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The importance of reg-tech for new market expansion

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The importance of reg-tech for new market expansion
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Mark Chakravarti, Investment Director at SportingWin, talks about the operator’s experience of securing a licence in Bulgaria and how it will now use its in-house regulatory platform to enter additional European markets  

I would argue that a proprietary regulatory platform is the most important thing for operators looking to drive European market expansion.  Without a modern, agile platform that provides the insight that regulators require, licence applications will be drawn out for months and even years.

At SportingWin, we came to learn this the hard way.

When we started the business back in 2019, we identified Bulgaria as being a market of huge potential and one that we were keen to make our debut. Based on our assessment, AGR would hit 20% a year for the next five years, leading to a market value of €500m per year.

We then set about compiling the legal paperwork required by the National Revenue Agency for the licence application – this was a significant task in its own right, but we would soon learn that this was just the very start of the process.

The Bulgarian regulator is one of the most stringent in the world, which of course is a good thing. It ensures that the operators that do secure approval to enter the market are of the highest calibre especially when it comes to responsible gambling.

Under its requirements, operators must be able to deliver certain insights and information to the regulator in real time and this in turn requires a powerful, agile regulatory platform. Ultimately, we took the decision to develop this technology in-house.

While this was the right course of action, it significantly slowed down our licence application process while the regulator and our in-house development team worked together to ensure that it was fully compliant with its requirements.

We eventually reached the point where the National Revenue Agency was happy with the paperwork we submitted and our proprietary reg-tech platform, giving us the green light to enter the market in January 2021. Since then, we have gained incredible traction with players.

As with most operators, we are now looking to take SportingWin into additional markets and our in-house developed regulatory platform will be the foundation for building out our presence across the region. It really is impressive and now that it has been certified in Bulgaria, it can be used elsewhere.

We have identified Romania as our next market and while we have yet to submit our application to the regulator, our proprietary regulatory platform will ensure it is a much easier – and faster – process than that in Bulgaria.

This is for several reasons. Given just how stringent the National Revenue Agency is with its standards and enforcing them, other jurisdictions are happy to approve our platform without subjecting it to the same level of scrutiny again.

The same applies to a lot of the paperwork that we completed as part of our application in Bulgaria – for example, the Romanian regulator is happy to carry this over as well as the technical and software certifications that we were granted.

Of course, local regulators will still carry out their own investigations and will want to test certain aspects of our platforms, tech and software, but much of the hard work has already been done and this will allow us to enter additional markets at pace – we anticipate being live in Romania in H1.

In addition to an in-house regulatory platform, approved paperwork and the experience of having been through a licence application, the final piece of the puzzle operators need is a European trademark for their brand/brands.

We have recently secured this for SportingWin and it really does put us in the driving seat to identify and enter regulated European markets with an incredibly strong brand, superior product offering and a powerful regulatory platform running in the background.

Because of this, SportingWin is an attractive proposition for investors looking to join our success story. Due to the technical foundations we have in place, the investment we secure is pumped into marketing our brand in each country, which in turn allows us to generate significant share quickly.

Despite having been live in Bulgaria for only a year, we have a large and loyal player base and in Q4, generated €500,000 in NGR. This is set to grow significantly off the back of our recently-announced partnership with Pinnacle, allowing us to add a betting exchange to our offering for the first time.

As with most small to medium-sized operators, the team behind SportingWin has a long-term plan for the business and that is to grow it into an exciting acquisition opportunity for one of the power players looking to build their presence in regulated markets across Europe.

Without our proprietary regulator platform, European trademark and growing collection of licences, SportingWin would simply not be on the radar of these organisations, let alone be considered a serious M&A opportunity.

Of course, there is still a lot of work to do before we reach that chapter of our story but given that the founders of SportingWin have built and sold betting businesses before, it is one that I am confident we will write in next to no time at all.

Meanwhile, we will continue to use our regulatory platform to launch our player-favourite brand and superior betting experience into markets across Europe, generating substantial revenues from each of the jurisdictions we target.

