Exclusive Mr. Gamble Q&A: Pierre Lindh, Co-founder of NEXT.io on the Future of iGaming

The global iGaming industry is entering one of its most transformative periods yet. From the rapid rise of prediction markets and AI-driven operations to the evolution of the US market and increasing regulatory pressure worldwide, the landscape is shifting faster than ever before.

In this exclusive interview, Pierre Lindh sits down with Mr. Gamble CMO Paul Puolakka to discuss the biggest trends shaping the future of online gambling, sports betting, affiliates, AI, regulation, and emerging products in 2026 and beyond.

As Co-founder and Managing Director of NEXT.io, Pierre shares his perspective on the changing dynamics between Europe and the US, the growing importance of brand and community, and why prediction markets could become bigger than most people currently expect.

Pierre, from your vantage point, how would you describe the current state of the global iGaming industry in 2026?

The industry is at a really interesting crossroads. On one hand, the core European markets are mature, regulated, and increasingly squeezed on margins. On the other hand, there is a massive amount of activity happening on the edges: prediction markets, sweepstakes, social casino, the US, Latin America, Africa, and the UAE. So you have two very different realities sitting next to each other.

Mature operators in saturated markets are fighting for share, while emerging product categories are exploding without much competition yet. I think a lot of operators in Europe are still mentally stuck in the "find the next emerging market" mindset, when really the bigger story now is emerging products, not emerging markets.

2025 was a turbulent year for many. What were the biggest shifts you observed across the industry?

A few things stood out. The SEO and affiliate landscape took a big hit from Google's updates, which forced a lot of affiliates to rethink their entire model. We felt that ourselves.

Prediction markets went from a niche conversation to something the whole industry was suddenly talking about. The US matured very quickly, the early gold rush phase is over and operators there are now thinking seriously about retention, brand, and profitability.

And AI moved from a buzzword to something operators are actively deploying internally, mostly in customer service, content, and personalisation. Companies that leaned in early are already pulling ahead.

Do you feel the industry is stabilizing now, or are we still in a period of major transition?

We are still very much in transition. I would actually argue the next two to three years will be more transformational than the last five.

The lines between gambling, fintech, prediction markets, and social entertainment are blurring fast. Regulation is shifting in many markets at once. And AI is changing internal operations in ways we have not fully felt yet.

I don't see this stabilising any time soon, and that's exciting if you are willing to think with fresh eyes.

Let's talk about NEXT.io New York. How did the event go, and what were your biggest takeaways?

NEXT NYC has become the most respected dedicated online gambling and sports betting show in North America, and the last edition only confirmed that.

The energy was high, the rooms were full, and the conversations were sharp. My biggest takeaway is how fast the US market has matured. Two years ago everyone was in launch mode. Now the conversations are about retention, brand, profitability, and how to differentiate in an increasingly crowded space.

The other takeaway was how interconnected the US and European industries have become. Almost every European operator and supplier I respect was there. That convergence is only going to accelerate.

Based on what you saw there, what are the defining trends in the US iGaming market right now?

Three big ones.

First, the rise of emerging products outside of traditional sports betting and casino. Sweepstakes have become massive, prediction markets are entering the chat, and social casino is growing fast. The US thinks "emerging products" the way Europe thinks "emerging markets."

Second, brand is becoming a real differentiator. The US is too crowded to win on bonuses alone. The operators who build a real identity are the ones who will retain customers long term.

Third, the affiliate model is being reinvented. SEO got harder, paid media got more expensive, and the operators that crack the creator economy and partnerships are pulling ahead.

The US has always been a unique market. How do you see it evolving over the next few years?

The US will keep being its own beast. State-by-state regulation makes it slow, fragmented, and expensive to operate, but the upside is huge once you crack it.

I think we will see fewer brands with bigger market shares. The "winners take most" pattern we saw in Europe will be even more pronounced there.

iCasino legalisation will continue to crawl forward state by state. And outside of pure online gambling, prediction markets, sweepstakes, and adjacent products will take a meaningful chunk of consumer attention and spend.

