Pulse

Soft2Bet: US expansion plans for 2024

By William - 28 November 2023

Styliana Kalogreadou, Head of Sales at Soft2Bet, reflects on a successful 2023 for the company and explains how Motivational Engineering can boost business for partners.

How was Soft2Bet’s debut exhibiting at G2E Las Vegas?

Personally, it was my first time attending G2E and this year’s event served as an opportunity to introduce Soft2Bet to a US audience. It was a great way to gather information, meet contacts and having a stand at the exhibition was very useful for us.

We are now in the process of following up on the conversations and leads we made. The conversations ranged from introductory meetings to more advanced discussions with contacts that we have been communicating with for some time. Overall, it was a very successful event for us.

How did the meetings differ from ones that you typically have at European events where Soft2Bet has an established presence?

The primary distinction lies in the unique characteristics of the US market compared to our well-established presence in Europe. The US provides a broader and more diverse landscape, which presents us with exciting opportunities for growth.

Our current focus is on ensuring we have a comprehensive understanding of all the intricacies of this dynamic market to maximise our effectiveness and adapt to its specific demands.

How is Soft2Bet identifying strategic B2B partners that will expedite growth in the US market?

The regulatory landscape is complex in the US, and that’s why it’s very important to prepare accordingly, analyse everything and spot any opportunities that will be most productive for us. It’s critical to understand the environment we’re entering.

For example, knowing that states like New Jersey or Michigan, which have long gambling histories, are more likely to be suited to us than a newly-regulated sports betting-only state.

What are Soft2Bet’s plans for the North American market?

Our approach to the North American market is one of careful and deliberate expansion. We’re taking our time to ensure a thorough understanding of the landscape. Currently, we’re focusing on New Jersey, which aligns seamlessly with our business initiatives.

New Jersey offers several advantages, including a relatively unsaturated market, a favourable tax regime, and a diverse community of operators. Our intention is to establish a strong foundation for our technology in the US, and New Jersey is the ideal starting point for this endeavour.

While we’re building our presence gradually, it’s essential to highlight that we’re not rushing our launch into the US or Canada. Our approach to the North American market is one of careful and deliberate expansion into states like New Jersey and provinces like Ontario in Canada, which have vibrant iGaming ecosystems. We’re committed to learning as much as possible about these markets before making our debut.

Soft2Bet had a stand at SiGMA Malta Europe and senior management spoke at the event. How was it?

SiGMA Malta Europe is one of the highlight events of our business calendar and it’s a fantastic opportunity to meet with partners and prospects in Europe’s leading iGaming hub. We showcased Motivational Engineering, our gamification technology, and how it enables strong growth across key metrics.

Our CEO Uri Poliavich gave the keynote on the second day of the event and showed how Motivational Engineering boosts revenues, engagement and loyalty. A simple way to illustrate this is with data. Betinia is our leading brand in Sweden and data reports show that our Motivation Engineering features have led to:

Over 65 per cent increase in GGR compared to non-gamified brands, with 60 per cent of the player base participating;

Nearly 50 per cent of engaged players deposit larger amounts, with frequency of deposits up 30 per cent compared with non-engaged customers;

Average revenue per user higher by 70 per cent.

These numbers confirm the great potential of our Motivational Engineering products and the impact gamification has.

Are gamification technologies and localisation strategies Soft2Bets’ points of differentiation?

Yes, and as shown by the numbers this is reflected in the results they produce, both for us and our partners.

At Soft2Bet we also believe it shows what we can achieve when iGaming suppliers focus on providing solutions that are modern, flexible, easy to implement and technologically advanced.

Soft2Bet has recently obtained licences in Italy, Romania and Greece. Is consolidation of these markets or new licences the aim?

Regulatory expansion across Europe has been a clear target for us this year and that will continue in the near term. We are delighted to have obtained licences in those key markets and we look forward to going live in as many regulated European countries as we can.

With regard to the localisation and personalisation capabilities of our technology, we believe that these features are very strong within our portfolio, and we believe that this will show in growing market share over the coming years.

We are always assessing how we can make improvements, whether it comes down to product delivery processes or payment solutions. Simultaneously, we’re carrying out daily security audits and risk assessments to assure our platforms are safe and secure for our players.

What are Soft2Bet’s goals for 2024?

Regulatory expansion in Europe and the US are among our key goals for 2024. As we continue to grow, we are adapting to different environments and establishing our partners are enthusiastic about our plans.

There will be plenty more news from us in the coming months, so stay tuned.