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Q&A: Sportingwin and the Bulgaria opportunity

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SportingWin opens €1m funding round
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Mark Chakravarti, Head of Investment at Sportingwin, talks about why the operator sees such potential in the market and how it has found the licensing process to date

Bulgaria has had a major shake-up when it comes to how gambling operators are licensed and regulated in the country with the National Revenue Agency recently taking on the responsibility.

Amid allegations of corruption among its predecessor, the State Gambling Commission, the new regulator is moving forwards with plans to issue additional licences over the coming months.

The first in line to receive such a licence is Sportingwin, which has ambitious plans for Bulgaria once it has been given the green light to launch.

To learn more about Bulgaria and the operator’s plans for the market, we sat down with Mark Chakravarti, Head of Investment at Sportingwin.

Why do you see so much potential in Bulgaria?

You just have to look at the numbers to see the potential. We estimate the Bulgaria market to be worth around £300m right now but as new operators enter the fray it could grow at a rate of 20% per year to hit £500m over the course of the next five years.

Coupled with this is the low level of competition. Only five betting licences have been issued to date and mostly to local retail bookmakers with a limited online offering. These sites simply don’t offer the depth of markets, odds and products available in other European jurisdictions.

This presents a tremendous opportunity for experienced online sportsbooks to make their mark, so long as they enter Bulgaria with a localised product that delivers a superior player experience. Those that do are very much in the driving seat to capitalise on the tremendous potential on the table.

What do Bulgarian players look for in an online sportsbook?

There is a long tradition of retail and online sports betting in Bulgaria, so players are seeking a comprehensive, quality, cutting-edge product and experience similar to that offered and found in mature markets such as the UK.

In particular, they are seeking a high volume of events, a range of bet types as well as modern features such cash out. We also believe that exchange betting, while not currently available, will be hugely popular once we secure our licence and launch the Sportingwin exchange in the market.

How will you meet those needs and localise your offering?

There are two key ways we are doing this – product and our approach to CRM. When it comes to product, we are developing a proprietary platform that is fully customisable for each market we enter, including Bulgaria. This includes localised payment options, currencies, sports, etc.

In terms of CRM, we are investing in a local customer support centre so that we can comfortably meet the staff-intensive local language CRM and marketing operations and activities we believe will enable us to communicate to and engage with Bulgarian players.

How have you found the licencing process to date?

The Bulgarian regulator has incredibly high standards and expectations when it comes to due diligence. As such, the licensing process has been a little slower than in other jurisdictions, but we are okay with this as we want to make sure we not only meet but exceed their standards.

This means taking additional steps such as appointing a dedicated Bulgarian CEO. He has a proven background in gaming and the regulator can quickly carry out the necessary checks that it needs to in order to ascertain his credibility and suitability for the role.

Owning our own technology has also allowed us to synchronise our platform with the NRA already, which in turn means we are among those on the regulator’s list of approved technologies ready for when our licence is granted.

In addition, we are a Maltese company so have requested that the Maltese consulate in Bulgaria monitor the licensing process from start to finish as our application is the first to be considered since the Nation Revenue Agency took over regulatory responsibility earlier in the year.

By having the right people on a local level, and by taking considered steps towards ensuring we meet the standards set by regulator, we expect to receive our licence in the first quarter of next year.

What has been the toughest challenge to overcome?

The toughest challenge is in respect to the due diligence and in particular the requirement of having an €800,000 investment from a local, proven source of funds. To do this, we have had to find a local banking partner which was easier said than done.

That being said, the team pulled together and we were able to find a local banking partner happy to facilitate the investment allowing us to progress through the licensing process.

What are your long-term plans for the Bulgarian market?

We want to claim 9% of the local market within the first three years. We then plan to build on this rapidly by securing further venture capital that will enable us to consolidate the market through mergers and acquisitions with local operators.

Once we have achieved the scale we are seeking, we can then effectively pursue market leader bet365. It is a tough task, but one that we are more than capable of completing thanks to the incredible team we have built out in recent years.

We also believe our cutting-edge proprietary technology and platform gives us a huge edge over the incumbent operators and brands and will allow us to compete with and defeat any other overseas operators that enter the market.

What is your long-term plan for Sportingwin?

We are currently undertaking a fundraising campaign to help accelerate our global expansion efforts, selling off more than €1m in equity.

These investments are in line with our long-term strategy for the brand which is to achieve a valuation of €50m in three years and, once achieved, would deliver a x13 increase on the current investment opportunity.

