Comtrade Gaming CCO on Brazil fallout, AI and new market launches

Uncertainty over Brazil's gambling market overshadowed much of the SBC Summit in Lisbon this year, according to Steven Valentine, chief commercial officer at Comtrade Gaming, the Slovenia-based platform provider.

Speaking to Yogonet on the sidelines of the event, Valentine said recent developments in Brazil had changed the dynamics of the show. Several Brazilian operators who had meetings scheduled did not travel, he said, because they were dealing with the situation at home.

What is happening in Brazil

Brazil opened a regulated betting and gaming market in 2025, but the sector has since faced fresh scrutiny. Valentine said opinions vary widely on how long the current uncertainty will last, with many in the industry expecting the Senate to rule on the matter within around six months, partly because it will not sit for two months over Christmas.

He raised a broader question facing the market: what happens if a ban on regulated operators remains in place. A gambling market existed in Brazil before regulation, he noted, and it is unclear whether that earlier market would simply resume if the regulated sector disappears.

Payments, not just websites, may decide the black market's fate

Valentine said the clearest threat to unlicensed operators in Brazil is not enforcement against websites but a crackdown on payment providers. New laws reportedly include prison sentences for people or companies facilitating payments to unlicensed gambling sites.

Payments have always been relatively easy and straightforward in Brazil. But some of the laws surrounding this now include prison sentences for payment providers or people facilitating payment services.Steven Valentine, Chief Commercial Officer, Comtrade Gaming

He said the change is likely to benefit operators and players using cryptocurrencies while making life harder for sites relying on traditional fiat payment methods. Black-market sites are already increasing in number, he said, but the ease of paying them may not last.

Player retention after the World Cup

Beyond Brazil, Valentine addressed the challenge of retaining players acquired during the World Cup. He said the tournament was a strong driver of new sign-ups but did not necessarily deliver the gross gaming revenue operators had hoped for, underlining that acquisition alone does not equal profit.

Comtrade Gaming has expanded its own customer relationship management and gamification tools to help operators maintain contact with players even when they are not actively gambling, Valentine said, aiming to build daily engagement with an operator's brand.

Pressure on platform providers and the role of AI

Valentine said the market for platform suppliers has become harder, with some listed vendors pivoting towards consumer-facing business or aggregation because their business-to-business operations are struggling. Falling valuations across the sector, he said, mean investment capital could shift away from gaming altogether, making it increasingly difficult for companies to keep operating at a loss.

On artificial intelligence, Valentine described its current value in the industry as largely operational: faster integrations and software development for vendors, and AI agents handling customer service and data analysis for operators. With taxes rising and margins under pressure, he said, AI offers a way for operators to protect their bottom line without adding headcount.

Expansion into new regulated markets

Valentine said Comtrade Gaming is in the process of several client migrations onto its platform and plans to enter additional regulated markets, including Finland, New Zealand and a number of other European jurisdictions. He framed this as evidence the company is moving beyond licensing groundwork into live commercial operation with operators.

The comments come as suppliers across the industry weigh how to balance expansion into newly regulated markets against the ongoing uncertainty in established ones such as Brazil, where regulatory decisions can quickly alter commercial plans.