Crypto Gambling: Players Who Stay Profitable Over Time
Pepper Partners reviewed a 2022 study in which British researchers compared the behavior of crypto casino players with a traditional model developed in 2012 for live sports betting, meaning bets placed while a match is in progress. The study analyzed around 14,462 players and 2.3 million transactions across three crypto gambling applications between August 2018 and July 2021.
The original model divided players into four types. When applied to crypto data, it produced five groups, and in one of them, the typical player remained profitable throughout the entire observation period.
How Players Were Segmented
🔵 Each player was described using four indicators: how many days they played, how many bets they placed per active day, how much their bet sizes varied, and whether their total betting volume increased or decreased over time
🔵 Players were grouped using the k-means algorithm, which clusters users with similar behavioral patterns
🔵 The data came from three crypto applications – Dice2Win, Etheroll, and FCK
What the Data Showed
🔴 For crypto gambling data, the optimal segmentation turned out to be five groups rather than four
🔴 A behavioral type appeared that was not present in the traditional model
🔴 This group represented around 7% of all players
🔴 The typical player in this group maintained a positive financial result throughout the entire observation period
Who Stays Profitable
🔵 These players spend more time gambling than users in the other groups
🔵 In terms of the number of bets placed, this group ranks second among all five segments
🔵 The typical player in this group remains profitable throughout their entire LTV
🔵 In other words, prolonged and active gambling in this case is not accompanied by a negative financial outcome for the player
Why Does This Happen?
🔴 The researchers do not have a definitive explanation
🔴 One possibility is that this is simply a statistical characteristic of this particular sample
🔴 Another possibility is that crypto gamblers may be more technically sophisticated or more focused on financial outcomes, which could affect how and how much they play
🔴 Both explanations remain hypotheses rather than proven conclusions
Conclusion
A model originally designed for sports betting required five groups rather than four when applied to crypto gambling data, due to a segment of players who gamble actively and over long periods while remaining profitable. The study does not explain why this behavior emerges in crypto gambling: it may be a feature of the sample or a characteristic of the audience itself.
Casino vs. Sports Betting: Player Profiles
Casino players and sports bettors differ in both profile and betting behavior. In a casino, a player places a bet on a single round or spin and gets the result immediately. Sports betting works differently: the bettor needs to choose an event, assess the possible outcome, and wait to see how it ends.
However, this only describes bettor behavior before the match begins. Almost 60% of sports bets are placed live, during the game itself — and at this point, the bettor starts to resemble a casino player much more closely: betting to get a result almost immediately rather than after lengthy pre-match analysis.
Gender and Age
🔵 Casino audiences are more gender-balanced than sports betting audiences: for example, in the UK, women account for around 40% of casino players, with this share growing largely due to slots
🔵 Sports betting has a much stronger male audience – around 80%; half of bettors are aged 18–34, while the average age is 38.1
🔵 Casino players and bettors share common interests in money, emotions, and convenient digital experiences
🔵 Growth among younger betting audiences is driven mainly by mobile technology and esports
How Casino Players Play
🔴 Slots remain the core casino product thanks to the variety of themes, mechanics, and bonuses
🔴 Players do not need deep product knowledge: after registration, they can start playing immediately
🔴 Players are attracted by entertainment, emotions, social interaction, and the possibility of winning
🔴 Poker, blackjack, and baccarat appeal to those interested in logic and decision-making, but most casino products are still largely based on random outcomes
How Sports Bettors Bet
🔵 Before a match starts, the bettor behaves more like an analyst, often describing the bet as a test of knowledge rather than luck
🔵 Between team and individual sports, bettors often prefer individual sports because there are fewer variables and the outcome can be easier to predict
🔵 Once the match begins, decisions are more often made during the live broadcast: getting an immediate result becomes more important than analyzing everything in advance
Where Casino and Betting Overlap
🔴 Both audiences respond similarly to bonuses, tournaments, and convenient payment options
🔴 The same user can easily switch between casino and sports betting depending on what they want at that moment – general excitement or engagement with a specific event
🔴 A shared wallet and profile connect two different user journeys: fast entry into casino gameplay and event selection with odds in sports betting
Conclusion
A bettor does not always come for lengthy analysis of an outcome. According to the research, for most bets, the timing of the event itself is what matters: the decision is made during the match, when the result can be seen almost immediately. This means the common distinction that “bettors analyze while casino players simply play” only describes part of the behavior of what can often be the same audience.
