European GEOs in 2026: rates, regulatory trends and growth opportunities

You already know what’s happening across Europe: regulators are tightening the rules, rates are rising, and the approaches that used to work are no longer delivering the same results. At the same time, Tier 1–2 remain attractive markets to enter, and there are still plenty of opportunities to tap into them.

We spoke with Alexandra Loginova, CEO of Alfaleads Network, about which European markets are worth entering right now (spoiler: Ireland is definitely one to watch!) and explored which GEOs are growing and which are, on the contrary, stagnating.

How can you determine the average rate for a country? What is the average Reg2Dep across Europe, and which countries have the highest rates?

First of all, rates vary depending on the traffic source. Secondly, even within the same source, there can be very different approaches. If we find out the average rate for a country for the same traffic source we use and then try to negotiate that rate with advertisers, it simply won’t work.

We had a case where an SEO webmaster spoke to other SEOs and decided that their European traffic was worth €500–600. Do we have deals for SEO webmasters at that level? Yes, we do — and even higher. Did we try to negotiate similar terms for this particular webmaster? No, because their average deposits were rather mediocre for SEO and were more in line with rates around €200–250.

When determining a rate, I would focus specifically on the characteristics of your traffic. A good benchmark is your actual average deposit in the first month, plus 20–40%.

The average conversion rate for Europe is around 25%. It can be higher in countries with local regulations and during periods when payment systems are stable. Finland is the record holder for Reg2Dep, with rates ranging from 80% to 100%, largely thanks to the existing Pay’n’Play system. But, again, no one relies on this metric alone anymore — advertisers are more interested in relevant metrics such as Uniq2Dep and EPC.

What are the most common mistakes affiliates make when entering a new European GEO?

The main mistake is using the same funnels across different GEOs. What works well in one market may not resonate with another audience. Moreover, the same approach can trigger moderation issues if it violates local regulations. That’s why creatives and funnels need to be tailored to each specific country.

For European markets, high-quality localization, an understanding of the cultural context and the communication channels audiences are accustomed to are particularly important. It’s also crucial to understand which offers users in a particular GEO actually trust.

Where in Europe is the cost of acquiring a player the highest? What drives rates up in these regions?

I’d highlight the Nordic countries (Norway, Sweden, and Iceland), as well as Switzerland and Luxembourg — two small but very wealthy countries. They have high average incomes, and players tend to choose entertainment products and stay active for longer. As a result, competition among affiliates is also very high.

In which European countries has tighter regulation had a positive impact on rates? And where has it had a negative impact?

In all countries where regulation has become stricter, audience interest in “gray” products has increased. This has often affected conversion rates and traffic volumes, as well as search queries. For example, searches for “casino” without reference to a local regulator or license have become more popular.

At the same time, tighter regulation often had little impact on “gray” product rates until regulators started imposing fines and putting pressure on payment providers and slot providers. Regulators cannot directly reach “gray” products because they operate outside their jurisdictions.

For licensed brands, rates have inevitably declined as regulators continue to tighten taxation and introduce more restrictions for “white” brands. Monetizing players is becoming increasingly difficult, while the cost of acquiring them continues to rise.

How exactly have regulators changed player behavior and the way affiliates and brands operate?

If we are talking about CPA rates for traffic, they inevitably decline for licensed products. At the same time, regulators have changed player behavior. Previously, players tended to favor licensed local products because they were seen as more transparent and reliable. Now, due to the growing number of restrictions, regulators are effectively pushing this traffic into the “gray” segment of the market.

They are increasingly restricting the advertising and in-game policies of “white” brands: introducing deposit limits, banning bonuses, making verification more complicated, and limiting bet sizes. As a result, licensed products are becoming less attractive to players.

For affiliates, launching campaigns has also become more complicated.

Stricter regulation has brought more complex compliance checks. The number of available traffic sources has decreased as Google and Meta adapt their policies to local regulations in different countries. We are also seeing licensing requirements for affiliates, restrictions on the use of influencers, and even personal liability for promoting unlicensed operators.

Brands are also facing increased risks of fines for prohibited advertising practices, which has made it necessary to strictly review websites, apps, and creatives before launching traffic. Regular checks of already-running campaigns have also become part of the process.

In addition, brands have to compete more actively for high-quality affiliates — not only through financial terms, but also through product quality, payout speed, transparent communication, and their own reputation.

