Speaking to Affiliate Leaders and iGaming Expert, Maksym Merzhvynskyi, chief exec of Cardmates Brasil, reflected on how affiliate marketing in Brazil has evolved in the wake of regulation, shifting from a period of rapid growth and experimentation to a more structured and compliance-driven environment.
Ahead of SBC Summit Rio, Merzhvynskyi also discussed the growing role of social media in building credibility with users and operators; the importance of listening to feedback; and why affiliates remain a vital component of long-term operator success.
With more than a decade in affiliate marketing, what’s one lesson you learnt that newcomers to the industry should understand from day one?
One lesson that really stuck with me is that traffic alone means nothing without trust and alignment.
You can send volume, hit targets, and still lose a partnership if expectations, communication, or values don’t align. Over time, I’ve learnt that choosing the right partners is just as important as choosing the right strategies.
One year into Brazil’s regulated era, what feels genuinely different about operating in the market today? Anything that surprised you?
One of the biggest differences is that things have become slower, yet far more structured. Affiliates now have to navigate more rules, while also carrying out additional checks and processes. The days of ‘launch fast and see what happens’ are firmly behind us.
What surprised me most was just how many companies weren’t prepared to operate in a regulated market. As a result, some really successful brands simply disappeared overnight. That is why compliance has always been such a vital part of Cardmates. The industry can change very quickly, so making sure you are prepared and fully up to date with regulations is essential.
In many markets, affiliates still underuse social media, but Brazil is often seen as far more social-first. From your experience at Cardmates Brasil, how powerful are social media platforms in shaping brand authority on the B2C side and commercial relationships on the B2B side?
Social media platforms are extremely important and should never be underestimated. In Brazil, social media is really about building trust. People want to see that a brand is alive, not just a website, and social media allows you to show this in a variety of ways, especially when it comes to user engagement.
We have found that this mindset also applies to partnerships. When you are active and visible on social platforms, operators take you more seriously. There is an extra layer of credibility. As a result, our conversations are often far more productive.
Your blog and comment sections suggest a strong two-way relationship with your audience. At what point did you move from simply publishing content to actively engaging your audience, and how has that shift impacted your business?
One of our most important realisations was that people don’t just want to read content, they want a voice and to feel heard.
We started replying to comments, asking users for honest feedback, and most importantly, acting on that feedback. This was honestly a real game-changer. It built far more trust for our readers and ultimately generated higher-quality traffic.
Working with leading operators in Brazil gives you a broad market view. How dependent are Brazilian operators today on affiliates for traffic and user acquisition?
Still very dependent. Operators continue to experiment with other channels, but affiliates remain one of the most reliable and consistent sources of new players.
The difference now is that operators are far more selective and expect a more professional, compliance-focused approach, with clearer value and long-term thinking rather than quick wins.
When performance starts to dip, what indicators help you identify whether an operator partnership is worth fixing, adjusting, or walking away from?
I always look at communication first. If the partner is open, explains what is happening, and is genuinely willing to adjust or optimise together, then it is usually worth working on the relationship.
If there is no real dialogue and feedback gets ignored, that is normally a clear sign that it may be time to move on.
What value do you see in attending a Brazil-focused event like SBC Summit Rio, and what are you personally looking to gain from this year’s edition?
I’m going to SBC Summit Rio to talk to the right people and get a clearer sense of what’s really happening in the market. A lot of insight in Brazil comes from conversations, so meeting face-to-face really matters.
