Author: Tenstar Team

Curaçao Gaming Authority Launches Temporary Portal
The Curaçao Gaming Authority has permanently discontinued its online licensing portal and replaced it with a temporary system, after a data breach exposed more than 40,000 confidential documents belonging to licensed gambling companies.
In a press release issued on Monday, the CGA said it planned to launch a temporary replacement of the system on Tuesday in response to the breach.
The move affects licensing and supervisory processes for hundreds of operators and suppliers that rely on Curaçao authorisation.
What happened
The breach was discovered on 17 September when CGA investigators determined that a security researcher from Germany had gained unauthorised access to the authority’s licensing portal and its database.
The intruder had accessed and published personal and confidential information belonging to licence holders, with the unauthorised access said to have occurred between December 2025 and September 2026.
The CGA said the affected portal and its supporting database were managed by an external provider.
Trade press reporting has linked the breach to Berlin-based researcher Lilith Wittmann, who used an access-control vulnerability to hold administrative-level access to the system for roughly nine months before the leak surfaced publicly. The resulting archive, covering companies licensed as of December 2025, included ownership declarations, licence applications, passports, tax records and the regulator’s own internal assessments.
Following the breach and subsequent investigations, the CGA decided to stop using the existing portal and terminate the provider’s regulatory services permanently, launching a carefully tested temporary portal on 19 October to allow licensing work and supervisory tasks to continue.
The regulator also confirmed it reported the breach to authorities in Curaçao, Germany and the Netherlands, hired specialist firms to remove leaked information from the internet and commissioned an independent technical investigation into the incident.
The CGA said it is also considering civil legal action.
Why it matters
For operators holding Curaçao licences, the immediate practical concern is continuity of service during the transition rather than the validity of existing authorisations.
Existing license holders are not expected to be affected while a new platform is introduced, but the move ends the current application system and related services.
Firms with applications mid-process face uncertainty over processing timelines until the regulator’s permanent internally managed system is in place.
The reputational dimension is arguably more significant than the operational one.
The leak exposed tens of thousands of confidential documents, including owners’ names, licence applications and the regulator’s own assessments, with passports, tax returns and sensitive financial information in the cache.
That level of exposure invites renewed scrutiny of beneficial-ownership structures across the Curaçao licensing base, at a time when banking partners, payment processors and B2B suppliers are already applying heightened due diligence to offshore-licensed brands.
Political pressure has compounded the regulator’s difficulties.
An opposition politician has demanded the CGA director’s resignation and warned of possible compensation claims, saying the CGA had not sufficiently explained the reasons for the decision.
That dynamic adds a governance question to what began as a technical security failure, and it will shape how quickly the authority can restore full confidence in its digital infrastructure.
The bigger picture
Curaçao has spent the past two years overhauling its licensing framework, moving from a master-licence system to direct regulator oversight via the CGA, with the breached portal central to that reform. A collapse of the underlying technology just as the new regime was bedding in complicates the regulator’s efforts to present Curaçao as a credible, professionalised jurisdiction rather than a looser offshore option.
The episode also lands amid wider pressure on offshore licensing models, as regulators in better-established markets continue to tighten scrutiny of operators and payment flows tied to loosely supervised jurisdictions. Suppliers and affiliates working with Curaçao-licensed brands will want clarity on how quickly the authority’s promised internally managed system replaces the current interim arrangement, since prolonged uncertainty over licensing infrastructure can affect partner confidence and commercial terms as much as any single compliance breach.
For more coverage of regulatory and licensing developments shaping the sector, visit our industry news section.
Sources
October 21, 2026
Flutter Entertainment to Cut 1,400 UK and Ireland Jobs
Flutter Entertainment is cutting up to 1,400 jobs across its UK and Ireland business, blaming higher gambling taxes introduced in last year’s UK Budget for fundamentally changing the economics of the regulated market. The reduction represents roughly 15% of the division’s workforce and marks the largest single restructuring announced by a UK-facing operator since the tax changes took effect.
What happened
Flutter confirmed the job cuts on 20 October, with employee notifications beginning the same day.
The restructuring will affect employees in Leeds and Dublin, as well as staff at its hubs in Porto, Portugal, and Cluj-Napoca, Romania.
The redundancies represent around 15% of Flutter’s 9,000 employees in the UK and Ireland, out of a global workforce of 28,500 people.
Kevin Harrington, Flutter’s UK and Ireland chief executive, said the company’s
material increase in betting and gaming duties announced in the UK Budget last year has fundamentally changed the economic model of the regulated betting and gaming industry in the UK while helping to fuel the unlicensed, unregulated market.
He added that
the company cannot fully absorb a rise of this magnitude without reducing its fixed cost base and must restructure to position itself for the future.
