iGaming 2021: Key Tools for Growth Going Forward with Boris Chaikin, CEO of Soft2Bet
We spoke with Boris Chaikin, CEO of Soft2Bet to get his perspective on some of the growth challenges facing the modern-day operator and how valuable ‘off the shelf’ products can often be the perfect solution.
Soft2Bet originally started as a B2C provider. What factors influenced the inclusion of B2B solutions in your market strategy? Where do you see the growth coming from that will continue to support the sector’s growth going forward?
“We see B2B as a natural extension of our efforts and market coverage. Our approach is quite simple – we focus B2C efforts on core markets where we have solid in-house experience and form B2B partnerships with companies that can bring something unique and extra to the table. Our focus is on creating relationships that matter – in forming these partnerships, we can broaden our scope and diversify our offering to better serve the industry’s needs. The combined efforts on both the B2C and B2B fronts have allowed us to grow rapidly and provide a wealth of benefits to operators.”
Your platform offers operators the full betting solution package. How can operators make best use of off-the-shelf products like this whilst still being able to differentiate their brand and maintain customer engagement?
“We don’t offer ready-made solutions. A personal touch is needed – creating a bespoke solution to every particular problem we are faced with is what sets us apart from the competition. Each project we undertake is carefully crafted according to the client’s requirements and our own vision, as well as the target market. We make sure our clients receive a really unique and market-focused product, helping them stand out from the crowd and differentiate themselves. Bespoke design, gamification features and ongoing support pave the way to success, and by prioritising these core ideals we highlight ourselves as a provider that truly understands an operator’s needs.”
Some industry commentators believe innovative techniques such as gamification are being underutilised in our sector. What potential impact do you think well-implemented gamification can have on the industry and how can operators make better use of it going forward?
“Gamification is our forte! We implement features in our games to immediately capture and maintain player interest, resulting in high conversion rates, from registration to deposit. These features contribute to a better, more enjoyable playing experience, and the competition factor only increases the level of engagement. Adding an extra level of competitiveness engages players and improves user lifetime cycles, boosting player retention. To add more to that, we not only gamify casino, we also gamify sportsbook – something nobody has done before. This move has paid dividends for us: it has worked like a charm! Visitors to Betinia.com can dive into a world that centres around a gamified sportsbook product, designed to provide players with a brighter, more enriching gaming experience that rewards them during regular play.”
Soft2Bet holds an MGA licence but with the increasing amount of European markets regulating and creating their own licensing frameworks, what impact does this have on the core benefits of holding multi-jurisdictional licences such as this? Are they still just as necessary?
“Europe is becoming increasingly regulated and we follow each new development closely. Remaining compliant in the face of frequently changing regulations is a challenge, but one that we meet head-on. The knowledge that we are licensed to operate in multiple jurisdictions puts operators at ease, as they can rest assured that the onboarding of players will be efficient and accurate. As such, in addition to existing MGA and SGA licenses, Soft2Bet is in the process of obtaining more than five additional European licenses. In doing so, we are set to become one of the leaders in the region in terms of regulation.”
Apart from Europe, regions such as LatAm are also showing great signs of growth opportunities but with LatAm also having such a strong retail betting culture, it will need an alternative approach to ensure market success. How can the use of products such as Soft2Bet help operators with this challenge going forward?
“We never really believed in one-size-fits-all products and brands. Therefore, we adopt a market-centric approach in both product development and our daily operations. The brands we build take all local specifics into account and try to address local tastes and needs as closely as possible – including game content, payments, promotions, customer support and VIP. The strategy is to provide a 360-degree local experience in any market we enter – be it LatAm or Asia. It always comes back to the importance of a bespoke offering: operator satisfaction comes with the knowledge they are receiving a solution that meets their needs, and we always deliver that.”
After catching up with Boris, it’s clear that even with ‘off-the-shelf’ products that can provide great industry solutions, there still needs to be a bespoke element that is anchored to an operator’s specific needs. Whether it’s in regard to player engagement through gamification or successfully expanding into new regions such as LatAm, third party suppliers like Soft2Bet are perfectly positioned to help.