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WATCH: Enrico Bradamante calls for stronger enforcement against unlicensed operators
Speaking in an interview with Richard Dennys, CEO of Game Lounge, Bradamante said regulators and financial authorities should shift their focus towards cracking down on unregulated operators rather than placing additional pressure on licensed firms.
“My request to the regulators, but not only to the regulators, also to the financial authorities in these countries, is not so much to focus on the regulated companies,” Bradamante said. “They really need to step up the enforcement on the unregulated companies. At the moment it feels like the regulated companies are being double squeezed.”
Bradamante, who has spent 13 years working in Malta, recently joined EGT Digital as CEO in Malta, where the company is expanding its operational and commercial presence. He said EGT Digital already supplies technology to tier-one operators and operates exclusively within regulated markets, with responsible gaming embedded into its products.
Reflecting on his career, Bradamante said he has worked almost entirely in regulated jurisdictions, including during the early entry of suppliers into the US market through New Jersey. He noted that industry associations such as iNEN represent regulated B2B companies and that several major groups, including Yolo Group, have recently stated their intention to focus solely on regulated markets.
Black market activity remains significant
Despite this, Bradamante said unregulated or “black market” activity remains significant, including in recently regulated jurisdictions such as Sweden and the Netherlands. He said the level of business estimated to flow through unlicensed operators in these markets remains “too large,” raising questions about the effectiveness of regulation.
“As an industry, we are definitely seeing these two worlds,” he said, referring to regulated and unregulated markets. “There is very little overlap between the two.”
He added that licensed operators face an uneven playing field, as they are required to comply with strict rules, pay taxes and face penalties for breaches, while unlicensed competitors can allocate more resources to marketing. This dynamic, he said, risks undermining channelisation goals and discouraging long-term investment.
Bradamante also warned that high licence fees and renewal costs in some markets could further distort competition. He cited Brazil and Italy as examples where fees have risen sharply, creating barriers to entry that favour only the largest operators.
“These fees are so large that they become almost prohibitive unless you are a big company,” he said, adding that this could push activity away from regulated channels.
Turning to Italy, Bradamante described it as Europe’s second-largest gambling market after the UK and one that has functioned relatively well since early regulation. However, he said it remains difficult for foreign operators to succeed, with strong local brands continuing to dominate.
Discussing Malta, Bradamante said the jurisdiction has made significant progress over the past decade in eliminating unregulated activity and strengthening standards. He credited the Malta Gaming Authority with raising the bar and improving the industry’s reputation.
He also referred to findings from EY’s latest “Future Realised” survey, which showed Malta’s attractiveness for foreign direct investment has recovered to 79 percent after a slump in recent years. Bradamante attributed the rebound to political stability and energy security, while noting ongoing concerns around infrastructure and skills shortages.
Industry workforce
On workforce trends, Bradamante said remote working has become a permanent feature of the tech and gaming sectors following the pandemic. While he said EGT Digital supports flexible working arrangements, he stressed the importance of offices in building company culture.
“I don’t think we will go to 100 percent remote, but I also don’t think 100 percent in-office will be successful,” he said, adding that flexibility is increasingly important for attracting and retaining talent.
Bradamante concluded that hybrid models, combining flexibility with in-person collaboration, are likely to remain the dominant approach across the industry.