The UK’s autumn budget raised remote gaming duty from 21% to 40% earlier this year, with a new 25% rate of general betting duty for online bets due from April next year, up from 15%.
Flutter expects the restructuring to cost between $80 million and $90 million, mainly through severance payments, employee benefits and other expenses,
with charges falling in the fourth quarter of 2026.
The company expects to complete most of the restructuring by the end of 2026.
The cuts come on top of an earlier retail reduction.
In the same month, Flutter said it was considering up to 100 Paddy Power shop closures across the UK and Ireland, putting about 400 jobs at risk.
The shop-based job losses are separate from this latest restructuring, which does not touch the retail estate.
Why it matters
Flutter is the world’s largest listed betting and gaming operator, and this is by far the biggest workforce reduction announced by a UK gambling business since the tax changes were confirmed. The scale of the cuts, affecting Paddy Power, Betfair and Sky Betting & Gaming support functions, signals that even operators with the greatest economies of scale cannot absorb duty increases of this size without structural cost reduction.
The Betting & Gaming Council’s chief executive, Grainne Hurst,
described the redundancies as another devastating blow to workers and families across the sector and warned against the dangers of further tax increases on gambling.
For suppliers and B2B partners serving the UK market, the restructuring is a signal that budgets for technology, marketing and affiliate spend at major operators are likely to tighten as firms redirect resources towards cost mitigation rather than growth initiatives.
For affiliates, a leaner Flutter UK and Ireland operation could mean slower onboarding, reduced commercial flexibility on deals, and more scrutiny of marketing spend as the operator works to offset the tax hit. Partners who rely on Paddy Power, Betfair or Sky Bet as core brands in their portfolios should watch for any knock-on effects on affiliate programme terms or reduced investment in UK player acquisition as Flutter prioritises protecting margin over market share expansion in the short term.
The bigger picture
Flutter’s announcement fits a wider pattern of UK operators responding to the tax overhaul with cost-cutting rather than absorption.
Flutter is the latest and largest operator to cut jobs as the sector grapples with the most significant tax overhaul in its recent history, with other companies warning of hundreds of millions of dollars in lost earnings.
Betfred has previously threatened to close its entire retail estate of more than 1,200 shops
in response to the same pressures.
The timing is notable, arriving just ahead of the UK’s next Budget on 28 October, amid continued speculation over further duty changes affecting land-based machine gaming. Operators and trade bodies have repeatedly warned that additional tax rises could accelerate job losses and venue closures across both the online and retail sectors, a concern already reflected in calls from bookmakers for a pause on further duty rises.
Flutter’s move also comes amid broader leadership change at the group, with new chief executive Dan Taylor having stepped into his role on 1 October. How the restructuring affects Flutter’s competitive position against rivals navigating the same tax environment will be a key theme for the sector heading into 2027.
Sources
October 20, 2026
RAS Technology Acquired by The PA in $50m Deal
The PA, the UK-based owner of racing data supplier Podium, has agreed an all-cash takeover of ASX-listed RAS Technology Holdings, the company behind the Racing and Sports brand.
The PA, the UK-based owner of racing data supplier Podium, has agreed to buy ASX-listed RAS Technology Holdings Limited, which trades as Racing and Sports, in an all-cash deal announced on 19 October.
The transaction extends PA Media Group’s push into Asia-Pacific racing and wagering data and signals further consolidation among suppliers that feed odds and content to bookmakers.
What happened
Under the agreement, the PA will pay A$1.04 ($0.73) in cash for each RAS share, valuing the company at approximately A$49.8m.
The offer is 93% higher than RAS’s closing share price of A$0.54 on October 16 and 80% above its average share price over the previous 90 trading days, which was A$0.576.
Once RAS’s net cash position is accounted for,
the deal values RAS at approximately A$45.6m after accounting for its A$4.2m in net cash as of June 30, 2026, excluding A$0.1m in lease liabilities.
RAS Technology is a long-established name in the sector.
Founded in 1999 and listed on the ASX since 2021, RAS provides analytics, wagering technology and digital media services, with established relationships across Australia and Asia.
The current offer sits below where the company first floated, with RAS shares having listed
at the AU$1.50 per share at which RAS floated on the ASX in November 2021.
The acquisition will run through an Australian court process rather than a simple share purchase.
The PA will acquire 100% of RAS’s issued shares through an Australian court-approved scheme of arrangement, subject to shareholder, court and other customary approvals.
The deal will run as an Australian court-approved scheme of arrangement, with completion expected in February 2027, subject to a shareholder vote and Federal Court approval.
Governance signals point to a smooth passage.
The RAS board unanimously recommends that shareholders vote in favor of the scheme, provided no superior proposal emerges and the independent expert concludes that the transaction is in shareholders’ best interests.
