Il Gatto Magico

What is Il Gatto Magico?

“Such operations, albeit not purposeful, may impugn the company’s reputation and potentially subject Evolution to heightened regulatory scrutiny and the imposition of sanctions,” the report continues.

In the dossier, Spectrum unpacks Evolution’s review and vetting processes for potential clients. At the time of the report, Evolution required clients to provide certification of the beneficial ownership of 25% or more of the company. But Spectrum says it was not using “a viable process” as some documents provided by companies could be inaccurate.

“If red flags become known to Evolution during this onboarding process, Evolution should either determine not to do business with the company or undertake enhanced due diligence to resolve the red flags before engaging in business with the company,” Spectrum advises.

How to play Il Gatto Magico

Compared to the 2021 licensing round, the KSA adopted a more granular and stringent approach to its licence renewal process. This was expected following new policy rules set out by the regulator in September 2025.

One such rule was for licensees that had faced compliance enforcement during the five years operating in the Netherlands.

At the time KSA announced: “Providers that made mistakes in the past five years must explain during the application process how they have learned from previous mistakes and how they intend to prevent recurrence. If we find this explanation insufficient, the permit may be denied or additional conditions and restrictions may be imposed.” 

How to play Il Gatto Magico

According to Jennyfer Escobar, Stake’s Peru country manager, Peru is one of the most competitive in Latin America. “In the early stages, competition was largely driven by marketing investment, including advertising, sponsorships etc,” Escobar tells iGB. “Today, product quality, platform performance and the overall user experience are becoming much stronger differentiators.

“Players are more informed, have higher expectations and will switch brands if those expectations aren’t met.”

While Stake entered Peru in 2024, Betsson has been in the market since 2008, forming part of the market’s evolution both pre- and post-regulation. Andrea Rossi serves as the company’s commercial director in both Southern Europe and LatAm.