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Regulation, Culture, and Vibrant Economy: SOFTSWISS Identifies Key Factors Driving iGaming Growth in LatAm

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Regulation, Culture, and Vibrant Economy: SOFTSWISS Identifies Key Factors Driving iGaming Growth in LatAm
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Growing acceptance of gambling regulations, cultural values, and the popularity of sports betting are essential factors contributing to the increasing confidence in the LatAm iGaming market, states SOFTSWISS. The company has identified these and other key conclusions in its LatAm market overview on market growth prospects in the region.

Regulation has emerged as a significant force shaping the LatAm iGaming landscape. Countries like Colombia, Argentina, and Mexico have implemented regulatory frameworks and guidelines. 

The historical significance of gambling in LatAm countries is another important factor. Countries such as Mexico, with a gambling history dating back to the Aztec empire, and Brazil, known for the long-standing lottery game ‘Jogo do Bicho,’ exemplify the local interest in gambling. 

Lotteries and horse races are preferred in countries like Chile, Peru, and Argentina. With a population already familiar with gambling activities, South America presents a receptive market that embraces gaming and is open to innovative experiences.

Industry experts have confirmed several other factors, including high digitalisation, a growing middle class, and a vibrant economy, all pointing towards the immense growth potential of iGaming in LatAm. 

Statista predicts that the online gambling market in the region will reach USD 3.4 billion by 2025. In the market overview, SOFTSWISS provides additional country-specific statistics and predictions for the region’s expected GGR growth.

To succeed in the LatAm market, operators must also consider the local audience’s content preferences. Sports betting is highly appreciated, while slots and table games are also popular choices. Surprisingly, fish games have swiftly gained popularity in LatAm, despite being relatively new to the region. 

These RNG-based arcade-style games gamify the outdoor fishing experience, one that is further enhanced by visually appealing graphics and immersive audio effects. The growing popularity of fish games is evident through the significant number of bets placed in countries such as Argentina, Brazil, Chile, and Peru. As a result, integrating with fish game providers becomes a lucrative investment opportunity for expanding into the LatAm market.

However, the Latin American iGaming market also presents challenges, particularly in payment processing. Many countries in LatAm have complex financial regulations and limited access to traditional banking services, making it difficult for players to deposit and withdraw funds from iGaming sites.

Despite these challenges, the region offers numerous opportunities for operators willing to invest. Gregory Penkov, Head of Sales at SOFTSWISS Game Aggregator, emphasises the potential for growth in this market: “By providing innovative products and services and a commitment to regulatory compliance, operators can position themselves for success in this dynamic market. With SOFTSWISS’s experience and expertise in the region, the company is well-equipped to help operators navigate the unique challenges and opportunities the market presents.”

Discover more about the LatAm iGaming market in the SOFTSWISS research. SOFTSWISS experts will also be present at the SiGMA Americas in São Paulo, Brazil, from 14th to 18th June, where attendees can explore the company’s wide range of innovative software solutions at stand D80.

 

About SOFTSWISS 

SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,400 employees, is based in Malta, Poland, Georgia, and Belarus.  SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimised online casino solution.

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Bet365 and DraftKings Voted ‘Fairest’ Sportsbooks in the United Kingdom and the United States Respectively

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Inaugural FairPlay survey reveals that the vast majority of bettors do care about fair

FairPlay Sports Media (FPSM), the global sports media network fuelled by data and powered by fans, has announced the results of its inaugural FairPlay Fair Betting Survey with Bet365 in the United Kingdom and DraftKings and FanDuel in the United States shown to be the most trusted operators in their respected markets.

The digital survey of a thousand United Kingdom and United States bettors with varying levels of betting involvement was commissioned to quantify how much of a role ‘fairness’ plays in customers choosing and continuing with their chosen bookmakers and to explore in more detail what a fair betting experience looks like and how important it was to them.

The key takeaways from the 2024 FairPlay Fair Betting Survey are:

  • When asked ‘of the sportsbooks you have accounts with, who is the fairest?’, 40% of the United Kingdom audience scored Bet365 the fairest with SkyBet second (16%) and Paddy Power third (12%). In the United States, 37% surveyed labelled DraftKings the fairest. FanDuel came second with 33% with both brands comfortably clear of competition.
  • Bet365 performed the best on the top three factors that the United Kingdom audience labelled most important for a ‘fair experience’: ‘best odds’, ‘best odds guaranteed’ and ‘easy to use site/app’. Both DraftKings and FanDuel scored well on the two most important factors for the United States market: ‘best odds’ and ‘easy withdrawals’.
  • ‘Fairness’ is deemed an important factor by the bettors surveyed with 87% of United Kingdom respondents claiming it to be ‘very important’ with 78% of the United States set stating the same.
  • Perceptions of unfairness are relatively low in the United States with just 16% saying they’ve experienced unfair treatment, in contrast to over half in the United Kingdom survey (54%).

