Comtrade: "What we believe in is constant evolution, helping operators grow steadily and sustainably"

At the 2025 edition of SBC Summit Lisbon, one of the largest international gatherings for the betting and iGaming industries, operators, suppliers, and content creators from across the world met to discuss new opportunities, shifting regulations, and emerging technologies shaping the market.

Among the companies exhibiting at the show was Comtrade Gaming, which has been steadily building a presence across multiple continents while expanding its gaming content arm and strengthening its platform services.

During the event, Yogonet sat down with Steven Valentine, Chief Commercial Officer from Comtrade, for an in-depth conversation about the company’s objectives for the show, its progress in Brazil, how it is approaching markets in Asia, and the challenges of scaling content in a highly competitive industry. 

The discussion also touched on changing player preferences, the rise of crash and classic formats, the importance of gamification, and how regulatory developments in key markets may reshape the business environment in the months to come.

What was the show like for you this year, and what were some of your main objectives for this edition of the event?

For us, the main objective is always to reinforce the Comtrade Gaming brand and make sure people know that we’re here and what we do. That’s what the stand is all about. It’s about awareness and visibility, ensuring that when people think about gaming providers, Comtrade is in their minds.

As far as highlights, I’d say we’ve had some very productive discussions. We’ve spoken to a number of Brazilian operators who have come all the way to Portugal for this event, which we expected. But what really surprised us was the reach beyond that. We’ve had people from Asia travel here, too, which we didn’t anticipate. That international interest has been a real positive. Overall, it’s been quite a good show, with strong conversations and useful contacts.

Which markets were represented at the show? You mentioned Brazil and Asia.

Yes, so we definitely had people from Asia attending here, which stood out. At the same time, there was a strong European representation, which makes sense because Lisbon is right on their doorstep. We’ve been talking to operators from Italy, quite a number from Bulgaria, and really from all over the continent. It’s been a very diverse mix of markets.

Your gaming content arm has continued to expand since it was first presented at ICE 2024. How has it evolved over the last few months?

One thing I’d emphasize about content is that it’s very much a marathon, not a sprint. We’ve learned that growth doesn’t happen as quickly as you’d ideally want. To be completely open, it takes a long time to scale a business like this. You need enough integrations, you need enough operators, and it’s only once those are in place that you can really achieve scale.

We’re now reaching the point where the numbers start to become interesting, but it has taken longer than we expected. That’s just the reality of building a content arm. Having said that, we’re very encouraged by the pipeline. Over the next few months, we have some major operators scheduled to go live with our games, and that’s something we’re really looking forward to.

As you scale, particularly on the content side, are you balancing traditional slot content with emerging formats like crash games?

Crash games are an interesting one. What we see is that crash content only really works in certain markets. There are some regions where it has gained traction, but in many of the more traditional European markets, players simply aren’t engaging with crash games at all. Whether that changes in the future, we’ll have to wait and see.
Because of that, you still need to maintain a strong focus on slots.

They remain the backbone of content. But at the same time, we’re hearing from operators who say: give us something different, give us something beyond slots and crash. Some are even going back to older formats, like Plinko and other classic games, which are seeing a resurgence.

We’re responding to that by developing something entirely new. We’re currently working on a brand-new game concept that we hope to unveil at ICE next year. So yes, it’s about keeping slots strong, being aware of where crash works, but also innovating beyond both.

The iGaming landscape is very competitive. How is Comtrade differentiating itself, particularly in areas like gamification?

Player engagement tools are essential now. For any good platform and for every operator, the key is giving players a reason to connect with your brand on a daily basis. Without that, you lose engagement very quickly.

We’ve built out several gamification tools, and we’re in the process of rolling them out to operators. These include features like lucky wheels, quests, piggy banks, and other mechanics designed to create that daily connection. The idea is simple: when a player logs in, they should feel like they have something to do, some reason to engage, and a sense of belonging with the brand. That’s how you create loyalty and long-term value.

Steven Valentine, Chief Commercial Officer from Comtrade

How is the Brazilian market going for you?

Brazil is best described as fluid. Operators there are constantly searching for the right technology and the right platform. There’s still a sense of dissatisfaction that we noticed earlier in the year, and that dissatisfaction has only increased as the year has gone on.

For Comtrade, it’s about finding our footing in this environment. We’ve already taken a couple of operators live and migrated them to our brand. As we reach our one-year anniversary in Brazil this January and move into the second year, I think the market will become even more interesting for us. The most important thing to understand is that Brazil is a long-term play. We’re not trying to win everything quickly. Our focus is on building sustainable relationships and winning over time.

Your anniversary in Brazil coincides with the anniversary of the regulated market. How do you see the market evolving, especially with discussions on potential regulatory changes, taxes, and player protection?

At the moment, everything we’re hearing is still rumor; nothing has been confirmed. But with Brazil, you really have to expect change. The regulator put the framework together very quickly. They asked vendors and operators to comply almost overnight. The reality is that the regulator itself hasn’t fully caught up with the demands it created.

That’s part of why we see gaps. I suspect many operators are not complying with all the rules as they stand today, simply because the framework moved too fast and the enforcement hasn’t caught up. Over time, as the regulator professionalizes and develops its own capacity, the industry will also move into greater compliance and stability.

For us, that’s not a problem. We’ve operated in regulated markets for many years, so Comtrade is well-positioned to react quickly and adapt when changes come. That flexibility is one of our strengths.

Beyond Brazil, what other markets are you focusing on, and what trends are you observing?

Comtrade Gaming has long had a presence in Asia. What we’re seeing now is particularly exciting in the Philippines. Regulation was introduced there four years ago, and we are suddenly seeing a huge explosion of growth in that market. Operators are now paying much closer attention to it, almost viewing it as the “next Brazil” in terms of opportunity.

We expect more countries in Asia to follow suit and regulate in the near future. For us, that’s a good development. We’ve been active in Asia for years, and if more of those markets move into regulation, we’ll be in an even stronger position to serve them.

What should the industry expect from Comtrade in the coming months and into next year?

Our journey is to become the platform of choice, the first choice for enterprise-level operators. That journey is continuous and doesn’t really change. We’re not trying to revolutionize the industry in one stroke. What we believe in is constant evolution, helping operators grow steadily and sustainably.

That applies to both sides of our business: our iGaming platform and our games. On both fronts, our focus is on providing very high-quality, dependable services. That consistency is what our partners rely on, and that’s what they can expect from us going into next year.