Interviews
Exclusive Interview: Atlas-IAC – Industry B2B Insight for Brazil & LatAm with Sergei Efimenko, CEO of Atlas IAC
Can you briefly unpack Atlas’ areas of provision and their integration?
Of course. First up, the Atlas Seamless API is a service for existing gambling operators who need to bolster their product range to increase business performance. Whether you need a Sportsbook, Casino, Live Casino, Virtual sports or any other product, with one simple integration we can provide any product into your existing platform. Once integrated, an operator has full control over the look and feel of each product. Each product comes with a multifunctional back office, with an intuitive customisation module and CMS. One seamless API integration allows an operator to take advantage of all of the functionality within the Atlas CMS such as our powerful risk management and CRM tools.
As for our Atlas CRM System, it’s a fully automated marketing solution that allows you to manage all of your marketing and communication activities with your customers from one place. Rules based flows helps create specific personalised communication with each client, identify and trigger client group communication, boost the numbers of a campaign through powerful tools for in-depth marketing analysis, predict a campaign’s performance, and modify a campaign on the fly.
Its key features include real-time data collection and real-time triggered activities; unique content-creating tool for template management across any communication channel; client segmentation tool with myriad fine-grained triggers for client identification and grouping; messaging hub across all popular means of messaging and social channels
And finally, there’s our risk-management tools. These make up a wide-ranging toolbox for fully automated identification and restriction of fraudulent customers, and responsible management of your good customers. You no longer need to employ a huge team of risk analysts to weed out the “sharp” or “at-risk” customers. As an operator, all you need to do is create your own policies and rules, setup and manage categories and criteria in the constructor. The rule-flow powered engine analyses the client’s activities, and categorizes them for you. Core components include in-depth analytics which are mounted on over 200 triggers to manage client groups. Its two operational models are based on AML-scoring or trigger-based scoring and ably backed up by dedicated 24/7 support and training.
How has your business grown in recent years?
The Atlas platform has over 50 operators on-boarded with partners either taking the full solution
(PAM/Sportsbook/Casino) or just our sportsbook, either through a simple iFrame or via our sportsbook API – which has all of the hooks and triggers required to power the sportsbook, but offers an additional level of flexibility to the operator. The modular framework of the Atlas system ensures that sportsbook integrations can be rolled out quickly, with the heavy-lifting undertaken at our end. That can even include underwriting our “no risk sportsbook solution” which has proven very popular of late, particularly amongst casino brands who previously baulked at the supposed volatility of adding a sportsbook to their offerings.
Is there a particular geographic focus of the company?
Emerging markets from LatAm to Africa and Asia. Of the 53 operators we currently have on our books, 28 are in Brazil. So, that fact alone eloquently denotes the opportunity not only in the largest South American nation, but also its wider continent. Importantly, we also have some instructive case studies of brands who get up to $5m+ GGR in less than four months from their start date – and that delivery / integration time takes only two days with Atlas. We even have an example of delivering three websites in just two days in parallel for Brazil! There are even credible whispers that Brazil is now Bet365’s major territory, surpassing the incredibly mature UK market and even China. So, I reckon that’s all you need to know in terms of potential! A majority of our operator partnerships are here as a result. We’re also very interested in Peru, which is “crossing the Ts” of its regulation, alongside some of the existing success stories, like Colombia.
Brazil has legalised but hasn’t regulated yet (due for later this year, with recent changes of incumbent government delaying the process) so its 400+ operators are currently hosted abroad. With regulation, that will naturally quickly change. As with any evolving marketplace, but especially in LatAm, there are three things to keep in mind when approaching any given new territory: the viability of regulatory regime, the commerciality of the tax regime, and potential to take on the local competition. At Atlas, we feel we have profiled the wider market both deeply and effectively.
Looking at Brazil above all, can you share some of that insight and speak more to the specifics there?
