments were “disrespectful” to companies that had invested in the market and that the only beneficiaries of a crackdown or ban would be unregulated operators.
“I struggle to believe that someone as smart as [Lula] will not know that the players are going to end up in the unregulated market,” said Atucha Strategic Advisory founder and CEO Ramiro Atucha. “All the problems they are listing are to do with unregulated operators, not with regulated operators.”
Brazilian licence fees cost operators around €5m and, according to the Secretariat of Prizes and Betting (SPA), there are 84 regulated companies in Brazil, with the market generating close to €6bn in GGR in 2025.
The Conexus Group is dedicated to driving growth and success across the global iGaming industry, including helping land-based and retail casinos transition online. Our key brands — Pentasia, Partis, iGaming Academy, and Incline — deliver specialised human capital solutions, M&A advisory, strategic consulting, training and managed services.
Conexus builds long-term relationships and provides deep sector knowledge, including expertise in the French market, to solve complex challenges. By orchestrating these services under one group, Conexus offers clients a streamlined partnership for enhanced performance and sustainable success.
Contact us for more information.
Betsson to acquire Rhino’s B2C operation in Canada for €64.5m
Acquisition also includes B2B assets as Stockholm-listed group aims to boost licensing revenue
On the charge: Betsson has continued its M&A drive by agreeing to acquire the Malta-based, Canada-licensed Rhino Entertainment Group alongside a suite of B2B technology assets in a deal valued at €64.5m. The transaction implies a multiple of 4.7x EV/EBITDA based on the target’s 2025 pro-forma results, with the assets generating about €13.7m in EBITDA.
Rhino operates several casino brands globally, including Casino Days, Lucky Spins and Big Boost Casino, which serve Canadian players through locally licensed operations.
In addition to the consumer brands, Betsson will acquire Rhino’s proprietary front-end and middleware technology, which the group plans to integrate into its B2B platform to drive additional licensing revenue.
Completion of the acquisition is expected in Q2 or Q3 2026, subject to regulatory approval. The deal will see Betsson make an upfront payment of €51.3m, with the remainder provided via a deferred payment six months after the acquisition closes.
Betsson operates its Betsafe sportsbook brand in Canada, but withdrew from the US B2C market in September 2024, shutting its Betsafe operation in Colorado. At the time, the company stated the US launch was planned primarily to showcase the operator’s sportsbook as a shop window for driving B2B business.
BetMGM signs Survivor casino deal with Banijay distribution arm
Partnership follows hot on the heels of Banijay Entertainment merger with All3Media
I will survive: BetMGM has partnered with content studio Jogo Global and Banijay Rights, the global distribution arm of Banijay Entertainment, to secure exclusive rights to develop online casino games based on the long-running reality TV franchise Survivor. The agreement allows BetMGM to use the Survivor brand across casino games as well as marketing and promotional initiatives.
As part of the partnership, BetMGM and Jogo Global will co-create at least 10 Survivor-themed titles for the operator’s online casino platform. The rollout began this week with the release of Survivor Triple Challenge and Survivor - Outwit - Outplay - Outlast, with additional games planned throughout the month.
Earlier this month, Banijay Entertainment merged with All3Media to become “a global media and entertainment powerhouse”. The move followed last October’s announcement of a merger between Banijay Group’s betting brand Betclic and Tipico, although CEO François Riahi this month revealed the integration between the two operators would not take place until after the World Cup.
Founded in 2005, Play’n GO is a global leader in casino entertainment, known for iconic games like Book of Dead and Reactoonz. A pioneer in mobile gaming, the company delivers 350+ premium titles across 30+ regulated jurisdictions. Committed to a fun, responsible iGaming industry, Play’n GO collaborates with operator partners, regulators, and researchers to provide the world’s greatest casino gaming experience. Having expanded into music via its Play’n GO Music brand, Play’n GO is also a proud partner of MoneyGram Haas F1 Team. For more info, visit www.playngo.com
Diversification drive pays off for Gambling.com
Importance of sports data and rev share deals will only increase, says group managemen
Good optics: Ongoing diversification and international (ex-US) growth will be key focus points for the affiliate and data group Gambling.com in 2026 as it continues to expand its non-SEO activities, COO Kevin McCrystle told analysts as the company enjoyed a 31% annual rise in Q4 to record revenues of $46.2m “primarily due to the contribution from OpticOdds and OddsJam”. McCrystle added that signing revenue share agreements rather than fixed fee deals for its data companies would also be a focus as these could be “materially more lucrative than fixed fees”.
Predictable importance: “Prediction markets are also important” and will feature heavily in the company’s roadmap, he added. “They’ve unleashed an explosion of entrepreneurial activity with new faces from traditional tech and finance now entering the space and they are also an opportunity for consumer product innovation on OddsJam,” said McCrystle.
