Soft2Bet: "We’re planning for ongoing major regulatory expansion in Europe and North America in 2024"

Reflecting on Soft2Bet's journey in 2023 and the milestones achieved, David Yatom, General Counsel of Soft2Bet, sheds light on the accomplishments over the closing year and the strategic plans for 2024 in an exclusive interview with Yogonet. 

A pivotal highlight has been Soft2Bet's regulatory expansion, acquiring B2C and B2B licenses in key European markets, with further licensing processes in global markets underway. With a focus on expansion in Europe and North America in 2024, Yatom emphasizes Soft2Bet's trajectory in aligning with robust regulatory frameworks.

The interview highlights Soft2Bet's strategic roadmap, its focus on regulatory compliance, and its commitment to enhancing user engagement through advanced gamification strategies, reflecting the company's stance in embracing emerging market opportunities while sustaining growth in established regions.

Reflecting on 2023, what were the standout achievements or key milestones for Soft2Bet in the iGaming industry?

Licensing and regulatory expansion have been major achievements for Soft2Bet this year. We have obtained B2C and B2B licenses in a number of key markets such as Romania, Greece, Italy, Sweden and Ireland.

We are also working through the licensing process in Portugal, New Jersey in the US and Ontario in Canada. Our strategic goals for 2024 will follow a similar path and we’re planning for ongoing major regulatory expansion in Europe and North America. 

Could you provide insights into any upcoming launches, innovations, or strategic plans Soft2Bet has for 2024, particularly in terms of enhancing user engagement or introducing new gamified experiences?

With regard to product, the focus will continue to be on Motivational Engineering, our gamification technology, as it continues to drive engagement, volumes and revenues thanks to our high-quality tech stack that produces the best personalization and custom user experiences for players. 

In the realm of gamification, do you anticipate this concept gaining further traction in the coming year? How does Soft2Bet incorporate gamification to enhance its suite of solutions?

For Soft2Bet, absolutely. It’s worth noting that we are demonstrating the power of delivering strong gamification features to players. Indeed, other suppliers and operators often make big statements about how they utilize gamification and will incorporate it into their products, but with Motivational Engineering, we are actually doing it.

You could even argue that we are the commercial embodiment of gamification. As shown by the Betinia stats below, we are showing what can be achieved when this is done properly and with joined-up thinking at the group level. 

Betinia Sweden key stats: 

• More than half (52%) of Betinia’s players engage with our gamification features.  
• GGR has increased 65% compared to non-gamified brands. 
• Betinia’s ARPU has grown more than 70%.

Considering the evolving preferences of players, what trends or shifts in user behavior has Soft2Bet observed in 2023, and how does the company plan to align its offerings with these changing demands in 2024?

We see that offering players a product that they can engage with and return to on a regular basis boosts engagement and lowers player churn. It also enables communication: from our CRM teams towards them and between each other as they message their friends about their achievements and goals.

We will be launching more social features next year that will enable them to exchange achievements, bonuses or chat and include leaderboards and a P2P arena where they can compete against one another. 

Were there any markets or regions that showed unexpected growth or presented notable opportunities for Soft2Bet in 2023? How does the company plan to capitalize on these developments in the upcoming year?

We’re particularly pleased with the performance of our Betinia brand in the Nordics. Both Sweden and Denmark are strictly regulated markets where compliance with local regulations is of the utmost importance, so to achieve such results is very satisfying.

Furthermore, in line with our strategic vision for expansion, Soft2Bet is actively working towards entering the US market, with a focused initial approach in New Jersey. This move represents a significant step in our growth journey, considering the vast potential and dynamic nature of the US online gambling sector.

New Jersey, known for its robust regulatory framework and thriving gambling market, serves as an ideal launchpad for our American market penetration. Our efforts are geared towards ensuring full compliance with local regulations, mirroring our successful approach in the Nordics and in Europe as a whole.

The company will also be opportunistic according to individual market conditions, but overall we will continue to focus on our growth journey throughout 2024.