Co-founders Gary Crispe, an Executive Director, and Robert Vilkaitis, Chief Innovation Officer, hold or control approximately 34% of RAS shares, and both have confirmed in writing that they intend to vote in favor, subject to the same conditions.
Why it matters
The combination brings together two established racing and sports data suppliers under one roof.
The acquisition will bring RAS together with The PA’s existing sports data business, Podium, expanding its racing and sports betting data services and establishing a greater presence in the Australian wagering market.
Podium is not a new entrant to the sector:
The PA’s racing heritage spans more than 40 years, with a long-standing history of working closely with rightsholders to promote horse racing, and today, through its business Podium, it supplies racing and sports data, content and products to bookmakers, broadcasters and the wider industry.
On the technology side, the deal is designed to produce a broader product set for operators rather than simply adding headcount.
Podium’s sports API and RAS Technology’s complementary capabilities through its trading services and Wagering 360 platform are expected to deliver a complete solution for media, bookmakers and rightsholders.
RAS’s trading technology already has live commercial deployments beyond Australia, with its managed trading service running with operator groups in Europe, which gives the combined business a presence outside its core Asia-Pacific footprint.
For operators and suppliers that rely on third-party racing and sports data feeds, mergers of this kind tend to reduce the number of independent providers available, while potentially improving the depth and reliability of the resulting product. That has knock-on implications for trading desks and odds compilers who license feeds to power pricing, and for any partner businesses whose commercial terms are tied to a single acquired supplier.
The bigger picture
This is not The PA’s first move into the region.
It is PA Media Group’s second racing data acquisition in Asia-Pacific in three years, after it bought Singapore-based iRace Media in October 2023.
The pattern suggests a deliberate strategy of building scale in racing and sports data outside the UK and Ireland, rather than a one-off opportunistic deal.
The timeline leaves room for scrutiny before anything is finalised.
Completion is targeted for February 2027, subject to a shareholder vote and approval from Australia’s Federal Court.
Until then, the two businesses will continue to operate separately, with full integration of products such as the sports API and Wagering 360 platform expected only once the scheme completes. Supplier consolidation of this type sits alongside other recent disputes over data and odds provision in the sector, including the ongoing Altenar and Sportradar antitrust dispute, underlining how central data supply arrangements have become to competitive positioning across betting markets.
Sources
October 20, 2026
ACMA Guidance Bans Notable Persons From Gambling Ads
The Australian Communications and Media Authority has published initial guidance on a ban preventing celebrities, athletes and influencers from appearing in gambling advertising, with the rules taking effect on 1 January 2027. The guidance gives operators, broadcasters and publishers under three months to review existing sponsorship arrangements and advertising campaigns before the prohibition becomes enforceable.
What happened
ACMA released its guidance on 19 October 2026, covering the “notable persons” provision of the Interactive Gambling Amendment (Gambling Reform) Act 2026, which
was introduced under the Interactive Gambling Amendment (Gambling Reform) Act 2026, enacted on August 26, 2026
. From the start of 2027,
gambling advertising must not feature a notable person, whether it is broadcast or provided online, and licensed interactive wagering service providers will be barred from entering into contracts or arrangements for the sponsorship, participation or involvement of a notable person in promoting wagering advertising content in Australia.
The definition of a notable person is broad.
It covers a current or former professional sports player or athlete, a current or former celebrity, a current or former social media influencer, or a current or former prominent individual, and the minister can extend the definition to any other class of persons by determination.
ACMA has confirmed that
considerations may include public recognition, media exposure, professional achievements and a person’s ability to influence decisions or attitudes, with no fixed number of followers or subscribers applying to influencers
.
Crucially, compliance obligations sit with operators rather than the people featured in campaigns. The guidance states that
the obligations to prevent the use of notable people in wagering advertising rest with the LIWSP, not the notable person
. There are some carve-outs: under transitional arrangements,
uniform and venue advertising associated with contracts entered into before the bill’s introduction on July 2, 2026, is grandfathered until December 31, 2031
. The wider reform package also covers additional marketing restrictions, with the broader changes
restricting wagering advertising, including a ban during live sports and in sports venues, banning the direct marketing of inducements to at-risk customers, boosting enforcement action against illegal gambling services and strengthening the operation of BetStop
.
Why it matters
Celebrity and athlete endorsements have long underpinned wagering marketing in Australia, and the breadth of this definition removes a well-worn playbook for brand building almost overnight. Because the rule covers former as well as current figures,
the ban includes retired sports stars and past influencers, groups that have long been staples of wagering marketing in Australia
. Operators that built brand recognition around ambassadors or sponsored athletes now need alternative routes to market, likely shifting spend toward product-led creative, search and other non-personality channels.
