In the ever-evolving iGaming landscape, companies face the challenge of staying relevant and competitive. One such success story is Soft2Bet, a dynamic player in the iGaming industry. For 2023, Soft2Bet recorded an audited growth of 46% in gross revenue across its B2B and B2C operational areas. This corresponds to a 207% increase in EBITDA from the prior reporting period. Recently, at the Forbes Cyprus Future of Fintech Summit in Limassol, Cyprus, Gilad Naim, the Chief Operating Officer of Soft2Bet, shared the company’s key insights and strategies that have propelled it to the forefront of the industry.
Gilad emphasizes the importance of adaptability in the iGaming sector, stating, “iGaming is the ever-changing landscape. You must adapt or be irrelevant to the industry.” As a result of such innovations, Soft2Bet recorded growth in all key KPIs.
Such casual games are no longer an innovation, as competitors are also making their steps towards gamification, and similar solutions are already considered the norm. And this determines another key to success — adaptation. It is only sometimes possible to cover all directions of innovation, but adapting fresh solutions from competitors is often a necessity without which there is no way.
Soft2Bet’s success is attributed to its commitment to development and scaling, with a strong focus on three key areas: legal compliance, market intelligence, and technological innovation.
Advice #1: Check all Legal Compliance:
Soft2Bet recognizes the significance of legal compliance in the gaming industry, where regulations vary from country to country and change dynamically. The company’s legal department is pivotal in staying abreast of legislative changes ensuring adherence to norms and laws. Soft2Bet secured licenses in Sweden, Romania, Greece, and Italy in the past year alone, showcasing its commitment to operating within legal frameworks.
Advice #2: Market Intelligence is a must:
The business department at Soft2Bet closely monitors market changes, trends, and innovations, positioning the company as a frontrunner in adopting competitive changes. This proactive approach enables the company to stay ahead of its competitors by swiftly responding to emerging trends and implementing innovative solutions.
Advice #3: Technological Innovation is your future
Soft2Bet’s dedicated development team continuously enhances products, introduces new solutions, and implements bold ideas. Technological innovation is a cornerstone of the company’s success, allowing it to offer cutting-edge solutions and stay at the forefront of the rapidly evolving iGaming landscape.
Gilad highlights Soft2Bet’s innovative approach to gamification, taking it to new heights. Introducing casual games, such as building a hockey team or a stadium, has created a seamless ecosystem for players. In these games, users earn money for success, which can be used in traditional casinos and bets, fostering a unique and engaging user experience.
As Soft2Bet experienced a 207% increase in EBITDA, ensuring process stability became a paramount challenge. Gilad emphasizes the need for flexibility and flair in addressing the increased responsibility. The company adopted an agile approach, breaking down key performance indicators (KPIs) into different teams and fostering transparency. Automation solutions were also implemented to streamline operations and maintain a seamless player experience.
‘We have adopted more and more automation solutions. So with all the challenges, we know how to handle, even though they’re not necessarily easy”, explained Gilad. At Soft2Bet, they were able to move into another weight category. This can be a clear example of the construction and correct transformation into a new role for other companies.
Looking Ahead to 2024:
Gilad foresees several trends continuing in 2024, including the continued emphasis on gamification, the integration of more casual games, and the infusion of new technologies into products. Globalization is another trend, with many brands obtaining licenses in different countries, mirroring Soft2Bet’s expansion strategy. The commitment to innovation remains unwavering, as industry leaders like Soft2Bet stand ready to adapt their products to new solutions, ensuring continued success in the dynamic iGaming sector.
Soft2Bet’s journey from a promising player to a major industry contender is a testament to its strategic approach, adaptability, and commitment to innovation. As the company continues to evolve, it sets a benchmark for others in the industry, showcasing how a comprehensive focus on legal compliance, market intelligence, technological innovation, and a player-centric approach can lead to sustained growth and success in the competitive world of iGaming.
