In corporate fashion: Behind the CRO curtain

As they always are, however – times are changing. The growing prevalence of a new C-Level position which emerged as a (not so) secret Silicon Valley super-role between 10 and 15 years ago has grown into the new hot-topic executive role in gaming and many other industries across the globe. We are, of course, talking about the position of Chief Revenue Officer – or CRO.

Now, despite CROs becoming increasingly commonplace in so many major corporations in the modern world, the job remains somewhat cloaked in mystery. Where did it come from?  What does it entail? How does it benefit a corporation? Is it a must-have for modern business? Gambling Insider takes a deep dive…

Back to the roots

The best place to start is, typically, the beginning. Northern California in the 1890s (stay with me) was, and still is, home to the idyllic Santa

Clara Valley which – at the time – was recognised nationwide for its ripe fruit orchards which produced French plums, apricots, cherries, pears and accounted for 30% of the world’s prune supply. Forty years later, Railway industrialist Leland Stanford and his counterpart Frederick Terman had arrived to transform the area into a bustling haven of technological innovation thanks to the founding of Stanford University and subsequent heavy investment in its tech department. By the mid-20th century, Stanford and the tech moguls now residing in the local and newly renamed Silicon Valley went on to play a large part in warfare innovation during World War Two and, of course, the Space Race in the 1960s. Since then, the reputation of the area as one of the planet’s key business and technology innovation hubs has solidified, with the invention of the semiconductor being followed by new-tech organisations born out of the area in the 1980s and ‘90s such as Apple, Microsoft, Adobe and many, many more.

Fast forward to the 2010s, a flurry of both SaaS and Silicon Valley hyper-growth start-ups begin appointing Chief Revenue Officers – but why? Well, the theory goes that, seeing as there are so many CEOs within these highly tech-driven businesses coming from product and engineering backgrounds, they needed someone with an in-depth understanding of consumer habits and revenue generators to work alongside their more technical, product innovation and mathematically driven skills.

The combination has, clearly, proved effective – as C-Level executives whose sole purpose is to oversee a business’ revenue are now highly commonplace on a global scale. However, operationally, revenue is a very broad field. Explaining what a CRO’s role actually entails, therefore, is one best left to those who occupy the position.

Defining the role

Following her appointment as CRO and COO of Rootz last year, Maria Boelius sat down with Gambling Insider for an in-depth analysis of the evolving CRO role. Offering her definition of what the day-to-day looks like in the position, she said: “Essentially, the CRO is responsible for ensuring that all marketing and advertising initiatives drive as much revenue as possible from the company’s product audiences. Within this scope, the CRO will optimise sales, operations, marketing, product; all elements of the business that contribute to revenue generation.”

Naturally, every role – especially at executive level, will vary entirely based on not only the industry sector within which a business exists, but also on the business itself. This is a point that is emphasised by BetMGM’s CRO, Matt Prevost, who tells Gambling Insider: “Of course, as you’ve mentioned there, the role always varies by organisation. However, it can broadly be defined as being responsible for most commercial functions that are in an organisation which can range from marketing to profit and loss (P&L) ownership.”

Indeed, definitions in business are almost always highly industry and company dependent, a point that is particularly true within an industry as versatile as gaming. That being said, it is not just gaming within which the CRO role has risen to prominence over the past five to 10 years. From this fact, the most logical conclusion one must deduce is that it is the changing world within which businesses exist that has brought about this explosion in demand for designated revenue-centric executives.

 As we all know, the emergence of AI and other related recent technological advances have skyrocketed data capabilities in the gaming industry, changing the way that almost every business now thinks about both generating and harnessing their revenue streams. The emergence of CROs, then, harkens back to the data-driven, technological space from which it was born.

Digitain’s CRO, Iain Hutchison, agrees, telling Gambling Insider: “It has become essential in today’s competitive business environment for companies to now have a designated revenue-focused executive due to the increasing complexity of revenue generation across regulated markets. Five years ago, sales, marketing and finance often operated independently, while today we see more cross-functional teams delivering on customer objectives. Nowadays, businesses recognise the importance of a unified, data-driven approach to achieving sustainable growth and unlocking competitive advantages in the industry category.

“The rise of digital transformation and customer-centric strategies has increased the demand for CROs who can align product development, sales and marketing under a single revenue-focused vision. Today’s CRO must integrate technology, analytics and strategy to optimise growth, scalability and customer retention for revenue generation goals. This makes the role more crucial than ever in high-growth industries such as iGaming and fintech.”

