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Big game player: Betinvest engage lucrative LATAM sports betting market

George Miller

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Big game player: Betinvest engage lucrative LATAM sports betting market
Valentyn Kyrylenko, Betinvest's VP of Business Development
Reading Time: 4 minutes

 

After scouting out a whole host of opportunities on the rise in South America Betinvest’s VP of Business Development Valentyn Kyrylenko explained that the solutions provider is catering its products to the specific requirements of the LATAM market.

 

In recent weeks you’ve attended both Juegos Miami and LIMA in Peru, what makes Latin America and the Caribbean so exciting for you at this time?
Yes, we’ve attended a lot of industry events recently. We also exhibited at the Brazilian Gaming Congress, which took place shortly after the Peru Gaming Show in June, and we visited FADJA in Colombia earlier in the year. We’ve gathered a lot of useful information about the key features of the market at panel discussions and through face-to-face communication with local businesses and regulators. We firmly believe that there’s a huge potential for the gambling industry in Latin American countries and that their governments have taken a positive step in regulating it. As a leading provider of sports betting solutions, we’re obliged to keep abreast of and be active in the places and markets where the industry needs to be driven. That’s why the LATAM region is not the only region we’ve got our eyes on, although it is a very important one. The market is huge and it has limitless potential for companies in the iGaming sector. It’s only going to get bigger, better and more lucrative in the years to come, and that’s good news all around. Sport is an important part of LATAM culture; people love to watch sports, and to cheer on and support their favourite teams by placing bets. At the moment, locals don’t have particularly good or relevant industry experience so they need high-level sports betting products and must learn how to work with them. This is one of the upcoming tasks for European providers. In fact, if estimates are to be believed, Latin America could be more lucrative than all the regulated gambling markets in the United States for the foreseeable future.

Could you give an indication of the scale of Betinvest’s initiatives in the region at this time?
We’re still researching and exploring this region. We decided to visit these countries ourselves to participate in the biggest events, to network with partners, local operators and regulators, and to get industry insights. In accordance with the knowledge we now possess, we can tailor our plan for entering this market as a sports betting supplier and start new projects with our LATAM partners, but it’s going to take time. Long term, we plan to open a Betinvest office in Brazil, the largest South American country, and continue to provide our products and solutions to local operators who’ll be able to operate legally under the new legislation. In our opinion, Brazil is an excellent point of entry into the whole region.

When measuring players habits and regulatory red-tape, how different is it to working within Europe and do you feel you’re still having to make a name for yourself in this emerging market?
People in this region live and breathe sport and, what’s more, they love to bet. You can see this on the streets where almost everyone watches football matches on their mobile phones and glances through windows into houses where there’s a match showing on TV. They’re obsessed with sport, especially football. It’s the favourite sport of almost all the men and roughly 50 percent of the women (these figures are not based on official statistics). If we look at the behaviour of Latin American players, we can see that people usually place bets with small stakes of around $5-10. It would be very unusual to see a stake as big as $1,000. We can see that their gaming style is quite different to that of European bettors and generally less advanced. Taking Peru as an example, having just a few markets and only around 4,000 events is sufficient. Another important point is that local players are more likely to trust you as an operator if you have physical betting shops as well as online services. This is not due to the quality of the internet connection – it’s perfectly stable and having a mobile application is vital for every operator in order to meet their customers’ needs. The reason is simply that people have more confidence in a company when they’re used to seeing it in their local area. On average, the audience for gambling in Europe is younger than it is in South America. Some sports, including those that have a huge following in Europe, are practically non-existent in the LATAM region. Many will be surprised to hear about the passion for lotteries, as well as the rise in search traffic for sites that focus on games of chance. Regulators are very open and it’s easy to find all the necessary information. Making a name for yourself is an important step when you enter any new market. It’s something we do every time we exhibit or visit industry events and promote our sports betting products. We expect this market to show impressive growth. We’re ready to invest in it and to help the region to develop experienced players and reliable operators.

