Comtrade: "The old model isn't enough anymore - gaming companies need to move toward creating a social experience"

ICE Barcelona once again underscored how sharply the iGaming industry is being reshaped by regulatory pressure, rising costs, and an intensified focus on operational efficiency. As margins tighten and competition accelerates, operators are reassessing not only where they grow next, but how platforms, technology, and engagement strategies can deliver sustainable value in an increasingly complex environment.

Against this backdrop, Yogonet spoke with Steven Valentine, Chief Commercial Officer at Comtrade, during ICE to discuss the signals emerging from the show floor, the evolving expectations of enterprise-level operators, and the role of platform providers in helping clients navigate regulatory diversity, tax pressure, and player engagement challenges. The conversation offers a clear-eyed view of where the industry is headed — and what it will take to compete at scale in the years ahead.

ICE Barcelona is often seen as an indicator of where the industry is heading. What signals or themes were you most attentive to at this year’s edition?

Honestly, I barely left the stand, so I didn’t see much beyond what we were presenting ourselves (laughs). That said, based on conversations with people who came to us, the themes were very consistent. Everyone is asking the same questions: how do we maximise lifetime player value, and how do we operate efficiently when taxes are having such a big impact on profitability?

Taxes are really squeezing operators right now, so the big question is how to do more with less. How do you extract more value from players, improve efficiencies, and optimise operations overall? Efficiency, more than anything else, felt like the core theme this year.

The company positions itself as a platform for enterprise-level operators. What does “enterprise” really mean in today’s iGaming market?

For us, enterprise operators are those operating at very high volumes. These are businesses that need infrastructure capable of handling thousands of bets per second, with large numbers of active players and constant registrations flowing through the platform.

An enterprise-level platform must deliver extreme stability and performance under pressure. That said, the same platform also suits mid-level operators, because it includes the functionality and robustness that serious operators need.

Today, operators expect things like responsible gaming tools, CRM, and compliance features to be built directly into the platform, not added through multiple third-party integrations. Our goal is to provide as much of that functionality natively as possible.

As operating costs rise and margins tighten, how are operator expectations toward platform providers evolving? Are they looking for something different?

When operators get squeezed by taxes, they tend to squeeze their vendors. They want more for less: better pricing, faster delivery, and higher efficiency. That pressure is definitely there.

Our response has been to offer more value at the same price point. Features like gamification tools and CRM capabilities are included in our platform without additional cost. For operators, that’s a significant saving, because otherwise those tools would need to be sourced and paid for elsewhere.

You’ve recently signed deals in markets like the Philippines, Brazil, and Chile, all at different stages of regulatory maturity. How do you balance flexibility for local markets with the stability required by large-scale operators?

Markets like Brazil and the Philippines are now highly regulated, and each jurisdiction has its own specific requirements. For us, adapting to different regulatory frameworks is relatively straightforward because we’re a deeply technical company.

We’ve worked across many regulatory environments over the years, from France’s early vault requirements to Belgium, which was one of the most complex regulatory systems at the time. That experience makes it easier for us to customise our platform for each jurisdiction. We also use what we call a “country adapter,” which allows us to extend and adjust the platform efficiently for different regulatory needs.

Focusing on Brazil specifically, now that a full year has passed since regulation came into force, how do you see the market evolving?

For now, the tax situation seems relatively settled. Operators know what the increase is, and that clarity has helped calm the market. The bigger issue is still the size of the black market.

From what we understand, illegal market revenue in Brazil is still significantly larger than regulated revenue. That’s a serious concern. If regulated operators are paying taxes, complying with strict KYC and operational rules, while unregulated operators aren’t and continue to operate freely, it creates a real imbalance.

If that isn’t addressed, it raises difficult questions about how long operators will remain on the regulated side. For regulation to work long-term, the government will need to tackle the black market more effectively.

As margins tighten, player engagement and retention are becoming increasingly critical. How do you see gamification shaping the next generation of iGaming platforms?

I think gaming companies need to move much more toward creating a social experience. The old model — logging in purely to place a bet or play a game — isn’t enough anymore.

Operators need to build stronger relationships with players and give them reasons to engage on a daily basis, even when they’re not betting. A good analogy is language-learning apps, where users log in daily just to maintain a streak. Gamification can work in a similar way for betting platforms.

The goal is to build loyalty that goes beyond individual bets or games. If players feel consistently engaged and emotionally connected to a brand, then when they do want to bet, they’ll choose that platform. That daily engagement and sense of affiliation is where the industry needs to go next.