For affiliates and performance marketers, the changes carry direct relevance. Influencer-led promotion has become a significant acquisition channel across regulated markets, and this guidance removes the follower-count ambiguity that some operators may have relied on. ACMA has made clear that even small-audience creators can fall within scope if they
hold influence within a particular community or demographic
, which means affiliate and influencer partnerships in Australia will need far more rigorous vetting before campaigns go live. Any content involving a person who later becomes notable may also need to be withdrawn, as the guidance notes a person’s status can change over time.
The bigger picture
The notable persons ban sits within a broader tightening of Australian gambling advertising rules that has been building for several years, following earlier restrictions on advertising during live sport broadcasts and inducement marketing. ACMA’s guidance follows the passage of the reform act through parliament, which
Parliament included in the Interactive Gambling Amendment (Gambling Reform) Bill 2026, which it passed in August
. Industry bodies including Sportsbet, TAB and Responsible Wagering Australia have previously signalled broad support for the government’s overall direction on advertising reform, even as the practical compliance burden falls on individual operators.
The move mirrors a wider international trend of regulators clamping down on celebrity-fronted gambling marketing, a theme that has also played out in the UK and other mature markets through advertising codes restricting appeal to under-18s. Operators active in Australia now face a compressed timeline to audit sponsorship books, renegotiate contracts where necessary and brief marketing and affiliate teams on the new compliance obligations before the January deadline. Readers tracking parallel marketing restrictions elsewhere may also be interested in New York’s new AI rules targeting sportsbook marketing tactics.
Sources
October 20, 2026
Catena Media Scraps 2026 Growth Target After Weak Q3
Catena Media has abandoned its target of double-digit organic growth for 2026 after a weak third quarter in which group revenue fell 29% year-on-year. The Malta-headquartered gambling affiliate also flagged a non-cash impairment charge of between €30m and €35m on intangible assets, and its shares fell sharply in Stockholm following the announcement.
What happened
Catena Media published preliminary, unaudited results for the third quarter of 2026 late on Friday 16 October. The
publicly-listed gambling media group’s preliminary results for the quarter showed a 29% year-on-year drop in revenue from €11.6m to €8.3m.
Adjusted EBITDA fell by over 75%, from €2.9m to €0.7m, a figure that included a reversal of €0.7m of accruals originally set aside for the 2026 employee bonus programme.
For the first nine months of the year,
revenue was down 3% at €30.1m, with adjusted EBITDA declining 11.5% to €4.6m.
As a result, Catena Media no longer expects to hit its 2026 target of double-digit organic growth in group revenue and adjusted EBITDA.
The company also confirmed it expects to recognise a non-cash impairment charge on intangible assets of €30m to €35m in the quarter, in line with accounting standard IAS 36.
Chief executive Manuel Stan said the business had experienced
“a weak quarter” in which “the search landscape is undergoing a rapid and fundamental shift,” adding that as a predominantly CPA-based business, results reflected the effects of these changes “immediately and in full.”
He pointed to the company’s TraffiqX project and expansion into prediction markets as part of a
strategy to reduce dependence on search by diversifying revenue streams and by investing in customer loyalty programmes.
Catena Media identified several specific pressures behind the downturn.
Generative search continued to transform how users discover brands online, reducing new traffic across the affiliate industry.
The company’s traditional search rankings declined, due both to AI-assisted personalised search patterns and to search engines continuing to elevate lower-relevancy content in results, while certain operators also reduced their marketing budgets during the usual seasonal summer slowdown.
The group will confirm the figures in a full interim report on 10 November.
Why it matters
The results are a concrete illustration of how exposed CPA-driven affiliate businesses are to shifts in search behaviour.
Because Catena Media acquires more than 90% of new customers under cost-per-acquisition deals, the group has limited recurring revenue to buffer against this combination of market pressures.
That structural dependence means any disruption to organic traffic flows through almost immediately to the bottom line, with little cushion from subscription-style or retained revenue streams.
For operators that rely on affiliate partnerships for player acquisition, the figures are a warning sign about the reliability of search-driven traffic as a growth channel. If a large, established affiliate group is seeing its rankings slip due to AI-assisted personalisation and the promotion of lower-relevancy content, smaller affiliates and in-house SEO teams face the same headwinds. Operators may need to diversify acquisition partnerships further, leaning more on brand, loyalty and direct channels rather than treating organic search referrals as a dependable, scalable pipeline.
The bigger picture
Catena Media’s Q3 reversal follows what had looked like a tentative recovery. The company had posted a stronger Q3 a year earlier and had set an ambitious 2026 target of double-digit organic growth in both revenue and adjusted EBITDA.
The business has struggled significantly in recent years amid the rise of AI affecting search traffic and other factors, although it had enjoyed something of a recovery since the end of 2025.
This latest setback suggests that recovery has stalled, at least for now, and that the structural shift in search is proving more persistent than a temporary dip.
