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Exclusive Q and A with Tamas Kadar, Founder and CEO of SEON

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Reading Time: 5 minutes

 

“The sun literally never sets on SEON”, proudly declares Tamas Kadar while talking about the rapid growth of his company over the last few years.

There is more in this interview than such eye-catching slogans. He talks here about SEON’s origin, what exactly they do and how they do it. He concludes with insightful comments on fraud detection in the gambling industry and new developments.

Jump straight to the interview more such gems of quotes after the following appetizer about the tech start-up space:

“We have also been a profitable company since 2019, which is rarer than you’d think in the tech start-up space, where so many companies rely on rounds of investment rather than solid business fundamentals.”

Q. Let us start from the origin of SEON. Like Google, Facebook and many others, SEON too was founded at a university. While there is a brief intro about it on your website, could you narrate what exactly led to the founding of SEON?

A. Bence Jendruszák and I met at Corvinus University in Budapest and we instantly found that we had a shared interest in cryptocurrency. We saw that there was a gap in the market for a crypto exchange that served Central and Eastern Europe (CEE). When it went live, we were immediately bombarded by fraud attempts, but when we looked at what was currently on the market from legacy anti-fraud companies we found that nothing was really as good as what we knew was possible.

We created our own homebrew anti-fraud solution, and it was so good that other companies asked to use it. We saw that we had a business idea that had far more potential than the crypto exchange, re-focused our efforts, and now four years later here we are.

Q. Talk to us about the growth of the company over the years? Could you provide some statistics?

A. The most important stat is always going to be customer growth: we now have over 5,000 clients ranging from SMEs and start-ups to major international companies. We have also been a profitable company since 2019, which is rarer than you’d think in the tech start-up space, where so many companies rely on rounds of investment rather than solid business fundamentals. Most recently, we hired our hundredth employee, and we’re still growing.

Q. What are the recent developments and expansions? How did the company perform in a pandemic-induced world?

A. We’ve opened offices in four countries now: Budapest, London, the US and Indonesia – the sun literally never sets on SEON.

We also broke a record for the largest ever investment in a Hungarian company when we were funded by Creandum, who were also early investors in Spotify, Klarna and Depop. Their investment and mentorship are already allowing us to create new products and bring them to a much greater audience.

What’s more, we adapted well during the pandemic because we have always worked across multiple offices – changing to home working wasn’t a major challenge to us. The only difficulty was dealing with the sheer quantity of fraud during the past 18 months, but we have been able to continue to support our clients just as well as we had before the pandemic.

Q. SEON offers two products: Intelligence Tool and Sense Platform. Could you describe how SEON’s solution evolved into its present version?

A. The ideas were there from the start, but the technology behind them has gotten more sophisticated. We continually work on increasing speed to detect fraud even faster whilst reducing as much friction as possible for the end customer. At the same time, we build on depth for accuracy to reduce false positives. The more layering and data points we can check gives customers more certainty in each risk score. We also expand our breadth to cover more social signals and digital data points – an all-seeing eye to identify fraud quickly.

Q. How does SEON reduce friction for customers onboarding new users and accounts?

A. We know that customers want a fast, seamless sign-up process. If signing up for a new gaming site takes too long or requires too much work on the part of the player then they will go elsewhere. However, in gaming, as with other high-stakes industries like banking, there are regulatory demands that increase the ‘friction’ that new players are going to feel before they can start playing. It’s also very easy for anyone, whether they are a professional fraudster or just an unscrupulous player, to use throwaway emails, ‘burner’ phones and easy to obtain fake IDs and synthetic identities.

SEON can run a light and invisible customer profiling system in real time during customer signup that can assign risk scores to each customer – those with high scores will be given extra checks while the majority that are fine will go through with less friction. Since it is running in the background, customers will never know that they are being checked.

Q. What are the major types of fraud that SEON encounters and tackles? What sort of fraud do you think will affect the gaming and gambling industry in particular?

A. There are new forms of fraud emerging every day, so this list is going to be by no means extensive, but in iGaming we tend to see a larger number of low-stakes forms of fraud than in other industries. We find that because many gaming platforms give free bets or credit for new signups there is a lot of multi-accounting, which is fairly easy to find because there’s no incentive to create foolproof synthetic identities for a $10 bonus.