Online Casino Metrics: GGR and NGR
Online casinos have two key revenue metrics – GGR and NGR. It may seem logical that they rise and fall together, but they serve different purposes: GGR is the basis for taxation and a key benchmark for regulators and the market, while NGR shows how much revenue remains with the operator after major direct deductions.
What’s the Difference
🔵 GGR (Gross Gaming Revenue) – the total amount wagered by players minus winnings paid out over a given period
🔵 NGR (Net Gaming Revenue) – the same amount minus bonuses, taxes, and other direct costs
🔵 There is no single standard for which deductions are included in NGR – the calculation may differ between operators and jurisdictions
Where GGR Is Also Used
🔴 Regulators such as the UK Gambling Commission use licensees’ GGR to assess market size and, under relevant tax regimes, calculate tax obligations
🔴 Industry associations such as the European Gaming and Betting Association (EGBA) also measure the size of the sector based on GGR rather than NGR
🔴 NGR is generally not included in this type of market reporting – it is mainly used internally by operators to evaluate business economics
How Bonuses Create a Gap Between GGR and NGR
🔵 Operators increase bonus spending to attract new players and drive betting volume – this can help increase GGR
🔵 However, the tax base remains linked to GGR: bonuses do not reduce it in the same way they reduce NGR
🔵 Example: with $14 million in GGR, player bonuses amount to $2 million and tax is $1.4 million, leaving $10.6 million in NGR
🔵 If the operator doubles bonus spending while GGR remains unchanged, the tax stays the same, while NGR decreases by another $2 million
Conclusion
The same GGR does not mean the same business economics. One operator may spend more on bonuses, generate the same GGR, and pay the same amount of tax – but end up with a lower NGR.
The first metric shows the gaming result used for tax and industry calculations, while the second shows how much remains after the main direct deductions.
iGaming Brand Analysis: Polymarket
Polymarket is a prediction market platform where users trade on the outcomes of real-world events, ranging from elections and sports matches to Bitcoin prices and other current events. The platform has been operating on the Polygon blockchain since 2020.
What It Offers
🔵 “Yes/No” positions on specific questions about future events — prices ranging from $0.01 to $1 reflect the market’s estimated probability of an outcome
🔵 If the prediction is correct, the position pays out $1; if not, its value drops to zero
🔵 Positions can be sold at any time before the event is resolved, allowing users to lock in a profit or loss
🔵 Eight main categories: politics, sports, crypto, finance, economy, culture, technology, and weather
🔵 Registration without KYC via email, Google account, or crypto wallet; a separate platform with mandatory verification is available for U.S. users
Traffic and Behavioral Metrics (July 2026)
🔴 40.23 million visits — total traffic (−7.63% MoM)
🔴 7:59 min. — average session duration
🔴 6.5 — pages per visit
🔴 32.2% — bounce rate
🔴 57.3% — mobile traffic share
Top 5 Countries
🇺🇸 United States — 22.4%
🇨🇦 Canada — 6.5%
🇲🇽 Mexico — 6.3%
🇩🇪 Germany — 5.3%
🇬🇧 United Kingdom — 4.6%
Traffic Sources
🔵 Direct — 57%
🔵 Organic — 29%
🔵 Social — 6%
🔵 Referrals — 5%
🔵 Display / Paid — <5%
Partnerships and Marketing
🔴 ATP Tour — exclusive rights to stream Polymarket data during professional tennis tournaments
🔴 New York Yankees — Polymarket data has been integrated into broadcasts of the club’s home games
🔴 Are Everything, 2026 — an advertising campaign featuring Future, Peso Pluma, and Rick Rubin, launched on Fox ahead of the FIFA World Cup
🔴 More than 100 influencers published videos showing trading on Polymarket; an independent investigation found that 70% of these videos were filmed on replica websites created specifically for content production
🔴 Some videos showed major winnings totaling nearly $900,000, although calculations based on actual market prices suggest that the positions shown would have resulted in losses of more than $166,000
Conclusion
Polymarket is creating a new way to follow what is happening around the world — through market-based predictions. Sports partnerships and major advertising campaigns are helping the brand expand beyond the crypto audience. What started as a niche crypto tool is gradually becoming a recognizable international brand with its own media presence.
