The week unfolded across two clear drivers: major sporting activity in Southern Europe and a cluster of public holidays in Southeast Asia.
Global online activity swings after holidays and sporting events
The positive side is that these factors were very similar to the growth rate shown over this period. The biggest contributor to European growth was Spain (+11.8%), driven by the Copa del Rey final; Laos (+14.3%) and Cambodia (+11.4%) both experienced growth as a result of holiday driven increases in online activity. Italy was just behind the top five contributors to growth due to a significant volume of domestic football-related activities, and several other relatively smaller markets, such as El Salvador and Somalia, also contributed to the overall growth.
The negative side of this period experienced much more structural factors/or issues. Ireland had the largest decrease (-23.3%), as it is typical after events that generate high levels of volume, like the Grand National, followed by subsequent corrections. South Africa had a large drop due to continued regulatory pressure being added to the previous month's weakness; both South Korea and Liberia responded to recent regulatory enforcement issues aimed at illegal gambling. Similarly, both Chad and Switzerland experienced declines without any clear triggering events.
Top 5 Gainers of the Week
In terms of the gainers, particularly noteworthy were Laos and Cambodia, as they had both had a direct effect from their national holiday periods, which focused user attention and search activity in entertainment-related categories, including iGaming. Spain's growth was attributed to high volume of football-related (Copa del Rey) or sports-related activity, with a high volume of seasonality of users and engagement occurring during the final. In contrast to these markets, El Salvador experienced a technical recovery from the previous week's decline, and Somalia's growth will likely be random based upon volatility within a small, offshore driven segment of the market.
Top 5 Decliners of the Week
Declining markets presented clearer causal patterns. Ireland's drop was a direct correction following a major sporting peak, while South Korea's decline was linked to a newly introduced reward scheme targeting illegal betting networks, which likely suppressed visible demand. Liberia also experienced a decline as authorities moved to restrict gambling-related radio promotions, a key marketing channel in the country. Switzerland's decrease, meanwhile, reflected ongoing structural restrictions rather than any new developments during the week.
Key Market Highlights of the Week
A key market highlight was South Africa, which recorded a -14.8% decline the largest absolute movement globally during the week. This drop aligns with a series of regulatory actions by the National Gambling Board, including the launch of a verified-operator portal and public warnings against illegal betting apps. These measures build on earlier regulatory tightening, including court rulings and enforcement directives, creating a layered suppression effect that is likely to persist into the coming months.
From a regional perspective, Europe showed mixed performance, with Southern markets benefiting from football-driven demand while others declined due to post-event normalization. Asia-Pacific was shaped by calendar effects, with holiday-driven growth in Southeast Asia offset by enforcement-related declines in East Asia. Africa, meanwhile, was dominated by regulatory pressure, with multiple markets experiencing declines tied to tightening controls and policy developments.
Looking ahead, a post-holiday correction is expected in Southeast Asia as markets return to normal activity levels following the New Year period. In Europe, ongoing football title races in major leagues are likely to sustain engagement through the final stretch of the season. In South Africa, continued regulatory developments including discussions around a proposed online gambling tax may prolong the current downward pressure on demand.
Overall, the week illustrates a clear pattern: short-term iGaming demand remains highly event-driven, whether by sports or holidays, while long-term trends are increasingly shaped by regulation and enforcement.