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Deena Komisar, VP Marketing at Solitics, says advanced gamification is the key to unlocking better conversion rates, boosting retention and ultimately driving higher LTVs from loyal players

 

Do you think there is enough differentiation between online casino and sportsbook brands?

This is a very busy space with lots of brands making lots of noise with their marketing campaigns and bonus offers. This can make players feel bombarded. But despite all this noise and bombardment, the experiences offered by these brands are very much the same – I’d even argue there’s little difference between the brands themselves. Most operators use the same game providers, so regardless of which casino the player engages with, they often find the exact same games in the lobby. The same applies to sportsbooks – operators offer pretty much the same markets and because they have to be super competitive on odds, there’s very little difference in pricing between brands. So no, I don’t think there’s enough differentiation but, in reality, it’s tough for operators to find ways of standing out.

 

What does a solid retention strategy look like?

It comes down to offering players a unique experience that brings added value to their play. If operators can do this, the player has no reason to jump ship to another brand simply because they can claim a sign-up bonus. This means putting together a comprehensive strategy with cleverly mapped user journeys, points of engagement and interaction, customised communications, personalised rewards and, where possible, a feedback loop so that operators can optimise and refine the strategy. For me, operators that can deliver timely, relevant and captivating player experience will win the retention race.

 

Can you share an example of a retention campaign that brings all of these elements together?

A brand could come up with its own currency, with players awarded a “” a “diamond” each time they log in, make a deposit, play a certain game, hit a specific win multiplier, etc. These coins are accumulated, and then once a week, the player receives a personalised prize based on the number of coins they have collected – this could be free spins, bonus cash, spins on a prize wheel or even VIP club upgrades. Other ideas include surprising the player with a scratch card when they log in, interrupting a losing streak with a prize reel spin, launching a mini-game to introduce a new game and assigning the player a mission for the following day just before they end their current session.

This allows the casino to offer something unique and to create a long-lasting impression with the player. This is why Solitics is so passionate about gamification.

 

Why is gamification so effective when it comes to keeping players engaged with an online casino or sportsbook?

Social casinos have used gamification to engage players for many years – in fact, in most instances, it’s the main way they monetise players. And it’s proved to be a highly effective approach. Why? Because it creates anticipation, excitement and fun, even without the ability for players to win money. Delivering gamified rewards works in the social casino space because they are always deployed in real-time – and therefore don’t miss the mark, are native to the brand’s themes and colours, are contextualised to the player experience and always come as a surprise. Online casino operators can and should take the same approach to gamification – those that do will achieve the same high levels of engagement and retention.

 

How can operators take their gamification strategy to the next level?

Gamification has been used in the real money space for some time now, but only a small number of operators have deployed advanced gamification. This means having access to a rich library of widgets (think of this as a library of gamification games and journeys such as tasks, missions and tournaments) they can integrate into the player journey and experience, with the ability to personalise these to their brand or around certain themes and seasons. Next-level gamification also requires the leveraging of player data in real-time, using advanced data calculations, but also data such as wins and losses, current balance, etc. and historic aggregated data like average deposit and average wager.

Operators must also have control over the set-up of widgets especially the prizes, odds, playing frequency, number of games the player receives, etc. This is not only key to delivering experiences and rewards that add genuine value to the player but also to balance this off by ensuring a solid return on the retention budget being spent. Ease of use and rapid deployment are also critical for operators looking to level up gamification and unlock the benefits this brings.

 

What return can operators expect from investing in advanced gamification?

I’ll keep this answer nice and simple. Conversion, engagement and loyalty KPIs will all increase significantly simply because they can stand out from the competition and provide a superior experience to each player.

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Exclusive Q&A w/ Mark Cantwell, Marketing and Partnerships Director at Lickd

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Exclusive Q&A w/ Mark Cantwell, Marketing and Partnerships Director at Lickd
Reading Time: 3 minutes

 

Can you tell us about how Lickd helps content creators in the games space?

Lickd has the world’s biggest catalogue of music for content creators. With over 1.4 million tracks: including songs by Dua Lipa, Coldplay, Justin Bieber and more. We believe gaming creators have the right to access the same high quality mainstream music that all other creative industries have, and that’s why we’ve been campaigning for 8 years.We won’t stop until content creators have access to every mainstream track that TV, Advertising and Movie producers have.

Lickd works with a a lot of gaming creators already,  like MARCUSK (who used seven tracks through Lickd in one video), as well as Smallish Beans, Wifies and Parker. We are proud to have helped these content creators take their content to the next level.

