Movers and Shakers: Building Resilience – The Importance of Agility in the iGaming Industry

“Movers and Shakers” is a dynamic monthly column dedicated to exploring the latest trends, developments, and influential voices in the iGaming industry. Powered by GameOn and supported by HIPTHER, this op-ed series delves into the key players, emerging technologies, and regulatory changes shaping the future of online gaming. Each month, industry experts offer their insights and perspectives, providing readers with in-depth analysis and thought-provoking commentary on what’s driving the iGaming world forward. Whether you’re a seasoned professional or new to the scene, “Movers and Shakers” is your go-to source for staying ahead in the rapidly evolving iGaming landscape.

With global B2B iGaming marketplace gurus, Betbazar, having had to deal with their fair share of challenges over the past few of years, we sat down with the company’s CEO, Alex Iaroshenko to learn how an agile approach to business has helped them foster both resilience and adaptability.

What challenges do you see as the biggest tests for iGaming companies today?

The iGaming industry is currently facing several critical challenges – and in my opinion, regulation and compliance is right at the top of that list. As governments around the world continue to tighten their legislation to ensure fair play and responsible gaming, iGaming businesses have little choice but to adapt in order to remain compliant across multiple jurisdictions. Of course, for global companies like Betbazar that work in various regions with vastly differing rules, this adds an extra layer of complexity to operations, so our job is becoming increasingly difficult as well.

In addition to ongoing regulatory changes, another big challenge for iGaming companies is the current level of competition within the market. Over the past few years, the iGaming sector has become increasingly crowded and standing out from your competitors requires you to have strong branding, innovation and the agility to consistently deliver value to customers and their clients. In order to do this effectively, I believe companies generally need to invest in technology like AI and machine learning to personalise player experiences and improve user engagement.

The last test that I think is worth mentioning here is that online security and data privacy remain ongoing concerns – particularly with the rise of cyber threats that we’ve witnessed in recent months. Given the vast amount of personal data that is now being managed by companies, it’s imperative that they implement robust cyber security measures in order to protect sensitive player information, build trust and comply with all applicable privacy regulations in their regions.

How can companies in the iGaming space cultivate resilience and adaptability?

For me, the real key is to foster a culture that is open to change and encourages continuous learning and innovation. One of the most important steps in that process is to build an agile organisation where teams are empowered to make decisions quickly and feedback loops from customers and the market are integrated into product development and operations swiftly and efficiently without needing to go through multiple rounds of approval. At Betbazar, we focus on creating a mindset of flexibility that embraces new technologies and adjusts them to the business models of our clients so that we can meet their specific demands in the best conceivable way.

Being able to constantly change in this manner is what separates a good business that actually performs from one that struggles – especially in an industry where customer preferences, technology and regulations change so rapidly. I honestly believe that if the culture at Betbazar was not as adaptable and resilient as it is, we wouldn’t still be here today. As a company, we’ve had to work through some very challenging periods and have always come out stronger on the other side, mainly because we use these situations as a chance to improve the ways we operate.

Of course, investing in professional development and cross-functional collaboration also plays a big role in making your business adaptable and resilient, as you always want teams to hone their technical and strategic skills so that they can navigate challenges efficiently. On top of that, you need strong leadership that promotes a proactive, solution-based approach to tackling adversity.

What role does leadership play in driving an agile culture within an organisation?

I believe that a company is always made by a team, and though teams are led by leaders, it’s impossible to build your entire business philosophy on one person’s shoulders. Instead, an agile culture should be built on clear communication and trust between leadership and employees, as when people feel empowered to make decisions and know that their contributions are valued, it fosters a sense of ownership and accountability. It’s for this reason that we encourage a collaborative approach at Betbazar where teams are given the autonomy to experiment, test new ideas and iterate quickly without fear of failure – and this is what trusting your team is truly about.

Speaking as a CEO, I feel it’s my responsibility to not only set the strategic direction of the company, but also create an environment where all employees have space to grow. For me, it’s very important to look into each person’s individual goals and understand their ideas for how they’d like to develop in their role, as only then can you adjust the company’s strategic path to better accommodate each employee’s personal ambitions. This in turn empowers you to create a culture where people want the company to reach its goals so that they can also reach their own, meaning everyone shares the success in equal measure and deals with any setbacks as a team.

Could you share an example of a time when Betbazar had to pivot quickly to respond to an industry change?

I think when you’re part of an industry that shifts and evolves as quickly as iGaming, you pretty much have to pivot all the time in order to stay ahead of emerging trends and customer demands. One of the things that Betbazar is very good at is that when we see that the popularity of a product is skyrocketing and we don’t have an existing connection to it, we’re fast to rectify the situation and fill any gaps that we have in our marketplace. A good example of this would be crash games, as when these became popular and we realised that we didn’t have a product that met the demands of the market, we very quickly found a partner who could help us expand our portfolio.

Generally speaking, once we have a product available in our line-up, it becomes competitive within the market quite quickly, so the onus is then on us to pivot again and find something new, rather than to simply stand still and be happy with what we’ve got. In this way, Betbazar is constantly changing and adjusting to the demands of the industry, and we always make sure we keep an eye on the competition to understand what others are doing. This is ultimately our goal and our way of being flexible so that we’re constantly primed to pivot into newer, better products.

About Betbazar

Betbazar is a B2B worldwide iGaming marketplace which has set a new sales standard, sourcing specialist iGaming products and advising on their role within existing strategies to deliver growth to our partners. The company’s ambition is building a digital iGaming marketplace that connects creators with operators to accelerate growth powered by best-in-class products.

Website: https://betbazar.com
LinkedIn: https://www.linkedin.com/company/betbazar