Baltics

MARE BALTICUM Gaming & TECH Summit 2024 Sparked GameTech Revolution and Unity Across the Baltics and Nordics

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MARE BALTICUM Gaming & TECH Summit 2024 Sparked GameTech Revolution and Unity Across the Baltics and Nordics
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HIPTHER, leading conference organizer for Gaming and Technology industries in Europe, is thrilled to announce the completion of a revolutionary 2024 edition for their successful MARE BALTICUM Gaming & TECH Summit series.

The #hipthers brought together in Tallinn some of the best companies and most distinguished experts across iGaming, Technology and Compliance industries between 3-5 June, offering a premium experience of growth and connectivity to local and international professionals.

Relive the Moments – MBGTS 2024 Photo Album

 

From the Baltic and Nordic Standards to the World: iGaming & Compliance Updates

Day 1 of the Summit was brimming with Compliance updates and insights from panels focusing both on the local standards, as well as keeping up with global compliance trends. Renowned experts debated the the complexities and nuances of the iGaming regulatory landscape in the Baltics and Nordics, offered a concise overview of the complex regulatory frameworks in Serbia, the USA, Spain, Germany, and Estonia, and provided Insights into Market Dynamics, Trends, and Sports Betting Evolution in the Nordic iGaming Landscape.

Furthermore, delegates had the precious opportunity to attend an IMGL Masterclass about Navigating MiCA, EU AI Act, and DSA in the Digital Age.

 

Exploring Fintech, Blockchain, and the Potential of DAOs in the Gaming Industry

The Summit offered valuable insights on the evolution of financial institutions, exploring the integration of fintech and blockchain and the challenges and opportunities it brings.

Our experts introduced the concept of Decentralized Autonomous Organizations (DAOs) and how they are emerging as a transformative force in the gaming industry, offering new possibilities for community-driven game development, player-owned economies, and transparent governance.

 

Exploring Digital Engagement: Esports Dynamics, Gamification, Mobile Innovation, AI and Web3

True to its title of Gaming & TECH, the conference delved deep into all matters Tech, ranging from Gaming and the global challenges and opportunities within the eSports industry, the strategic integration of gamification to boost player retention and loyalty in the iGaming sector, and the Digital Services Act and AI EU Act for businesses, to the Integration of Blockchain and Web3 Across Industries.

A specially designed Workshop on Baltic Compliance in Web3, Fintech, and Blockchain offered  a deep dive into Estonia, Latvia, and Lithuania’s regulatory frameworks, featuring interactive discussions and case studies.

 

The Power of Communication: Marketing & Organizational Culture Sessions

The MARE BALTICUM Summit speakers offered insights and ample food for thought for all aspects of Marketing in GameTech, starting from the power collab between SEO and Affiliate Marketing Websites, and highlighting the crossroads between B2B and B2C on the path to commercial success.

Honouring the commitment to offering valuable knowledge across the spectrum of GameTech operations, HIPTHER innovates by adding the matter of Organizational Culture in the industry’s Conference Agenda under the guidance of expert Organizational Culture Designers.

 

Connecting People in the 21st Century: MARE BALTICUM Networking Sessions

The magical MARE BALTICUM Experience kicked off with a relaxing Welcome Meet in the lavish environment of the Olympic Park Casino on 3 June.

Wellness and balanced nutrition are always a staple at HIPTHER conferences, and this time the Team upped the Game by adding a special Morning Yoga & Mindful Breathing Session from a certified yoga instructor, to open Day 1 with tranquility and focus. The “traditional” Morning Networking Run opened Day 2 on 5 June, also celebrating the Global Running Day 2024!

Delicious vegan meals, snacks, and coffee nourished attendees and promoted networking and bonding over new taste experiences across the lunch and coffee breaks.

Two electrifying networking parties, the Baltic & Scandinavian Gaming (BSG) Awards Ceremony Party featuring an exciting karaoke stage, and the Closing Party, offering a Private Concert, Pizza and Drinks, brought people together and ensured a fun, social, and successful experience for all!

 

The Future of Gaming & Technology: MARE BALTICUM 2025 and European Gaming Congress

The popular MARE BALTICUM Gaming & TECH Series travels and honours the Baltic States, and  will return next year in Vilnius! Stay tuned to HIPTHER Channels for updates!

