iGaming turnkey solutions provider Soft2Bet announced that it has been shortlisted in two categories of the Vixio Regulatory Awards 2024: Commitment to Compliance by an Operator and Legal Team of the Year.
“Being nominated for these valued awards is testament to the quality of the regulatory and work carried out by Soft2Bet legal and compliance teams and further recognition of the expanded regulatory footprint the company has accomplished in recent years,” the company said in a press release.
David Yatom Hay, General Counsel for Soft2Bet, commented: “Getting shortlisted in two categories of the Vixio Regulatory Awards 2024 is a fantastic recognition of the work our compliance and legal teams have been carrying out in recent years.”
“This is a testament to the professionalism and exceptional work of our legal and compliance teams, which has enabled us to secure licenses in numerous countries efficiently, while successfully launching both B2C and B2B operations. As we expand into new regions, we eagerly anticipate building stronger partnerships and entering new jurisdictions across the globe.”
Combined with the “strong” growth of Soft2Bet’s turnkey solution partnerships in global regulated markets, this commercial and regulatory expansion has enabled quick and efficient expansion into many new countries and geographies for the group’s B2B partners, the company said.
This “unique capability” to launch quickly and seamlessly into diverse markets worldwide is made possible by Soft2Bet recently obtaining licenses in jurisdictions such as Greece, Sweden, Denmark, Italy, Romania, Ontario, Malta, Mexico, added the supplier. The group is also in the process of applying for a license in the iGaming state of New Jersey.
Soft2Bet said this B2B success is backed up by its ‘proof of concept’ business model that sees it launch its own B2C operations to determine the suitability of its products to consumers in specific markets.
“This strategy has proved highly fruitful for Soft2Bet as it enables it to understand the pressure points that consumer-facing iGaming brands might face,” the company stated. This market data and information gathering work enables Soft2Bet to target countries highly accurately and, having carried out much of the research work prior to launch, ensures its B2B partners get off to the best start possible in their target markets.
This can be seen in the performance of Betinia, Soft2Bet’s iGaming brand in Scandinavia. Powered by iGaming gamification solution Motivational Engineering Gaming Application (MEGA), Betinia has recorded 65% year-on-year growth in net gaming revenues while ARPU grew by more than 70% in 2023.
“This commercial growth has gone hand in hand with high levels of responsible gambling, as MEGA’s non-monetary gamification incentives encourage players to engage with the brand, thus increasing player screen time and activity fourfold to generate major revenue growth for both Soft2Bet and its B2B partners,” concluded the firm.