A key part of our quarterly analyses is a survey of industry participants regarding the current and future business climate of the online gambling industry. Our approach is similar to analyses of general industry/business climates, such as the Business Climate Indicator of the European Commission. For this edition, we gathered the insights of 108 market insiders and experts, including a large number of C-level executives.

Current business climate

39% of the experts consider the current climate as “good”. 61% of the surveyed experts and market insiders assess the current business climate of the online gambling industry as “satisfactory” or “poor”.

The chart compares assessments of the current business climate across the quarters in which we conducted the surveys. In Q3/2026, the “Good” share climbed for the first time in a year. Because the surveys were taken before and after the online gambling ban in Brazil, it is worth noting that the “Good” share for all surveys taken after the ban was only 25%, and the “Poor” share was 17%.

Future business climate

Expectations for the future industry climate are more cautious than assessments of the present. Regarding the future business climate (in the next 12 months), 28% of the experts surveyed believe that the industry climate will be “good”, a decrease compared to the current “good” share of 39%.

Because the surveys were taken before and after the online gambling ban in Brazil, it is worth noting that the future “Good” share for all surveys taken after the ban was only 8%, and the “Satisfactory” share was 83%.

Survey results related to the Brazil online gambling ban

In the survey, we also asked market insiders for their opinions about the Brazilian online gambling market.

  • Legal – but with tougher regulations – 80% of the surveyed market insiders believe that after some discussion and legal disputes, regulated online betting and casino will stay, but with major changes that will reduce the overall market attractiveness in Brazil.
  • Wait-and-see strategy – When asked about their company’s strategy for Brazil, nearly 70% of surveyed participants do not plan any major changes soon and are waiting to see what happens in the coming weeks/months. Only a few survey participants said their company will put more or less everything on hold because of the Brazilian market.
  • All eyes on Argentina, Chile, … – All of the surveyed market insiders believe the other LatAm markets will become more relevant markets – all eyes on Argentina, Chile, … Regarding their own company strategy, nearly 70% of the surveyed companies will now focus strongly on other LatAm countries.