The size of the market is bigger than most commentators believe. As I alluded to earlier, Bet365, Entain and even Betano (only launched in 2021) are already each processing $100s of millions in GGR. You need to deliver exceptional, hyper-personalized experiences to your customers and always pay them quickly to engender confidence in your brand. The landscape currently winds around very visible sports sponsorships and mainstream TV-ad packages which are widely available and represent a competitive battlefield. While the most popular payment method is Pix, an instant, frictionless, low-cost mobile payments system developed by the Central Bank of Brazil and launched in late 2020. More broadly, this has led to a boost in all forms of e-commerce, not limited to gambling. However, more specifically, it’s wise to remember that payment costs can be high as gambling-related cash cannot be held in Brazilian bank accounts. The FX spreads on conversion of deposits and withdrawals are high at 30-40% of GGR for many operators. However, this will likely drop to less than 10% post-regulation and will provide some offset to the potential loss of casino.
Which other markets are currently taking your eye in LatAm and South America?
As I mentioned in passing, Peru appeals to us as things stand. Its benign regulatory regime certainly recommends that it should form part of any concerted South American / LatAm regional advance. The market is fragmented which is also beneficial for a highly agile provider like Atlas. Only those with a license (which must be renewed annually) will be permitted to advertise or sponsor sports teams in Peru, and there’s a 12% tax on of all net winnings. Still, it makes Peru one of the more operator-friendly regulations in recent times.
More generally, this continent certainly a rapidly evolving ecosystem where no market positions can be taken for granted, especially if you’re running on outmoded legacy platforms. Emerging markets are very fragmented. Time was when six or seven markets would be an attractive proposition for international presence for a global betting brand. However, what we’ve seen in the modern era is the emergence of lots of national champions (take Caliente with a staggering 75% market share in Mexico) who are not globally-centralised operators. Remember, every global nation has their own form of regulation (bar perhaps Norway, Finland and Austria) with differences ranging from return to player, tax rates, marketing restrictions and market-access restrictions to name just a few. The trend for operators’ management teams partnering with local brands is unsurprising. It’s sometimes easier to retain the expertise and support local heroes. What matters is knowing the customer, meeting them in their respective communication game (i.e. familiarity) with a host of localisation techniques. Atlas’s modular platform is a step ahead which it comes to delivering the requisite versatility and tech. Wherever you stick your pin on the map, these varied requirements across continent, country or region constitute ideal proving grounds for our versatile platform to demonstrate how we keep our international partners ahead of their rivals. Atlas’ efficiencies of cost and scalability will win out over time, no matter where you set your scene.
What are the challenges to making it in South America?
Needless to say, it’s a football-crazy territory, and so football must lead the way across both continents. Almost without exception, you’re selling the the same football-powered product. But it can be complemented and supported by local preferences which can range from mainstream to more localised appetites. Player habits are also very different. Small-stakes-big-win scenarios will prove popular in all emerging markets, of course, but these types of bet are great for the operator on margin, and there’s plenty more juice in the lemon so to speak.
More broadly, as we’ve discussed, rapid-fire access to funds (from deposit to withdrawals) is also paramount to making your brand the preferred wallet of any customer. Customer trust in any operator really hinges on their capacity to payout in timely fashion. Especially because customers heavily favour the aforementioned BetBuilder / parlay model. You have to localise your payment methods in many cases country-by-country in a patchwork assembly of needs. You have to localise on Customer Support, too. For instances, Portuguese fluency alone wouldn’t be a plus-point, you need the regional varieties and dialects. That’s one area where automation can’t currently help you too much. And the User Experience of your site has to be familiar, so you can’t reinvent the wheel for UX if you want to take on the leaders in any given territory.
Elsewhere, I still believe that free-to-play (F2P) jackpot games are the best way to acquire and retain customers in an international landscape that’s running out of regulatory rope in some parts. And as Atlas continues to break into new emerging markets, F2P solutions that track localised player proclivities could prove the reliable differentiator for operators who’ve discovered that narrow-minded bonusing is a race to the bottom.
We saw that at last year’s football World Cup, the most important and most watched football competition in the world – and even more so among Brazil football-mad fanbase! Pixbet, perhaps the largest home-grown operator, executed much better than some of the global behemoths eyeing the Brazilian space simply because they know their end user so intimately. They weren’t alone. Other local sportsbooks and media companies across the soon-to-regulate Brazilian marketplace elevated their acquisition and retention targets via F2P. The North American market has already seen DFS companies fostering loyal and engaged audiences in many U.S. states or Canadian provinces before they open up to sports betting, and a similar pattern is set to ensue in Brazil and other South American countries.
