In the latest episode of iGaming Accent, host Vakho Mdivani welcomes Kaido Ulejev, an industry veteran and former Commercial Director at CEECA Betsson. The conversation spans regulation, market entry strategy, the ongoing battle between licensed and black market operators, and the art of building brands that genuinely resonate with players.
Kaido opens by tracing his path into iGaming from a background in media and advertising: “My background is very much from the media and advertising industry. And if you look at media and advertising, there are quite many similarities compared with iGaming – focus on audiences and behavior and monetization.”
He was headhunted by Olympic Entertainment Group 15 years ago, joining as head of their online operations and helping establish what would become their flagship brand, OlyBet. From there, he moved to Betsson Group, which he describes as a transformative experience:
“It was a really global company with many markets. Around you were many talented, smart people with different licenses, different cases from different regulations. It was a super good learning curve for me.”
One of the episode’s central themes is the tension between regulated markets and black market operators – a topic Kaido approaches with both candor and nuance. He argues that the relationship between regulation and player protection is often misunderstood: “Always when a regulated market becomes less competitive, it automatically means that the black market is winning. And when the black market is winning, it automatically means that players are less protected.”
He is critical of regulators who equate more restrictions with better regulation: “The mistake they make is that they think that more restrictions give them better regulation. But it’s not like that. What they should be aiming for is balance, because this is the way you keep players in their loop, and they don’t have a motivation or reason to go to the black market.”
As a concrete example of misguided regulation, Kaido points to Lithuania, where a wave of restrictions since 2022 has left the market with no bonuses, no campaigns, and a forthcoming total ban on marketing, including sponsorships, from 2028. He also highlights a planned “unified player card” that would give regulators full visibility into individual player transactions: “Most players, especially players who play bigger volumes, simply don’t like it.”
His verdict is clear: “This trend or direction taken in Lithuania is very worrying, and it definitely doesn’t bring good results – it’s not a balanced regulation.”
Latvia offers another cautionary tale from Kaido’s direct experience. He highlights a particularly illogical rule that has persisted despite its obvious consequences: “From a certain amount, it doesn’t matter if you are a winning or losing player, you still need to pay this tax.” The result is entirely predictable – Latvian poker players simply migrate to Estonian-licensed platforms where the math works in their favor.
Kaido points to Estonia as a rare example of forward-thinking policy. While most markets are raising taxes, Estonia has chosen to lower them in order to attract more operators.
He praises the Estonian approach as a genuine attempt to test a different model: “I really like this thinking of Estonian policymakers. They have stated that they want to check and test this approach. Every regulator, every country that is regulating the market, should have very clear KPIs on how the regulation is going, because this is the way you can get feedback and see how you are doing.”
The conversation also explores market entry strategy, where Kaido observes a clear industry shift toward acquisitions over organic growth: “To enter a new market from scratch nowadays is more and more complicated and more risky… Companies are very much looking at how quickly they can make a new market profitable.”
He notes that regulatory unpredictability is a major factor: “I have many cases where preparing and entering a market was one story, but the reality in the market was different. Adapting to the situation is the key – how well you can do it, how fast you can do it.”
Kaido also points to Central Asia as an underrated geo that is worth focusing on in 2026: “All these Stan countries are very interesting to have a look at. I already had some experience with Kazakhstan. I think this region is definitely interesting.”
To learn more about regulation in Eastern Europe and Central Asia, the upcoming SBC Summit Tbilisi in July will feature a dedicated Regulators Forum bringing together leading regulators from across the world for open dialogue and exchange.
The summit will take place at the Sheraton Grand Tbilisi Metechi Palace from 15-16 July 2026, organized by SBC and SMH Global. Early bird tickets are already available.
To hear the whole conversation and gain even deeper insights, listen to the complete podcast episode of iGaming Accent.
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