The future of the industry

The basic scenario for Eswatini is the supported growth of offline (updating slots, small VIP zones, integration with hotel events) with increased supervision: uniform requirements for KYC, reporting and advertising, expansion of responsible gambling tools and AML/CFT compliance.

Payments are expected to gradually shift to cashless and mobile wallets with tight limits and behavioral monitoring.

The online vertical will remain out of full-fledged mode in the short term; a pilot of limited remote services is possible (for example, rates in relation to licensed PPPs) - subject to a clear tax model for GGR and strict geotargeting 18 +.

Risks - margin pressure due to taxes and compliance costs, sensitivity to tourist flow and competition from neighboring markets.

Operator strategy: "compliance-by-design," product diversification, partnerships with tourism/events and data-driven RG.

Bottom line: moderately growing offline with the possibility of accurate digitalization with the political will and readiness of the regulator.