Looking Back: Growth & Achievements
FBMDS is celebrating five years of expansion and innovation. How would you describe the brand’s journey during this time?
Our journey over the past five years has been one of bold moves, strategic growth, and relentless innovation. As part of the FBM® Group, we began as pioneers in Video Bingo, but our vision extended far beyond that. We have focused on delivering profitable products to our clients and engaging gaming experiences to players. By expanding into multiple gaming categories and strengthening our global presence in key markets like Mexico and Brazil, we have redefined what a localized, player-centric gaming experience should be.
What were the key milestones that shaped FBMDS’ success over the past five years?
Several milestones have defined our success. First, our solidification as a market leader in Video Bingo and Lotto Games, setting the gold standard with best-seller products like Multi Mega, Power Pick Lotto, and Champion IV. Our leadership in Video Bingo is reinforced by unique features like the jackpot system, Magic Ball, and attractive paytables, all of which drive engagement and retention.
Second, our presence at international trade shows has played a crucial role in strengthening relationships with key partners and clients while reinforcing our brand positioning, as seen in events like G2E Las Vegas 2024. Lastly, our rapid expansion in the LATAM region, particularly in Mexico and Brazil, has solidified FBMDS as a trusted and respected brand in a highly competitive landscape.
What has been the most significant challenge, and how did FBMDS overcome it?
The online gaming industry is highly competitive, and differentiation is key. Our challenge was to deliver games that not only stood out but also ensured profitability for operators and engaging experiences for players. We tackled this by investing in customization, localization, and innovation—ensuring that every product aligns with the preferences of specific markets. Our ability to adapt game mechanics, themes, and retention strategies has positioned us ahead of the competition, creating unique gaming experiences that drive business success.
Product Evolution & Market Leadership
FBMDS has built a strong reputation in Video Bingo. How has this segment evolved, and what makes FBMDS a leader in this category?
Video Bingo is our DNA, and we have continuously pushed its evolution by refining gameplay mechanics, introducing engaging themes, and incorporating advanced technology to enhance user experience. Our commitment to differentiation sets us apart: our jackpot feature, the Magic Ball, and attractive paytables are tailored to maximize player engagement and operator profitability. Customization is at the heart of our strategy, ensuring our games resonate with local markets and drive long-term success.
Among FBMDS’ product portfolio, do you have a personal favorite? Why?
It’s hard to pick just one, but I’d highlight our Video Bingo games because they represent our legacy and continued leadership in the industry. We believe Video Bingo is an essential asset for any online casino, as it offers a nostalgic yet modern experience, combining interactive features with high retention rates. Our jackpot system enhances player excitement, while innovative game mechanics keep engagement levels high. In addition, our crash games showcase our adaptability and innovation, delivering high-quality visuals and dynamic gameplay. These two categories reflect our strategic pillars: player engagement and profitable gaming solutions for operators.
Future Outlook & Expansion Plans
Looking ahead, what’s the vision for FBMDS’ next five years?
We are just getting started. Our vision is to expand our influence by continuously delivering innovative and engaging gaming experiences that drive profitability for operators. While we maintain our leadership in Video Bingo, we are also focused on strengthening our position in other gaming verticals. We will continue investing in localized, player-driven innovation, ensuring that every product we launch enhances both player experience and operator success.
Brazil is a key market with huge potential. How does FBMDS plan to strengthen its presence in this region?
Brazil is a strategic priority for us. With regulatory developments and increasing demand for online gaming, we see tremendous opportunities to expand. Our approach is centered on offering tailored gaming experiences that resonate with Brazilian players, ensuring our products align with their cultural and gaming preferences. Additionally, we are forging strategic partnerships with operators to facilitate seamless and impactful expansion in the region, ensuring that our games drive engagement and profitability for our partners.
Innovation & What’s Next
Can you share any insights about upcoming products or features that FBMDS is working on?
Absolutely. We are developing a new generation of Video Bingo games featuring advanced jackpot systems, enhanced gameplay mechanics, and even more engaging features tailored to player preferences. Our goal is to create experiences that keep players entertained while maximizing operator revenue. In addition, we are working on new slots and bonus structures designed to drive engagement and profitability, ensuring that FBMDS remains at the forefront of gaming innovation.
What can operators and players expect from FBMDS in the near future?