Sound Design: How Music-Gameplay Desynchronization Affects Players
Pepper Partners analyzed a study by Canadian researchers on how synchronization between music and on-screen events affects player engagement. The experiment involved 89 participants who played Geometry Dash — an arcade game where actions need to be performed in time with the music. In some sessions, the audio was synchronized with the on-screen events, while in others it was not. Heart rate, breathing, and skin response were measured with sensors during gameplay.
How the experiment was conducted
🔵 Each participant played four consecutive three-minute sessions
🔵 In the first session, the music was synchronized with the on-screen events; in the second and third, it was desynchronized; in the fourth, it was synchronized again
🔵 The final session was designed to test whether players would return to their previous state once the audio was restored
🔵 After each session, participants completed questionnaires about their emotions, tension, and immersion in the game
🔵 During gameplay, researchers measured heart rate, breathing rate, and skin conductance
Breathing recovered completely
🔴 When the audio was synchronized with the action, breathing rate increased by approximately 10%
🔴 When the audio was desynchronized, breathing slowed down
🔴 In the fourth session, breathing returned to exactly the same rate as in the first session
Heart rate recovered only partially
🔵 When the audio was synchronized with the action, heart rate was approximately 13% higher
🔵 When the audio was desynchronized, heart rate decreased
🔵 In the fourth session, heart rate increased again, but the difference was only 7%
🔵 In other words, by the end of the experiment, synchronized audio increased heart rate only half as strongly as it had at the beginning
The emotional response did not fully recover
🔴 Skin conductance was the only one of the three indicators that directly reflected the emotional response to the game
🔴 In the first session, when the audio was synchronized with the action, the indicator was high
🔴 In the second and third sessions, when the audio was desynchronized, it decreased by 7−8%
🔴 In the fourth session, when the audio was synchronized again, the indicator increased, but did not return to the level recorded in the first session
Conclusion
As long as the audio stays synchronized with the gameplay, it keeps the player engaged and physiologically activated. But once desynchronization occurs, restoring the audio does not produce the same effect as before. The player’s response to the game remains weaker than it was at the beginning.
The Type of Sport Shapes Player Motivation: Two Types of Bettors
Pepper Partners explored what drives young Australians to place bets and compared two audiences: those who bet on racing, including horse and greyhound racing, and those who bet on sports such as football, Australian rules football, rugby, cricket, basketball, and tennis. This distinction reflects the specifics of the local betting culture, where racing has historically existed as a separate category from other sports.
Methodology
🔵 The study surveyed 188 people aged 18−30, 84.6% of whom were men
🔵 Participants were asked what motivated them to bet: earning money, improving their mood, social interaction, or relieving stress
🔵 Researchers also recorded how often they placed bets and how much they spent
Who Bets on Racing
🔴 These players want to win, earn money, apply their ability to analyse races, and they also recognise the cultural significance of racing itself
🔴 Money and stress are not just reasons to place a bet — they are also factors that keep players engaged. The stronger the financial motivation and the more often betting becomes a way to escape anxiety, the more frequently a person returns
🔴 For this audience, betting functions as a tool to earn money or relieve tension rather than simply as entertainment
Who Bets on Sports
🔵 These players bet for social interaction, the emotional excitement of the game, and their personal interest in the match
🔵 The desire to enjoy betting is around three times stronger than among racing bettors
🔵 However, this motivation is only weakly connected to whether the player will return to bet again. Players enjoy the experience, but enjoyment alone does not necessarily make them more engaged
What This Means for the Product: Racing
🔴 Give players analytical tools, including statistics on previous races involving the horse and jockey, probability calculators, and the ability to review the accuracy of their predictions
🔴 Monitor situations where a player bets late at night or suddenly changes their strategy after losses
🔴 In such cases, automatically introduce betting limits or temporarily disable push notifications. This behaviour may indicate that betting is becoming a way to cope with stress rather than simply a way to earn money
What This Means for the Product: Sports
🔵 Make the product more social by adding live match chats, the ability to share bets with others, and prediction tournaments
🔵 Focus retention on experiences rather than money through free broadcasts, merchandise, match tickets, and free bets
🔵 Help players maintain the sense of excitement and enjoyment associated with watching sports instead of focusing only on encouraging new deposits
Conclusion
Racing and sports create two different betting engagement scenarios, depending on the role each sport plays in the culture and how fans perceive it. The more accurately a product reflects this difference, the greater the likelihood of long-term player retention.