How customers regard fairness in the United Kingdom compared to the United States differs, with the former ranking ‘best odds’ as the number one factor that operators need to deliver to be perceived as fair, with the United States survey ranking it second behind ‘easy withdrawals’. Elsewhere in the top three, an ‘easy to use site/app’ came in third most important in both markets.

Bet365 scored highly in the factors that were most important to a fair experience in the United Kingdom, with second-placed SkyBet performing relatively better on less important features such as ‘transparent offers’, ‘wide array of offers’ and ‘easy withdrawal’. The two leading United States brands, DraftKings and FanDuel, followed similar response rates to the important factors of ‘best odds’ and ‘easy withdrawals’ with the latter potentially ranking higher due to the market’s nascent nature.

When asked ‘what does fairness mean to you?’, common themes to the open-ended question converged around ‘honour’ and ‘respect’ with a general sense that the bookmaker-customer relationship is not a level playing field in the United Kingdom market while the United States responses revolved more around being treated equally to other customers as well as more emphasis on better prices and transparency.

Significantly, the majority of United Kingdom bettors (87%) claimed it is ‘very important’ to be treated fairly by their bookmaker while the industry could clearly do more with 54% of them also claiming to have been treated ‘unfairly’ by operators at one point. Half of those who had experienced unfairness also stated that they would stop using a bookmaker because of it.

The United States audience demonstrated a similar sentiment with 78% seeing fair treatment as ‘very important’ but notably only 16% claimed to have experienced unfair treatment by an operator. Whether due to market maturity or the United States’ generally regarded higher standard of customer service requires further research.

The Group Chief Executive Officer for FairPlay Sports Media, Stuart Simms, said of the inaugural survey: “It’s fascinating to see how ‘fairness’ fits into the bettor’s psyche when choosing their operators. Many might not consider it as a key factor but it’s clear from these results that being treated fairly is extremely important for a strong bookmaker-customer relationship.

“It’s a hunch we had before the survey that those brands who were deemed ‘fairest’ might also be the leaders in their respective markets and I’d like to commend the likes of Bet365, FanDuel and DraftKings on performing well in this regard. It’s clear that the United States and United Kingdom markets have crossover when it comes to what ‘fairness’ means and, although the United Kingdom may be a more mature market, it could be said – based on these results – that to drive lifetime value and decrease churn, it could learn some more in customer service from across the pond.”

The 2024 FairPlay Fair Betting Survey was remotely collated from January 5, 2024, to February 6, 2024, using a sample of approximately 500 respondents of legal betting age in both the United Kingdom and from states where online sports betting is legal in the United States.

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Mindway AI, eCOGRA and CasinoReviews.net Launch Innovative ‘Bet on Awareness’ Campaign

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In honor of Problem Gambling Awareness Month (PGAM), three industry-leading companies – Mindway AI, eCOGRA and CasinoReviews.net – have announced a transformative campaign aimed at fostering responsible gaming habits.

At the heart of this initiative lies Mindway AI’s pioneering tool, Gamalyze. Departing from traditional self-assessment methods, Gamalyze offers participants a unique and gamified experience through a three-minute immersive card game session. This innovative approach provides insights into gambling tendencies, promoting self-awareness and responsible gaming practices.

As the campaign unfolds, Mindway AI, eCOGRA and CasinoReviews.net will conduct a comprehensive study utilizing Gamalyze’s data. This study promises to offer unique insights into gambling habits and trends in 2024, shedding light on crucial aspects of player behavior.

Commenting on the collaboration, Rasmus Kjaergaard, the Chief Executive Officer for Mindway AI, expressed his enthusiasm, stating: “I am truly excited about the collaboration between Mindway AI, CasinoReviews.net and eCOGRA in championing responsible gambling during Problem Gambling Awareness Month.”

The Product Owner for CasinoReviews.net, Nikoleta Kuncheva, emphasized the campaign’s inclusive nature, inviting everyone to participate. “The ‘Bet on Awareness’ campaign isn’t just for those who gamble; it’s an eye-opener for everyone to discover just how risky their habits might be,” Kuncheva said.

The Chief Delivery Officer for eCOGRA, Douwe Bijkersma, highlighted the significance of Gamalyze in promoting responsible gaming within the industry, stating: “Gamalyze is an innovative tool that allows players to self-test their gambling behavior and risk profile, a revolutionary concept that we believe will benefit not only the players but the wider iGaming industry.”

The official launch of the Bet on Awareness campaign is set for later this month with participants invited to join through dedicated links across digital and social media platforms.