A: More expansion, more innovation, and an even stronger, more diverse gaming portfolio. Players can expect cutting-edge experiences featuring interactive and rewarding mechanics, while operators will benefit from flexible, high-performance gaming solutions designed to optimize engagement and profitability. We are committed to maintaining our leadership in Video Bingo while continuously evolving to meet market demands.
Final Thoughts
After five years of continuous growth, what message would you like to share with FBMDS’ partners and players?
First and foremost, a heartfelt thank you to our players, partners, and the entire FBMDS team. Your trust and support have been instrumental in our journey. As we move forward, we remain committed to delivering exceptional gaming experiences, driving profitability for our partners, and continuously pushing the boundaries of innovation. The best is yet to come!
If you had to describe FBMDS’ journey in one word, what would it be?
Transformational.
A lot has changed since the US Supreme Court struck down PASPA (The Professional and Amateur Sports Protection Act of 1992) as being unconstitutional, effectively ending Nevada’s near-monopoly on sports betting in the country. With every US state now free to legalize and launch its own sports betting market, in-person, online, and mobile sports betting grew at a neck-breaking pace.
This explosive growth saw the emergence of ‘affiliate companies’ – marketing agencies specializing in performance marketing and promoting licensed sports betting operators. However, as the market entered a new phase and growth slowed, some affiliates have been seeing mixed results in the past year.
We sat down for a chat with Shmulik Segal, Founder and CEO of Media Troopers, an advertising agency specializing in sports betting and iGaming in North America, to hear his views on the gambling marketplace and what the future holds for affiliates. Segal takes a realistic approach and acknowledges the days of insatiable growth are gone, but he still sees great potential in the market.
Looking at the bigger picture, how bad were things for affiliates in the past year?
Segal: “I won’t tell you the past year hasn’t been challenging for marketing agencies like ourselves. Looking at 2024 earning reports of publicly traded marketing agencies in the gambling industry, the results are a mixed bag, Segal says. “While some of the largest players in the space saw their US revenues drop by over a third compared to 2023, the earnings of others just flatlined.”
What causes you to be optimistic then?
“But on the flip side of the coin, there were also companies that saw double-digit growth in earnings,” Segal compares. “So what does that mixed bag of results tell us? Although the days of explosive growth are over, the market is certainly not on a one-way street. I still see tons of opportunities for companies that are adjusting and doing the right things.”
So what are the main challenges the affiliate market is facing?
“I can divide the challenges into two main categories: objective and subjective. Objective categories would be anything that’s ‘man-made’, such as legislation (new states that open up), increased regulation (restrictions on advertising, increased taxation), the evolution of technology (Artificial Intelligence and further mobile personalization), competition (both operators and other marketing channels and companies), and all other factors that are created by governments, companies, and individuals,” he explains.
“The subjective factors are more geographical or permanent. Let’s take sports betting as an example. According to the American Gaming Association’s state tracker, Out of 51 potential jurisdictions across the country (50 states + Washington DC), 38 have legalized sports betting. However, only seven states have legalized iGaming.”
So, how do you treat these challenges differently?
“As an affiliate, you understand the fundamental difference between the two types of challenges: your level of control. While you can mitigate objective challenges, you must adapt to subjective ones.”
How do you stay relevant as an affiliate amidst these challenges?
“The first thing we must always keep in mind is that we make a living out of providing our customers with additional value, i.e. unique knowledge and expertise that the operator doesn’t have and fits perfectly into its marketing mix. We must provide our customers with a competitive, cutting edge.”
“Case in point: we constantly strive to be ahead of the curve in everything we do. Our technology platform constantly adapts and upgrades to include more powerful AI tools for segmentation, targeting, and personalization. A huge part of our media teams’ job is to look for the ‘next big thing’ be it a fresh marketing channel or a new source that will enable us to expand our reach and tap into new markets.
Our commercial teams work closely with existing and potential operators to find new ways to bring value to players, be it new games, news, or promotions. And it goes without saying that our compliance team takes great care of ensuring we adhere to the highest standards of safe advertising and responsible gaming.”
“But no less important,“ he concludes, “is the operations team that ties all the pieces together and executes everything. That’s one of the biggest challenges, given operations can be slow-moving, we constantly need to improve our execution to keep up with the changes the other parts of the team bring.”