The episode sits alongside a broader pattern across the affiliate marketing segment of iGaming, where generative AI search tools are increasingly answering user queries directly rather than directing clicks to third-party comparison and review sites. Affiliate groups across the sector have been investing in loyalty programmes, proprietary data and new verticals such as prediction markets in response, mirroring the diversification path Catena Media’s leadership has outlined. How quickly these alternative revenue streams can offset the decline in traditional search-driven traffic will be a key theme for affiliate businesses and their operator partners heading into 2027.
For more on how regulatory and market shifts are reshaping operator strategy, visit our industry news section.
Sources
October 19, 2026
National Lottery Licence Faces UK NAO Scrutiny
The UK’s National Audit Office (NAO) has opened a formal investigation into the fourth National Lottery licence, examining whether the Gambling Commission’s oversight of operator Allwyn is structured to maximise returns to good causes.
The probe will assess whether the Gambling Commission and DCMS designed and awarded the fourth lottery licence tender to support a successful delivery
and whether the transition has been managed effectively. The review lands as charitable contributions from ticket sales sit at their lowest level in close to a decade.
What happened
Allwyn won the fiercely contested competition for the fourth National Lottery licence in 2022, replacing long-standing operator Camelot.
Allwyn won the rights to operate the UK’s National Lottery in 2022, and its 10-year licence began in February 2024 after a protracted legal battle.
The NAO’s review will look at three distinct phases of that process.
The NAO has outlined three areas for review: whether the Gambling Commission established the right conditions for the Fourth Licence, how effectively it oversaw its implementation and how the Commission and DCMS could improve future lottery licensing.
The investigation follows criticism of Allwyn’s performance since taking over.
Allwyn has faced criticism due to falling sales and resulting hits to good causes cash, with the previous contract holder’s chair and former Tory sports minister Hugh Robertson claiming the Czech operator won the bid on unrealistic projections.
For its part,
Allwyn itself has highlighted the intense litigation it faced after the award as a reason for delayed implementation, as well as the heavy investment it has made into the UK since becoming the new operator.
The NAO has set out a clear timetable and named the officials responsible.
The investigation, to be conducted by NAO director Simon Bittlestone and study manager Callum Saunders, is due to be completed by spring 2027.
Industry observers note the review is aimed squarely at the regulators rather than the operator itself.
Despite media reports, the NAO’s investigation does not specifically target Allwyn.
Why it matters
The financial stakes behind the review are significant.
The review follows Allwyn’s failure to meet pledges made during the 2022 bidding process, including a promise to boost charity funding to £38bn over a decade, with last year’s contributions totalling £1.7bn and quarterly figures hitting a near-decade low.
Any formal finding that the licensing process or its oversight was flawed would carry reputational weight for both the Gambling Commission and DCMS, and could influence how the next lottery tender is structured.
For suppliers and operators watching the UK’s regulated gambling sector, the episode is a reminder that licence design and post-award oversight are now subject to the same level of public accountability as operator conduct. The Gambling Commission has already signalled it expects more from Allwyn on day-to-day standards. Acting UKGC chief executive Sarah Gardner recently told Allwyn that
“having that status brings immense value to The National Lottery and its work,” but it also brings “the need to live up to higher standards and the reality of greater scrutiny.”
The bigger picture
The NAO review adds to a year of mounting regulatory and fiscal pressure on the UK gambling sector, from Machine Games Duty proposals to wider debate over betting taxation. Operators and trade bodies have already been pushing back on parallel fiscal measures, including calls from leading bookmakers for a pause on General Betting Duty changes. A finding that the UK’s flagship state-backed gambling licence was poorly designed or overseen would sharpen scrutiny of how DCMS and the Gambling Commission handle licensing more broadly, at a moment when confidence in UK regulatory processes is already under strain.
Allwyn’s position is not without recent momentum. The Commission has acknowledged
the operational momentum Allwyn has built since completing the lottery’s largest-ever technology upgrade earlier this year
, even as it pressed the operator to lift standards further. How the NAO weighs that progress against the shortfall in good causes funding, due by spring 2027, will shape the terms on which the Commission designs future licensing competitions, including the balance it strikes between operator flexibility and public value guarantees.
Sources
October 19, 2026
GiG Lands Fifth Alberta Deal With River Cree iGaming
Gaming Innovation Group has signed a technology agreement with River Cree Resort & Casino, making the Enoch Cree Nation-owned property GiG’s fifth operator partner in Alberta. The deal gives River Cree a full-stack supplier for its first move into regulated online gambling, three months after the province’s iGaming market opened to private operators. For GiG, it extends a run of Alberta signings that has made the province one of its most active growth markets in North America.
What happened
Gaming Innovation Group has announced a partnership with River Cree Resort & Casino, one of Canada’s premier entertainment, hospitality and gaming destinations, proudly owned by the Enoch Cree Nation.