We also see a lot of ‘friendly’ fraud from players as opposed to criminals – players who have been banned creating new identities or unsuccessful players starting chargebacks to get back their losses. It’s a very fast-moving space compared to some of the other industries we work with, which is why it’s ideally suited for an AI-based system that can keep up.

Q. How does SEON ensure that it does not breach the user data protection and privacy regulations and protocols?

A. We always only use publicly available sources such as open data from social networks when we collect information—things like your browser, your screen resolution and hundreds of other device features.

We don’t store this information long-term in all cases – it is deleted after 12 months and not stored in a central database. We are fully compliant with GDPR and the relevant privacy regulations in the areas we operate. More importantly, we are always thinking about the balance between privacy and security in our work.

Q. Could you reveal the expansion plans and product launches in the near future?

A. We have just significantly upgraded our device fingerprinting capabilities based on our research on the kind of setups that fraudsters use to hide their tracks, and this will greatly increase our ability to not just detect fraud but prevent false positives and thereby increase the number of customers.

We also recently rolled out a revenue widget, designed to allow iGaming customers to easily see a snapshot of how much a user has deposited and withdrawn within the past year. Fraudsters usually have high revenue with low deposits as they abuse bonuses and loopholes.

Product updates and improvements are always ongoing as we develop more features that better support our customers and solve real fraud problems that they face.

To learn more about SEON, visit: https://seon.io/

 

Interviews

Q&A with Jennifer Riley, Customer Services Director at 2mee

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Reading Time: 3 minutes

 

Q: Are affiliates making the most of their website real estate when it comes to promoting operator brands and driving engagement/conversions?

A: I think it has become obvious that the majority of affiliate listing pages have become very busy and cluttered, with hundreds of brands and clashing banners pushing various promotions and offers. Brands listed on these pages are locked in a constant battle to stand out from the crowd, and this is why the affiliates need to do something to help partner sportsbook and casino brands drive greater engagement and achieve higher conversions

The digital advertising space has been dominated by banner ads and more lately aminated rich media graphics, but the problem here is that everybody is using the same medium to try and grab player attention. There are some levels of differentiation in terms of size, placement and the holy grail that is the website page takeover, but on the whole, I think the CTRs they deliver reflect the battle to break through the noise for advertisers – a battle most are currently losing.

Q: What are some of the challenges they face when it comes to maximising this real estate? Can you share an example?

A: Affiliates have limited website page real estate on which to list their partner brands and squeeze in banner ads and graphics. The majority of this space must be given to editorial content, especially for affiliates that are genuine media outlets. Many also have commercial agreements already in place for where certain brands are listed on pages, so it becomes increasingly difficult to open up additional advertising real estate. This is certainly the case when users are accessing websites from mobile, where the reduced screen size sees banner ads disrupt the UX and make them almost impossible to read.

Q: How can affiliates overcome these challenges? What products are available that they can use to make the most of the promotional space they have on their sites?

A: It is actually a very difficult challenge for affiliates and publishers to overcome without totally redesigning their websites. This is something 2mee is looking to address with the launch of our HoloAd product, which lets publishers allow their operator partners to deploy hologram messages anywhere on their website pages without impacting the user experience or replacing the existing listings or banner ads they have in place.

Q: How does your HoloAd product work?

A: HoloAd is a simple tool that delivers engagement that is 5x higher than banner ads or text. Affiliates can use our platform to allow operators to deploy their brand ambassadors and influencers as hologram messages directly on their sites to promote offers of the day, tips, sign-up specials, etc. Based on our powerful, market-leading HoloMessage solution, with HoloAd operators can be sure their holograms will grab the attention of players, driving conversions and revenues for them as well as their affiliate partners.

Q: What makes holograms so effective for affiliates? Can you share any performance stats?

A: There is nothing more powerful in marketing the generating a human connection between brand/product and the consumer. Holograms do just that, allowing affiliates to offer their operator partners a new channel through which to be heard above the noise being made by their rival brands. Our affiliate customers are achieving incredible CTRs of between 28% and 36% and when you consider that on average banner ads tend to deliver CTRs in the low single figures, you can see why affiliates and their operator partners are keen to use our HoloAd solution.

Q: Do holograms and your HoloAd product spell the end for banner ads?

A: Not at all – HoloAd is deployed in such a way that there is also space for existing banner ads and boxes. Of course, affiliates can offer HoloAs as the premium centre of focus that every operator will wish to secure once they see the CTR stats and conversions they achieve. There will never be more than one HoloAd on any page at any one time and that allows affiliates to charge a premium price for the space.