Do you think the US will follow the European model, or carve out something entirely different?

The US is carving out its own thing, and I don't think it will look like Europe at all.

The US is more entrepreneurial, more brand-driven, more obsessed with new product categories, and more willing to push the boundaries of what gambling even means.

Europe has been heavily shaped by a quite restrictive regulatory environment over the last 10 years, and that has shaped how operators think. The US doesn't have that same baggage, so it's freer to experiment.

Here's the dichotomy actually: Europe has been product-conservative and market-expansionist, while the US is the opposite.

NEXT Valletta (May 27–28) is set for record attendance. What's driving that growth this year?

A few things. Malta as a destination has only gotten more attractive, the industry community here is stronger than it has ever been, and we have invested heavily in making NEXT Valletta the most well-rounded conference experience in iGaming.

It's not just a conference, it's a six-day festival schedule of events around it, with everything from sporting events to ice baths to a rave cave.

We have built something that genuinely feels different to anything else in the calendar, and the industry is showing up for that. Ticket sales also tell us that people are tired of generic exhibition floors — they want curated content and real experiences.

What's going to feel different at this year's event compared to previous editions?

This year is going to feel bigger, sharper, and a lot more curated.

We have grown the speaker lineup significantly, with more global voices and more first-principles thinkers, not just the usual suspects.

The festival programme around the conference is more ambitious than ever. And we are putting a lot of effort into the smaller details: the venues, the experiences, and the way people connect with each other.

The goal is that no two delegates have the same six days.

Are there any new themes, formats, or experiences you're particularly excited about introducing?

A few.

We are leaning much more into prediction markets and emerging products as a content theme. That is where some of the most interesting conversations in the industry are happening right now.

We are also bringing back our most loved festival format, Showers, in a much bigger way, which is a full-circle moment for me. Martin Pettersson and I started the Showers concept 13 years ago at Villa Rosa for 300 people.

And on the content side, we are experimenting with more intimate fireside-style sessions that go deeper than the typical panel format.

Looking ahead, what are the key trends that will shape the future of iGaming over the next two to three years?

I would highlight four.

AI deeply embedded in operations and product, not just as a buzzword but as a fundamental shift in how companies operate.

The rise of emerging products like prediction markets, sweepstakes, and social casino, which I think will become much more mainstream than people expect.

Brand and community as moats. In saturated markets, the operators who win will be the ones with strong identities and loyal communities.

And consolidation. The small and mid-sized operators are going to be under serious pressure.

AI is a huge topic right now. How do you see it realistically impacting iGaming businesses?

I think AI will impact iGaming much more than people currently think, and we are at the very beginning of it.

Internally, AI agents will start replacing or compressing entire functions: customer service, content generation, marketing operations, and parts of compliance.

Externally, on the product side, AI will allow for far more personalised gaming experiences, smarter recommendations, and dynamic content.

Personally, I started learning Claude and other AI tools properly only a few months ago, and I can already feel that staff who lean in will be five times more productive. The cold truth is that those who don't will fall behind, both at the individual and company level.

Which innovations or trends do you believe are genuinely transformative, and which ones might be overhyped?

Genuinely transformative in my opinion: AI in operations, prediction markets as a category, and the long-term shift toward brand and community as moats.

Probably overhyped, or at least misunderstood: pure crypto gambling as a separate category. I think it will integrate into mainstream operators rather than stay as its own thing.

The same goes for some of the metaverse and VR concepts that were hyped a few years ago and have not materialised meaningfully.

The litmus test for me is whether something changes how the customer actually plays or how the business actually operates. Most of the hyped things don't pass that test.

Regulation continues to evolve globally. How big of a role will it play in shaping the next phase of the industry?

Massive.

Regulation has always been the single biggest variable in our industry.

The next two to three years will see major shifts in the US (more iCasino states, possibly federal moves on prediction markets), Latin America (Brazil is just getting started, with the rest of LatAm following), Africa, the UAE, and likely some tightening in parts of Europe.

Regulation is what shapes where capital flows, where operators invest, and which products are even possible.

A founder who doesn't pay close attention to regulation in this industry isn't really doing the job.