Under the agreement,
River Cree will use GiG’s full end-to-end technology ecosystem, including its iGaming platform, online sportsbook, casino vertical, native mobile app, custom front-end and omni-channel solutions.
The supplier’s data tools are also part of the package.
River Cree will leverage GiG’s Data and Logic analytics and rules engine alongside its Operational Managed Services, giving the operator a unified intelligence layer that delivers real-time analytics and predictive insights into player behaviour while automating acquisition and retention workflows without custom code.
River Cree sits on the western edge of Edmonton and has been working towards an online launch for some time.
Located on Edmonton’s western outskirts, River Cree is owned by the Enoch Cree Nation and registered with Alberta Gaming, Liquor, and Cannabis earlier in 2026 to launch an iGaming site, although online play has not yet started.
The brand is entering the online gambling market for the first time and will utilise GiG’s full end-to-end technology ecosystem, including its iGaming platform, online sportsbook and casino games, and data analytics and logic engine tools.
GiG chief executive Richard Carter framed the deal as a sign of the supplier’s expanding footprint in the province.
He said GiG was proud to partner with River Cree Resort & Casino and the Enoch Cree Nation as they prepare to take their brand into Alberta’s online market, adding that as the fifth brand GiG is supporting in Alberta, the partnership underscores its growing operational footprint across the province.
The arrangement makes River Cree GiG’s fifth operator partner in Alberta.
Why it matters
For River Cree, the agreement answers a question that has hung over the brand since Alberta’s market opened: how to translate an established retail customer base into digital revenue without building proprietary technology from scratch.
The partnership leverages River Cree’s deeply rooted brand presence and established player base in Alberta, combining physical resort loyalty with a seamlessly integrated digital transition.
That omnichannel positioning matters commercially because land-based casinos entering regulated online markets typically compete against international operators with far larger marketing budgets and established digital acquisition funnels.
For GiG, the deal adds to a growing client roster in a market it has prioritised.
As the fifth brand that GiG is supporting in Alberta, the company describes the partnership as evidence of strong momentum and growing operational footprint across the province.
Winning repeat mandates in a single newly regulated jurisdiction strengthens a supplier’s negotiating position with other prospective licensees weighing platform providers.
From an affiliate and player-acquisition standpoint, River Cree’s entry adds another regional brand competing for search visibility and sign-up traffic in a market that already hosts dozens of licensed operators. Retail-first brands typically rely more heavily on loyalty databases and local recognition than on paid search, but once live, they still need affiliate and SEO support to compete against the international names already dominating branded search terms in Alberta.
The bigger picture
Alberta’s regulated online gambling market opened in July.
The province has drawn a mix of global operators and indigenous-owned casinos seeking to replicate retail success online, with River Cree among the first wave of brick-and-mortar brands to formalise a technology partnership rather than build in-house. GiG’s expanding Alberta client list positions the supplier as a preferred partner for operators transitioning from physical venues to digital platforms, a pattern likely to repeat as more Canadian provinces consider opening regulated iGaming markets.
For more on how Alberta’s rollout is reshaping the Canadian iGaming market, see our recent coverage of the Alberta iGaming licensing deadline.
Sources
October 19, 2026
Finland Gambling Licence: Wildz Claims First Approval
Wildz Group says it has secured a Finland gambling licence, becoming the first operator to publicly claim approval ahead of the country’s regulated online market opening on 1 July 2027. The Malta-based group’s announcement has not yet been confirmed by Finland’s National Police Board, but it marks the first concrete milestone in a licensing process that has already attracted 75 applications.
What happened
Wildz Group announced on 15 October 2026 that Finland’s National Police Board had issued it a formal letter granting permission to offer gambling services to Finnish players for five years from that date.
The company says the five-year licence will allow it to offer gambling products when Finland’s regulated online market launches on 1 July 2027.
Rootz was founded in 2018 by gaming executives from Finland and operates under a Malta Gaming Authority licence, with additional licences in Germany and Ontario.
The group now trades as Wildz Group, and
operates Wildz alongside Blingi, Caxino, Chipz, Spinz, Tuplaus and Wheelz, and also offers the Wildz Sports sportsbook.
The regulator itself has not verified the claim.
The NPB has not publicly confirmed the reported approval, according to LCB, so Wildz’s announcement remains the basis for the claim that it is first.
The National Police Board, which is overseeing the licensing application process, has not yet publicly confirmed Wildz’s or any other licence application outcomes, and it is unclear if or when the body might release a list of successful licensees.
Interest in the market has run well ahead of initial forecasts.
Licence applications rose from 50 in June to 75 by September 22.
The National Police Board had received the applications by September 22 but had not approved any at that point.
There is no limit on the number of operators that can apply for a licence, although applications required payment of a €29,000 ($33,500) processing fee.
