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.”

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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.”

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“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.”

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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.”

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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.

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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.

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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.

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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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Katya Machuganova, Gaming Product and Partnership Manager at Silverback Gaming, lifts the lid on the studio’s first crash title and explains why it will hit the market as a social game before being rolled out in the real money format

Silverback’s first crash game is set to hit the market shortly. What more can you tell us about the game ahead of its launch?

We are super excited to launch our first crash game, but the details are a closely guarded secret for now. What I can say is that the design concept is in place, the gameplay has been set, and we are now working on the creative assets. Then it’s just a case of bringing all the elements together. But this being Silverback, it’s not going to be a standard crash game – we are adding plenty of unique twists to take the anticipation and thrills to the next level. We are on track to send the game to Gaming Laboratories International for testing toward the end of March with go-live scheduled for April. The initial roll-out will be in the simulated gaming format with real money to follow.

How will you ensure your crash game stands out in what is an increasingly competitive market?

Players love crash games because of the control they have over the outcome of the game round. They get to choose when to cash out, with experienced players often having their own strategies for deciding the optimal moment to hit the button. It’s this active participation that really gets pulses racing so with our crash game, we are going to be giving players even more control. Crash games generally appeal to players looking to take big risks in return for big rewards, so players will also be able to toggle the risk level to match their preferences. This degree of personalisation and control is simply not offered by the current crash games in the market.

Why did you decide to launch your crash game in the social/simulated gaming format before real-money?

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Demand for our simulated gaming content is at an all-time high with many of our partners looking to tap into the huge opportunity the market presents – last year, social gaming was estimated to be worth $12.77bn and is set to hit £23.05bn by 2032. As a provider of both simulated gaming and real money content, it’s our responsibility to provide our partners with the content they need, when they need it. Crash is also perfectly suited to the simulated gaming format – because players can’t win real money, they like to place big bets (with virtual currency) so they can experience the thrill of big wins. This is exactly what crash provides. Of course, we’ll be releasing our crash game in real-money shortly after its debut as a social title.

Has the game been developed for players in a specific market or are you going global with it?

Silverback Gaming is mostly focused on the North American market, although our games are certified in jurisdictions like Malta and Italy. Given our exposure to the US and Canada, we ensure that our games meet player preferences in these markets although they still hit the mark with players in the other jurisdictions where they are offered. The crash format is super initiative and easy to understand, which means crash games can be deployed in most markets, from North America to Europe, Asia and Africa, and very quickly rise to the top of the charts.

Do studios need to have a crash game in their portfolio?

We think so. Studios need to provide the content operators – and their players – are seeking and we are increasingly seeing this demand shift towards non-traditional content. At Silverback, we want to provide our partners with a broad range of content across different formats, and that’s why our portfolio covers slots, table games and now crash, and in both social and real-money formats. Pushing into new formats is also great fun for our designers, sound engineers and developers, and we give them the freedom and flexibility to push the boundaries as that’s how we can ultimately bring new and exciting experiences to players.

What makes crash such an interesting space for studios to move into?

Because the format is relatively new there is huge scope for studios to really play around with it. From themes to mechanics and even elements like control and risk, we are only just scratching the surface of the crash format. If you were to compare crash to slots, we are in the classic phase right now with the video slots phase still to come. This is why we will see an innovation race play out in the crash vertical, with studios looking to be the first to bring something new to the table that then sets the standard for others to follow.

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How can operators get the most out of crash games?

It’s still very early days for the crash format so operators do need to educate players as to how these games work and why they are such fun to play. Thought needs to be given to lobby positioning, too. To encourage players to try to crash for the first time, offering a free bets offer works well or letting them play a social version if the game is available in this format. This is part of the reason why we have developed and launched our first crash title in the simulated gaming format.