We also work with brands like EPIC Games, specifically on their Support a Creator Program – where Lickd helps to protect YouTube creators from any copyright claims that may arise content that includes music from the game. We are a long-term partner of theirs and love their approach to investing in their creator community.

 

How does licensed music help gaming creators grow their audience?

It is a huge obstacle for creators, especially those at the start of their career, to find tracks that fit their audience and the tone of their videos. The wrong track could mean your video leaves a small dent or doesn’t land at all.

For creators who use Lickd both in the gaming space and beyond, licensed tracks can help capture the essence of what the video is aiming to achieve in a simple manner, recognisable music helps put it in front of viewers and grabs their attention.

Recently, gaming content creators Chris and Mat from TwoSync had this to say about our service:

‘Lickd is the only platform that’s convinced music labels to allow creators like us to use chart music. There’s over 500K tracks to choose from(actually there are 1.4 Million, but who scrolls that far), that’s more than all of the stock websites combined, that is insane! Our AdSense actually improved with chart music.’ 

 

Can you tell us about your recent gaming video analysis data, and what it means for the wider industry?

We analysed 5,000 of the best performing games related videos that used mainstream music to see which tracks stood out.

The results showed that there isn’t necessarily a recency bias to what gamers listen to with Coldplay’s 2008 track Viva La Vida, coming 2nd and John Newman’s 2013 hit Love Me Again at number 7. Most surprising perhaps was the appearance of Howard Shore’s iconic Lord of The Rings score with At the Sign of the Prancing Pony in third place, showing gamers taste is more wide-ranging than just current pop artists.

The data underlines the breadth of what is capable with licensed music and the variety on display showcases how important licensed music is to gaming creators.

 

What can we expect from Lickd in 2025?

Our mission in 2025 is the same as it was in 2024 to give content creators of any shape and size access to the same mainstream hits that other creative industries have.

We are always looking for ways to innovate with games studios in the way we have with EPIC. For example, we have a product that allows us to stream rights cleared music into virtual spaces (kind of like in store radio, but for virtual spaces).

We would also love to work with a few more brands and studios on helping them use mainstream music in their social content and have built our Brand Tool for just that purpose.

Can you imagine being able to cut your social game trailers with recognisable mainstream music and make them awesome again? Well, talk to us and you won’t have to imagine it any longer.

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The Power of Data in Esports Betting: An Exclusive with DATA.BET’s Head of Sales Otto Bonning

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The Power of Data in Esports Betting: An Exclusive with DATA.BET’s Head of Sales Otto Bonning
Reading Time: 4 minutes

 

The European Gaming Congress 2024 concluded with resounding success, attracting nearly 200 participants who benefitted from premier learning and networking opportunities. In this exclusive Q&A, we’re proud to feature Otto Bonning, Head of Sales at DATA.BET, our Badge, Bracelet & Networking Break Sponsor, discussing the power of data and how DATA.BET leverages it to create innovative esports tools.

 

Otto, thank you for sitting with us for this interview! Could you start by sharing a bit about yourself and your experience at the European Gaming Congress 2024 from moderating the panel on “The Future of Esports: Opportunities and Challenges”?

The European Gaming Congress 2024 left a lasting impression on me, standing out for its particular format and engaging atmosphere. The event’s structure seamlessly blended educational panels packed with industry insights and an open, relaxed environment that encouraged meaningful interactions with both leaders and potential partners.

During the panel discussions, Lasha Kupatadze, CPO at Atlaslive, a leading B2B software provider, focused on key aspects such as personalization and the evolution of sportsbook tools to meet user demands. I appreciated Lasha’s emphasis on adapting products for operators, as these are critical discussions that align with the challenges the industry is actively navigating

SavageTech CEO and Founder Tom Jang Lemke, a former semi-pro esports player, recalled starting out by managing trading manually for his sportsbook while analyzing streams. He delivered a compelling B2C perspective on esports opportunities and overcoming challenges. What I particularly appreciated was how the panel’s topic was explored from different viewpoints, creating more value for all congress participants and sparking meaningful discussions.

 

DATA.BET places a strong emphasis on leveraging official data for developing new tools. Could you explain how official data contributes to enhancing user experience and driving revenue growth for your clients?

Official data is fundamental to DATA.BET’s approach in esports, where precision and reliability are paramount.

