With the Brazilian iGaming landscape facing uncertainty around potential changes to the rulebook, and Latin America’s general landscape evolving under new regulatory frameworks, operators and suppliers are being forced to rethink strategy, costs, and localisation.
Gustavo Hiroshi, Business Development Manager at Zenith, shares with iGaming Expert how the aggregator is approaching the region with a long-term mindset.
From Brazil’s tax pressures to shifting player behaviours and the need for tailored content, he explains why efficiency, personalisation, and strong partnerships will define success across Latin America in the coming years.
iGaming Expert: Latin American markets are quickly maturing as regulation evolves. What is your approach to the region, and what challenges do you face when working with local partners?
Gustavo Hiroshi: Our focus is on Latin America. We aim to build long-term partnerships and take a more measured approach to growth. We’ve been active in the region for over a year, and we understand that success in the market takes time, particularly as operators move from initial launch into a more structured and competitive phase.
At the same time, regulation is constantly evolving, so it’s critical for us to understand how these changes impact our role as an aggregator. Each update to licensing, taxation or compliance requirements has a direct effect on how operators structure their businesses, and we need to adapt alongside them. From an online perspective, taxation in Brazil is a major factor. Operators are under pressure, so our approach is to remain as cost-efficient as possible and reflect that in how we work with partners.
We want to be seen as a long-term growth driver for operators across the region. That means not only supporting expansion and entries, but helping them navigate regulatory shifts, performance challenges and commercial pressure as the market matures.
iGaming Expert: Is Brazil your main focus in the region right now?
Gustavo Hiroshi: Our scope is the Americas as a whole: including Brazil, Mexico, Argentina, Peru, and further north as opportunities develop. Each of these markets presents a different level of maturity, regulatory structure and player behaviour, so it’s important for us to approach them with a clear understanding of those differences rather than treating the region as a single market.
Brazil was the key driver behind our expansion into Latin America, given its scale and growth potential. It created the initial momentum and opportunity, but at the same time the market is still evolving and not entirely predictable, even with insights from industry and regulatory sources. That level of uncertainty makes it important to build a broader regional presence – that peace of mind is important to our partners as diversification is the key to success.
By being active across multiple markets, we can support operators more effectively as they expand and also reduce reliance on any one jurisdiction. It gives us a more balanced position and allows us to apply learnings from one market to another in a practical way.
iGaming Expert: How do you see the Brazilian market transforming in the future?
Gustavo Hiroshi: As an aggregator, our core business is distributing games from providers, and our strategy is to localise, or “tropicalise”, our offering to better meet Brazilian player expectations. That goes beyond language, it includes mechanics, themes and overall player experience.
Looking ahead, we expect to see more consolidation. The market will likely shift from the 100+ operators you see today, to a significantly smaller number as margins come under pressure. That is a natural step in any newly regulated market as it moves from rapid entry into a more sustainable phase.
Success will also come down to product relevance. While these markets may be geographically close, Brazil, Argentina and the other emerging jurisdictions all show clear differences in player behaviour and preferences. Operators who recognise that early and adjust their offering accordingly will be in a much stronger position. This is exactly why we’re investing in local talent and building teams with on-the-ground understanding to ensure proper localisation and more informed decision-making.
iGaming Expert: Which aspects of your offering resonate most with Brazilian partners?
Gustavo Hiroshi: Pricing and delivery are critical. We are one of the largest distributors of PG Soft games, which gives us strong leverage in terms of volume and pricing, and that has a direct impact in a market such as Brazil where margins are already under pressure.
At the same time, operators are looking for consistency. It’s not just about accessing content, it’s about how reliably that content is delivered and how quickly it can be deployed. Through our aggregation model, we focus on providing stable integrations and efficient onboarding so partners can keep their platforms competitive without unnecessary delays.
Aggregation is a highly competitive space, so operators will naturally compare commercial terms alongside performance. The key here is the balance between cost efficiency and reliability. It is essential that your product both allows operators to manage their cost base, while also still delivering a strong player experience, which is ultimately what drives retention.
iGaming Expert: With rising taxes and tighter regulation, how are operator expectations changing?
Gustavo Hiroshi: The current environment is challenging. In Brazil, for example, operators paid significant fees for licences and are now dealing with increased taxation and additional compliance requirements. That naturally puts pressure on margins and forces operators to reassess their cost structures.
