Crypto casinos and blockchain-based gaming platforms are becoming a more established part of the iGaming sector, driven largely by demand for faster payments and the ability to serve players across borders. At the same time, regulatory oversight is increasing across several markets, especially in Latin America, where Brazil is introducing regulated online betting with tougher compliance requirements. For platform providers, success is no longer defined by rapid launch cycles alone, but by the ability to deliver stable infrastructure, localised payments, and scalable player liquidity across fragmented jurisdictions.
To better understand these shifts, SiGMA News spoke with Tobias Fogelberg, Chief Commercial Officer of Cubeia, a Sweden-based B2B iGaming software company. In this exclusive interview, he emphasises that crypto gaming can only be sustainable with strong liquidity, trustworthy payments, and adaptable platforms. He also says that players care less about blockchain itself and more about whether the product works smoothly and pays out quickly.
Fogelberg also explains the challenges of running poker networks across multiple regulated jurisdictions and the shifting behaviour of crypto-native players. He points to Latin America as a complex region, with different payment options, currency risks, and regulatory rules in each market.
Sustainable infrastructure beyond crypto hype
SiGMA News: Crypto casinos have matured beyond experimentation. What distinguishes sustainable crypto gaming infrastructure from short-cycle market opportunism?
Tobias Fogelberg, CCO of Cubeia: It really comes down to whether you are building something that lasts or just chasing short-term spikes. A lot of opportunistic setups rely heavily on bonuses and traffic tricks to grow fast, but there is not much underneath in terms of retention or long-term stability. That works… until it does not. The sustainable ones are built differently, with solid liquidity, reliable payments, and the flexibility to adapt as regulation shifts. Especially in crypto, where things move quickly, if your setup is not stable, it gets exposed fast. The real test is whether you can perform consistently over time, not just during a hype cycle.
SiGMA News: From a platform perspective, does blockchain genuinely enhance transparency and fairness in poker and casino ecosystems, or is trust still fundamentally brand-driven?
CCO Fogelberg: Blockchain definitely adds something, such as provably fair mechanics and transparent transactions, and all of that helps. But in reality, most players do not engage with the technology itself. They care about whether the platform works, whether games run smoothly, and how fast they can withdraw. So yes, it strengthens trust, but it does not replace the basics. If the product experience is not there, blockchain alone will not fix it.
SiGMA News: Liquidity defines poker success. What are the biggest structural challenges in building scalable, compliant poker networks across fragmented jurisdictions?
CCO Fogelberg: The main issue is fragmentation, on multiple levels. You have regulation-splitting markets, currencies adding complexity, and operators all pulling in slightly different directions. This makes scaling a shared network much harder than it sounds. The balance you need to find is shared liquidity without losing operator independence. That is why hybrid networks are becoming more relevant. They allow operators to tap into a larger player pool while still keeping control over their own brand and setup.
SiGMA News: How are crypto-native players reshaping behaviour patterns in online poker, and what does that mean for network design and risk management?
CCO Fogelberg: They are more reactive, less loyal, and more comfortable with volatility. That brings more activity, but also more churn and higher exposure to bonus abuse and fraud. So platforms need to keep up. Static systems do not really work anymore; you need real-time monitoring, flexible rewards, and smarter ways to manage liquidity. Otherwise, things can become unstable quite quickly.
Latin America: A challenging growth market
SiGMA News: LatAm is often labelled the next growth frontier. Commercially speaking, what are operators most underestimating about executing in markets like Brazil and Mexico?
CCO Fogelberg: It is about execution, not the opportunity. There is definitely demand, but actually operating in these markets is where things get tricky. Payments, regulation, and player behaviour are all different, and this varies widely even within the region. You cannot just launch and expect traction. You need proper localisation, aligned payments, and a clear compliance strategy. Without that, even well-funded operators struggle.
SiGMA News: With Brazil entering a new regulatory phase, how should platform providers balance speed-to-market with long-term compliance stability?
CCO Fogelberg: Flexibility is key. You want to move fast, but not in a way that creates problems later. If your platform is modular, you can launch with what is compliant now and adapt as things evolve. If you become too rigid too early, you will end up reworking things later, which is both costly and slow.
SiGMA News: How do FX (foreign exchange) volatility, payment infrastructure gaps, and digital wallet adoption in LatAm influence pricing models and partnership strategies?
CCO Fogelberg: They have a very direct impact. Currency volatility affects margins, and if payments do not work smoothly, it affects the player experience immediately. Friction in deposits or withdrawals usually means players leave. So operators need multi-currency support, flexible pricing, and strong local payment partners. Crypto can help in some cases, but it also adds another layer of complexity, so it needs to be handled carefully.
A new era of platform competition
SiGMA News: As consolidation accelerates across iGaming, do you see platform infrastructure becoming more vertically integrated, and what risks does that pose for smaller operators?
CCO Fogelberg: There is definitely a move toward vertical integration, with more control and better margins. But it comes with trade-offs, including less flexibility, greater dependency on a single vendor, and it can be harder to stand out. For many operators, a modular approach makes more sense. You keep control where it matters, but still benefit from shared infrastructure where it helps.
SiGMA News: In crypto-enabled environments where regulatory oversight varies, what responsibility should B2B technology providers take in embedding player protection tools at the infrastructure level?
CCO Fogelberg: A more active role than before. It is no longer just on the operator. Platforms need to build this in, including responsible gaming tools, fraud detection, and anti-money laundering (AML) systems; it is becoming part of the core product. As regulation evolves, that responsibility will only increase.
SiGMA News: Looking ahead five years, will the biggest transformation in online poker and crypto casinos come from regulatory harmonisation, technological innovation, or shifting player economics?
CCO Fogelberg: All three matter, but player economics will drive most of it. Acquisition is getting more expensive, competition is increasing, and that is pushing operators to focus more on retention, liquidity, efficiency, and customer service. Technology and regulation will keep evolving alongside that, but the real pressure comes from the business side. That is what will shape how platforms are built going forward.
A new frontier rises beneath the skyline of São Paulo. From 06–09 April 2026, BiS SiGMA South America transforms LatAm’s gaming capital into a hub of innovation, bold talks, and billion-dollar opportunity. Don’t sit this one out.
