The regulatory spotlight is moving upstream, and affiliates are firmly in its sights. Once focused primarily on operators, national regulators are increasingly targeting the businesses that drive traffic, influence players and supply the industry. Denmark's proposed restrictions on affiliate revenue share, Bulgaria's evolving licensing framework and Iceland's restrictive approach to offshore gambling promotion point to a new regulatory reality. Finland's incoming framework goes further, with affiliate marketing effectively excluded from permitted acquisition channels. This isn't just about compliance anymore. It's about who gets to participate in the market, how they earn and whether the affiliate model itself is under threat.

All this comes amid growing scrutiny of gambling marketing, while black-market operators compete without the same constraints. Are tougher rules protecting players or handing an even greater advantage to those operating outside them? From black markets and white labels to grey areas and changing commercial models, this session asks who's next in the regulatory firing line, where the traffic and money will go, and what affiliates can do to stay ahead.

• The regulatory net is widening. Who's next? From Denmark's intervention in affiliate remuneration to Bulgaria's licensing proposals and Finland's exclusion of affiliate marketing from permitted channels, are we witnessing a fundamental shift from regulating operators to directly controlling the wider supply chain? What could come next for affiliates, influencers and games providers?
• When regulation threatens the business model: Denmark's proposed revenue-share restrictions challenge how affiliates earn, while other markets are questioning whether affiliates should be involved in acquisition at all. What happens to existing agreements, commercial partnerships and business valuations when regulation goes beyond compliance and starts determining who can operate?
• Black markets, white labels and grey areas. Who gets the traffic? As national restrictions tighten, are licensed businesses losing ground to operators that don't face the same rules? What does player behaviour reveal about where traffic is moving, why certain propositions convert and whether regulation is creating unintended competitive advantages?
• Protecting players without pushing business underground: With the entire gambling sector facing greater scrutiny, particularly around marketing, how can regulators strengthen accountability without undermining legitimate businesses? What evidence, safeguards and commercial adaptations could keep different markets competitive while protecting players?