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SBC Summit Lisbon 2026: Deep Dive Into Day Two’s Critical Debates on Black Markets, Advertising, and Investment

By jili tutorial · October 1, 2026

SBC Summit Lisbon 2026: Deep Dive Into Day Two’s Critical Debates on Black Markets, Advertising, and Investment

Overview: A Turning Point for Industry Dialogue

The second day of the SBC Summit 2026 in Lisbon, held on 30 September at the MEO Arena, delivered some of the most pressing conversations in gaming regulation and market strategy. While the first day set the stage, day two zeroed in on the structural challenges that keep players in illegal markets, the ethical dilemmas of gambling advertising, and the future of investment in an AI-driven world. A headline appearance by UFC lightweight champion Charles Oliveira added a touch of sports stardom, but the real weight of the day came from industry leaders who did not shy away from uncomfortable truths.

Part 1: The Black Market Conundrum – Why Players Stay Away from Regulated Platforms

The Core Problem: Tax, Limits, and Data Privacy Fears

A dedicated panel on the Regulation & Compliance stage, titled “Regulations are getting tighter: What it means for the black market,” brought together influential voices from Flutter, Gamstop, iGaming.com, and the European Gaming and Betting Association (EGBA), including EGBA interim secretary general Pierre Tournier. The consensus was stark: illegal and offshore operators thrive because they offer what regulated ones cannot—no limits, no taxes, and no data requests.

Andreas Ditsche, CEO of iGaming.com, put it bluntly: “Apart from the product, taxation is a big issue. An untaxed offer online is one click away, and the risk of getting caught is almost zero.” He cited a study of German gamblers that revealed a shocking statistic: only 15% specifically sought a legal, regulated option. The remaining 85% either didn’t care or actively avoided regulated sites.

This data underscores a fundamental mismatch between regulatory intent and player behaviour. When players fear their banking data will be shared or monitored, they gravitate toward anonymity. As Ditsche explained, many illegal operators do not ask for personal identification, which—while dangerous—is seen as a feature by privacy-conscious gamblers.

Enforcement Over Regulation: A Call for Action

Hayley Doherty, head of compliance at Flutter, argued that the industry must stop scapegoating regulation itself. “We have to look to more than regulation here. It’s very easy to go there and blame that. We have to look at enforcement,” she said. She stressed that operators must also examine their own practices, including how they market and onboard players.

The panel concluded that no amount of tightening regulation will work if enforcement remains weak. Without real consequences for illegal operators—such as payment blocking, ISP blocking, and cross-border cooperation—players will continue to slip through the cracks.

Key Barrier to Regulated PlayWhy It Drives Players to Black Market
High taxes (e.g., Germany)Untaxed offshore offers are cheaper
Mandatory deposit/withdrawal limitsNo limits on illegal sites
KYC and data collectionFear of bank monitoring
Weak enforcementNear-zero risk of getting caught

Part 2: Advertising in the Crossfire – Who Will Blink First?

The Ethical Tension in Gaming Ads

A second major panel, “The ethical tension in gaming advertisement”, tackled the delicate balance between competitive marketing and player protection. The central question: can operators advertise responsibly while still competing effectively?

Jesper Karrbrink, CEO of Immense Group, offered a blunt diagnosis: “No one chickens out first. That’s the problem. And it works. That’s the problem.” He described a collective action dilemma where every operator waits for a competitor to pull back first. The result? An escalating arms race of advertising that drowns out responsible messaging.

Karrbrink shared a personal anecdote: “I once stopped watching TV because of the volume of advertisements. I couldn’t take it anymore.” His frustration reflects a broader societal fatigue—and a reputational risk for the entire industry.

Who Really Protects Players?

Perhaps the most provocative statement came from Karrbrink himself: “Advertising can never protect players. The only one who can protect players is operators.” This reframes the debate. Rather than expecting regulators or advertisers to solve the problem, the onus falls on operators to self-limit and embed responsible marketing into their DNA.

