Lessons from the Netherlands Show the Risks of Eliminating Regulated SEO Affiliates

Finland is planning to ban affiliate marketing in its newly regulated online gambling market. The Finnish Government proposal HE 16/2025 VP sees affiliate marketing as problematic for the following reasons: risk of misuse by presenting incorrect information, blurring legal boundaries (difficulty distinguishing licensed and unlicensed operators), a lack of consumer protection (by not being neutral) and tax avoidance (as most affiliate operators are foreign registered).

New research from Quality Mark Responsible Affiliates (QMRA) warns that such a ban could have severe unintended consequences, including a rise in illegal gambling operators dominating search engine results.

Drawing on lessons from the Dutch market, where online gambling has been regulated since 2021, the report underscores the crucial role of SEO affiliates in directing consumers to legal, licensed operators and countering the influence of unregulated platforms.

The Netherlands has witnessed firsthand the challenges of illegal gambling platforms using SEO and Google Ads to attract vulnerable players. Research by Keurmerk Verantwoorde Affiliates (KVA) found that when legal affiliates are restricted, search results are quickly overrun by unlicensed operators. These sites often target minors and self-excluded gamblers, lack responsible gambling protections, and operate with minimal oversight.

Steven Vrolijk, QMRA Director: “The Dutch market has taught us a lot about how illegal operators adapt. We’ve also seen that proactive, responsible affiliates play a crucial role in pushing back against them. SEO affiliation is a form of advertising that only appears when a consumer is actively searching for gambling options. If Finland bans legal affiliates, its search results may soon be dominated by illegal results.”

The report highlights key risks associated with an affiliate marketing ban:

• Increased visibility of illegal gambling sites – Without regulated affiliates, players will primarily encounter unlicensed operators.
• Lack of consumer protections – Illegal sites do not enforce responsible gambling measures or age verification.
• Higher risk of fraud and money laundering – Many unlicensed operators accept cryptocurrency and other anonymous payment methods.
• Targeting of vulnerable players – Minors and problem gamblers are more likely to be exposed to unregulated gambling.

Instead of a full ban, QMRA recommends Finland implement a structured affiliate marketing framework.

Download the full report

The full report provides an in-depth analysis of the risks and offers data-driven recommendations.

Gurhan Kiziloz, the strategic force behind Nexus International, is accelerating his presence in the online gaming sector, leading the company’s rapid expansion. Under Nexus International, two brands—MegaPosta and Lanistar—sit at the core of its growth strategy.

While Lanistar continues to develop, it is MegaPosta that has already established itself as a major revenue driver. In 2024, MegaPosta generated $400 million, marking a significant milestone in Kiziloz’s aggressive scaling efforts.

With further expansion planned, projections indicate that revenue could climb to $1.54 billion in 2025. As he continues to push into new markets, Kiziloz’s ability to navigate regulatory challenges and capitalize on high-growth sectors will determine whether Nexus can meet its ambitious targets.

A major step in this expansion involves securing a Brazilian gaming license and granting Nexus International access to one of the largest regulated betting markets globally. Meeting Brazil’s strict financial and operational compliance standards was a key requirement—an effort that Kiziloz personally oversaw as part of his mission to establish the company in fully regulated spaces.

With this approval, Nexus International is now authorized to operate and expand within Brazil, a market that has intensified regulations to curb unlicensed operators.

Kiziloz’s Strategy for Growing Nexus International

Kiziloz has ventured into multiple industries, with his entry into online gaming reflecting a deliberate move to leverage emerging regulatory shifts. Before entering this sector, he developed Lanistar as a fintech company, but under his leadership, it has evolved into an online gaming enterprise. This shift aligns with his broader approach to reshaping and scaling business models in response to market trends.

His direct involvement has fueled Nexus International’s expansion across Latin America. Megaposta has already gained traction in several countries, and with the Brazilian gaming license, Kiziloz has positioned the company for further growth. He has played a key role in negotiating strategic partnerships, ensuring regulatory compliance, and setting a competitive direction against well-established gaming firms.

