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While the disruptive arrival of conversation-based generative artificial intelligence (AI) sparked a global debate about whether it is a force for good, payments firms have been racing to implement it.

VIXIO’s 2022 Payments Compliance Outlook report is based on research conducted late last year with 113 (56 UK, 57 US) compliance professionals who work at fintech and payments firms with $10m+ in revenues. It found that 52 percent plan to launch a closed-loop payment product in 2022 and 61 percent will develop one by the end of 2023.

“In terms of legal gambling, Brazil is absolutely a sleeping giant,” said James Kilsby, managing director of Americas at industry researcher Vixio. “[It] has the potential to become a top-five regulated market globally along with the likes of the UK, Australia and then New York, Italy and France.”

“The New York State Gaming Commission announced Thursday that four sportsbooks – Caesars, DraftKings, FanDuel and Rush Street Interactive – have received approval to begin taking wagers Saturday (January 8th 2022).” VIXIO GamblingCompliance, an industry trade publication and regulatory intelligence service, projects the New York betting market could gross $667 million in revenue this year. By 2025, the firm estimates annual gross revenue to hit $1.1 billion, which would make it the largest betting market in the U.S. to date.

“As things stand, the U.S. market hasn’t evolved to the level of Europe where debate has moved on to incorporate more severe marketing restrictions, ‘affordability’ checks for customers, monitoring of betting patterns, and blanket stake or deposit limits, among other things,” says James Kilsby, vice president for the Americas at Vixio Gambling Compliance, a company that tracks betting regulations globally.

The U.K.-based Entain has invested heavily in online betting technology that gives it a competitive edge. It’s also made it a takeover target in a high-stakes turf war. Vixio, a company that tracks gambling and payments regulation, estimates the U.S. market, including both sports betting and digital casino games, could be worth $19 billion in annual revenue by 2025.