Why it matters
Being first to confirm a Finnish gambling licence carries commercial weight even before the market technically opens, since it signals regulatory readiness to players, partners and investors months ahead of competitors.
The operator behind Caxino and Spinz says the police board approved it on Oct. 15, as 74 other applications wait
for a decision, giving Wildz a head start in positioning its multi-brand portfolio before rivals can confirm their own status.
For affiliates and performance marketers, Finland’s shift from a closed state monopoly to a competitive licensing system opens a market that has previously been largely inaccessible to regulated promotion. Once licensed operators can advertise legally from July 2027, demand for compliant search and content partnerships aimed at Finnish players is likely to grow quickly, and early movers such as Wildz are positioned to capture disproportionate branded search volume before the market fully opens.
Analysts have also flagged a capacity concern.
Market analysts have previously told iGB that despite the popularity of gambling in Finland, the market risks being oversaturated if most applications are successful, given the Nordic country’s small population.
That dynamic could make early brand recognition and affiliate visibility more valuable than in larger markets, where demand can absorb more entrants.
The bigger picture
Finland’s reform ends one of Europe’s last major state gambling monopolies.
Finland is dismantling the last major online gambling monopoly in the European Union, with its licensed market due to open on 1 July 2027 following the passage of the new Gambling Act in January 2026.
The Finnish Parliament approved the new Gambling Act on 16 December 2025 by 158 votes to nine; the president signed it on 16 January 2026.
The National Police Board began accepting applications on 1 March 2026.
Once the market opens, oversight shifts to a dedicated body.
The Finnish Supervisory Agency will take over gambling licensing and regulation from July 1, 2027.
Licensed companies will be able to offer fixed odds betting, other betting products, online slots, casino games and online bingo from July 1, 2027.
Finland also plans a controlled advertising system rather than a complete gambling marketing ban.
Finland joins a wave of regulated market openings this year that operators and affiliates are tracking closely, including Tenstar Media’s recent coverage of New Zealand’s licensing process advancing for Entain, Stake and Betway. Both cases illustrate how operators are racing to secure first-mover positioning as previously closed or unregulated markets transition to competitive licensing frameworks.
Sources
October 18, 2026
FanDuel Lawsuit: Eccles Wins Document Review Ruling
A Special Master overseeing the long-running FanDuel shareholder lawsuit has ordered KKR and Shamrock Capital to submit previously withheld legal documents for confidential review. The decision marks the latest procedural win for FanDuel co-founder Nigel Eccles and more than 100 other plaintiffs in a dispute dating back to the operator’s 2018 merger with Paddy Power Betfair.
What happened
Special Master Alan Scheinkman ordered the defendants to submit certain previously withheld legal communications for confidential review, provided the documents relate to at least one of three issues: FanDuel’s valuation, KKR and Shamrock’s drag-along rights, or the waterfall provision governing the distribution of merger proceeds.
The defendants must now identify the relevant material and hand it to Scheinkman for private assessment before any decision is made on wider disclosure.
The underlying case centres on FanDuel’s 2018 merger with Paddy Power Betfair’s US operations, which created a new holding structure.
The transaction created a new holding company called PandaCo, with Paddy Power Betfair acquiring a 60% stake while former FanDuel shareholders collectively received the remaining 40%.
Eccles and the other plaintiffs argue that
the valuation was deliberately set at the precise level at which FanDuel’s preferred shareholders, including KKR and Shamrock Capital, would receive all of the merger proceeds, leaving common shareholders and option holders with nothing.
The dispute has moved through several stages since Eccles first filed suit in Scotland in 2018 before refiling in New York. The case was dismissed in 2022, revived on appeal, and in July 2026 a New York judge
allowed claims for breach of fiduciary duty, fraud, unlawful means conspiracy, knowing receipt, secret commissions and aiding and abetting breach of fiduciary duty to survive
motions to dismiss. Two contractual mechanisms remain central to the claims: the waterfall provision splitting proceeds between share classes, and the drag-along rights KKR and Shamrock used to compel other shareholders into the transaction.
Why it matters
The FanDuel lawsuit has direct implications for how private equity-backed operators structure exits in the gambling sector. KKR and Shamrock together held a substantial preferred stake in FanDuel before the Paddy Power Betfair deal, and plaintiffs allege
the firms massively undervalued FanDuel before the deal, by $120 million
, according to the original complaint. A ruling against the private equity firms could expose similar merger structures across the industry to renewed scrutiny from minority and common shareholders left out of waterfall distributions.
For an industry built on repeated rounds of private equity investment, consolidation and exit, the case is a reminder that valuation disputes from a decade-old deal can still resurface years after a sportsbook has become a market leader. FanDuel is now part of Flutter Entertainment, and the plaintiffs point to the scale of that subsequent success, including
an $11.2 billion transaction with Flutter Entertainment
, as evidence the original valuation undersold the business.
