iGaming operator and platform provider Soft2Bet has rapidly established itself as one of the industry’s most successful companies.
Launched in 2016, the company has since expanded into multiple global jurisdictions, providing state-of-the-art gaming solutions.
In multiple regions, Soft2Bet offers a geolocated and fully compliant iGaming and sportsbook turnkey products, with over one million live events and casino solutions, featuring over 14,000 games.
Today, Ohad Straschnov, Soft2Bet’s Senior Compliance Director, joins iGF’s Head of Content, Curtis Roach, to discuss the challenges–and opportunities–of operating in multiple jurisdictions.
With over a decade of experience in iGaming, before joining Soft2Bet, Ohad held key compliance positions with industry giants like DraftKings, SBTech, and 888.
And now he’s sharing his expert insights on Soft2Bet’s rapid expansion, on how to foster regulatory agility and reveals how suppliers and regulators can collaborate to strike the right balance between protection and growth.
Curtis began by asking:
In the past 12-months, Soft2Bet has obtained licenses in Greece, Italy, Romania and, more recently, Spain. How have these experiences impacted your approach to new market entries going forward? What key lessons have you learned?
“It comes down to experience. In these regulated markets, you gain far more of this. Regulations differ in each jurisdiction, and while there is overlap, they remain highly diverse – whether technical, corporate, or commercial.
“The more jurisdictions you work in and the more experience you gain, the more flexible and accommodating you become, [thus] creating regulatory agility.
“Regulatory agility is a major advantage for us. Entering markets in North America, Latin America, and Europe has taught us that every jurisdiction has its own political and regulatory shifts.
“But our experience and flexibility make it easier to overcome challenges and break down the requirements, identifying similarities while also quickly adapting to distinct regulatory nuances.
“In terms of our approach, we believe the key to success in any new market is open and transparent communication with regulators.
“We make it a priority to engage with them directly, seeking clarity on requirements and discussing potential challenges. This proactive approach helps us relay precise instructions to our product teams and ensures we’re always on the right track.”
As regulation and licensing requirements continue to become even more stringent, with an increased focus on player protection and advertising, how does it impact your ability to remain competitive and grow sustainably?
“Regulations, whether very strict or less, are essential for our industry. Ultimately, though, we are running a business.
“Many regulators understand the economic contributions the industry makes through taxation and employment and take a more liberal approach that enables business growth. Others take a more restrictive stance.
“Soft2Bet fully supports stricter regulations and player protection measures. Responsible gambling is a priority, and we need to make sure players are safe and enjoy the games, but at all times also that they are spending within budget and treating it as entertainment only.
“But there’s also a balance to be struck and regulations should try not to be too restrictive that they stifle industry growth.
“We encourage regulators to engage with operators like us to find a middle ground that benefits both businesses and players. When we meet with regulators, we stress this balance.
“We are always happy to be part of the conversation and share our valuable experience. A regulator in Denmark or Ontario, for example, may have a specific perspective. But we have the advantage of seeing the bigger picture across multiple regulated markets.”
As iGaming markets worldwide continue to open, regulatory frameworks are becoming increasingly fragmented. What impact will this have on the relevance and value of multi-jurisdictional licenses?
“Multi-jurisdictional licenses are, and always will be, valuable.
“The main reason is that not every country has its own licensing framework, and many regions still lack clear regulatory structures. These licenses help operators bridge the gap in places where local regulations are either underdeveloped or non-existent.
“For example, while most EU countries have regulated gambling and have licensing regimes, some still maintain monopolies or permit gaming but lack a formal framework.
“I’m not suggesting using multi-jurisdictional licenses in all jurisdictions, but in areas that lack regulation, these licenses can offer a lot of value and a streamlined entry point to multiple markets.
“They also reduce compliance complexity by offering a single set of standards that can be applied across multiple regions.
“However, the licence must come from a reputable gambling commission. It needs to appeal to the market. And providers must be fully onboard.”
Which new markets are you focusing on over the next 12-months? And what is it about these regions that are so appealing to Soft2Bet?
“First and foremost, we’re looking into entering New Jersey. We’re currently in the application process for state licensing.
“We’re very excited about the US market. It’s significant, competitive, and in some ways also saturated, but we believe that with our tier-one products and flexibility, we will be well-positioned to compete.
“We’re also looking very closely at various Latin America countries such as Brazil andPeru. These newer markets are gaining a lot of attention and are very attractive. Then there’s existing, well-established markets in Europe, like Spain.”
Editor’s Note:
The call for greater collaboration between operators, suppliers and regulators is one that–in the face of stricter gambling regulations and increased taxation–is being echoed across the industry.
When it comes to gambling operations, Soft2Bet’s size and experience in diverse global markets make it a valuable contributor to any discussion of this kind.
As Ohad points out: “A regulator in Denmark or Ontario may have a specific perspective, but we have the advantage of seeing the bigger picture across multiple regulated markets.”
Setting aside the importance of collaboration; Soft2Bet has achieved rapid growth over the past 12-months, entering multiple new markets and doubling EBITDA year-over-year by fostering a culture of regulatory agility. This agility is built on a deep understanding of multiple jurisdictions and allows them to adapt masterfully to changing, or new regulations.
With their sights set on expanding into New Jersey and Spain, 2025 looks like a seminal year for Soft2Bet and its partners.
