iGaming 2023: The Trick to Scaling Up in New Markets

As new iGaming markets continue to open-up around the world, the opportunities for operators to expand their scope and grow their customer base are, increasingly, manifold.

But scaling-up through new market penetration can be a tricky balance: between finding the quickest route to market, while launching with a top-quality product.

We caught up with Evgen Belousov, CEO of GR8 Tech, to get his perspective on some of the key challenges associated with scaling-up and, more importantly, to hear his take on the best solutions available for ambitious operators hoping to crush an exciting market going forward.

What are some of the key issues most operators face when trying to scale their platform to include new products or enter new markets? How can GR8 Tech’s solutions help with this?

“Regulatory compliance can be challenging when entering new markets, as each jurisdiction has its own set of rules and regulations. Operators need to ensure that they comply with local laws, which can require a lot of time and resources.

“Adding new products, in the meantime, requires a robust and scalable platform that can handle increased traffic and transactions. This requires significant investment in infrastructure, development and testing.

“If the need for adding new products comes from the growing demand, it’s important to make sure that both the existing platform, and new additions, can handle this increase in traffic and user demand. This means that scalability should be a top priority when adding new products, or entering new markets.

“GR8 Tech’s Business-as-a-Service (BaaS) solution can help operators overcome these challenges. With our BaaS offering, operators can benefit from our ready-made tech solutions, support and consulting services to quickly and efficiently launch and operate their new gambling business. BaaS provides just the scalability and flexibility needed to support the addition of new products and expansion into new markets.”

When entering new markets, speed of entry can be a pivotal factor for success. However, speed to market can also mean, sometimes, that quality has to be sacrificed. Is there a way to get the best of both worlds?

“As GR8 Tech’s manifesto states, running an iGaming business–including entering a new market–is a crazy race. It requires the operators to accelerate quickly and maintain speed throughout; however, just like in real races, they don’t have to do it all alone. So, the best decision on how to get both speed and quality when entering new markets is to get a reliable lifetime partner, who provides everything you need to maintain the momentum and is always there with tech, expertise, and operational support.”

Many operators find it difficult to achieve true collaboration with their platform providers, in regard to the delivery of specific operational needs. How do you think a true partnership can be achieved between the operator and the supplier? What role does Business as a Service play in this?

“I believe that true collaboration requires true engagement in the business of your client, while most partnerships are purely about money. No one wants to dig too deep, as it requires a lot of time, investment, and dedication. It’s much easier to sell a platform and to throw in some fancy new features occasionally without thinking if they actually deliver on any specific operational needs.

“We at GR8 Tech chose another path; partly because we had all the prerequisites for that from our history, that also started with a B2C brand; but mainly because it felt right.

“Our team has tremendous experience and expertise in growing iGaming B2C brands, connecting the dots between technical solutions and the customer experience in real-world market environments. BaaS is the epitome of all that in a single solution: We assemble a whole team dedicated to our partner, we provide all the technical solutions, we take care of everything from compliance to marketing. And then this dedicated team stays with the operator, becoming its lifetime support system, providing everything necessary for the business to grow and scale successfully.”

One of the biggest priorities for multi-jurisdictional operators is remaining up-to-date and compliant within the various markets they’re present in. As regulation continues to evolve around the globe, keeping products in line with these changes is an ongoing challenge. How can this be better managed going forward, keeping risk at an absolute minimum?

“Staying compliant in multiple markets is indeed a significant challenge for multi-jurisdictional operators. One way to better manage this challenge is to work with a tech partner who has deep expertise and experience in navigating the complex regulatory landscape of different markets. GR8 Tech, for example, can help operators stay up to date with the latest regulations and ensure that their products are always in line with these changes.

“In addition to working with a partner, operators can also implement robust compliance management systems internally. This includes regularly conducting compliance audits and risk assessments and ensuring that employees are well-trained in regulatory requirements.

“By adopting a proactive approach to compliance and risk management, operators can minimise their exposure to potential legal or financial penalties, and ultimately ensure the long-term success of their business in multiple markets. But this, of course, requires a lot of work, which not every business has the resources to do.”

Editor’s Note:

After talking to Evgen, it’s evident that the opportunities for growth in new markets are often self-evident. But multijurisdictional ambitions can only be realised with the support of a robust and scalable platform that can handle increased traffic and transactions.
Moreover, regulatory compliance will always be an issue when entering new markets and can be a drain on resources.

Evgen reminds us that–regardless of the regulatory or product-related challenges–operators don’t have to do it all alone.

So, when trying to find that critical balance between speed and quality, you can (ideally) leverage the experience and on the-ground knowledge of your lifetime partner as a reliable resource, who provides everything needed to maintain the momentum and is always there with tech, expertise, and operational support.; helping to sustain growth well into the future.

About Evgen:

Evgen Belousov is CEO of the international technology solution company GR8 Tech. As CEO, Evgen oversees business development, performance, and global expansion. He works closely with marketing, product, retention, billing, and business analytics teams to execute the company’s strategy and achieve its goals.

Evgen is highly skilled in high-risk management practices, revenue generation processes, and gambling products and tech solutions for the gambling industry. He is committed to driving innovation and growth in the iGaming industry, and is passionate about helping iGaming operators scale their businesses and achieve sustainable measurable success in any regulated market.