However, his strategy comes with obstacles. Brazil enforces strict regulations covering advertising, taxation, and consumer protection. Any compliance lapses could result in financial penalties or even the loss of the company’s operating license. Kiziloz now faces the challenge of ensuring Nexus International adheres to all legal requirements while navigating an increasingly competitive marketplace.

How Kiziloz Aims to Scale Nexus International

Under Kiziloz’s direction, Nexus International is targeting regions where legal online gaming  is expanding. Megaposta has already established a foothold in Latin America, and the new Brazilian license enables the company to operate openly, unlike unlicensed competitors facing regulatory constraints.

Lanistar’s transformation from fintech to gaming was a calculated move by Kiziloz, allowing Nexus International to strengthen its position in sports betting and online casinos. By managing two platforms under one umbrella, Kiziloz diversifies revenue streams and broadens market reach.

Brazil’s updated gaming regulations have created a competitive environment where only licensed operators can legally offer betting services. By securing Nexus International’s place in this regulated market, Kiziloz ensures the company can advertise, collaborate with local businesses, and scale its user base without the uncertainties associated with unlicensed operations. However, increased compliance costs and operational restrictions remain challenges.

Revenue Goals & Industry Challenges

Kiziloz aims to drive Nexus International’s revenue to $1.45 billion through market expansion and higher user engagement. His approach focuses on attracting new users and increasing participation in sports betting and casino games, two of the most lucrative segments in online gaming.

Yet, the industry presents multiple challenges. Regulatory frameworks remain fluid, with governments frequently revising tax policies, imposing new restrictions, or tightening compliance requirements. Any legal adjustments in Brazil could directly impact Nexus International’s profitability.

Additionally, Nexus International faces competition from established gaming brands with strong customer loyalty and extensive marketing resources. To stay competitive, the company must prioritize user retention, introduce exclusive offerings, and deploy strategic marketing campaigns—all while complying with strict regulations.

Cybersecurity is another pressing concern. Online gaming platforms are often targeted by fraud and cyberattacks. To safeguard user data and maintain trust, Kiziloz must ensure Nexus International heavily invests in security infrastructure. Any security breach could lead to financial losses and reputational harm.

Where Kiziloz is Taking Nexus International Next

Beyond Brazil, Kiziloz is exploring opportunities to expand Nexus International into additional regulated markets.

Securing new licenses is a complex, time-intensive endeavor requiring compliance with diverse tax regulations, advertising laws, and consumer protection policies. Kiziloz must oversee negotiations, obtain regulatory approvals, and implement tailored marketing strategies to facilitate smooth market entry.

While the Brazilian license has laid the groundwork for expansion, Nexus International’s long-term success hinges on Kiziloz’s ability to tackle industry challenges. Ensuring compliance, mitigating risks, and competing against major gaming operators will be critical in sustaining growth. His strategies in regulation, marketing, and technological investment will ultimately shape Nexus International’s trajectory in the coming years.

Raketech has been informed that Ulrik Bengtsson has accepted a role as full-time CEO of an international company. Ulrik has consequently informed the Board that this new role will eventually require him to step down from Chairman and Board member, but Ulrik remains available for re-election at Raketech’s AGM in May and is committed to stay on up until July 30th to assisting Raketech in the transition period. The nomination committee has started the process of finding a new board member, who may also assume the role of Non-Executive Chair. A further update will be provided in due course.

The Company appreciates this is an opportunity for Ulrik and thanks him for his contribution and dedication to the Raketech board since joining in May 2021.

“Stepping back into a full-time CEO role feels like the right professional move for me, and the opportunity I have been presented with is compelling. I am confident that the entire Raketech board and executive team remain dedicated to strengthening the balance sheet and shaping an exciting strategy that I expect will be unveiled to investors in the coming months. I firmly believe Raketech has the potential to be a key player in the global iGaming ecosystem, both now and in the future, and that the company is well-positioned to generate substantial returns for all shareholders over time.”