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BetSloty’s global expansion strategy in the online gambling industry: how does new online casino succeed?

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In February 2024, Slotegrator, a leading software supplier and aggregator for online casino and sportsbook operators, announced its new deal with client BetSloty, an innovative online casino operator. Slotegrator offers a look at how the project came together and what’s driving its success.

BetSloty uses Slotegrator’s turnkey online casino solution, a technically robust platform with multiple modules and features to efficiently manage daily casino operations, prevent fraud, engage players, and more.

BetSloty comments: “Acquiring an online casino platform from Slotegrator allowed us to leverage their specialized expertise and experience. This decision was based on the efficiency, speed, and cost-effectiveness of utilizing a team with a proven track record in developing successful online gaming platforms.”

But what does the process look like when building an online casino from scratch?

In step one, it was important to consider three key areas: regulation, understanding of the target audience, and competitor analysis.

BetSloty casino welcomes players from all over the world, breaking down geographical barriers and ensuring a world-class gaming experience regardless of location.

Regulation. Understanding the paramount importance of regulatory compliance in the online gambling industry, BetSloty conducted thorough research to identify regions with stable regulatory environments conducive to their operations. Recognizing the significance of obtaining a license, they strategically partnered with legal experts to navigate the complexities of obtaining a Curaçao license, ensuring both legality and credibility. Betsloty engaged Slotegrator’s consulting and licensing services to swiftly obtain a license and used the platform’s groundbreaking features to develop their business strategy.

BetSloty remarks that obtaining a Curaçao license was a critical step. Slotegrator was chosen for its expertise in navigating the legal complexities of the gambling industry. Professional assistance is essential in legal matters to guarantee compliance with regulations and maintain players’ trust.

Demographics and demand. BetSloty’s market research revealed regions with a growing interest in online gambling and a large potential customer base. This informed their decision-making process in selecting markets for expansion, ensuring alignment with consumer preferences and trends.

Competitor analysis. In a highly competitive industry, BetSloty conducted in-depth competitor analysis to identify market gaps and opportunities for differentiation. Leveraging partnerships with aggregators like Slotegrator, they streamlined the process of integrating games and payment methods, offering a diverse portfolio to attract and retain players.At the business planning stage, BetSloty’s expansion strategy was underpinned by meticulous planning and execution. From market research to platform development and rigorous testing, every aspect of their business plan was carefully crafted to deliver a seamless user experience and ensure long-term success in new markets.

Innovation and adaptation are essential features of the evolving landscape of online transactions. That’s why BetSloty embraced cryptocurrency payments, enabling the platform to cater to the preferences of a global audience.

By integrating cryptocurrency transactions, they enhanced security, anonymity, and efficiency, aligning with their commitment to providing diverse and convenient payment options. They support payments in a range of both crypto and fiat currencies, allowing players to use Bitcoin, Ethereum, or traditional currencies for maximum flexibility.Trust and security are paramount to BetSloty Casino, so they employ encryption technology to safeguard player information and ensure fair play.

Furthermore, BetSloty Casino offers a diverse range of games on its platform, integrated through Slotegrator’s APIgrator game integration solution. These games include classic slots, live dealer tables, and everything in between, creating an engaging and immersive gaming experience. APIgrator takes the process of integrating games into an online casino platform to the next level.

BetSloty notes: “Cooperating with aggregators like Slotegrator streamlined the process of integrating games and payment methods. Their partnerships with leading game providers and payment solutions made it faster and more efficient for us to offer a diverse game portfolio and secure payment options. Our process involved careful selection of games based on popularity and quality.”

When marketing an online casino, it is important to consider promotion aspects such as:

 

  • Affiliate marketing.
  • Bonus policy.
  • Loyalty and VIP programs.
  • Tournaments
  • Gamification
  • Customer service.

BetSloty points out that their marketing strategy focuses on targeted digital campaigns, partnerships, and promotions; the online casino offers competitive bonuses, such as welcome bonuses, free spins, and loyalty rewards, to attract and retain players. The loyalty program incentivizes consistent engagement by providing exclusive perks and creating a rewarding experience for the valued players.

 

Artur Movchaniuk, Business Development Manager at Slotegrator, summarizes: “By prioritizing market research, regulatory adherence, and customer-centricity, BetSloty positioned themselves for sustainable growth and success in diverse international markets. The company’s global expansion journey underscores the importance of strategic planning, regulatory compliance, and innovation in the online gambling industry. The company has launched the online casino with a certain degree of perfectionism that will guarantee its success in the future and help to become a front-runner in the ever-evolving landscape of online gambling.”

 

ABOUT SLOTEGRATOR

Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.

The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.

The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.

Slotegrator also provides consulting services in gambling license acquisition and business incorporation.

More information: https://slotegrator.pro/

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