How regulation is reshaping multiplayer bingo across LatAm
As regulated gaming markets continue to expand across Latin America, countries such as Brazil, Peru, Colombia and Argentina are changing how operators approach their online gaming strategies. Brazil’s regulated betting market, launched in 2025, has increased competition among licensed operators and placed greater focus on compliance, localisation and long-term player retention. At the same time, operators across the region are showing growing interest in multiplayer and community-based gaming experiences as player acquisition costs continue to rise.
To gain deeper insight into how regulation is influencing multiplayer gaming strategies across Latin America, SiGMA News spoke with Alejandro Revich, CEO of Buenos Aires and Miami-based multiplayer bingo provider END 2 END.
In the first part of this two-part SiGMA News exclusive interview series, CEO Revich discusses how regulation is reshaping multiplayer bingo across LatAm and why operators are beginning to revisit the vertical beyond its traditional image. He shares his views on liquidity, localisation, social engagement and retention, while also raising concerns about how multiplayer bingo products are being understood within evolving regulatory frameworks, particularly in Brazil.
SiGMA World: LatAm is often described as a high-growth region. In your experience, what has actually changed on the ground in the past 12–18 months, and where does multiplayer bingo fit into that?
Alejandro Revich, CEO of END 2 END: What has really changed is regulation. Argentina, Brazil, Peru and Colombia have all moved forward, while Chile and Ecuador are also progressing. That shift is driving the growth, rather than hype. Bingo has always been familiar to Latin American players. It is linked to family entertainment and a softer form of gambling that many people grew up with. Amid the popularity of slots, poker and crash games, bingo has been somewhat overlooked, but the audience has remained.
We have focused on this vertical for a long time, and many of its characteristics align with what operators are looking for today: social interaction, lower volatility, community features, stronger retention and comparatively lower acquisition costs. There is renewed interest in the vertical, and operators are beginning to look at it differently again.
SiGMA World: When a market like Brazil moves towards regulation, what changes first from a product perspective? What do operators suddenly need that they did not prioritise before?
Revich: The product offering is closely tied to how regulators understand the game itself. In Brazil, one concern is that the nature of bingo has not yet been fully understood within the regulatory framework. The country has a long history with bingo, so if regulation does not align with player expectations, the unregulated market is likely to benefit from that gap.
If gameplay is restricted in ways that feel unfamiliar to players, regulated operators are the ones most affected. We believe regulators need to take a closer look at how the vertical traditionally functions and how players are already used to engaging with it. For operators, priorities become clearer once a regulated market opens. Bingo needs to be positioned as a competitive product rather than a secondary offering, while still reflecting the experience players recognise and expect.
SiGMA World: Multiplayer products are more complex than standard RNG games. Where do they typically face friction when going through regulatory approval?
Revich: Multiplayer products are more demanding in terms of what the technology has to support. That includes timing, response speed, how information is displayed, and handling large numbers of players interacting with the same service simultaneously.
The main friction usually appears when bingo is treated as a secondary product rather than a specialised vertical with its own operational requirements. The challenges go beyond basic functionality and security. The social elements also need to function properly, including chat groups, bonuses, guaranteed prizes and promotions. If those parts are not implemented effectively, the overall experience suffers, and that is where regulators and operators tend to identify problems.
SiGMA World: Multiplayer depends on active player pools. How do you make that work in markets where liquidity is still developing or fragmented?
Revich: Bingo is similar to poker in that respect. The larger the player pool, the more attractive the experience becomes for players. Operators usually approach this in several ways, including offering attractive prize structures, maintaining active community features and ensuring the platform can support large numbers of concurrent users. Moderators also play an important role in maintaining player engagement within chat environments.
Technology can support shared liquidity across operators and jurisdictions when regulation allows it. However, the main limitation is often regulatory rather than technical. Some jurisdictions still do not permit shared player pools, despite the fact that this does not necessarily improve player protection. In practice, it can result in smaller prizes for players placing the same bets, which may reduce the overall appeal of the product.
SiGMA World: What differences do you see in how players engage with multiplayer bingo compared to slots in terms of session behaviour or retention?
Revich: They are two different animals. The two formats create very different player experiences. Slots are generally fast-paced, high-volatility and relatively isolated, with players engaging individually with the game. Multiplayer bingo tends to be more community-driven and entertainment-focused. Players interact with each other through chat features, recognise familiar names and often build ongoing social connections within the game environment.
The volatility is lower and sessions are typically longer, partly because players are spending time within a shared experience rather than focusing only on outcomes. Retention can also be stronger for that reason. In addition, bingo is generally less aggressive in terms of player spend per session compared to slots, which can make player acquisition costs more manageable for operators looking at longer-term engagement strategies rather than short-term activity alone.
Stay tuned for Part Two, where Alejandro Revich discusses localisation, player behaviour and why operators struggle in LatAm markets. The next part also explores shared liquidity, regulation and the rise of community-driven multiplayer gaming.
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