Comtrade: “There’s a clear shift from anticipation to real execution under regulation in the Brazilian market”

Brazil’s regulated betting market has now moved from expectation to pressure. Following the first full year of regulated online gaming in 2025, operators are now dealing with compliance, platform stability, player retention, and the challenge of standing out in a crowded field.

During the company’s participation at BiS SiGMA South America in São Paulo this month, Yogonet spoke with Comtrade Gaming‘s Chief Commercial Officer Steven Valentine about what operators are prioritising now, why platform decisions are becoming more strategic, and how the company is looking at Brazil and the wider Latin American market.

BiS SiGMA South America takes place at a key moment for Brazil’s regulated market. What were Comtrade Gaming’s main objectives heading into the event, and how would you assess the outcome?

It is an interesting time in Brazil; there’s a clear shift from anticipation to real execution under regulation. Our main objective was to position Comtrade Gaming as a long-term, scalable platform partner rather than just another supplier entering the market.

We focused on our brand awareness with serious operators—those who are investing in sustainable businesses, not short-term gains—and demonstrating how our platform can support them through migration and helping them grow.

In terms of outcome, it was very strong. The quality of conversations stood out. There’s a noticeable maturing of the market already, with operators asking more detailed, operational questions rather than just exploratory ones. For us, that’s a positive signal.

You were recognised with “Best International Market Debut in Brazil” at the SiGMA Awards. What does this recognition mean for the company, particularly at this stage of your expansion in the country?

Honestly, not that much! As a company, we have never chased awards, and instead have always let our prestigious client list be the real validation of our product.

Having said that, as a new entrant into the Brazilian market, the award certainly helps with building our brand, and we very much thank the guys at SiGMA and the people who voted for us.

What were the main conversations you had with operators and partners on the show floor, and did anything stand out in terms of current priorities or challenges in Brazil?

The conversations have clearly evolved. Six to twelve months ago, it was largely about market entry. Now, it’s about execution.

Operators are focused on three main areas:

• Stability
• Differentiation in an increasingly crowded market
• Retention and player lifecycle management

What stood out most is the growing awareness that platform choice is a strategic decision, not just a technical one. There’s also a strong focus on compliance and localisation—operators are realising that success in Brazil requires adapting to local player behaviour, not just replicating European models.

You recently introduced features like Jackpots and Missions to enhance player engagement. How are these tools performing so far, and what kind of impact are you seeing on retention and player activity?

We’re seeing excellent results. Jackpots and Missions are designed to give operators flexible, real-time engagement tools that can be tailored to different player segments. The key is not just offering these features, but enabling operators to deploy them in a way that aligns with their brand and player base.

From a performance perspective, we’re seeing:

• Increased session frequency
• Higher player engagement during campaigns
• Improved short-term retention metrics

The real value comes when these tools are used as part of a broader player lifecycle strategy, rather than standalone promotions. That’s where we’re working closely with operators—helping them move from tactical usage to more strategic engagement planning.

As you noted, Brazil has shifted from market entry to execution under regulation. What are the biggest operational challenges operators are facing right now, and how is Comtrade helping them navigate this phase?

The biggest challenge right now is operational complexity.

Operators are dealing with:

• Regulatory compliance and reporting requirements
• High expectations around performance and uptime
• The need to differentiate quickly in a competitive landscape
• Low lifetime player values

What we bring is our experience—we’ve supported operators in multiple regulated markets, so we understand the operational realities. It’s not just about providing technology; it’s about being a partner through the full lifecycle of the business.

There’s increasing talk about multi-platform and multi-brand strategies in Brazil. How do you see this trend evolving, and what role does your modular platform play in supporting that flexibility?

Multi-brand will continue and increase, as the market becomes more competitive, operators will look to diversify—whether that’s through multiple brands targeting different segments, or different product strategies within the same group.

When it comes to a multi-platform approach for an operator in a single market, that only exists because they are unhappy with their current providers. Our platform is one of the leading iGaming platforms and is built to:

• Launch and manage multiple brands from a single backend
• Configure different player experiences and campaigns per brand
• Integrate third-party content and services seamlessly

Latin America is becoming a more competitive and regulated region. Beyond Brazil, which markets are you watching closely, and where do you see the next wave of growth?

Brazil is clearly the immediate focus for the industry, but we’re seeing strong momentum across the wider region.

Markets we’re watching closely include:

• Mexico, which continues to evolve and offers significant scale
• Colombia, as a more mature regulated benchmark
• Peru and Chile, where regulatory frameworks are progressing

The broader trend is clear—more structure, more regulation, and increasing competition. That plays to our strengths, as operators in these environments need robust, compliant, and scalable platforms. The next wave of growth will come from operators who can successfully replicate and adapt their strategies across multiple regulated markets.

AI and data-driven tools are becoming central to player management. How is Comtrade integrating these capabilities into its offering, and what tangible benefits are operators seeing?

AI and data are no longer optional—they’re fundamental to running an effective operation. Our focus is on making data actionable. It’s not just about providing dashboards; it’s about enabling operators to make better decisions in real time.

We’re integrating AI-driven capabilities across:

• Player segmentation and behaviour analysis
• Personalised promotions and campaign optimisation
• Early detection of churn risk
• Responsible gaming monitoring

The tangible benefits we’re seeing include:

• More efficient marketing spend
• Higher conversion and retention rates
• Improved player lifetime value

Ultimately, it’s about giving operators the tools to be more proactive rather than reactive—and that’s where real competitive advantage lies.