In these more uncertain and fast-changing times, what kind of companies do you think will ultimately succeed?

The companies that have a strong core identity and the ability to adapt fast.

Those two things sound contradictory, but they aren't.

Strong identity means you know who you are and you are not chasing every trend. Adaptability means when the world shifts, you don't cling to what worked yesterday out of ego.

Jim Collins talks a lot about getting the right people on the bus. That's really the foundation. A great team will figure out the road.

What separates the brands that adapt and grow from those that struggle?

In my experience, three things.

First, the willingness to face brutal truths quickly. The companies that struggle are usually the ones that hold on to a strategy or a project too long because admitting it's wrong feels like a loss. The ones that win reverse course as soon as the data tells them to.

Second, the quality of the team. Hire on performance and attitude over CVs and connections.

Third, customer obsession. The companies that genuinely care about the people they serve, both end users and B2B clients, end up winning the long game.

Do you think we'll see more consolidation in the industry over the next few years?

Yes, a lot.

The middle of the market is being squeezed. The big operators are getting bigger, the small specialised players are finding their niches, but the mid-sized "we do a bit of everything" operators are running into real trouble.

I expect significant M&A in the next 24 months.

Suppliers are also consolidating. The platform space and live casino space are good examples. It's a natural part of the industry maturing.

Running both events and media through NEXT gives you a unique lens. What are you hearing most from operators, affiliates, and suppliers right now?

Operators are talking about cost discipline, retention, and the need to differentiate on brand.

Affiliates are talking about the pain of SEO changes and the need to evolve into something more diversified: content, communities, paid media, and partnerships.

Suppliers are talking about consolidation pressure and the rise of AI in their products.

Across the board there is a real focus on profitability and operational efficiency, not just growth at all costs. That's a healthy shift in my opinion.

Are conversations in the industry shifting more toward sustainability, efficiency, and profitability rather than pure growth?

Definitely.

The era of growth at all costs is over. Capital is more expensive, regulation is heavier, and customers are smarter.

Operators that 10 years ago were chasing every market and every product are now being much more selective, doubling down on the markets and products that actually drive long-term value.

We've gone through that ourselves at NEXT.io. 2025 was our first profitable year, and that came from making harder decisions about what not to do, not by doing more.

If you had to make one bold prediction for iGaming in the next few years, what would it be?

That prediction markets become a much bigger industry than people in iGaming currently expect.

Most operators see it as an alternative to sports betting. I think it's its own industry.

Kalshi was recently valued at $22 billion, that's bigger than Flutter Entertainment, the biggest online gambling company globally. And that's just within 24 months.

It also intersects gambling, finance, and crypto — three massive industries coming together.

People prefer to see themselves as traders, not gamblers, and that perception shift opens up the product to a much wider audience than sports betting ever could.

The iGaming industry, in my opinion, is underestimating this. How crazy is that?

What excites you the most about where the industry is heading right now?

The amount of original thinking happening at the edges.

For most of my career, iGaming has been a fairly conservative industry. You copied what worked, you went to the next emerging market, and you tried not to break anything.

Right now, there's a real wave of first-principles thinking: new product categories, new business models, and new ways of building brands.

That gets me excited because that's where I personally feel most at home, when there is no manual to follow and we have to figure things out from scratch.

The next few years are going to be wild.

Final Thoughts on the Future of iGaming

From AI-powered operations and evolving affiliate strategies to prediction markets and US market expansion, the iGaming industry is clearly entering a new era of innovation and disruption.

This exclusive conversation with Pierre Lindh highlights how the next wave of growth may come less from new geographical markets and more from entirely new product categories, technologies, and consumer behaviours.

As operators, affiliates, and suppliers adapt to increasing competition, tighter regulation, and shifting player expectations, one thing is clear: the companies that combine strong brand identity with speed, adaptability, and long-term thinking will be the ones leading the industry forward.

With events like NEXT Valletta 2026 continuing to bring together some of the brightest minds in the space, the future of iGaming looks set to be defined by innovation, convergence, and bold new ideas.