In the meantime, HIPTHER prepares a new All-Gaming Conference Experience and invites you to the European Gaming Congress (EGC) 2024 in Warsaw on 15-16 October, to discuss and connect over Gambling Industry Compliance, iGaming Innovation, Marketing (Communication, Affiliate, SEO), Organizational Culture, and the Evolution of Fintech and Blockchain.

Secure your Early Bird EGC Tickets Until July 10

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Baltics

DATA.BET Wins in “Best Esports Service Provider” Category at Baltic & Scandinavian Awards 2024

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DATA.BET has won in the “Best Esports Service Provider” category at the Baltic & Scandinavian Awards 2024.

The ceremony, organised by Hipther, took place on June 4, 2024, in Tallinn, Estonia, and gathered industry leaders and innovators to celebrate outstanding achievements across the gaming and betting landscape. Winning this award is a significant milestone for DATA.BET in expanding its presence and influence across the European continent.

“We are proud to receive this recognition at the BSG Awards 2024. This is a testament to our team’s hard work and dedication, and a highlight of the exceptional quality of services we provide to our customers. Such breakthrough opens up new horizons, allowing us to forge stronger connections with industry representatives in the Baltic region. We are excited about the future and look forward to introducing even more innovative product updates,” Otto Boning, head of sales at DATA.BET, said.

The BSG Awards, known for highlighting excellence in the gaming industry, provided a perfect platform for industry leaders to celebrate achievements and explore new avenues of growth. Winning this esteemed award validates the company’s efforts and ambition to lead the esports betting market.

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Baltics

Atlaslive is the Rising Star in Sports Betting Technology in the Baltic and the Nordic market

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Atlaslive is the Rising Star in Sports Betting Technology in the Baltic and the Nordic market
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Atlaslive, a dynamic iGaming platform, is recognized as the Rising Star in Sports Betting Technology in the Baltic and the Nordic markets, as revealed by the BSG Awards 2024.

Maxim Slobodyanyuk, CEO of Atlaslive, expressed pride in the company’s achievement, stating, “At Atlaslive, we believe in true personalization, for both players and operators alike. We provide our partners with high-tech features tailored to the specific requirements of the market, target audience, and player preferences. Our Sportsbook sets itself apart from competitors because it was developed in-house, meaning we’ve built it ourselves. Not many providers have this capability, but we do, showcasing our dedication to innovation.”

Atlaslive’s success is attributed to its in-house proprietary core Platform, which facilitates rapid adaptation and customization to meet the diverse requirements of various markets and operational needs. Key components of the Atlaslive Platform include Sportsbook, Casino, Bonus Engine, Payment Systems, Risk Management and Anti-fraud, Mobile App, Business Analytics, Retail CRM, and CMS.

Lidiia Vakulenko, COO at Atlaslive added: “Our Sportsbook comes in with fully automated operations, multiprovider integration, top betting options and complete customization of configurations. Additionally, our Sportsbook can be seamlessly integrated anywhere while functioning dynamically and updating in real-time. This flexibility and automation give operators easy access to all the essential data they need — from sports and betting options to odds and customer interactions. By making our comprehensive and user-friendly platform, we help operators tailor their services to meet their specific needs and goals.”

The platform is designed to establish a live connection between business ambitions and opportunities, boasting an impressive 99.9 percent uptime. With superior speed, scalability, and reliability compared to legacy platforms, the Atlaslive Platform is globally recognized as a leading Sportsbook Platform.

Bogdana Yavorskaya, CMO at Atlaslive, underscored the significance of the awards, stating, “This recognition underscores our team’s unwavering commitment to excellence. With partnerships extending to over 100 operators globally, Atlaslive places paramount importance on our partners’ success, offering 24/7 support, robust risk mitigation strategies, and a flexible platform equipped with an extensive toolkit to craft bespoke and innovative products. Personalization lies at the heart of our ethos, as we strive to meet the needs of both players and partners alike. At Atlaslive, our ethos revolves around responsiveness, adaptability, and a steadfast dedication to delivering exceptional outcomes within the iGaming industry.”

Atlaslive, the tech behind the game.

 

About Atlaslive

Atlaslive, formerly known as Atlas-IAC, underwent a rebranding campaign in May 2024. It is a B2B software development company. The company specializes in creating a multifunctional and automated platform aimed at streamlining the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.

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