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He also called for continued rigorous enforcement efforts alongside strict regulation to safeguard consumers, adding: “Anyone who wants to strengthen player protection must therefore consistently crack down on illegal services and strengthen legal ones.”

The DSWV said the findings should prompt a thorough reassessment of official black market size estimates in Germany.

The DOCV, another trade body representing licensed online casino operators in Germany, also expressed support for the prosecutorial efforts. However, it emphasised that the raid exposed regulatory gaps which had allowed organised crime to flourish.

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That strong foundation in Peru lies in a regulatory framework deemed to be among the most comprehensive in LatAm.

“The rollout of the regulation was super positive,” Rossi says. “I believe that the Peruvian regulation is one of the best regulations in Latin America. [It’s] flexible, modern, business-friendly. The regulator has demonstrated a commitment to creating a safe and transparent market environment, and there’s a great relationship between the regulator and the operators.”

Escobar sees Peru’s relatively nascent regulated market as an increasingly attractive proposition for operators, pointing to strong player engagement and digital adoption.

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Independent analysis by Bettormetrics found Kambi partners either led or shared the lead on measures including time to market, live uptime and bet delay. It also outperformed its B2C and B2B competitors on live uptime in World Cup markets including over/unders on total goals.

“All the testing in the world cannot tell you precisely where you stand against the rest of the market on key aspects of the product,” Lamb says. “It was very positive to see Kambi as a leader in these key metrics.”

The way customers used the offering was equally instructive. Bets outside the match-winner market accounted for 63% of pre-match turnover, compared with 57% in 2022, reinforcing the importance of depth beyond traditional markets.