The panel discussed potential voluntary codes of conduct, but acknowledged that without a first mover, any such initiative remains theoretical. The industry is stuck in a prisoner’s dilemma, where individual self-interest undermines collective well-being.

Part 3: Charles Oliveira on the Super Stage – Leadership Beyond the Octagon

From UFC Champion to Brand Ambassador

A lighter but no less significant moment came when Charles Oliveira, the Brazilian UFC lightweight champion, took the Super Stage at the MEO Arena. He appeared as an Aviator brand ambassador for the game developer SPRIBE. The session, titled “Record Success: Leadership & Partnership with Charles Oliveira”, covered his daily training routine, his mindset for success, and his views on the future of the UFC, MMA, and combat sports.

Oliveira’s presence highlights a growing trend in the gaming industry: leveraging high-profile athletes to build brand trust and visibility. For SPRIBE, which developed the wildly popular Aviator crash game, Oliveira’s disciplined, underdog-to-champion story aligns with the brand’s narrative of resilience and risk-reward.

The session was also promoted on social media by Aviator’s official account, which teased the appearance days earlier: “CHARLES OLIVEIRA IN LISBON @CharlesDoBronxs joins SPRIBE at SBC Summit. Are you ready to meet Do Bronx?”

Part 4: Investors on AI and Prediction Markets – What’s Actually Valuable?

The AI Test: Can You Build Something the Machine Can’t?

A forward-looking panel titled “The View From Here: Global Investor Perspectives” brought together three seasoned investors to discuss the defensibility of products in an AI-dominated landscape. The focus was particularly sharp on prediction markets, which have gained traction as a niche but growing sector.

Mark Robinson, head of investor relations and capital formation at Yolo Investments, distilled the panel’s consensus into a single, sobering question: “If AI can build it, then you haven’t got much of a product.” In other words, any offering that can be replicated by a large language model or automated system lacks a durable moat. True value lies in proprietary data, unique user communities, or real-world infrastructure that AI cannot easily duplicate.

Prediction Markets: The Next Frontier?

Tom Waterhouse, chief investment officer at Waterhouse VC, noted the rapid evolution of the sector: “Most of the products that are in prediction markets now, three or four years ago, they weren’t in prediction markets.” This suggests that innovation is still nascent, and the window for first movers remains open—provided they build defensible technology and user trust.

The panel also touched on pivoting as a survival strategy. In a fast-changing landscape, companies must be willing to abandon original business models when market conditions shift. Prediction markets, which allow users to bet on real-world outcomes (from election results to weather events), are a case in point: what was once a fringe concept is now attracting serious capital.

Part 5: Investor Office Hours – Startup Founders in the Hot Seat

Real-World Lessons from Three Funded Entrepreneurs

In a separate session, “Investor Office Hours”, hosted by Jesse Learmonth of the Betting Startups Podcast, three founders grilled investors and advisers. Each founder had already secured backing from at least one panel investor, adding a layer of real-world credibility.

The participants were:

Gonzalez brought particular credentials: he won the First Pitch startup competition at SBC Summit Americas in June, taking home a prize package valued at over $100,000. His product, Parlay X, focuses on simplifying parlay betting for casual sports fans, and his pitch experience gave him firsthand insight into what investors truly look for.

Key takeaways from the session included:

Conclusion: Day Two’s Lasting Takeaways

Day two of SBC Summit Lisbon 2026 was a reminder that the gaming industry’s biggest challenges are also its greatest opportunities. The black market will not shrink through regulation alone—it requires robust enforcement, operator self-examination, and a real understanding of why players choose illegal options. Advertising remains a battlefield where no one wants to move first, but the cost of inaction is mounting public backlash. And in the investment world, the AI revolution is forcing a ruthless reassessment of what constitutes a genuinely valuable product.

As Charles Oliveira knows from the octagon, every fight requires strategy, discipline, and the courage to adapt. The gaming industry now faces the same test.