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Gaming

The future of the gaming industry: brand loyalty and retention, Exclusive Q&A w/ Achille Traore, CEO of White Label Loyalty

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The future of the gaming industry: brand loyalty and retention, Exclusive Q&A w/ Achille Traore, CEO of White Label Loyalty
Reading Time: 3 minutes

 

The gaming industry is highly competitive. Game developers only have one chance at making a user’s experience memorable. If a gaming company fails to capture user attention, customers will likely move on to another game or platform. Achille Traore, CEO of White Label Loyalty, discusses the opportunities awaiting gaming brands to create more loyal customers. 

 

What are the main goals and objectives of brands in the gaming industry?

Most brands in the gaming industry are striving for the same thing: customer retention. The industry is well known for high engagement rates, but it’s also well known for low retention rates. 

Player retention is important for gaming brands because existing customers are very valuable in the long run. It’s much easier to upsell and cross-sell to loyal users. Plus, the cost of acquiring new customers is becoming more and more expensive. 

 

The gaming industry faces a number of challenges. What are they?

The first challenge is about engaging casual players and persuading them to play more frequently. And while there are many factors that contribute to this, including the quality of a game and the ability to market it effectively, gaming brands ultimately need to have a deep understanding of their customers. 

The second challenge is knowing how to add value to a customer’s gaming experience. Not all users will find value in the same things. For one user, the value of a game may lie in the ability to customize characters with exclusive skins. For others, the value may lie in joining a community to meet other gamers. 

Finally, gaming brands need to know how to break the barriers for people who haven’t gamed in a long time, or have never tried gaming before.

 

When it comes to gaming, how would you define loyalty and engagement?

A user that is truly engaged will spend a significant amount on in-game purchases. 

Another way gamers show their loyalty is by engaging with communities via social media or forums like Reddit. 

Loyal players can also become ambassadors for gaming brands. These players are more likely to engage with a brand outside of the game – they’ll spend money on equipment (such as a new console or PC), merchandise, and event tickets.

 

How does a gamer become loyal?

Loyalty often forms as a result of rewards. Players want to be rewarded. Whether it’s for completing a time-bound challenge, or unlocking different levels in a game, rewards add to a feeling of competition and accomplishment. 

Gaming companies that reward customers for engagement can build real, long-term loyalty. 

 

In order for gaming companies to better understand and engage their customers, what can they do?

Gaming companies must collect detailed data about their users to understand what drives them. Brands can use this data to build specific audience segments, which allows them to personalise and tailor marketing strategies to each customer profile. 

Loyalty programs are an effective way to gather detailed information about user behaviour, needs, and preferences. When a gaming brand understands its customers, they can create customised rewards for each player segment, resulting in higher engagement and retention rates. 

 

What are the best ways to reward players in the gaming industry?

With the right software, gaming brands can reward any kind of activity. For example, rewards could be given to streamers who refer games to others. Rewards could incentivise new customers to pick up their controllers again. Or, rewards can simply be used to show appreciation for those who dedicate their time and attention to a game.

Playstation Stars, a new loyalty program in the industry, rewards players for engaging with specific campaigns. Campaigns range from simply playing a game, to earning specific trophies or getting first place in a league table in your local area. Sony announced that the program uses a new type of reward – digital collectibles: “digital representations of things that Playstation fans enjoy, including figurines of beloved and iconic characters from games”. 

 

What other opportunities await gaming brands?

With rewards, gaming companies can drive whatever specific behaviours they would like to see more of. For example, if a gaming brand wants to focus on new customer acquisition, they can build referrals into a rewards program. A fully-rounded loyalty program boosts acquisition as well as retention. While customers can do this on their own via social media or word of mouth, loyalty technology makes it as easy as possible for them to refer a game to family and friends.

There are so many different ways rewards can be used. From early access to a game, to free in-game currency, rewards help make a user’s experience more memorable and keep them engaged long-term. But rewards won’t be effective if gaming companies don’t understand what their customers actually want. That’s why it’s vital to start with data. Then, build a loyalty program that is based on what gamers find truly valuable. 

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Interviews

Q&A/Twitch bans gambling streamers w/ Michael Pedersen CCO at Livespins

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Reading Time: 4 minutes

 

What do you think of Twitch’s decision to ban casino sites from being streamed on its platform? 

