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Navigating the Betting Industry: A Newcomer Survival Guide by Epom

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The betting industry has long been an attractive avenue, but entering this niche is challenging, especially for those without financial backing. However, despite the daunting barriers to entry, newcomers can carve out a space.

In this article, Epom, a company of digital advertising products, will explore the current state of the betting industry, shed light on the hurdles new entrants face, and provide insights into effective strategies for attracting clients swiftly while optimizing expenses on technical solutions.

What’s Going On In the Industry

The betting industry is vast, encompassing sports betting, casino games, online gambling, and more. With the proliferation of online platforms, the reach of this industry has expanded even further. 

The global sports betting industry reached a market size of 242 billion U.S. dollars in 2022. Within this industry, there were over 200 thousand employees in nearly 25 thousand businesses, so the competition is crazy and will become crazier.

Moreover, the need for huge financial resources to build and sustain operations can be a daunting barrier for newbies. Marketing and advertising costs can also skyrocket, making it difficult for startups to gain visibility and attract a substantial customer base.

Essential Tech Stack for Betting Success

To thrive in the betting industry, newcomers must leverage a robust tech stack encompassing key business operations. Of course, there is no exact answer as it depends on the needs of each specific company. Yet, there are some recommendations:

  1. Use secure programming languages – Python, Ruby, Java, or Node.js are nice choices for writing your website. Or you can use even more non-trivial languages like Erlang, which is considered to be the most secure.
  2. Find a reliable CRM system – customer retention is as crucial as client acquisition. A well-designed CRM system helps manage customer relationships, analyze data, and tailor marketing efforts. You may pay attention to Optimove or BetConstruct. However, the database is the biggest treasure in this industry, so most companies have their own CRM.
  3. Pick an advertising platform – it’s an integral element of launching a successful ad campaign. You need a place where all betting advertising activities are gathered with real-time analytics, advanced targeting options, and ready-made ad formats you can use to save time for making creatives.

Saving Money on Technical Solutions

Developing and maintaining the necessary technical solutions can be resource-intensive. Still, here are strategies that newcomers can employ to save money while still delivering high-quality services. 

  • White-labeling – such ready-made solutions offer a cost-effective way to enter the market without extensive development. You can add your own logo, adjust the domain, change the user interface, incorporate branding into the product, and make the platform your own. 

Epom’s Sales Executive Sergey Shchelkov mentions, “if you own a platform, you have the right to ask for data from your supply or demand partner and use this info to improve campaign performance, make the targeting more precise, and avoid any ad discrepancies in your analytics.”

  • Open-source tools – many software components needed for a betting operation, such as content management systems or analytics tools, are available as open-source solutions. Leveraging these can save money on licensing fees.
  • In-house games/bonuses/free spins personalization development – there are providers offering a service for personalizing games/bonuses/free spins in the personal account, depending on the player’s preferences, like Everymatrix, Softswiss, etc. Of course, it is possible to outsource it, but if you decide to write the code by yourself, you won’t spend a fortune on developing. For security reasons, most companies develop such services on their own platforms.

Wrapping Up

While the betting niche presents formidable challenges to newcomers, it is not impossible to conquer them. As the industry continues to evolve, those who can adapt and optimise their approach stand a real chance of thriving and contributing to the dynamic betting world.

Having the Epom ad server in your tech stack, you can be more agile and ready to try a new advertising strategy in 2-3 weeks with the help of technical support. Learn more about and join the ranks of successful betting newcomers who are making their mark together with Epom.

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DGA: Danes’ Gambling Spend Increased in February 2024

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Denmark’s gambling regulator Spillemyndigheden has reported an increase in gambling spend for February 2024. The total gambling spend on betting, online casino, gaming machines and land-based casino amounted to DKK 587 million in February 2024. This corresponds to an increase of 18.3% compared to February 2023.

The total increase in the gambling spend is due to increases in all four gambling categories. Among other things, the spending on betting increased by 32.5%. The growth in betting may be explained by a lower RTP in February 2024 compared to February 2023.

