ICE Barcelona 2026: Global signals from a changing gaming landscape

Please note, this was also posted as a LinkedIn article from Rick Arpin, KPMG US Gaming Leader.

Over 20 KPMG professionals from our global gaming team came together across Europe and the US, spending the week in meetings with operators, suppliers, regulators, affiliates, investors, and new entrants. The reflections below are drawn from those collective discussions and represent a synthesis of what we heard consistently across regions and stakeholder groups.

This is an industry under pressure, but not under pause. Margins are tightening, regulatory and tax friction is increasing, and complexity is rising. At the same time, strategic intent remains strong, with leaders actively reshaping operating models, portfolios and geographic focus rather than waiting for certainty.

Below are the themes that surfaced most clearly.

Global ambition now requires local precision

Expansion remains high on the agenda, but it is becoming more selective and more deliberate. We heard from US companies looking outward; European groups pushing for scale; and increasing interest in the Middle East, particularly the United Arab Emirates, as both a market and a strategic hub for capital, talent and long-term ambition.

What is changing is the execution mindset. Growth is now being designed market-by-market, with tax, regulation, data localization, and governance considered up front rather than retrofitted later. This is driving demand for coordinated, cross-border advice rather than fragmented local solutions.

Margin pressure is reshaping priorities

The prevailing tone this year was realistic. Rising taxes, compliance costs, technology investment, and talent pressures are forcing sharper decision-making. Conversations are shifting away from volume-led growth towards margin protection, operational efficiency, and disciplined capital allocation.

Artificial Intelligence continues to be front of mind, but the conversation has matured. The focus is now on where it delivers measurable outcomes, how it is governed, and how risk is managed–less experimentation, more execution.

Strategic transactions remain active

As one reaction to cost pressure, and given capital and investment trends across the industry, merger and acquisition appetite remains strong across the ecosystem. Operators are looking for scale to mitigate cost pressures. Suppliers are looking to achieve synergies in manufacturing, importing, and content creation. Fragmentation in several regions and subsectors (like payments) continues to create opportunity, while tax and regulatory changes are actively shaping deal structures and timing.

The tone of discussions has shifted from speculative to practical. Many conversations were less about whether deals will happen and more about how to execute them in a constrained environment.

Data, cyber, and resilience have moved to the board agenda

Cyber risk, hacking and data integrity came up repeatedly and often without prompting. As platforms become more interconnected and data-driven, resilience is no longer a technical concern alone. It is a regulatory, reputational, and financial one.

Operators are increasingly asking how to future-proof their environments rather than simply meet today’s requirements. This is becoming a differentiator, not a hygiene factor.

Tax is now a strategic design constraint

Tax was a recurring theme throughout the week, not as a technical issue but as a core strategic consideration, particularly given the current trend of increased gaming duties in the US and abroad, along with the recent finalization of the Organization for Economic Co-operation and Development side-by-side agreement. Market entry strategy, operating models, and expansion plans are increasingly being shaped with tax friction in mind from day one.

This is materially changing how growth is planned and how value is protected.

The elephant in the room – prediction markets

Move over sweepstakes, here come prediction markets! No summary of the dialogue at ICE Barcelona 2026 would be complete without mentioning the increasingly global focus on prediction markets. The explosion in popularity of sports event contracts in the last year was the topic of several panels and many discussions on the floor and behind closed doors. While certain countries have long had (and regulated) betting exchanges, the growth and popularity in the US, and the legal arguments that it should not be considered wagering under federal law directly challenges the status quo of the existing state-by-state regulatory framework for gambling, in addition to raising several tribal sovereignty considerations.

Even in the immediate aftermath of the expo, we continue to see daily developments in the respective legal arguments, court cases, and state legislative efforts; along with more companies entering the space and an increase in institutional investors moving into the space despite significant federal and state tax uncertainties related to prediction markets. We also saw the new chairman of the CFTC publicly state his belief that the CFTC should have exclusive jurisdiction to regulate prediction markets in the US.

No doubt this will remain a hot industry topic until additional legal and regulatory clarity are obtained through regulatory, judicial or legislative action.

Is there room for two elephants? The black market remains top of mind

One issue surfaced repeatedly, often quietly. In several jurisdictions, increased regulation and taxation seem to be accelerating the growth of black and grey market activity. This is creating an uncomfortable tension between policy intent and consumer outcomes.

There is growing recognition that addressing this requires more open and pragmatic dialogue between regulators, industry, and advisers if consumer protection is to remain meaningful rather than theoretical.

A working conference, not a showcase

ICE Barcelona 2026 felt less like a showcase and more like a working conference–fewer abstract conversations, more practical ones; less theatre, more substance. The industry is recalibrating in real time, balancing growth with resilience, and adapting to a more complex operating environment.

From a global perspective, we found the week highly fruitful and left with a clearer sense of where strategic focus is shifting–geographically and operationally.

How can KPMG help you?

KPMG LLP supports gaming companies across transactions, international tax, risk, regulation, cyber, data, and governance. We also provide our audit, tax and advisory services across the spectrum of gaming–land-based, online, supplier, Tribal, lottery, racing, and emerging areas of gaming. Through our global gaming team, we work across jurisdictions to help clients grow responsibly, manage complexity, and adapt to a rapidly changing landscape.

If you would like to continue the conversation, we would be pleased to do so. We also invite you to review our KPMG Gaming portal for the latest insights, trends, events, and information on how we can help you manage growth, navigate risks, and transform your business.