Indeed, changes in the way we consume media have changed the way we all go about our lives. In business, it’s no different. BetMGM’s Prevost believes these changes may have also contributed to the evolving prevalence of CROs in the gaming and other industries: “

A big part of the evolution towards a CRO role might sit with changes within the media landscape over the past five years

The lines of offline and digital advertising and brand building are now completely blurred. 

“Making sense of where to deploy marketing investment requires data analytic skills. These skills are also required within leadership of sports betting and gaming operations which might contribute to merging marketing and P&L ownership within our industry. The prospect of AI only further elevates the need for these skills.”

When it comes to major industry shifts, many fall under the radar due to the fact that change – by its very nature – takes time. An area in which the gambling industry has seen an enormous amount of change over the last 20 years, however, is sustainability.

Indeed, 20 years ago, sustainability areas such as responsible gambling and environmentally friendly practices yielded a presence in the industry so small that they were virtually non-existent when compared to their prevalence in the modern discourse. Rootz’s Boelius believes that this, also, could have contributed to the rise of the CRO in the last decade: “Nowadays, great corporate governance has become the foundation for sustainable business. That means understanding how money flows within the business and taking steps to ensure that profitability is based on wise business decisions and compliance.

“Across the gambling industry, there used to be a more relaxed attitude towards spending that lacked the kind of accountability needed for ongoing business development. The CRO can provide accurate insights about where the spending is going and how to improve on that. It’s an essential part of operating as a responsible, commercial concern. It may be a more cautious approach to have a CRO analysing checks and balances, but it yields dividends in the long run.”

The root to the revenue role

A trifecta of evolving attitudes towards data, marketing and sustainable practices, then, have combined to form the perfect storm for a CRO revolution in the modern era – but what does one have to do to prepare themself for such a role? Hutchison gives his two cents: “The CRO role has, in my opinion, become so pivotal because it operates at the business intersection of sales, account management, marketing and implementation. With that in mind, I would say a robust background in revenue-driven industries is essential, with the iGaming and technology sectors serving as the premier training grounds for this position. These industries demand a data-driven mindset, strategic agility, and an in-depth understanding of supply chain management and SaaS technology deliverables – all vital for driving substantial revenue growth.

“A CRO must decisively align sales, marketing and product strategies while guaranteeing that technology investments champion scalability and maximise revenue. The capacity to balance innovative in-house solutions with external adaptability distinctly defines success in this role in the iGaming ecosystem.”

Elsewhere, Prevost is thoughtful and pensive in his response – and agrees that an amalgamation of sectors is, perhaps, the best route to the CRO role for budding executives: “It’s true that the role does cover a broad range of topics. At a point in someone’s career who is looking to become a CRO, they should have an opportunity to be become well-versed in finance. It is not core for the role but someone who is pursuing a CRO role needs to understand how P&L works and how financial measurements are developed. Marketing is another vital component and the ability to tie brand back to financial metrics – that really is at the heart of becoming a good CRO.”

This point is re-emphasised by Boelius, who says: “I agree, a combined suite of experiences can best prepare you for the CRO role; having a strong marketing background in tandem with skills when it comes to sales and the ability to set and analyse budgets all contribute to this role.

The ideal CRO understands how figures are instrumental in business success and growth and will speak the ‘language’ of financial management

The role of CRO may even be combined with another role: I am currently Chief Revenue and Operations Officer at Rootz since the overlap is a natural one within our business structure. It enables me to work with a detailed framework to lead both elements cohesively.”

It’s all about the data

Keen market observers will have noticed that data has become something of a buzzword these days – to say the least. Whether its localisation, personalisation or player retention in iGaming – or micro betting markets, interactive in-play options or targeted advertising in sports betting – at the end of the day, it’s all about the data! This, then, means that any senior role within the gaming industry is bound to demand, at the very least, a base level understanding of data and analytics – but would our contributors agree that the CRO role requires a more specialist understanding in this area?

“I would,” says Prevost, “as marketing becomes more data-driven and the ability to segment and target audiences improves, then it is logical that the use of data to drive that segmentation to find the right audience and the right message needs to be under one organisation. That’s a big part of why the CRO role exists.”

Hutchison agrees: “Absolutely. The rise of data-driven decision-making has significantly contributed to the growing importance of the CRO role. Companies now have access to vast amounts of customer and revenue data, which, when leveraged effectively, can optimise sales, marketing and retention strategies and drive product roadmaps and revenue generation. However, this requires a leader who can align these insights with business objectives – which is precisely where a CRO adds value.