Twitch’s decision to ban remote licensed online casino sites from being streamed from its platform has made waves right across the industry. But at Livespins, we have long expected this moment to come, and what is now certain is that gambling on mainstream media platforms is, and likely always will be, volatile. That is why it is important for the industry to control the space and provide a healthy, highly engaging and, most importantly, sustainable solution. The opportunity that sits at the intersection of gambling and streaming is far too big for us not to.

 

How has this situation come about? Has the writing been on the wall for a while?

The ban comes in the wake of a campaign to oust gambling from the platform after top-tier streamer ItsSlicker admitted to having a gambling problem. It’s fair to say some sort of ban was already in the works with recent events likely to have forced Twitch to act sooner rather than later. For us, the writing has been on the wall for some time now.

You just have to look at the surging popularity of slot streaming, the increased competition among streamers and the lengthens they have been going to grow and retain their following to see things would have to change. Many streamers were opting to play with increasingly large and unsustainable bet amounts as well as partaking in sometimes offensive studio behaviour to generate clips and moments that would gather attention online – behaviour that was also starting to gather the attention of industry insiders, watchdogs, and regulators.

More worryingly, to afford these large bet sizes and increased hours spent gambling, many streamers were becoming sponsored in one way or another and not disclosing this arrangement to their audiences. This meant they were essentially misleading their viewers to think that their gambling was being done with their own funds when the reality was very different. Add into the mix the recent ban on the use of gambling links and ads within Twitch streams and it was clear to us that the house of cards was about to come tumbling down.

 

What impact will the ban have on online casino brands, slot studios and of course slot streamers? 

It is going to take a little time for the true impact of the ban to be understood. Twitch has been a touch ambiguous when it comes to exactly who the ban applies to – online casino brands that hold a licence in the US, or from another reputable jurisdiction, can continue to use the platform while the ban appears to only apply to online casinos and not sportsbook, etc. Streamers that have built their brands on slot streaming will also be heavily impacted for obvious reasons. I think it’s fair to say Twitch will be off limits for most operators, slot studios and streamers for quite some time, if indefinitely.

 

Does this spell the end of the relationship between streaming and online gambling? 

Not at all. Livespins was founded on the insight that a significant player segment clearly loves the slots streaming concept and the opportunity to engage with a community of like-minded individuals, the authenticity of streamers over more rigid live dealers and the overall organic nature of the streaming entertainment experience. We wanted to retain all of those features but leave behind the unsustainable behaviour that we have seen on Twitch. Our platform does just that – it integrates directly into the online casino game lobby with our team of superstar streamers playing slots from our roster of approved studio partners.

 

How does Livespins allow casinos, studios, and streamers to leverage the tremendous popularity of slot streaming? 

We bring all three parties together in one powerful, responsible, compliant solution. For licenced operators, the Livespins stream takes place directly within their casino and allows them to generate revenues from the bet behinds that players can make via our unique system. For studios, they gain high levels of exposure among players but in an environment where said players can wager directly on the action happening in the game. We also pay studios to be on the platform, opening up an additional line of revenue. For streamers, we provide a platform for them to be able to do what they love while earning a living and the security that comes with being an employee and part of a big team.

But let’s not also forget viewers and players. Livespins allows them to not only watch the explosive action taking place across the reels, but also get involved in a direct way by betting behind each spin. This creates a group bet and a shared experience, but with each player able to select their own bet amount and number of spins. They can also interact with the streamer and each other throughout, as well as add reactions and emojis. This takes the foundation of what they could experience on Twitch and supercharges it.

 

How does it do this in a responsible way? 

Livespins brings the streaming entertainment we know to be so popular and puts it in the hands of the operator – those that are working diligently to create safe and sustainable play for their customers and who have the tools to do so. From the very beginning, we at Livespins have also worked relentlessly to deliver pure sustainable entertainment to players all over the globe. Our streamers are recruited by us, vetted and trained for months on content and responsible gambling. And, we ensure moderators 24/7 making sure we are building a healthy community.

 

What does the future have in store for slot streaming? 

Some might consider Twitch banning online casino from its platform as the end of slot streaming, but we see it as just the beginning. Livespins is the platform and product to allow operators, studios and streamers to unlock the massively untapped potential on the table here and to do it responsibly and compliantly. The appetite for slot streaming content is only going to increase, and we are here to help all stakeholders leverage this and provide socially-charged, highly entertaining experiences to their players.

 

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