Introduction
SiGMA South America 2026 brought together operators, affiliates, and technology providers across Brazil for a closer look at one of the industry’s fastest-evolving regions.
Rather than a recap of the events themselves, this Takeaway Thursday focuses on what mattered most across conversations on the ground. From growing interest in AI to a sharper focus on performance control and the ongoing impact of regulation, the discussions reflected a market that is maturing, but still finding its rhythm.
From curiosity to application: AI and smarter decision-making
One of the most noticeable themes across conversations was the level of interest in AI, not just as a concept, but as something businesses are actively trying to understand and apply. Discussions were no longer centred on what AI is, but on how it can fit into existing processes and support day-to-day operations.
“Most people were interested in understanding AI better. Even companies without a direct connection to affiliates were curious about how it works, which shows how strong the current trend is.”
Greice Bezerra, Regional Acquisitions Specialist at NetRefer
This growing curiosity is also being shaped by the wider role AI is beginning to play across the industry. As use cases around automation, fraud detection, and behavioural analysis become more visible, expectations are shifting towards tools that can deliver practical, measurable outcomes rather than theoretical potential, something reflected in conversations around solutions like NetRefer CoPilot AI.
“Operators are no longer exploring the concept of AI, they are actively seeking practical applications and tangible value. There is a clear focus on how these tools can be embedded into existing workflows to optimise performance and decision-making.”
David Buhagiar, Head of Sales and Marketing at NetRefer
A shift towards quality, control, and visibility
Alongside AI, conversations pointed to a broader shift in how operators are thinking about performance. Rather than focusing purely on scaling activity, there is increasing attention on how well traffic is understood, measured, and managed once it enters the funnel.
“There is a much sharper focus on acquiring legitimate, high-converting users while minimising spend on non-performing or fraudulent traffic sources. Efficiency, transparency, and measurable ROI are becoming non-negotiable.”
David Buhagiar, Head of Sales and Marketing at NetRefer
This shift is closely tied to a growing need for greater control over acquisition channels. Operators are placing more importance on identifying inconsistencies in traffic behaviour, maintaining clearer oversight of user journeys, and ensuring that performance data reflects genuine engagement.
At the same time, there is a noticeable move towards faster, more responsive decision-making. Teams are looking for ways to reduce delays between insight and action, using more flexible reporting and real-time data to adapt campaigns as conditions change, often supported by tools such as NetRefer's BI Analytics solution, the Report Builder.
A key part of this conversation also centred around visibility into traffic sources, with increasing interest in solutions like NetRefer's Enhanced Tracking. Bot Detection helps identify and filter out automated or suspicious traffic, while User Agent Details provide deeper insight into the devices, browsers, and environments users are interacting from, allowing operators to better distinguish genuine users and understand behaviour across different touchpoints.
This shift is further reinforced by regulatory developments in markets like Brazil, where greater scrutiny is being placed on affiliate activity and player acquisition practices, pushing operators towards more accountable and transparent performance strategies. As noted by industry analysts, regulatory tightening across LatAm is increasing compliance expectations and reshaping how operators approach acquisition and oversight.
Growth, hesitation, and the reality of change
Despite the overall momentum in the region, conversations also highlighted the practical challenges that come with a market that is still evolving. Decision-making processes are often cautious, particularly when changes involve operational risk or long-term commitment.
“Migration is still something that makes many companies hesitant. Even when offered improvements, the idea of change is very sensitive, and most companies are not willing to switch easily.”
Greice Bezerra, Regional Acquisitions Specialist at NetRefer
This hesitation is not necessarily a sign of resistance to progress, but rather a reflection of how businesses are weighing stability against potential gains. In many cases, maintaining continuity remains a priority, even when better solutions are available.
At the same time, there are clear signs of openness in other areas. Many of the conversations pointed towards a willingness to explore new partnerships and collaborations, particularly where there is an opportunity to add value without disrupting existing operations. This suggests a market that is engaged and curious, but still measured in how it approaches change.
Regulation, consolidation, and what comes next
From a broader market perspective, regulation continues to shape the direction of the LatAm iGaming landscape, particularly in Brazil, where evolving frameworks are influencing how operators plan and operate.
“The Brazilian market remains active and optimistic, but there is also an awareness of potential regulatory changes. Operators are continuing with a business-as-usual mindset for now, while staying alert and adaptable.”
David Buhagiar, Head of Sales and Marketing at NetRefer
As regulatory requirements develop, they are introducing new layers of complexity around compliance, cost, and long-term sustainability. This is likely to influence not only operational strategies, but also the overall structure of the market.
“Regulation in Brazil is still a major topic. With the costs involved, only companies with strong financial resources will likely be able to continue in the long term.”
Greice Bezerra, Regional Acquisitions Specialist at NetRefer
This shift is likely to influence not only how operators manage their businesses, but also who is able to compete effectively over time. As barriers to entry increase, the market may gradually favour those with the resources, infrastructure, and strategic discipline to adapt.
Industry forecasts support this direction, with projections pointing towards continued strong growth across LatAm, alongside gradual consolidation as the market becomes more structured and competitive.
Conclusion
SiGMA South America 2026 reflected a market that is no longer defined by early opportunity alone, but by how effectively that opportunity is managed.
As AI adoption accelerates, acquisition strategies become more controlled, and regulatory frameworks continue to evolve, the direction is clear. Growth remains strong, but success will increasingly depend on clarity, discipline, and the ability to act on insight.
For operators across LatAm, the challenge is no longer just entering the market, but navigating it with precision.