“The role has evolved alongside the digital transformation of businesses, ensuring that data, technology, and revenue strategies work in sync to drive sustainable growth and competitive advantage. To make truly effective data decisions, we must focus on the key questions at hand. When we are inundated with excessive data, it can lead to confusion. Therefore, clearly defining your inquiry is vital to uncovering the most accurate answers and achieving a deeper understanding of your needs. Anonymised case studies are a particularly valid use case for applying data insights to help existing customers and show prospective customers how insight driven our decisions are.

“Also, grasping the emotional context surrounding your decisions, as well as comprehending how data outputs are generated, is an invaluable skill. Mastering this not only enhances your decision-making process but also empowers you to navigate data with confidence and clarity.”

Weighing in with her two cents, Boelius says: “It has become increasingly easier to automate amazingly detailed reports based on customer data, providing the kind of business intelligence that allows companies to take their revenue streams to the next level without having to rely on human resources to create endless Excel spreadsheets. The use of this data is what helps to create player-driven experiences, enhancing the customer experience and opportunities for revenue growth via player retention.

“With data analytics, you are able to define the perimeters you want to see, generating meaningful reports. With a great operational team that includes data scientists and marketing specialists, you get a clearer picture of where you stand and how to get to where you want to be. When you’re working with the facts, you’re more able to contribute to reliable business decisions that aren’t based on speculation.”

Implementing the vision

Picture yourself as a competent CRO in the gaming industry. You’re well versed in data and analytics and have set yourself up with the perfect stream of statistics on you customer bases’ habits. First thing’s first, give yourself a pat on the back – you’re doing a great job. Now you’ve found yourself at this point, though, how do you utlise the information you have acquired? Crucially, where is it most useful? Hutchison believes that balancing your approach to harnessing your data as CRO is one that requires a multi-faceted perspective of both long and short-term strategy.

“In two words – I would say taking up a ‘balanced perspective’ is paramount.  In some ways, you act like a Judge in a court. You need to have an objective, well-rounded approach to assessing the situation, or decision by considering multiple viewpoints, potential outcomes and long-term implications. It involves weighing both risks and rewards, short-term gains and long-term sustainability, as well as immediate needs and future opportunities.”

Boelius builds on this point: “When there’s a long-term strategy”, she explains, “everything that’s done should relate back to the overarching business objectives. This kind of alignment ensures purposeful and sustainable growth rather than short-term wins. Quick wins can still make a difference, but the bigger picture must always take priority.”

Prevost agrees, stating that he believes “balancing a long and short-term view is the most difficult component of the role – particularly in light of the competitive landscape, our relative position and uncertainty in the regulatory environment with regards to new markets – for example with iGaming and tax rates. I would say that all operators and CROs face this challenge in some form or another – right now, however, I am personally very excited about the momentum both me and BetMGM have with regard to our gaming business, improvements in our sports business, and the opportunity with MGM Resorts International to deliver omnichannel experiences to our players.”

Reading between the lines

Innovation is often, by its very nature, scary. When something breaks through the mould – no matter how new, fresh or exciting it may be – it is often quite naturally met with an element of scepticism. In the corporate world these doubts can often be amplified. Winning formulas are often highly resistant to change and as the old adage goes, ‘if it isn’t broken… why fix it’

The emergence of solely revenue-focused executives, at least in gambling, has certainly stirred up questions from the more curious areas of the industry and – seeing as many things that are new are often viewed as niche – people will naturally begin to wonder where CROs actually fit in within the corporate structure. Subsequent questions of how the role of a CRO differs from that of a COO or CSO have been very commonly cited in gaming – our contributors, once again, shed some light on the subject.

“For me, the Chief Revenue Officer role encompasses a broader array of responsibilities compared to that of a Sales Director or a Chief Sales Officer’s would,” explains Hutchison, “while a CSO or Sales Director mainly drives sales performance, leads teams and nurtures client relationships to boost revenue, the CRO takes a more comprehensive holistic approach. This includes overseeing the entire revenue strategy by unifying sales, marketing, customer experience and technology, ultimately ensuring robust, long-term business growth.

“Additionally, while sales leaders focus on closing deals, a CRO plays a pivotal role in aligning cross-functional teams to drive revenue across all customer interactions. This multifaceted position positions the CRO as a key strategic and operational leader, essential for thriving in today’s competitive landscape.”