Betting Marketing: From Traffic to LTV
The sports betting market continues to grow and could reach €99.56 billion by 2030. In the United States alone, operators spent $3.9 billion on marketing in 2025. However, budget size alone does not determine success. What matters is which channels attract players who not only register but continue betting and generating revenue.
Why acquisition costs are rising
🔵 Competition for advertising placements related to gambling search queries is increasing, pushing up the cost per click.
🔵 Players in mature markets have already seen countless variations of welcome bonuses from different operators, so another similar offer no longer feels new or distinctive.
🔵 Advertising restrictions in regulated jurisdictions are reducing the number of available platforms and formats.
Affiliate marketing
🔴 Affiliate traffic is paid for based on results, such as registrations or deposits, rather than simply for displaying an advertisement.
🔴 The operator remains responsible for an affiliate’s content, including incorrect bonus terms or misleading claims, even though the operator did not create or publish it.
🔴 Affiliate networks carry a risk of fraud, including fake leads, duplicate accounts and traffic from restricted jurisdictions. Without proper verification, operators may end up paying for players who do not actually exist.
Content and SEO
🔵 Unlike paid channels, content and SEO can continue generating traffic even after the advertising budget has been paused.
🔵 Results do not appear immediately, as the channel needs time to build authority and visibility in search engines.
🔵 A player acquired through content may return to the website independently, while a player acquired through a one-off advertisement often needs to be brought back through additional promotions.
Retention and loyalty
🔴 Retention is built around behavioural data, such as betting frequency, preferred sports and the time since the last deposit, rather than demographic characteristics.
🔴 Based on this data, AI can determine who currently needs an offer and who may be pushed closer to churn by another unnecessary message.
🔴 The same principle—distinguishing players who generate real revenue from those who simply claim a bonus—underpins tiered loyalty systems, from welcome offers for new players to personalised support for high-value customers.
🔴 The purpose of this structure is to direct the best conditions towards players who are likely to stay, rather than those who claim a single bonus and never return.
Conclusion
No single tool works effectively in isolation. Growth in sports betting depends on combining several areas at once: localisation for each specific market, content and SEO for organic traffic, paid channels and affiliate marketing for reach, communities and influencers for audience trust, and personalisation and loyalty programmes for retention.
All of this should be built on transparency and a responsible approach to players. Operators that combine precise execution with continuous testing are better prepared to adapt and grow in any market.
Branding in iGaming: Trust, Not Just a Logo
What makes a brand strong when most operators offer similar products and advertising is increasingly restricted by regulation? This question was addressed by three industry professionals with different backgrounds: former 888 CEO Itai Pazner, Casumo CEO Francesco Postiglione, and Edge Marketing Institute co-founder Paul Rees.
What Makes a Strong Brand
🔵 According to Pazner, a brand is built through every point of contact with the player: payout speed, support quality, product fairness, and the overall user experience.
🔵 Rees describes a brand as a way to reduce perceived risk: players are more likely to trust a well-known operator than an unfamiliar one.
🔵 Postiglione believes that trust is created through a consistent product experience, including responsible gambling tools and strong compliance practices.
Why Advertising Alone Is Not Enough
🔴 Advertising budgets remain one of the most important tools for building a brand.
🔴 However, advertising campaigns are becoming increasingly similar. If the logo were removed, it would often be difficult to identify which operator the campaign belongs to.
🔴 Advertising therefore helps players remember a brand, while their actual perception of it is formed after the first interaction with the product.
How Brand Strength Is Measured Today
🔵 Postiglione suggests focusing not on brand awareness, but on player retention: if users return, the brand is doing its job.
🔵 Pazner believes that branding requires long-term investment and recommends allocating at least 30% of the marketing budget to it.
🔵 Player research and customer feedback are becoming just as important as advertising campaigns themselves.
What Is Changing Next
🔴 Artificial intelligence is accelerating product development and making it easier to replicate competitors’ successful solutions.
🔴 Regulation continues to restrict operators’ advertising opportunities.
🔴 Against this background, brand trust is becoming an increasingly valuable asset because it cannot be built quickly or copied together with the product.
Conclusion
In recent years, competition in gambling has shifted from a battle between products to a battle between brands. Long-term competitive advantage is built through brand awareness, accumulated user experience, and trust. A brand remains one of the few assets that cannot be quickly replicated, even when competitors are able to copy the product itself.
