Beyond Tier-1: SiGMA Asia panel explores where the real money will be in 2026 and 2027
During the second day of SiGMA Asia 2026 at the SMX Convention Center in Manila, panelists discussed an important question: if Tier-1 markets are crowded, where will the real money be in 2026 and 2027?
Jenny Ortiz-Bolivar, Asia Lead Senior Journalist and Reporter at SiGMA Group, led the panel. The group talked about whether mature markets are truly saturated or if companies simply need new growth strategies. The panel, organized by EvenBet Gaming, featured Reece Calderbank (Delasport), John Paul Joya (LAAFFIC), Vahe Vardanyan (Affigates), and Julia Panina (EvenBet Gaming).
Panina challenged the idea that Tier-1 markets have no more potential. She explained that high acquisition costs are often confused with market saturation and pointed to continued growth in the US and Europe. She believes the real challenge is whether companies have the right strategy to find value in mature markets. “When people say Tier-1 markets are saturated, what they really mean is that acquisition costs are very expensive,” she said. “But expensive acquisition does not mean saturation.”
Calderbank agreed and said that major regulated markets are still too big to ignore. He noted that operators are now working to increase player value across different products, such as sportsbook and bingo, which help with player retention as well as revenue. “At the end of the day, a large market remains a large market,” Calderbank said. “When you are talking about multi-billion-dollar industries, there will always be opportunities.”
Real money strategies now involve more than just entering new markets
The panel agreed that Tier-1 markets still have opportunities, but they also see potential in emerging regions like Southeast Asia, Latin America, and Africa. They warned, though, that entering a new region without solid operations can get expensive fast.
Panina pointed out that operators often focus on where to expand next, but a better question is whether they have reached every possible player segment. She described translation without cultural understanding as “expensive tourism” and stressed that real success depends on payment systems, compliance, local knowledge, and adapting products.
Joya, offering a Southeast Asian perspective, said many companies forget about what happens after they acquire a customer. Even if landing pages and marketing are localized, the customer journey can still fall apart during onboarding, payments, or communication. “A delayed OTP can cause a customer to leave,” he said. “An unsupported payment method can drive them directly to a competitor.”
Joya said Southeast Asian audiences like experiences that are fast, mobile-first, community-focused, and connected to local culture. He also emphasized that strong infrastructure and reliable local partners are essential for building lasting trust.
Retention is becoming the next big challenge for real money markets
The panel then talked about retention, agreeing that growth in 2026 and 2027 will need more than just bonuses and CPA campaigns. Vardanyan said these models still help, but only as part of a larger plan. “Bonuses and CPA models are tools, not strategies,” he said. He also suggested that acquisition and retention teams should work closely together, using affiliate data to guide CRM strategies instead of treating them separately.
Panina suggested that multiplayer gaming could help with retention challenges. She explained that traditional casino games can make players feel alone, so operators often use promotions to bring them back. Multiplayer games, however, add competition, social interaction, and new reasons for players to return.
Calderbank added that more operators are now creating their own casino games, gamification features, and social engagement tools. He warned, though, that these only work if players know how to use them.
As the panel ended, the speakers agreed there is no single market or formula for success. Tier-1 markets are still valuable, and emerging markets are attractive, but success depends on how well companies execute. Growth now depends on localization that goes beyond language, retention that goes beyond bonuses, and teams working together across acquisition, CRM, product, and operations.
SiGMA’s global conversation will continue at the upcoming North America summit in Mexico City, where industry leaders, innovators, and investors will meet to explore the future of technology, digital markets, and new business opportunities.