What about other types of challenges? The ones you can’t mitigate?
“When it comes to subjective challenges, however, you have much less control, and this is where companies must brace themselves and adapt quickly. Case in point, there are 38 sports betting states, while a portion of the remaining ones, such as Hawai, Utah, Texas, and California, won’t introduce sports betting or iGaming in the foreseeable future.
With fewer states regulating gaming in the foreseeable future, is the market bound to shrink?
“I don’t see it that way. Long gone are the days when a new market opened every few months. What would you do? You can’t ‘magic up’ more states. But you can certainly adapt and brace yourself to improve and grow your share in existing markets, which is exactly what we are focusing on doing,” he explains. “Along with acquiring new players through new and existing markets, we are constantly looking for new channels that will bring our customers (operators) loyalty and higher lifetime value.”
You are talking about increasing share and value, does that mean there are no new opportunities?
“We see huge potential, with opportunities constantly coming to knock on our door. North Carolina and Vermont were the two new markets that launched in 2024, and we are already seeing a lot of growth there. For example, North Carolina, which only went live with sports betting in March 2024, but by the end of the year, already clinched ninth place in the Top 10 sports betting states, reporting revenues of over $583.
This is why we treat every state as a standalone ecosystem with its unique set of challenges, requirements, and potential. The next exciting challenge (and opportunity) we are preparing for is Missouri, which legalized sports betting at the end of 2024 but has yet to launch. We have already been hard at work since the ballot was approved in November, so we can hit the ground running and start sending our MO sportsbook partners newly depositing customers from day one.
What about organic growth in existing markets?
“There’s certainly that also. While every new state that launches sports betting can potentially bring a spike in growth, we are certainly seeing organic growth and improved results across the board year after year. Take as an example the Super Bowl. In 2025, legal US bets on the Super Bowl grew 10% year-on-year. Or March Madness, on which best are expected to grow 13% from last year.
So, is there still organic growth in existing markets? For us, it’s a big, fat yes.”
Are you planning on staying within the iGaming and sports betting markets in the near future?
“That’s a very good question I ask myself every day, Segal smiles and immediately corrects himself. “Actually, scratch that. I ask myself this question many times over the course of a day in the office.”
He elaborates: “iGaming is tangent to other gaming verticals, and sports betting has an overlap with a whole universe of sports and its related verticals. Every website in these verticals needs traffic, and we know how to provide it. So new opportunities knocking on our door. But how do we capitalize on these without losing our focus and commitment to our core business? We keep our ears and eyes open, but never lose focus.”
How has the live dealer landscape progressed over recent years?
Live dealer has become a core vertical in online gaming, now making up about a third of casino revenue. What’s interesting is that it’s driven by a relatively small number of studios. It’s a capital-intensive business with no guarantees, but if you get it right, the player loyalty is worth the investment.
The industry has evolved in key areas:
- Streaming and quality: HD is standard, but now latency, mobile optimization, and stability are the focus
- Game Variety: the core games – Blackjack, Roulette, and Baccarat – still dominate, but regional favorites like Teen Patti and Andar Bahar are gaining ground
- Gamification and engagement: jackpots, tournaments, and cash drops are making live dealer more interactive
- Customization: greenscreen technology has been a game-changer, allowing operators to brand and tailor their tables like never before
- Hybrid formats: live dealer is no longer just about table games; game shows, wheels, and interactive experiences are expanding the category
At its core, live dealer is about creating an immersive and social experience. That’s why innovation in engagement and customization continues to be a major growth driver.
With live casino being relatively new to some markets, such as the US, how do players interact with the vertical? How do player preferences differ across geos?
For players new to live dealer, the reaction is almost always ‘feels like a real casino!’ The human interaction and transparency make a big impact.
In the US, live dealer is being embraced quickly, especially in social and sweepstakes casinos. Players there are used to land-based casinos, so high-quality live games feel familiar. Blackjack is the dominant game by a wide margin.
Other parts of the world have different preferences. In Asia, there’s a strong preference for Teen Patti, Dragon Tiger, and Baccarat. Baccarat is also the top choice in Italy and much of Southeast Asia. In Turkey, Roulette is by far the most popular game, though we also see strong affinity toward Blackjack. In Europe, Blackjack leads, but Roulette is consistently strong, particularly in markets like India.