With such an engaged player base in the region, how are you adapting your business model to ensure your pricing and infrastructure is both profitable and sustainable?
We plan to open a Betinvest office in this region and to supply our time-tested sports betting products and solutions. Our products are 100 percent compliant with LATAM market requirements. We’ll be reconsidering our pricing for this region, since the offers we have for our European partners won’t suit those in the LATAM market very well. They don’t need as many events or markets in their Sportsbook, which means that we can reduce the price for them. We’re also working on creating some special offers for our partners in Latin American countries.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Latest News

Betmotion Migrates to Patagonia Platform

Niji Narayan

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Betmotion Migrates to Patagonia Platform
Reading Time: 1 minute

 

The Latin American Gaming Platform Betmotion has migrated its online gambling offering to a brand new omni-channel platform powered by Patagonia Entertainment. The mobile-first platform will give Betmotion customers an enhanced user experience.

Much of that market dominance has come from Betmotion’s sportsbook and Patagonia’s platform will build on that momentum thanks to its wide selection of world-class proprietary and third-party games.

These additional games will complement Betmotion’s market-leading iGaming offering. Betmotion now boasts of a one-stop-shop to satisfy all demand across the intricate LatAm territory. Players will be able to clearly differentiate between their bonus balance and real-money balance thanks to Patagonia’s independent wallet design.

Patagonia Entertainment’s platform will enable Betmotion.com to provide an unrivalled user experience and offering its customers a unique state-of-the-art home for entertainment.

“The first half of the year has been one of relentless growth for the business and our migration to the Patagonia Entertainment platform sets us up perfectly for accelerated expansion. Our mobile-first strategy and dedication to offering the best user experience possible is key to further success in LatAm,” Betmotion.com’s COO Luis Traversa said.

“Our omni-channel platform will enable Betmotion to diversify its offering and continue its strong growth in Latin America. We’re thrilled to welcome Betmotion as a partner and give our games extra exposure,” Victor Arias, Patagonia Entertainment’s Global Business Development Manager said.

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Latest News

FBM Installs Easy Link in Mexico

Niji Narayan

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FBM Installs Easy Link in Mexico
Photo Source: temblor.net
Reading Time: 1 minute

 

FBM has installed its new spin reel feature Easy Link in Mexico. Easy Link was introduced to the public during the last edition of G2E Asia, in Macau.

“We are delighted to introduce Mexico to Easy Link, following the great success of the other spin reel games already installed in the market,” Luis Casamayor, general manager of FBM in Mexico said.

“It is a product that provides a unique experience, we are very proud to widen our spin reel range of product with this feature. Easy Link shows our involvement in the Spin Reel market by providing the public with a well-elaborated feature,” Renato Almeida, FBM executive said.

Easy Link is available on the spin reel machine Shadow with a pack of four games: RacinGo – Wild – Easy Link, Underwater Riches – Easy Link, Catch the Gold – Easy Link and Kingdom Gems – Easy Link.

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Compliance Updates

Coljuegos Approves eCOGRA as Independent Testing Laboratory

Niji Narayan

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Coljuegos Approves eCOGRA as Independent Testing Laboratory
Reading Time: 1 minute

 

Coljuegos, the online gambling regulator in Colombia, has approved eCOGRA as an independent testing laboratory. This follows the recent approval from IPLyC, which enables eCOGRA to test and certify online platforms and games.

Shaun McCallaghan, chief executive at eCOGRA, said that it was the end product of close liaison and hard work by his staff and the licensing authorities, achieved after a stringent review of the eCOGRA systems and professional capabilities by Coljuegos and the IPLyC.

“Latin America is increasingly becoming an important strategic market to our clients as more countries in this region move to regulate and European markets start to mature,” Shaun McCallaghan said.

“eCOGRA currently employs almost 100 highly qualified and fully trained employees who are focused on the online gambling compliance requirements of its clients. We continue to seek accreditation in licensing jurisdictions that are important to our clients to ensure that they are properly reviewed and appropriately certified in their target markets,” he added.

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