Speaking about the increasing interest in iGaming from the business community, Vitali Matsukevich, chief operating officer at SOFTSWISS suggests that as a software provider with a rich background, the company has seen a growing interest in the iGaming industry over the last few years.
It has to do with experienced companies striving to boost their business in a new vertical and newcomers who view iGaming as promising. According to analysts, the global online gambling market volume will reach US$127.3 billion by 2027, which means an average annual growth rate of about 11.5 per cent.
A growing interest stimulates a surge in the development of the industry. High competition creates conditions requiring companies to be very sensitive to market shifts because this is the only way to become market leaders and define the future of iGaming. That’s why new operators and providers must focus on analysing player needs to be one step ahead.
In fact, this is exactly how SOFTSWISS started out. For example, when crypto gambling was just in its infancy, the company saw a huge potential in it and became the first to create a Crypto Solution for online casinos. At this stage, SOFTSWISS is constantly seeking improving its solutions with valuable features such as In-Game Currency Conversion and others to meet the market’s requirements.
What do you see as more important for new brands: сhoose reliable solutions or focusing on innovations to quickly engage the audience? What approach does SOFTSWISS rely on?
These are things that should go closely together. If we consider casino platforms, one of the critical criteria when choosing this product is software stability. The platform is the project’s foundation, and if it is marred by problems, innovative features don’t make sense. From what we have seen, stable platforms are backed by a reliable provider, most usually one with extensive experience in the industry. They are usually the ones who know how to overcome technical problems immediately.
But every reliable instrument can be complemented with innovative features. In the case of the SOFTSWISS Casino Platform, which is by our measures a well-known and trusted product, we would not have been where we are if we weren’t always looking for ways to multiply our clients’ opportunities. I mean in terms of the different kinds of bonuses, tournaments, and other tools. It leads to the conclusion that a stable technical background coupled with attention-grabbing novelties for players become a winning combination for iGaming brands. This is exactly the approach we promote, offering a one-stop-shop solution for the iGaming business, which includes a trusted casino engine and a variety of tools to ignite player activity.
What novelties does SOFTSWISS implement? What innovations do you currently see as the most promising in the industry?
Currently, the industry is focused on offering tools that allow operators to retain players and increase their lifetime value most effectively. It is possible only when your platform works smoothly and includes additional tools.
We provide our partners with a set of top-notch products for iGaming. The Online Casino Platform, the Game Aggregator, and the SOFTSWISS Sportsbook are what you need to run a project from scratch. At the same time, we offer innovative tools that positively impact the operator’s key objectives.
A good example is the latest SOFTSWISS product – the Jackpot Aggregator. By running local and global jackpot campaigns, operators have a chance to increase player lifetime and gaming activity. We have analysed the results of the first campaigns and saw that almost half of the players engaged in a jackpot promo campaign showed an increase in their average bet. Thanks to the flexible system, clients customise jackpot campaigns according to their needs allowing them to study their audience and find the parameters that work.
At the same time, we are focused on expanding the Sportsbook‘s functionality. Exclusive features like Freebet Booster, Hunting Tournaments, Lootbox bonuses and others give an advantage to the product. We believe that gamification of online sports betting is one of the leading trends and are actively pursuing it.
Moreover, we will announce the integration between the SOFTSWISS Sportsbook, the Game Aggregator, and the Jackpot Aggregator shortly. This collaboration will allow our clients to take advantage of all products at the same time.
Comparing the state of the industry 3 years ago and now, how would you characterise the development of iGaming? How has SOFTSWISS adapted?
The most significant changes today relate to the regulation of markets. Laws are becoming more stringent and many countries where such laws previously did not exist earlier are working on them. For instance, the Netherlands implemented a licence for online gaming recently.
These changes are significantly impacting the business and require well-coordinated work on obtaining the necessary licences and certificates quickly to avoid losing leading positions in the industry. Adapting to work in new conditions is also an essential part of our work because our task is to enable our clients to make the most of our products to the best of our ability.
SOFTSWISS has excellent experience in working in the Maltese jurisdiction. We’re bringing this experience to other regions and moving forward by adding new licences to our portfolio. We see regulation of iGaming as a positive trend and a good opportunity to enter new markets with our products easier than before. Recently, we received a Greek. Our next goal will be to enter the regulated markets of LatAm and Asia.
What will iGaming business lines be the most successful in 2023?
Generally speaking, the most popular product, I think, will remain the casino. Launching an online casino is easier than other projects and it is still the most profitable in the short run, even despite the growing costs to acquire new players. However, it certainly depends on the market. For example, in Latin America, where there is a strong interest in sports, running a successful online brand without sports betting is impossible.
Based on our experience, we can conclude that the most effective solution for new market players will be a combination of iGaming products. Returning to the very first questions, I would repeat that we expect a significant increase in the number of new projects in the upcoming year and we’re ready to share our experience to help them grow quickly.
The Chief Officer Business and IoT explains the key elements that help Melita Business stay at the forefront of innovation
Joseph Gerada delves into the Family Business Office's role at the upcoming Transeo Winter Summit
The HR professional weighs in on the ongoing debate surrounding Malta’s foreign workforce