As a result, expectations towards suppliers have shifted. Operators are looking much more closely at commercial terms, integration efficiency and overall value. There is less room for unnecessary cost, and more focus on partners who can contribute to long-term sustainability rather than short-term gains.
It also affects how operators view the market itself. Changes in taxation and regulation can influence confidence and planning, particularly in the early stages of a regulated environment. In some cases, it may encourage players to look beyond the regulated market, which creates further complexity for licensed operators.
iGaming Expert: Will this drive demand for leaner technology partnerships?
Gustavo Hiroshi: Absolutely, efficiency is becoming essential. Operators are under increasing pressure to control costs while still delivering a competitive product, and that naturally extends to the technology partners they work with.
From our perspective, that means simplifying integration, reducing operational friction and making it easier for operators to manage their content portfolio without unnecessary overhead. Solutions like our aggregation layer allow operators to access a wide range of content through a single integration, which reduces both technical complexity and ongoing maintenance.
At the same time, operators are becoming more selective. They are looking for partners who can offer both commercial value and operational reliability, rather than just access to content. We recognise that our success is directly tied to our partners’ performance, so we’re focused on supporting them in a way that helps them operate more efficiently while maintaining quality.
iGaming Expert: Are Brazilian player behaviours diverging from global trends?
Yes, there are clear differences and as a company with strong experience across Asia and now expanding into the Americas, we can see how player behaviour varies across regions and even within individual markets.
In Brazil, for example, influencer-driven content plays a much bigger role than in markets like Argentina, the US or Mexico. Social engagement, streaming and community-driven activity have a strong influence on how players discover and interact with content. At the same time, there is a preference for visually engaging, fast-paced games with simple mechanics, which aligns with the mobile-first nature of the market.
Even within Brazil, behaviour can vary significantly by region, which adds another layer of complexity. It’s still early to define long-term patterns, but what is clear is that localisation is essential. Understanding these nuances allows operators to build products that feel relevant to players, rather than relying on formats that perform well elsewhere.
iGaming Expert: How do you balance global blockbuster content with regional studios?
Gustavo Hiroshi: This is a central part of our strategy. We work with major global providers like Evolution, Pragmatic Play and PG Soft, which naturally perform well in new and developing markets. These titles often drive initial engagement because they are already familiar and proven.
However, relying only on global content is not enough to sustain long-term performance. Even the biggest brands need to adapt to local preferences, whether that’s through theme, design or gameplay structure. Being present in the market, attending events and understanding player expectations all feed into that process.
At the same time, we actively look for regional partners and opportunities to strengthen our localisation capabilities. Local studios can offer content that feels more culturally aligned, which is important for retention. Latin America is not a single, uniform market, and balancing global appeal with local relevance is what ultimately creates a strong and sustainable portfolio.
iGaming Expert: Looking towards 2026, do you expect consolidation, specialisation, or expansion?
Gustavo Hiroshi: In the short term, we expect continued expansion as the market is still developing and new operators continue to enter. However, alongside that, consolidation is likely to follow as competition increases and margins tighten.
For us, the priority is building strong relationships which is achieved through establishing trust and maintaining consistent performance is essential, particularly as we continue to expand our presence across the Americas, Asia and Europe. Brand awareness plays a role here, but it needs to be supported by delivery and reliability.
At the same time, we are expanding our portfolio and increasing the availability of localised content and that combination of broader reach as well as more targeted offering will support further growth. Over time, the market will reward operators and suppliers who can adapt quickly, manage costs effectively and deliver a product that aligns with local demand.
iGaming Expert: What can we expect from Zenith in 2026?
Gustavo Hiroshi: We will continue investing in new companies and expanding our ecosystem, with a clear focus on strengthening how we support operators across multiple markets. The aim is to build a more connected and efficient environment where operators can scale without unnecessary complexity.
A big part of that is continuing to develop our core products. A big part of that is continuing to develop our core products in a way that supports how operators scale across multiple markets. OneAPI remains central, providing a single integration that enables faster go-live, access to certified content and quicker revenue generation, without the overhead of managing multiple providers. GamesAPI adds a more flexible layer, allowing operators to take a selective, performance-led approach to their portfolio. Whether it’s optimising for a specific market, controlling costs or aligning with local demand, it gives operators the ability to adapt without reworking their entire setup.
Our goal is to move towards a more comprehensive, one-stop-shop model for operators. While gaming remains our core focus, we are also exploring complementary products and services that can improve efficiency, support growth and strengthen long-term performance across the markets we operate in.
