SBC
This year, the Axel Partners team travelled to Lisbon for SBC Summit 2026, one of the key events on the European iGaming calendar. We came back with full notebooks, new contacts and a much sharper picture of where the market is heading. Below is our short summary of what we learned, so you don't have to sit through every panel yourself. Europe keeps growing. Earning on it the old way no longer works. That was the clearest message the Axel Partners team brought home from SBC Summit Lisbon 2026. Three days of meetings, panels and a private evening with our closest partners pointed in the same direction: The market is adding roughly 6% a year. Bonus-led acquisition is fading, and operator budgets are moving into retention. Regulators now shape the product itself: stakes, spins and deposits. Here is what we saw, and what it means for the partners we work with. 1. The market grows, but slower and steadier Europe's online gambling market is on track to pass €83 billion in GGR by 2028, growing about 5-6% a year. This is mature-market growth, not a gold rush. Most Tier-1 countries are already licensed, the big brands are already in place, and new demand has to be won from competitors rather than found on an empty field. The result: attracting a player keeps getting more expensive and more complicated. So traffic sources are now judged by what a player does after the first deposit, not by the deposit itself. 2. Bonus-led acquisition is on its way out Operators are moving the budget from welcome offers to keeping the players they already have. For years, the formula in Tier-1 Europe was simple: a big welcome bonus, aggressive wagering, and volume. That formula is breaking down. Regulators are capping wagering requirements and restricting how promotions can be built, and players who come only for the bonus rarely stay. In almost every operator meeting in Lisbon, the conversation started with the same questions: What is the 30-, 60- and 90-day value of this traffic? How many players make a second and third deposit? How does this source perform on retention, not just on FTDs? For affiliates, this changes the deal. Partners who can show quality cohorts, not just volume, will get better terms and longer contracts.
Our private partner event in Lisbon
The highlight of our week in Lisbon was a private event we hosted for our closest partners.
We kept the room small on purpose. No stands, no sales pitches, no rushing between 15-minute meetings. Just the people we work with every day, around one table, talking openly about results and the year ahead.
We went through what worked in 2026 and what didn’t, shared what we are seeing across Tier-1 markets, and agreed on concrete next steps for Q4 and early 2027. Several new deals and market launches started right there, in conversations that simply don’t happen on an expo floor.
Around the event, our team spent the rest of the summit meeting current partners and new operators face to face. But the evening with our partners is what we will remember most. Thank you to everyone who joined us. This is what turns a business relationship into a real partnership.
What this means for our partners
Tier-1 still has room to grow, but the winners will be those who adapt fastest.
For us at Axel Partners, that means three things:
- Quality over volume. We focus on traffic that deposits again, plays longer and stays.
- Retention-ready offers. We build deals that reward long-term player value, not just the first deposit.
- Market-by-market thinking. Every country has its own rules, and our strategy follows them.
Lisbon confirmed that we are moving in the right direction. Thank you to every partner, operator and friend who made time for us. See you at the next show.
Want a seat at the table next time?
Our private events are reserved for Axel Partners partners. They are where we sit down in person, discuss your business in detail and agree on what comes next.
If you want to join events like this, become our partner. Register, or leave your contact details in the form below, and our team will get in touch with you.
