Growth of 46% in gross revenue reported by Soft2Bet for the year 2023
Soft2Bet, a leading online gaming solutions provider, is gearing up for an exciting year ahead, with plans to deliver more game-changing solutions for its partners in 2024. The company's core philosophy for the year is centered around innovation, aiming to enrich and shape new features with AI and other technologies.
Revenue Surge in 2023
The company's 2023 financial performance was impressive, with a 46% increase in gross revenue and a staggering 207% growth in EBITDA compared to the previous reporting period. Soft2Bet's sports betting offerings experienced a 300% revenue surge, while its gamification solutions, MEGA, led to a 60% boost in Gross Gaming Revenue (GGR) and a 70% increase in player engagement.
MEGA: The Game-Changer
MEGA, Soft2Bet's gamification platform, has proven to be a significant contributor to the company's success. Not only did it boost revenues and player engagement, but it also caused a surge in average revenue per user (ARPU) for Soft2Bet's partners.
Expansion Plans
Soft2Bet's expansion strategy for 2024 and 2025 focuses heavily on entering and growing in both European and North American regulated markets. The company plans to enter the US market in New Jersey, targeting a September 2025 entry pending regulatory approval. This will be enabled by a strategic partnership with Caesars Entertainment, granting market access, regulatory compliance infrastructure, and access to an extensive player database.
In addition to the US, Soft2Bet aims to expand into Portugal, Mexico, and Ontario, Canada, in 2024. In Portugal, Soft2Bet has a demonstrated focus on EU market growth through compliance, product localization, and innovation. In Ontario, Soft2Bet plans to partner with ToonieBet, leveraging the MEGA platform for gamification to achieve strong player engagement, retention, and long-term customer value.
A Compliance-Driven Strategy
Soft2Bet's strategy is compliance-first, ensuring smooth entry and sustainable growth in regulated markets. The company secured new licenses in Sweden, Greece, Romania, and Italy in 2023, demonstrating its commitment to regulatory compliance.
Localization and Partnerships
Deep localization in language, payment systems, content, and marketing tailored to each region is a key part of Soft2Bet's strategy. The company's approach is designed to capitalize on New Jersey's booming iGaming market, which generated over $1.8 billion in revenue in 2024, and to grow sustainably in competitive European markets.
Embracing Technology
Soft2Bet leverages a strong tech stack to enhance engagement, volumes, and revenues. The company aims to integrate AI and other emerging technologies in 2024, further setting itself apart in the competitive online gaming market.
This comprehensive, compliance-driven, and tech-innovative strategy positions Soft2Bet strongly for significant growth in Europe and North America in 2024 and beyond. The company's focus on strategic partnerships, localization, and the use of its proprietary MEGA gamification engine to drive player engagement and product differentiation reinforces its position as a leader in the online gaming industry.
[1] Soft2Bet's US Entry
[2] Soft2Bet in Portugal and EU
[3] Soft2Bet in Ontario, Canada
[4] Soft2Bet in Mexico
[1] Soft2Bet is planning to integrate AI and other technologies into their sportsbook offerings as part of their strategy to enter the US market in New Jersey in 2025, aiming to provide innovative sports betting experiences for American players.
[2] In Portugal, Soft2Bet plans to leverage their sports betting and MEGA gamification solutions to tap into the growing EU market, focusing on compliance, product localization, and innovation to establish a strong presence in the region.
[3] Soft2Bet's entry into Ontario, Canada will involve partnering with ToonieBet, with a focus on utilizing their proprietary MEGA platform to drive strong player engagement, retention, and long-term customer value in the highly competitive Canadian market.
[4] As part of their expansion strategy, Soft2Bet also aims to enter the Mexico market in 2024, capitalizing on the region's potential for growth in the online gaming industry by adopting deep localization practices and tailoring their offerings to meet the specific needs of the market.