Bottle it up: CEO Charles Gillespie added that prediction markets would dovetail nicely with the group’s data activities. Although legal issues around them “were not going away” and “will ultimately go to the Supreme Court”, business and consumer interest also meant “the genie’s out of the bottle”. “It’s very clear that there is demand for this and people like the product. So I think it’s here to stay,” he added.
Gillespie also praised the Genius Sports-Legend acquisition and said it highlighted “the synergies between sports data and marketing assets. I’m pursuing the same strategy (Genius Sports), but in reverse. We started with marketing, and we see sports data services as extremely interesting and (full of) potential advantages to come at it with fresh technology.”
The impact of OpticOdds and OddsJam was clear as sports data revenue grew 440% YoY and 29% QoQ to $11.8m. Marketing revenues increased 4% YoY to $34.4m and adj. EBITDA was up 5% to a record $15.5m in Q4.
Partouche Q1s perform despite Berck-sur-Mer dispute
Repo men: Groupe Partouche said the city of Berck-sur-Mer in northern France had “taken possession of the casino building in the context of the ongoing asset-protection” case between the two parties and that it was preparing to open its Partouche Casino Club in Paris in the spring.
The gaming clubs are only found in Paris and operated under an experimental status since 2018, but French authorities recently confirmed their legal status. They operate table and poker games, but no slot machines. Partouche said it was hopeful that roulette would be allowed in the near future.
The group’s Q1 results showed its GGR rising 3.4% YoY to €189m, with France generating €166.4m of the figure, while its online activities in Switzerland were up 23.6% to €8m. After levies and taxes, NGR increased 3.2 % to € 105.5m.
KSA issues record fine to unlicensed operator
Novatech hit with €24.8m sanction by Dutch regulator - but will it pay?
Record breakers: The Dutch gambling regulator KSA has imposed a €24.8m fine on offshore operator Novatech for offering illegal online gambling services to players in the Netherlands. The penalty is the largest ever levied against an unlicensed operator in the country.
Investigators found that Novatech’s platforms allowed Dutch consumers to register accounts, deposit funds and place bets despite the company holding no local licence.
Novatech operates gambling sites including Qbet.com and 55Bet.com, both of which were found to be accessible from the Netherlands without effective geo-blocking measures.
KSA chair Michel Groothuizen said the fine was limited by Dutch law, which caps penalties at 10% of a company’s global turnover. According to the regulator, Novatech generated hundreds of millions of euros from its illegal offering and the penalty could have exceeded €100m without the statutory limit.
Industry observers, however, questioned whether the KSA would be able to force Novatech to pay the fine. Chris Welch, former chief commercial officer at LeoVegas, wrote on LinkedIn: “All of these fines KSA issues; I don’t recall seeing any being paid but I could be wrong.”
Kambi is a leading provider of premium sports betting technology and services, empowering operators worldwide with cutting-edge sportsbook products. Renowned for its powerful data-driven sportsbook platform, flexible modular technology and proven risk management, Kambi helps partners deliver world-class betting experiences. With a focus on integrity, innovation and scalability, Kambi drives sustainable growth for regulated operators across global markets. Discover how Kambi can elevate your sportsbook offering — visit Kambi.com to learn more.
News shorts
Crypto-based operator Stake has signed up former Chelsea star Eden Hazard as a global brand ambassador as the company ramps up marketing activity ahead of the World Cup in the summer. The ex-Belgium international will feature in campaigns across Stake’s digital channels, with the firm pointing to his global appeal and social media reach of more than 58 million followers. Stake’s best known ambassador is rapper Drake, who regularly posts about huge bets placed with the operator.
UK bookmaker William Hill said day two of Cheltenham on Wednesday was its “best ever day at the Festival” as a series of favourites failed to win at the flagship horseracing event. The operator said it’s expecting turnover to “go into eight figures” on Friday, when the Gold Cup is run. A spokesman said Harry Redknapp’s horse in the race, The Jukebox Man, is a “key horse for us to get beat on Friday”.
Kaizen Gaming has acquired GameplAI, a supplier of AI-based sports trading and analytics services to boost the offerings of its in-house Betano brand. The transaction amount was not disclosed but contacts have put forward a range of €40-€60m. GameplAI works with operators such as Superbet and Betsson and said it will continue doing so. However, some industry observers have questioned whether those brands will want to continue working with the group since its acquisition by such a major B2C rival.
EveryMatrix has won the tender to supply the Danish retail and online sports betting operator Cashpoint. The iGaming platform provider will supply its betting and gaming technology to Cashpoint, which is part of the German group Merkur, and operates 230 retail outlets in the country. Launch is scheduled for this year. The agreement is the second major deal signed by Every Matrix in Denmark after its recent agreement with Danske Spil.
Calendar
Results: Mar 19: Bragg Gaming, Mar 30: Gaming Realms
Contact
Get in touch with Jake Pollard to find out more about Gaming&Co: jake@gamingandco.info