Weighing in, Prevost explains that the flexible nature of the CRO role is what, in essence, makes it so important for modern businesses. “Depending on the industry sector, a sales director or CSO, for example, is singularly focused on revenue – whereas a CRO must consider the cost of achieving that goal. There is obviously a tremendous amount of variability depending on the company’s core operation which, for me, is what makes the role so effective.”

What does it take?

On face value, one would imagine that the role of a Chief Revenue Officer would purely entail managing a company’s revenues. A fair assumption to draw, but one that is – at least according to Prevost – perhaps inaccurate.

“I certainly wouldn’t say that – as a rule, CROs are only concerned with revenue. Every business is different and the scope of CRO varies. At BetMGM, the definition runs through contribution margins, so we are responsible for everything from generating top-line as well as understanding what the cost to obtain that revenue is as well.”

Of course, revenue is also a very broad field within any given corporate structure – and managing those revenue streams requires overseeing operations from top-to-bottom, not only with regard to sales, but also finance. If revenue was the middle of a spectrum, however, that would make cost and profit the opposite ends of the same spectrum; but how involved is a typical CRO expected to be in these areas compared to, say, a CFO?

“It’s a good question”, Hutchison states, “overall my primary objective is to drive revenue growth, but I also recognise the critical importance of managing costs and ensuring profitability. Revenue generation and profitability are intrinsically linked, and an effective CRO must skilfully balance growth initiatives with cost efficiency to secure sustainable success for the business.

“Although financial management and cost control typically belong to the CFO, it is imperative for a CRO to integrate revenue-driving strategies with operational efficiency and margin enhancement. By utilising AI-driven insights, robust commercial data analytics, and strategic insights, a CRO can guarantee that revenue growth not only boosts short-term gains but also fosters long-term profitability, all while maintaining a competitive advantage in the iGaming industry.”

For Boelius, holding an effective presence as a modern CRO is all about communication: “The CRO best functions as part of a team, so revenue is inextricably tied to cost/profit. The objective is to clearly communicate how everything is connected and ensure that a team of skilled leaders is working towards common goals. Communication comes in the form of clearly defined responsibilities and frequent check-ins to keep everyone on the same page.”

All jobs come with their challenges.  At C-Level, however, these challenges are no doubt amplified to the extreme. This point is only exemplified further when one considers the structure of a large corporation within which any executive will be managing a number of vital international departments. Fire-fighting at executive level is a challenge that is surely unique – so much so that it would be fair to assume that the difference in the kind of challenges presented by the COO, CEO, CFO role(s) – as well as other high-level positions – sees little variation.

As someone who has previous experience in the CEO top spot, Boelius explains how the challenge of the CRO role differs to her previous industry experience, “Having owned and operated my own casino and affiliate companies, I’d say that being a CEO has its own challenges, while being CRO is a great way of seeing your decision-making skills producing tangible results. They’re similar roles, but that of the CRO is by nature extremely operational and immersive.”

Also as someone who has previously held roles included Managing Director, Commercial Director, Sales Director and CEO, Hutchison concurs that the challenge of the CRO role is one unlike any other position he has held: “Indeed, the role offers distinct challenges that set it apart from other senior leadership positions I’ve held, primarily due to its cross-functional scope. Unlike traditional roles that target specific areas like sales, account management, or implementation, the CRO must oversee all revenue-generating departments under a single, cohesive strategy.

“For me, a major challenge lies in finding the right balance between short-term revenue targets and long-term strategic development. You must remain agile, adapting to shifting market trends, regulatory changes, and the dynamic nature of customer behaviours.”

 “Furthermore, data-driven decision-making is essential in this role. A comprehensive understanding of analytics, automation, and AI-driven insights is vital for optimising performance.

Ultimately, the CRO must adopt a wide-ranging and holistic approach to maximise business growth and enhance operational efficiency”

Evaluating his own perspective on the challenges of a CRO, Prevost reflects on his time in senior marketing leadership whilst alluding to the fact that, regardless of position, the gambling industry presents a set of challenges that are unique within their own right: “The challenges we face in some ways are in the sector itself. The roller coaster ride of state launches, the challenge presented by the fast growth of the industry was similar whether I was CRO or Chief Marketing Officer. The difference in the CRO role is you have a better connection to cost and P&L than you do in a Chief Marketing Officer role, which is more brand and customer-experience focused.”

The dawn of the CRO era is reflective of the continuous innovation we push so hard for, not only in the gambling industry, but also as an evolving society. Framing CROs as the ‘next big thing’ would hardly be an accurate representation as, by all appearances, the role has already risen to a level of prominence that almost guarantees a cemented longevity in the corporate world. The only question that remains is, how far can it go?