The next 2-3 years are "whitewashing" and enlargement: launching licenses for online casinos and betting, moving from monopoly practices to competition, strengthening inspections, monitoring payments and uniform standards for responsible play.
For offline, the key is updating the slot fleet, cashless and omnichannel club programs; for online - legality marking (e.g. domain mark), local servers and hard RG/AML.
Growth drivers: Cross-border tourism (Ciudad del Este, Encarnación), digital sales and a transparent tax model.
Risks: delays in by-laws, compliance burden, advertising restrictions and neighbor competition (Brazil, Argentina).
In the baseline scenario, the market receives a steady increase in GGR and the redistribution of traffic from the gray zone to the licensed segment.