Across all markets, the common thread is that live dealer isn’t just about the game – it’s about the experience. Players want interaction, immersion, and trust in the gameplay.
What technologies resonate well with players, and conversely, what is lacking engagement?
Reliable streaming is the baseline expectation. It needs to work flawlessly, especially on mobile. From an operator’s perspective, greenscreen technology has been a game-changer. It allows for branded and localized environments without physical set builds, giving operators full control over their branding and user experience.
Gamification and promotional tools, such as cash drops, leaderboards, and jackpots, also drive engagement, particularly in social and sweepstakes gaming.
And what doesn’t work? Laggy or low-quality streams are killers. If the experience isn’t seamless, players leave instantly. And fake ‘live’ games, such as pre-recorded tables and AI dealers, miss the point of live casino. Players want real human interaction.
What is the most unexpected or disruptive trend you’ve seen in live casino development that you didn’t anticipate, and how has it shaped your approach?
One of the biggest surprises has been the rise of live dealer in social casinos and sweepstakes gaming. For a long time, social casinos were all about slots, but now we’re seeing massive demand for live dealer in that space. Players want the real casino atmosphere, even when they’re playing with virtual currency.
We’ve adapted to this by optimizing our live dealer games for sweepstakes casinos – adjusting the UI, adding engagement tools, and better game pacing to better fit the model. This shift has forced a change in the way we think about live gaming – not just as a real-money product, but as an entertainment experience that works across different models.
In which markets is live casino experiencing the most growth, and why?
Our core markets of Europe, CIS, and the Middle East continue to show strong, stable growth, with high retention rates among existing players. We’re also expanding into high-growth regions like Italy and Asia where Baccarat is driving adoption. In Africa and LatAm, growth is fueled by higher gambling activity and better internet access. And in Africa specifically, our adaptive streaming technology optimizes for lower bandwidth, making live dealer more accessible in this huge and emerging market.
And it’s not just about where live dealer is growing, it’s also about how it’s expanding into new verticals like social and hybrid models. For us it’s about being ready, agile, adaptive.
How do you expect the live dealer landscape to develop? Are there any emerging technologies that you believe will become game changers in this space?
AI gets a lot of attention, and while I don’t see it replacing human dealers, I do see it as a powerful tool for personalization.
We can expect to see AI-driven table recommendations which may suggest games based on player behavior data, as well as personalised and dynamic challenges and offers that adapt in real-time.
Beyond AI, greenscreen technology will continue to redefine the industry. It makes localization and branding far more cost-effective by allowing digitally generated studio environments. It unlocks innovation and imagination, and empowers operators to create unique and exclusive gaming experiences.
Live dealer is also starting to merge with other formats, so expect to see more game-show-style mechanics, interactive social elements, and even potential crossover with streaming platforms.
Final Thoughts?
Live dealer is no longer a niche product; it’s a dominant vertical in online gaming. The challenge now is differentiation.
At LuckyStreak, we’re focused on making live dealer more customizable, engaging, and adaptable. Whether it’s through branded tables, gamification, or expanding into new markets, the goal is to give operators more flexibility and players a better experience.
About LuckyStreak
LuckyStreak has been producing and streaming world-class live dealer online games since 2014. Launched and led by veterans of the land-based and online casino industry, they have a deep passion for entertainment, innovation and quality service, providing players with an unforgettable, unique and thrilling gaming experience, and impeccably delivered with an unwavering commitment to the highest levels of production, video streaming and reliability.
LuckyConnect was launched in 2017 and is the proprietary integration API for operators, connecting them to a library of over 4000 live dealer and third-party games from leading providers like Pragmatic Play, Yggdrasil, Ruby Play, PG Soft and Red Rake Gaming via seamless wallet API, and one-stop shop of critical services including invoicing, player management, reporting and billing, support centre and content management, with one fast and easy integration.
LuckyStreak products and services are built on a highly secure robust technical infrastructure: utilizing a microservices architecture developed using a cloud-native approach enabling high availability (99.9% uptime), security and flexibility; whilst our critical API technology is protected by symmetric encryption and secure server-to-server connections. Ensuring an optimal playing experience without compromising our service to our customers.
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