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FATF’s warning on illegal and offshore gambling will resonate in Denmark. Last year, Spillemyndigheden secured a court order to block 178 unlicensed gambling sites, the largest such action in the regulator’s history. 

The case highlighted how illegal operators disguise their presence through multiple site variations, a tactic the FATF report also flags as a red flag indicator. 

Denmark’s approach reflects a wider pattern that FATF has tracked for years through its own grey and black listing system. Under this system, jurisdictions with weak AML/CTF controls face increased monitoring or reputational sanction.

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Across markets in Latin America, Europe and Asia, Yashin says the average stakes for swipe games display a pattern closer to sports betting than crash gaming. In one market, the average Swipe Games bet was 20 times higher than the average crash-game bet with the same operator.

Retention has provided another encouraging signal. Depending on the market, Yashin says day-one, day-seven and day-30 retention can range from around the crash-game benchmark to between five and 10 times higher. The number of rounds played during a session can also be significantly greater.

The explanation, he believes, comes back to the behaviour that inspired Swipe Games in the first place. Crash players may experience a different outcome each time, but visually they repeatedly encounter much the same thing. Social media has conditioned its users to expect something new with every swipe.