Marketing Case Study: PWA and Playable Landing Pages — How Casinos Bypass Google Play
Google Play has tightened its moderation policies for gambling apps, leading to increased adoption of PWAs — progressive web applications that can be installed directly through a browser without using an app store.
However, bypassing the store also removes a standard trust signal: “This app comes from an official marketplace.” Operators compensate for this with playable landing pages. Below, we explain how this format works and what practical benefits it provides.
What Is a Playable Landing Page?
🔵 An interactive page shown after the user clicks an ad but before the app is installed
🔵 The user interacts with a demo version of the product — a slot, wheel of fortune, or crash game — and receives a virtual win at this stage
🔵 The demo follows the same basic mechanics as the product after installation
PWA: Bypassing the Store and Its Benefits
🔴 A PWA can be installed within seconds directly through a browser, without going through app store moderation
🔴 The playable landing page and PWA work as part of the same funnel: game — win — instant installation
🔴 This is especially valuable in Tier-3 markets, where mobile internet connections are often unstable. A traditional app may fail to download on a weak connection, while a PWA opens like a regular website without requiring a large file download
Technical Requirements
🔵 The format runs on HTML5 and MRAID and is compatible with most advertising exchanges
🔵 Sound is disabled by default, which reduces the file size and improves loading speed
🔵 A session lasts approximately 15−20 seconds, so the landing page must load even on a slow mobile connection. Otherwise, the user may not reach the winning moment
A Mini-Funnel Within the Landing Page
🔴 Operators track every step: who started interacting, who completed the scenario, and who proceeded to installation
🔴 This allows them to optimize specific parts of the experience rather than the entire campaign — including the game mechanics, visuals, and prize amount
🔴 In practice, this means making targeted adjustments instead of replacing the entire creative. When users consistently drop off at a particular stage, operators change that specific step
Conclusion
The absence of an app from an official store is usually seen as a reputational disadvantage. However, once a user becomes engaged with the demo game and sees a virtual win, the question of where the app was installed from may become less important.
As a result, what originally emerged as a way to bypass app store restrictions has developed into a standalone engagement tool.
“Near Misses” in Slots: The More Control Players Have, the Stronger the Effect
Pepper Partners continues its series of studies on how players react to slot outcomes. Previous research focused on physiological responses: heart rate and EEG data showed that there are two types of near misses and that training players’ perception can change their level of engagement.
The latest stage demonstrates that the brain processes the same outcome differently depending on whether the player selected the bet themselves or it was set automatically.
Research Method and Design
🔵 fMRI, or functional magnetic resonance imaging, measures brain activity through changes in blood flow and oxygen levels. Compared with EEG, it can more precisely identify which brain regions are activated at the moment an outcome occurs
🔵 40 participants played 60 rounds each on a two-reel slot simulator
🔵 In half of the rounds, players selected the bet size themselves; in the other half, the bet was set automatically
🔵 After each round, participants rated their expectation of winning, satisfaction with the outcome, and desire to continue playing
What the Brain Data Showed
🔴 Wins and near misses activated the same brain regions: the ventral striatum, right anterior insula, and rostral anterior cingulate cortex (rACC)
🔴 EEG studies had already shown that near misses can feel similar to wins, but they measured overall brain activity. fMRI identified the specific regions involved
🔴 The effect disappeared when the near miss occurred before the winning line had been determined
The Role of Personal Choice
🔵 The desire to continue playing after a near miss was stronger when players had selected the bet themselves
🔵 Choosing the bet personally increased activity in the rACC, a region associated with motivation and decision-making
🔵 When the bet was set automatically, the same near-miss outcome produced a weaker response
What This Means for Operators
🔴 Allowing players to choose their own bet size is a manageable interface feature that can directly influence engagement through the near-miss effect
🔴 Slots that set the bet automatically and do not offer this option may not be using the full engagement potential of this mechanic
Conclusion
The more actions players perform themselves—choosing the bet and confirming it with a click—the more strongly they believe in their chances of winning and in their ability to influence the outcome.
A near miss no longer feels purely random. It becomes the result of the player’s own actions: “I almost made it.”
This illusion of control increases engagement, even though the player has no real influence over the outcome.
