Baltics

The importance of reg-tech for new market expansion

Published

1 year ago

January 30, 2023

The importance of reg-tech for new market expansion

Reading Time: 4 minutes

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.

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Baltics

HIPTHER Announces the BALTIC & Scandinavian Gaming Awards 2024 Shortlists

Published

2 days ago

April 30, 2024

George Miller

HIPTHER Announces the BALTIC & Scandinavian Gaming Awards 2024 Shortlists

Reading Time: 2 minutes

HIPTHER, the leading event organizer for Gaming and Technology industries in Europe, is excited to announce the Shortlists for the Baltic & Scandinavian Gaming Awards (BSG Awards), that will honour iGaming industry excellence in the Baltics and Nordics regions for 2024.

Hosted under HIPTHER’s Pioneering GameTech Event in the Baltics, the MARE BALTICUM Gaming & TECH Summit, the BSG Awards recognize and celebrate the achievements of the very best of the iGaming industry, as voted by their peers.

The Final Vote will be cast at the MARE BALTICUM Gaming & TECH Summit by the participants of the conference, and the Winners will be crowned at the BSG Awards 2024 Ceremony that will take place during the event on 4 June 2024.

HIPTHER is thankful to all the esteemed industry professionals who voted online and decided the Shortlists across a series of streamlined Categories covering iGaming Operators, B2B Providers, and Connected Services such us Testing Laboratories and Payment Service Providers.

View the Baltic & Scandinavian Gaming Awards Shortlists

Baltic & Scandinavian Gaming Awards – BSG Awards 2024 Categories

Baltics: Operators Categories:

Best Online Casino in the Baltics
Best Sports Betting Operator in the Baltics

Baltics: B2B Categories:

B2B Providers (Sports): Best eSports Service Provider in the Baltics
Best Fantasy Sports / Virtual Sports Provider in the Baltics
Rising Star in Baltic Fantasy Sports / Virtual Sports
Rising Star in Baltic Sports Betting Technology
Best Sports Betting Provider in the Baltics
B2B Providers (Casino): Best Online Casino Provider in the Baltics
B2B Providers (Casino): Best Slots Provider in the Baltics
B2B Providers (Casino): Best Live Casino Provider in the Baltics
B2B Providers (Casino): Rising Star in Baltic Online Casino Technology
Connected Services – Best Payment Service Provider in the Baltics
Connected Services – Best Testing Laboratory Provider in the Baltics

Nordics: Operators Categories:

Nordics: Best Online Casino in the Nordics
Nordics: Best Sports Betting Operator in the Nordics

Nordics: B2B Categories:

B2B Providers (Sports): Best eSports Service Provider in the Nordics
B2B Providers (Sports): Best Fantasy Sports / Virtual Sports Provider in the Nordics
B2B Providers (Sports): Rising Star in Nordic Fantasy Sports / Virtual Sports
B2B Providers (Sports): Rising Star in Nordic Sports Betting Technology
B2B Providers (Sports): Best Sports Betting Provider in the Nordics
B2B Providers (Casino): Best Online Casino Provider in the Nordics
B2B Providers (Casino): Best Slots Provider in the Nordics
B2B Providers (Casino): Best Live Casino Provider in the Nordics
B2B Providers (Casino): Rising Star in Nordic Online Casino Technology
Connected Services – Best Payment Service Provider in the Baltics
Connected Services – Best Testing Laboratory Provider in the Baltics
Connected Services – Best Hosting Provider in the Baltics

Congratulations and best of luck to all the Shortlisted Companies!

See you in Tallinn & the MARE BALTICUM Gaming & TECH Summit 2024 – Register Now

Baltics

Evoplay bolsters presence in Lithuania with Betsafe deal

Published

6 days ago

April 26, 2024

George Miller

Evoplay bolsters presence in Lithuania with Betsafe deal

Reading Time: < 1 minute

Evoplay, the award-winning game development studio, is expanding in the Baltics thanks to its latest tie-up with Betsafe in Lithuania.

The deal sees over 90 of the supplier’s leading titles live on the Betsson Group’s Lithuanian brand Betsafe, a leading operator in the market.

Included in the agreement are Evoplay’s top-performing titles such as Elven Princesses, Hot Triple Sevens and The Greatest Catch Bonus Buy which are now available for Betsafe players.

The latest integration follows a string of similar deals for Evoplay who has continued its expansion across regulated markets in Europe and beyond.

Ihor Zarechnyi, CBDO at Evoplay, said: “Integrating our products to Betsafe, a leading brand in Lithuania, is another important step in our commercial trajectory as our titles continue to grow in popularity and develop a stellar reputation among gaming enthusiasts worldwide.

“Lithuania is a vibrant and dynamic market, and we are thrilled to bring our award-winning content to even more players in the region.”

Aurimas Šilys, Head of Lithuania at Betsson Group, said: “Boosting our offering with a diverse array of titles is of utmost importance for Betsafe as we strive to deliver an unmatched gaming experience to players in Lithuania.

“We are delighted to integrate Evoplay’s dynamic portfolio into our offerings, and we anticipate it will resonate exceptionally well with our audience.”

Baltics

CT Interactive has concluded a key deal with Twinsbet.lt

Published

1 week ago

April 23, 2024

George Miller

Reading Time: < 1 minute

CT Interactive has concluded a key deal with Twinsbet.lt, marking a significant milestone in its strategic expansion across the Baltic region. The deal, primarily focused on the Lithuanian market, signifies CT Interactive’s commitment to enhancing its footprint in Estonia, Lithuania, and Latvia.

Milena Tsankarska, CCO at CT Interactive, expressed her confidence about the collaboration, stating: “We are thrilled to partner with Twinsbet.lt, a reputable player in the market. This strategic alliance aligns perfectly with our mission to deliver cutting-edge gaming experiences to players across the Baltics.”

Antonio Donov, Business Development Manager EMEA at CT Interactive, said: “Twinsbet.lt’s dedication to providing top-quality gaming services resonates with our own values. This collaboration opens up new avenues for growth and innovation, allowing us to cater to the diverse preferences of players in the region”.

Through this deal, games like Chili Fruits, Coffee Magic, Pot-o-Luck, 40 Treasures, Lucky Clover and more will become available at Twinsbet.lt.

“This collaboration with CT Interactive underscores our commitment to delivering unique gaming experiences to our customers. By leveraging CT Interactive’s expertise and innovative solutions, we are confident in our ability to elevate the gaming landscape in Lithuania and beyond”, commented a Gunnar Vilk COO of Twinsbet.lt.