Soft2Bet: "We believe there’s an opportunity to offer a unique user interface and experience that hasn’t been seen before in the US"

The Global Gaming Expo (G2E) 2024 Las Vegas brought together key players and innovators from the iGaming industry earlier this month, offering a platform for networking, discussion, and business development. 

Among those present was iGaming turnkey solutions provider Soft2Bet, represented by a team including Martin Collins, Chief Business Development Officer. In an exclusive interview with Yogonet during the third day, Collins shared his takeaways from the event, including trends and opportunities in the North American market, and outlined the company’s upcoming plans for expansion and innovation.

What can you tell us about the event and your takeaways from the show?

It’s interesting because there’s already quite a debate about how G2E 2024 has been. The first thing I noticed was that the iGaming section has shrunk this year, which is a change, as it typically grows each year. I don’t necessarily think it’s because fewer people from the global iGaming industry are here; it seems more likely that fewer companies are choosing to exhibit. There seems to be some hesitance around the US market at the moment, which works in our favor since we’re planning to launch our B2C operation in New Jersey.

Overall, G2E is more of a strategic event—less about selling B2B products and more about building partnerships. We’ve used it as an opportunity to explore new business prospects and have also leveraged our investment fund, Soft2Bet Invest, to identify new opportunities. My advice for anyone planning to attend next year is to be clear on your objectives and assess whether the event aligns with them.

Can you tell us more about Soft2Bet Invest and the new opportunities it unlocks?

Soft2Bet Invest is a €50 million fund, but unlike other industry funds, we don’t just provide cash and expect a return. We want to engage more deeply with the companies we invest in, leveraging the liquidity within the Soft2Bet network to identify synergies and drive revenue growth. Our approach is to work closely with these companies, helping them innovate and pivot when needed.

The fund launched in June, and we’re currently finalizing contracts for our first investments, with announcements expected in the coming weeks. It’s exciting to see the innovative concepts emerging, and I’m personally thrilled to support developments that could shape the industry over the next five to ten years.

Speaking of innovation, what major trends are you seeing in the industry, particularly through the companies applying to Soft2Bet Invest?

AI is a buzzword that’s often thrown around, but we’re seeing genuinely interesting applications in content delivery. At Soft2Bet, our focus has always been on UI/UX, and what we’re seeing is a push towards delivering personalized, relevant content at the right moment.

For example, if a player is placing a bet, they want quick access to relevant stats and information in an engaging format. The expectations of younger, mobile-native audiences are different from those of long-time players, so delivering a compelling, tailored experience is crucial.

Another trend is the evolution of sports betting services. In the past, operators managed their own large trading teams, but now companies like Sportradar offer managed services to streamline these operations. However, we’re seeing new businesses emerge that optimize the process even further, making it simpler and more cost-effective for operators to manage their data and services independently.

Gamification is another major trend, and one that Soft2Bet has been paying close attention to with its MEGA gamification tool. Could you elaborate on how you see it influencing the market, particularly in North America?

Gamification is key, especially in the US market. There’s a lot of competition and a tendency for operators to focus on acquisition and retention through bonuses, which isn’t sustainable in the long term. We're in a race to the bottom because everybody is trying to outspend each other and retain customers, not through proper loyalty and engagement, but by by giving them cash. In contrast, our approach is to drive engagement through a gamified experience embedded within the casino and sports betting platforms.

For example, we reward players with coins for betting, which they can use within a gamified environment that connects back to the sportsbook or casino, creating a loop that enhances player engagement. This method has been effective in increasing screen time and loyalty. Rather than attracting players with one-off bonuses, we focus on building a sustainable model where players engage with our offerings because they genuinely enjoy the experience.

We’re excited to bring this concept to the New Jersey market with our MEGA product, aiming to deliver a compelling, immersive experience unlike anything currently available.

We believe there’s an opportunity to offer a unique user interface and experience (UI/UX) that hasn’t been seen before in the US market. We’re not interested in replicating what’s already available; we aim to bring something innovative and fresh to the industry.

What’s your outlook on the future of online gaming in North America, specifically regarding new markets opening up?

We launched in Ontario two weeks ago with ToonieBet, and I believe Alberta will be the next jurisdiction in North America to go live with online casino gaming. From what I understand, they’re likely to adopt a framework similar to Ontario’s, which is beneficial for everyone. While it’s not officially confirmed, I expect Alberta to be a potential market early next year, and we plan to enter with ToonieBet.

In the US, it’s a bit more complex. Each state has its own stakeholders, including tribal entities, retail operators, and state lotteries, which makes the regulatory process less uniform. States like New York, Maryland, and Illinois have potential, given their revenue deficits and interest in new revenue streams. However, realistically, we’re looking at 2026 or 2027 for most of these states, not any sooner.