As Latin America’s regulated gaming markets continue to evolve, operators are placing greater focus on localisation, community-driven engagement and long-term player retention. Markets such as Brazil and Colombia have seen increasing competition since the expansion of regulated online gaming frameworks, prompting operators to rethink how products are adapted for local audiences. Industry observers have also noted growing pressure on operators to balance compliance requirements with culturally relevant player experiences as acquisition costs rise across the region.
In part one of this SiGMA News exclusive interview series, Alejandro Revich, CEO of Buenos Aires and Miami-based multiplayer bingo provider END 2 END, discussed how regulation is reshaping multiplayer bingo across LatAm, particularly around liquidity, compliance and player retention.
In the second part, Revich turns the focus towards localisation and player behaviour. He explains why operators often struggle when entering LatAm markets, why localisation goes beyond language and payments, and how community-led gaming experiences continue to shape multiplayer engagement across the region. Revich also shares his views on shared liquidity challenges, cultural familiarity and the importance of adapting products to local player expectations rather than relying solely on global gaming strategies.
SiGMA World: Is multiplayer bingo bringing in new types of players in LatAm, or is it still largely serving a traditional bingo audience?
Alejandro Revich, CEO of END 2 END: It is a mix of both, which is part of what makes the vertical interesting. Traditional players often grew up visiting bingo halls as social spaces where people met friends and spent time together. Many of those venues no longer exist, but the audience that enjoyed that experience is still there and continues to look for similar forms of entertainment. What we are giving them is the same social moment, only with better technology and a more attractive product.
At the same time, younger players are also engaging with multiplayer bingo in different ways. Some treat it as a more casual and social gaming experience, playing with friends and interacting through community features both online and in physical venues. As a result, the player base is expanding rather than simply replacing older audiences. The growth of mobile and streaming technologies is also helping multiplayer formats reach a broader range of players.
SiGMA World: When operators expand into markets like Brazil or Colombia, what tends to go wrong in the first few months after launch?
Revich: One of the most common mistakes foreign operators make is underestimating local culture and player behaviour. They often overlook what players are already familiar with, what feels comfortable to them, and what makes them feel engaged with a platform. Understanding the local player before launch, rather than afterwards, is an important part of entering these markets successfully.
Over time, players across different markets may engage with many of the same global games, but there is usually an adjustment period in the early stages. During that period, operators need to adapt to local expectations. Bingo is one example. In Brazil, it was a significant vertical before the 2005 ban, and its return still carries cultural familiarity for many players. It can also support broader cross-selling opportunities, as players entering through bingo may later explore other gaming verticals such as slots, crash games or poker. So getting the welcome right pays off across the whole portfolio.
SiGMA World: Beyond language and payments, what actually needs to change inside the product for multiplayer formats to work across different LatAm markets?
Revich: Treating localisation as just language and payments is naive. It involves understanding what players are familiar with, the types of games they grew up with, and the cultural habits they bring into the gaming experience. In bingo, that can include factors such as the number of balls used, the number of cards in play, the pace of the game, or at least offering options that reflect local preferences.
One of the biggest factors, however, is moderation. Moderators need to understand the local culture and player environment. A foreign moderator running a chat group often struggles to create the same connection. Local moderators know what is happening in the country, from major football matches to local events and popular conversations. Players build genuine relationships with them, and that connection becomes part of the overall experience and long-term engagement. You cannot outsource that.
SiGMA World: From a business perspective, where does multiplayer bingo perform strongly, and where does it still fall short compared to other verticals?
Revich: Bingo continues to perform strongly in Brazil, across Latin America more broadly, as well as in markets such as Spain and the UK, where there is longstanding familiarity with the vertical. Where it tends to fall behind is in markets where slots and crash games have dominated operator attention and investment.
Many operators focused on higher per-session margins from other verticals, and bingo gradually received less attention as a result. Over time, that contributed to a decline in the vertical’s visibility and market share. What is now changing is a renewed focus on some of the elements bingo traditionally offered, including social interaction, player retention, cross-selling opportunities and comparatively lower acquisition costs. Suppliers also tend to prioritise investment based on GGR performance, which can create a cycle where smaller verticals receive less development and visibility over time.
SiGMA World: Does regulation make it harder to scale multiplayer products across borders, especially when player pools cannot be shared freely?
Revich: Yes, particularly when regulation does not fully account for how multiplayer bingo functions as a product. Shared player pools across operators and jurisdictions are an important part of creating a strong multiplayer experience, and many in the industry believe this can still be achieved while maintaining appropriate safeguards and player protections.
In some cases, regulatory restrictions such as RTP caps can also limit guaranteed prizes and promotional structures that are central to multiplayer engagement. While the intention is to protect players, some of these measures may reduce the overall appeal of the product. Bingo operates differently from fast-paced verticals such as slots or roulette. It is generally lower volatility, more social and focused on longer sessions. Features such as shared pools, bonuses and guaranteed prizes are often core parts of the multiplayer experience rather than additional extras, they are what make the game what it is. Regulating it like a fast game misses the point.
SiGMA World: Over the next two years, what will separate operators who succeed in LatAm from those who struggle, and what role will multiplayer play in that gap?
Revich: The difference will likely come down to two things working together: strong technology and a genuine understanding of local players. Historically, there has often been a gap between European or American suppliers with strong technology but limited local understanding, and local operators with stronger cultural knowledge but weaker technology. Neither side succeeds on its own. The operators that perform well will be the ones that combine both.
That is exactly what we have been building for more than 20 years: technology focused exclusively on bingo, supported by teams that come from markets where the vertical has traditionally been strong. Operators are also going to need ways to keep acquisition costs reasonable while offering players more than just fast, high-volatility games. Real entertainment and social interaction will become stronger differentiators, and multiplayer formats are likely to play an important role in that.
The fuse is lit in Mexico City. SiGMA North America from 01–03 Sept 2026. 4,000 delegates. Three days of deals, insight, and startup sparks. Lead from the front and book your spot.