P2P Betting: The Operator Earns Regardless of the Outcome
In the traditional betting model, the operator acts as the counterparty to the player: it sets the odds, accepts the bet, and either pays the winnings from its own funds or retains the player’s stake. Therefore, a player’s win represents a direct loss for the casino or sportsbook, while consistently profitable players may face lower betting limits or account restrictions.
P2P betting works differently: players bet directly against one another, while the operator acts solely as an intermediary that matches both sides and charges a commission. Its revenue does not depend on which player wins.
Player-to-Player Betting Formats
🔵 Betting exchanges — one player offers odds on a particular outcome, effectively acting as the bookmaker for that bet, while another player accepts those odds. The transaction is concluded directly between the two users.
🔵 Prediction markets — players buy and sell shares linked to the outcome of an event. The share price changes in real time depending on market demand and how much money is placed on each side. A position can be sold before the event ends, allowing the player to lock in a profit or loss.
🔵 Poker and skill-based games — the operator provides the table and charges a rake, usually a fixed percentage of the total pot, regardless of which player wins it.
🔵 Pari-mutuel betting — all bets on an event are combined into a single pool. The operator deducts its commission, while the remaining amount is distributed among the players who correctly predicted the outcome. This format is traditionally used in horse racing.
P2P vs. Traditional Betting
🔴 In the traditional model, the operator must balance risk and hedge its positions to avoid excessive losses on a particular outcome. In P2P betting, the platform does not carry this outcome-related risk.
🔴 A traditional sportsbook earns through the margin built into its odds, while a P2P platform earns from the volume of transactions between players.
🔴 Traditional bookmakers may restrict “sharp” or consistently profitable players because they reduce the operator’s margin. In P2P betting, these players increase market liquidity and are therefore valuable to the platform.
Regulatory Status and Liquidity
🔵 Poker, betting exchanges, and pari-mutuel betting are licensed as separate gambling formats in a number of jurisdictions.
🔵 Prediction markets are the newest format, and their regulatory frameworks are still being developed.
🔵 In prediction markets, an algorithm can automatically adjust share prices based on demand, allowing transactions to take place even without another player directly taking the opposite side. In most other P2P formats, a counterparty is still required.
Conclusion
For operators, P2P appears to be a structurally more efficient model: it involves less risk, provides more accurate market-based pricing, and generates revenue regardless of the outcome.
However, from the player’s perspective, the model has one major weakness, which is why traditional betting remains more widely used. A sportsbook guarantees that it will accept a bet, within the applicable limits, across a broad range of events.
Most P2P formats cannot provide the same guarantee: a betting exchange requires a counterparty, poker requires enough players to fill a table, and pari-mutuel betting requires a sufficiently large pool. Without the necessary liquidity, the transaction may simply not take place.
Prediction markets are the main exception, as automated pricing algorithms can partially reduce this dependency. However, as long as this remains the exception rather than the standard across P2P betting, traditional sportsbooks will continue to offer broader event coverage and more reliable bet execution.
Africa Is Becoming a New Growth Hub for iGaming
The African market is attracting operators with its young audience, expanding mobile internet access and rapid adoption of online payments. However, the continent cannot be treated as a single market: each country has its own regulations, taxes and player behaviour patterns.
Largest Markets
🔵 South Africa is the continent’s largest market: total gross win exceeded $ 5.2 billion in 2025, with $ 3.26 billion generated online
🔵 Nigeria ranked second with around $ 1.6 billion
🔵 Ghana’s online gross win reached $ 903.5 million
What Is Driving Growth
🔴 A young and predominantly male audience
🔴 Mobile products adapted for affordable smartphones
🔴 Local payment solutions
🔴 The popularity of football, which generates 94% of Betway’s African revenue
🔴 Strong recognition of international brands
The Role of Local Payments
In Kenya, M-Pesa accounts for around 90% of the mobile money market and is used for approximately 70−90% of online betting and gambling payments. Only licensed operators can access the service, making it more difficult for illegal platforms to operate.
Key Risks
🔵 Higher taxes may push players towards illegal operators
🔵 In South Africa, licensing is divided across nine provinces
🔵 In Nigeria, regulation has been transferred to individual states
🔵 Simply copying a European product without localisation does not work
Conclusion
Africa offers significant potential for operators but requires a localised approach. Launching an international brand is not enough — products, payments and marketing must be adapted to each individual country.
The main competitive advantage is not only scale and brand recognition, but also the ability to navigate complex regulation and understand the needs of local audiences.
