Adrian Kreter warns of tougher iGaming regulation and taxation in Europe

Adrian Kreter told Rahapelisanomat on 13 October 2026 that iGaming regulation and taxation will continue to harden in Europe and in jurisdictions once considered safe havens. Kreter set out his ties to sector companies — ArriTech and Instacoins — and said that, together with advances in artificial intelligence, this complicates both fraud prevention and regulatory compliance.

Investor background and assets

Adrian Kreter is an investor and business angel with stakes across businesses that include crime prevention, wine and aviation. Kreter owns ArriTech, which provides anti-money laundering (AML), know-your-customer (KYC) and fraud-detection services. His portfolio also includes Instacoins, a cryptocurrency services provider, and the Dutch winery Robbers & van den Hoogen.

In 2025 Kreter founded AK Aviation in Malta with an investment in excess of €15 million, focused on the acquisition and leasing of business jets. He sits on the board of Turicum Private Bank and runs the Kreter Foundation, which funds projects in education and mental health.

iGaming regulation: what Kreter said about Europe and Malta

Kreter welcomed the planned opening of Finland's online casino and betting market but warned about how widely the new system will be adopted in practice. He said measures proposed at European level could increase tax pressure on the industry: Vice-President of the European Parliament Victor Negrescu and the Progressive Alliance of Socialists and Democrats (S&D) group have proposed a European levy on online gambling to help finance the EU budget, an initiative Malta strongly opposes.

Kreter said Malta is watching the potential impact closely. He noted that if taxation imposes excessive burdens on regulated operators, activity could move outside the European regulatory framework, making player protection and effective supervision more difficult.

Fiscal and jurisdictional implications: Georgia and other examples

Kreter explained that jurisdictions attractive to iGaming companies, such as Georgia, already pose specific tax challenges. He identified that in some countries there are tax regimes that treat iGaming companies differently from other locally established businesses. He predicted this targeted tax pressure on the industry will continue.

Artificial intelligence, fraud and compliance

Kreter said artificial intelligence is already transforming regulatory compliance and fintech services linked to Instacoins. At the same time, he warned the same technology enables more sophisticated fraud techniques: deepfakes, forged documents and methods to bypass liveness checks make it harder to detect irregularities. In his words:

"AI is an enabler: it improves legitimate processes, but it also makes forgeries much more convincing and harder to detect." — Adrian Kreter

He explained that old controls, like detecting a fake electricity bill by scanning it, now work worse because forgeries have become higher quality. He predicted detection tools will have to evolve just as fast and said there are already European-level initiatives, such as using digital watermarks for authentication.

Relative company size and the advantages of AI

Kreter estimated AI can today help smaller companies compete, because it enables developing features without large development teams. However, he added that in the long run big companies could benefit more, since they have budgets to hire specialists and deploy their own infrastructure. The likely trajectory is: those who integrate AI talent and build dedicated teams will win.

Reputational risks and confidence in Malta

Kreter declined to comment on the court ruling in the case linked to the 2017 murder of journalist Daphne Caruana Galizia, and noted the process remains ongoing after Yorgen Fenech's release in September 2026 and the prosecutor's appeal. He said he does not live permanently in Malta and refused to give a definitive assessment of the impact on investor confidence, but conceded that the murder of a journalist raises international concern.

On the other hand, he mentioned that banking problems in the region have complicated the operations of international companies: in Estonia, difficulties for foreign companies' banking were linked to the money-laundering scandals affecting Danske Bank and Swedbank. Kreter said iGaming operators and related service firms — for example, affiliate marketing — face stricter banking criteria and additional controls.

Investment lessons and practical cases

Kreter said his biggest disappointments came from projects that, despite committed teams and appealing visions, failed to deliver over time. He cited ArriTech as a counterexample: the company has renewed its catalogue, gained market share and expanded clients into regulated sectors such as notaries.

In his view, the future of iGaming will depend on offering distinctive gaming experiences, meeting rising regulatory demands and clearly separating from dishonest operators. He said those who fail to deliver a unique experience will fall behind, while the fight against fraud and the malicious use of AI will intensify.

What operators and suppliers should watch

Operators and suppliers should prepare for stricter KYC/AML checks, higher tax demands and anti-fraud tools that respond to AI-enhanced methods. For readers in the sector interested in regulation and vendor developments, Kreter emphasizes the importance of investing in verification capabilities and AI-specialist talent.

The Rahapelisanomat interview shows a pragmatic stance: regulation and technology change the risk–opportunity equation, and tax and compliance decisions will determine the viability of iGaming businesses in Europe and in competing jurisdictions.