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“Japan is acting cautiously, after observing missteps from other jurisdictions. They are proceeding in the way that best suits them,” she adds.

The factor that led some operators to drop out of the licensing race could be the “uncertainty” created by regulations that “didn’t seem set in stone”, says Leckert.

“Some of them [investors] that were looking at Japan were looking at a big IR licence or nothing. With Tokyo and Yokohama being out of the mix, maybe some weren’t as interested anymore and decided to sit back, and wait and see how regulation and licensing shake out.”

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While acknowledging Google’s cooperation in removing paid advertisements promoting illegal casinos, the KVA emphasised the need for the company to take more comprehensive measures addressing organic search results.

Dutch MPs have raised similar concerns before. In December 2025, CDA MP Straatman asked the state secretary whether websites advertising as “Beste casino’s zonder Cruks” should be taken offline immediately. 

In a written response published in January 2026, Arno Rutte, the state secretary at the time acknowledged that enforcement against such sites remained limited, particularly for domains not registered under the .nl extension.

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In April, under pressure from Brazil’s President Luiz Inácio Lula da Silva, Caixa postponed its launch until 2027 at the earliest.

Brazil is currently gearing up for a general election next month and Weizer said this had delayed Playtech’s launch in the regulated market, although he didn’t specifically name Caixa as its client.

“I’ll be very, very open and straightforward about it,” Weizer told analysts on Playtech’s post-Q2 earnings call. “There were certain concerns that because it is an election year, and obviously, gaming is a political issue or there were references by politicians throughout the elections about gambling.