The bigger picture
This is not the first procedural milestone in the case. In July 2026, Judge Andrea Masley largely denied a motion to dismiss brought by the FanDuel defendants and the private equity firms, letting the core fiduciary duty and fraud claims proceed toward discovery. The latest order over document disclosure keeps that discovery process moving, with the documents due to be screened for relevance to valuation, drag-along rights and the waterfall mechanism before any public release.
KKR and Shamrock have separately accused Eccles of breaching a 2017 termination agreement by assisting other plaintiffs, a dispute now the subject of a parallel arbitration claim. That counter-action, alongside the main shareholder suit, suggests the litigation is likely to continue generating headlines well into 2027, with implications for how private equity sponsors manage founder relationships after high-value gambling sector exits.
For more on recent corporate and regulatory developments shaping the sector, visit our industry news section.
Sources
October 18, 2026
Underdog Tennessee Lawsuit Challenges State Wagering Ban
Underdog has sued the state of Tennessee in federal court, seeking to block officials from enforcing gambling law against its sports event-contract exchange. The filing is the company’s seventh such lawsuit against a US state this year and lands weeks after an appeals court ruling went against a rival operator on the same legal question.
What happened
Underdog Exchange DCM Inc. and UDM LLC, which does business as Underdog Predict, filed the complaint Tuesday in the U.S. District Court for the Middle District of Tennessee in Nashville.
The defendants include Attorney General Jonathan Skrmetti, council Executive Director Mary Beth Thomas, Director of Fantasy Sports Nathan S. Shaver and council Chairman William Orgel, along with the council’s other members, all sued in their official capacities.
The Underdog Tennessee lawsuit follows an enforcement notice from the state.
The letter said Underdog’s sports event contracts “are ‘wagers’ under the Tennessee Sports Gaming Act,” and that sports wagering may be offered in the state only under a council license.
Regulators threatened penalties, referral to law enforcement, and possible revocation of a separate affiliate’s fantasy sports license.
The council warned it would pursue fines of $10,000 to $25,000 per offense for unlawfully accepting wagers.
Underdog’s defence rests on federal pre-emption.
The company argues that as a Designated Contract Market regulated by the Commodity Futures Trading Commission, it has rights to offer event contracts nationally and is not beholden to state gaming regulations.
The filing seeks a declaratory judgment and permanent injunction from the court.
Underdog began offering event contracts in Tennessee on August 28, following its March acquisition of Aristotle Exchange and its associated clearing organization.
The company is also in the process of being acquired by IG Group.
Why it matters
The case tests whether federally registered exchanges can override state gambling licensing regimes, a question with direct consequences for how sports-adjacent products reach consumers.
Underdog has sued seven states that have tried to ban the company from offering sports-event contracts: Washington, Connecticut, Massachusetts, New Mexico, Ohio, Wisconsin, and Tennessee.
A win in any one jurisdiction could reshape the competitive balance between regulated sportsbooks, which pay for state licences and taxes, and exchanges operating under federal commodities rules.
The dispute also threatens collateral damage to Underdog’s existing licensed business.
The warning introduces an additional complication for Underdog, which operates both fantasy sports contests and prediction markets through separate businesses, as Underdog Sports holds a Tennessee fantasy sports license while the lawsuit was brought by its exchange affiliate.
That overlap gives Tennessee leverage beyond the event-contract question itself, since regulators could tie enforcement to a licence the company already relies on commercially.
The bigger picture
Underdog’s position is weaker than it might have been a few months ago.
Tennessee officials appealed a related case, and the Sixth Circuit considered it alongside Kalshi’s appeal from Ohio, ultimately affirming the Ohio court’s denial of an injunction and vacating the Tennessee injunction.
The judges concluded that Kalshi had not demonstrated its sports event contracts qualified as swaps under the Commodity Exchange Act, and found that even if the contracts did qualify, federal commodities law would not prevent Tennessee or Ohio from enforcing their gambling regulations.
That precedent is binding on federal courts in Tennessee, making Underdog’s path to an injunction considerably harder.
The timing adds another layer of uncertainty.
The complaint points to last week’s CFTC proposed rule, which would include event contracts based on sports, politics, culture, and weather in the definition of a swap, alongside an interim final rule excluding specified casino-style gambling products from that definition.
Federal regulators appear to be actively redrawing the boundary that this litigation turns on, which could moot or reshape the dispute before a judge rules. For operators and affiliates watching the prediction-markets sector, the outcome will help determine whether event-contract platforms become a durable, lower-friction alternative to licensed sportsbooks or remain confined by state-by-state enforcement.
For more on how regulators are drawing lines around new betting-adjacent products, visit our industry news section.
Sources
October 18, 2026