Brazil’s Market Under Construction with BetMGM Brazil
with Daniel Xavier
Kris then turns to Brazil, one of the most closely watched emerging markets in global iGaming. Daniel Xavier, CEO of BetMGM Brazil, joins the podcast to discuss operating in a territory where regulation is still evolving.
Daniel explains that while Brazil took a long time to regulate, this allowed policymakers to learn from international best practice. He describes the current framework as robust, particularly in areas such as player protection, KYC and responsible gaming. The major challenge now, he says, is the size of the illegal market, which research suggests accounts for a significant share of total revenue.
The conversation explores tax policy, comparisons with markets like the Netherlands, and the difficulty of accurately measuring illegal activity. Daniel also addresses misconceptions around crypto usage in Brazil, noting that the vast majority of gambling transactions use Pix, a highly traceable bank transfer system.
Fraud patterns such as multi accounting and bonus abuse are discussed, alongside the role of strong KYC requirements in reducing these risks.
The segment closes with a discussion on public perception. Daniel highlights the need for education to help players understand the difference between regulated and unregulated operators, particularly in a country where gambling has long been associated with illegality. Despite these challenges, he expresses strong optimism about the market’s long-term growth.
Balancing Fraud Prevention and Player Experience with LeoVegas Group
Kris with Andrew Wright
The episode opens with a focus on fraud from an operator’s perspective. Kris is joined by Andrew Wright, Managing Director for UK and Ireland at LeoVegas Group, to discuss the challenge of securing platforms without damaging the customer journey.
Andrew explains that fraud is not only a technical or legal issue but a human one. Operators must find a balance between protection and friction, as every additional check can impact conversion and retention. Using the FIFA World Cup as a case study, he outlines how major sporting events increase fraud risk due to aggressive acquisition campaigns, welcome bonuses and a surge in new account creation.
The conversation covers how operators use behavioural indicators, payment methods, affiliates and even postcodes to assess risk and potential lifetime value before a customer places their first bet. Andrew also reflects on the pressure regulated operators face when competing with unregulated markets, where innovation can move faster due to fewer compliance obligations.
The discussion expands into the growth of black-market gambling, with references to markets such as the Netherlands, Germany and the UK. Andrew highlights how tax increases and affordability measures can unintentionally push some customers towards unregulated operators, while also acknowledging recent government efforts to address this imbalance through increased funding for enforcement.
Technology, Regulation and Fraud Trends with Globant
with Adrianna Samuels
The episode continues with a broader industry view as Kris speaks with Adrianna Samuels, Vice President and Senior Client Partner for Gaming at Globant.
Adrianna identifies fake accounts and bonus abuse as some of the most persistent and troubling fraud threats, particularly cases involving the misuse of family members’ identities. She explains why these scenarios are often harder to detect than industrial scale fraud.
The discussion moves into the effectiveness of regulatory fines, with Adrianna arguing that penalties can be insignificant for large operators but potentially devastating for start-ups. This leads to a wider conversation about whether regulation and licensing costs can act as barriers to innovation and competition, particularly in the US market.
Drawing on her experience in fraud and payments, Adrianna reflects on the importance of choosing the right technology partners early, rather than prioritising speed to market. She also discusses the limits of payment provider data sharing, domain blocking as a strategy against unlicensed operators, and the need for closer collaboration between regulators, operators and technology experts.
Fraud as an Investment Risk with Match Liquidity
with Torben Friis
The final segment examines fraud from a financial and liquidity perspective. Kris is joined by Torben Friis, Managing Director at Match Liquidity, to discuss when fraud becomes more than an operational issue and starts to affect investment confidence.
Torben explains that many businesses underestimate basic safeguards, often opting for minimum compliance solutions without fully integrating them into their operations. He describes a common reactive mindset, where companies only invest properly in fraud prevention after a serious incident has occurred.
From an investor’s point of view, Torben outlines the warning signs that indicate poor risk awareness, including weak internal controls and a lack of understanding around payment and treasury processes. He shares examples of how Match Liquidity verifies counterparties and transactions, sometimes requiring in person checks when the risk is high.
The conversation concludes with a detailed look at artificial intelligence. Torben explains how fraudsters are using AI and large language models to systematically target online casinos, exploit weak KYC processes and, in some cases, facilitate large scale money laundering. He stresses that without real time safeguards, operators can unknowingly become part of serious criminal activity.
Episode Summary
Across all conversations, the episode highlights a common theme. Fraud in iGaming is no longer confined to one department or function. It affects customer experience, regulatory strategy, technology investment and even financial stability. The discussions underline the importance of proactive prevention, informed regulation and long term thinking in an industry facing increasing complexity and global scrutiny.