Firstly, official data from trusted sources like Bayes Esports and GRID, who work directly with tournament organizers, ensures the highest accuracy in betting, reducing errors and enhancing the overall user experience. Combining all that with our own trading and models makes for an industry leading esports product.

Also, official data has allowed us to expand our content offerings significantly. For example, the number of CS markets has increased by 33%, and betting lines now remain open twice as long compared to platforms without official data, providing players with a broader range of options.

Moreover, official data minimizes risks by providing precise and consistent information, allowing operators to build assurance and offer a transparent betting experience. When used effectively, official data enhances platform reliability, expands market opportunities, and improves user retention – ultimately driving higher revenue and profitability for operators.

 

DATA.BET’s Data Feed combines Odds Feed, Live Score Feed, and in-house Risk Management. How do these elements work together to create a seamless experience for operators and their users?

DATA.BET’s premium Odds Feed, Live Score Feed, and in-house Risk Management are all powered by official data from our partners. With a low latency of 50-200 milliseconds and official data sources, our feed delivers unmatched speed and reliability.

Operators benefit from extensive coverage of 30+ disciplines and dynamic markets, including Player Props and in-game events, while integrated Risk Management ensures balanced exposure and maximized profitability.

Our official data allows us to keep an open betting line twice as long as competitors. Also, the synergy between our highly qualified traders, who possess deep expertise in their disciplines, and the advanced mathematical models developed and regularly updated by our Data Science team enables us to deliver exceptional value to operators, enhancing their performance and profitability. For example, over the past year, our clients have experienced up to 90% GGR.

 

Your risk management system is an integral part of your product offering. What sets DATA.BET’s Risk Management apart from other solutions on the market?

DATA.BET’s Risk Management system distinguishes itself by combining the expertise of our dedicated in-house team with advanced automated tools, providing operators with risk mitigation and platform security.

Our team of experts thoroughly analyzes betting patterns, particularly those of potentially fraudulent players. With a deep understanding of behavioral tendencies and statistical insights, our specialists identify reliable and unreliable players, proactively anticipate possible issues, and vigilantly monitor for fraud. This data-driven approach enables them to define user profiles based on in-game actions, creating a nuanced view of player behavior that enhances risk assessment.

They also work closely with the Trading team, providing them with a broader, more detailed perspective on user activity. This collaboration is precious when suspicious actions are detected, as our team’s in-depth analysis helps evaluate groups of players, assess risks, and make informed decisions on appropriate next steps.

 

Given the rapid growth in the esports industry, what future trends do you foresee in how data-driven solutions will impact the betting market?

Firstly, as modern UI takes central stage in sportsbooks, platforms must offer advanced personalization options, letting operators adapt seamlessly to their branding and customer preferences. Our new Single Page Application (SPA) is designed to meet these evolving needs, with features that prioritize flexibility, speed, and a seamless user experience.

Secondly, we expect to see more features from traditional sports adapted and enhanced for the esports environment. This trend will bring proven engagement tactics into esports, tailored to its audiences’ specific dynamics and preferences. For instance, Bet Builder enables users to combine multiple markets into a single bet, offering a tailored and interactive experience that appeals to savvy bettors. Operators benefit through increased stake sizes, broader market utilization, and valuable data insights for tailored marketing efforts.

Furthermore, as there is still demand for casual, fast-bet options, betting solutions will incorporate features inspired by casino gaming, adapting them to esports’ individual tempo and appeal.

 

Lastly, what advice would you give operators looking to stay competitive by incorporating Esports data feeds and risk management systems?

Operators aiming to stay competitive should choose providers with a full range of offerings, including official data, strong trading teams, reliable data feeds, and versatile tools like Bet Builder, ensuring optimal profitability and player engagement.

Official data from trusted sources will be vital as it ensures accuracy, minimizes risks, and builds user confidence, which is crucial in the fast-paced, highly competitive esports market. Beyond speeding up processes, it enables operators to maximize profitability by offering more reliable options, keeping betting lines open longer, and reducing errors that can lead to financial losses.

Lastly, to succeed in esports, it’s essential to understand your audience’s behavior and stay informed about industry trends. Keep track of tournaments and invest in learning how to promote effectively. While implementing progressive features can enhance your platform, generating significant revenue from esports without a solid marketing strategy is challenging. Numerous examples exist where operators leverage marketing activities to promote major esports tournaments in their projects. It provides an additional boost to the events and drives substantial revenue.

Special thanks to Otto Bonning for expertly moderating the insightful panel “The Future of Esports: Opportunities and Challenges”.

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