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Industry News

IDnow Bridges the AI-human Divide with New Expert-led Video Verification Solution

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IDnow, a leading identity verification provider in Europe, has unveiled VideoIdent Flex, a new version of its expert-led video verification service that blends advanced AI technology with human interaction. The human-based video call solution, supported by AI, has been designed and built to boost customer conversion rates, reduce rising fraud attempts, increase inclusivity, and tackle an array of complex online verification scenarios, while offering a high-end service experience to end customers.

The company’s original expert-led product, VideoIdent, has been a cornerstone in identity verification for over a decade, serving the strictest requirements in highly regulated industries across Europe. VideoIdent Flex, re-engineered specifically for the UK market, represents a significant evolution, addressing the growing challenges of identity fraud, compliance related to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes and ensuring fair access and inclusivity in today’s digital world outside of fully automated processes.

As remote identity verification becomes more crucial yet more challenging, VideoIdent Flex combines high-quality live video identity verification with hundreds of trained verification experts, thus ensuring that genuine customers gain equal access to digital services while effectively deterring fraudsters and money mules. Unlike fully automated solutions based on document liveness and biometric liveness features, this human-machine collaboration not only boosts onboarding rates and prevents fraud but also strengthens trust and confidence in both end users and organisations. VideoIdent Flex can also serve as a fallback service in case a fully automated solution fails.

Bertrand Bouteloup, Chief Commercial Officer at IDnow, said: “VideoIdent Flex marks a groundbreaking advancement in identity verification, merging AI-based technology with human intuition. In a landscape of evolving fraud tactics and steady UK bank branch closures, our solution draws on our decade’s worth of video verification experience and fraud insights, empowering UK businesses to maintain a competitive edge by offering a white glove service for VIP onboarding. With its unique combination of KYC-compliant identity verification, real-time fraud prevention solutions, and expert support, VideoIdent Flex is a powerful tool for the UK market.”

Whereas previously firms may have found video identification solutions to be excessive for their compliance requirement or out of reach due to costs, VideoIdent Flex opens up this option by customising checks as required by the respective regulatory bodies in financial services, mobility, telecommunications or gaming, to offer a streamlined solution fit for every industry and geography.

Bouteloup added: “Identity verification is incredibly nuanced; it’s as intricate as we are as human beings. This really compounds the importance of adopting a hybrid approach to identity – capitalising on the dual benefits of advanced technology when combined with human knowledge and awareness of social cues. With bank branches in the UK closing down, especially in the countryside, and interactions becoming more and more digital, our solution offers a means to maintain a human relationship between businesses and their end customers, no matter their age, disability or neurodiversity.

“VideoIdent Flex is designed from the ground up for organisations that cannot depend on a one-size-fits-all approach to ensuring their customers are who they say they are. In a world where fraud is consistently increasing, our video capability paired with our experts adds a powerful layer of security, especially for those businesses and customers that require a face-to-face interaction.”

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Australia

VGCCC Fines BlueBet AU$50,000 for Gambling Advertising Breaches

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BlueBet has been fined AU$50,000 by the Victorian Gambling and Casino Control Commission (VGCCC) for breaching gambling advertising regulations.

The company was found guilty of 43 charges related to displaying gambling advertisements on or above public roads, contravening the Gambling Regulation Act 2003.

The charges stemmed from an investigation initiated by VGCCC, following a complaint from a member of the public. The breaches occurred over a two-week period in August and September 2022, with BlueBet’s gambling advertisements appearing on digital billboards at various locations, including Point Cook, Laverton, Rockbank and Ravenhall.

Magistrate Greg Thomas, overseeing the case, expressed scepticism about BlueBet’s defence that it was unaware of the breaches, given the strategic placement of the billboards to target males aged 15-54 years old. While no conviction was recorded, Magistrate Thomas noted the high degree of negligence exhibited by BlueBet.

VGCCC CEO Annette Kimmitt AM said: “Gambling advertising has no place on public roads where it is readily visible to children and other vulnerable groups. These places are especially difficult to avoid as part of day-to-day activities. This decision sends a clear message to wagering providers that flout these protections for our community.”

Although Magistrate Thomas considered imposing a higher fine and recording a conviction, he took into account BlueBet’s guilty plea, cooperation with VGCCC and measures taken to prevent future breaches. BlueBet has implemented changes to prevent similar incidents and has cooperated with VGCCC throughout the process.

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