How accurate is it to assess the attractiveness of a GEO based solely on the size of the rate? Which metrics have become equally important in 2026?

The size of the rate does not guarantee high profitability in a particular market. You should look not only at the rate offered, but also at other factors. For example, audience size: based on the population of a given country, you need to estimate how many players you can potentially acquire.

You also need to consider CAC (Customer Acquisition Cost), because markets with higher rates often require significantly higher campaign spend. It’s also important to look at payment method success rates, whether the product is properly localized for the local market, and how well retention performs. These factors determine the product’s profitability and how long you’ll be able to run traffic to the offer.

Of course, everyone decides for themselves whether to try to make a quick profit during a test phase or build a long-term campaign. But what we see is that the highest profits come from funnels that run and are optimized for years.

Which changes in European regulation came as a surprise to the market? Are there examples where participants’ expectations turned out to be wrong?

One unexpected development was the moment when the Curaçao regulator banned operators from shutting down while still having unpaid debts to players. This signals Curaçao’s shift from the relatively liberal regulatory model everyone had become accustomed to toward significantly stricter oversight of licensees’ obligations.

Another example is the new measures in Poland. Previously, the main focus was on blocking illegal websites, but regulation is now shifting toward personal liability for affiliates, influencers, and platform owners. This marks a move away from targeting the platforms themselves toward monitoring those who drive traffic to them.

A moment that recently broke the mold for many market participants was the situation with Soft2Bet. Despite the company’s strong position in the European market, following the publication of the Soft2Bet Files investigation, the operator began closing a number of European GEOs — Spain and Belgium, and previously Germany, Austria, and France. The investigation, published in July 2026, linked Soft2Bet and related entities to a network of unlicensed gambling websites and reported a €600 million money trail. Soft2Bet denied wrongdoing and said the findings were based on an incorrect interpretation of its business.

This shows that even major players can face rapid changes in their operating environment under regulatory and reputational pressure. The case had a major impact on many teams in the market, as the platform hosted numerous high-converting brands and stable funnels.

Which GEOs in Europe can be considered top-tier, and which ones are at the bottom of the list?

Everyone has their own top GEOs. You can rank them either by popularity or by higher ROI. It all depends on the team and its approach, but if we look at the overall picture, the GEOs that come up most often are Germany, the UK, the Netherlands, France, and Spain. Less commonly, you’ll find teams generating significant profits from smaller markets such as Iceland, Liechtenstein, Luxembourg, and Montenegro.

Which European markets have been growing the fastest in recent months? Which ones, on the contrary, are stagnating?

Recently, the most significant growth has been seen in Greece. In addition, despite being mature markets, Italy and Denmark continue to grow, while Portugal still looks very promising. Romania is stagnating due to strict regulation, and the same can be said about Germany, although interest from both audiences and affiliates remains strong. Sweden is also a mature market, but operators there are mainly competing to redistribute the existing audience.

Top 3 European GEOs you would recommend entering right now? What are the specific rates in these GEOs?

If you don’t want to spend a lot of time and effort on creatives, I would recommend taking a look at Ireland. It’s an English-speaking Tier-1 market with a relatively new regulator that hasn’t restricted the market as heavily as the UK. Average rates are €180–230 for app traffic and €250–350 for SEO and PPC.

For those who have already cracked the German market, Austria is worth considering. Payment performance is significantly better here than in neighboring Germany, while the audience has strong purchasing power and the approaches to the market are largely similar. Rates are slightly higher than in Ireland — by around €20–30.

Among the less obvious options, I’d highlight Hungary. Competition is relatively low, the market offers a good balance between traffic volume and cost, and the GEO is covered by a wide range of brands.

Which GEOs in Europe are the least popular, and what are the rates there?

As I mentioned earlier — Iceland, Liechtenstein, and Luxembourg. The audiences are small, while rates vary significantly, ranging from average European levels to an astonishing €800–900 per deposit for those who have learned how to work with these markets.

Conclusion

Entering European GEOs in 2026 means investing heavily in testing and digging into regulatory nuances. But if you find a funnel that works, you can stay with the same offer longer, scale more consistently, and build a more predictable business model.

I'm sure you already know all this, but if you have any questions, you can always reach out to Alfaleads Network's support team via Telegram or via e-mail [email protected]