What was the motivation behind establishing the business in fraud detection and geo-compliance?
Our vision is location infrastructure for every product and service, and we’re always thinking about expanding into new markets. We’ve long been an industry leader in geofencing, powering geolocation for leading brands like Dick's Sporting Goods, T-Mobile, Panera and Zillow, processing over 100 billion API calls per year from over 100 million devices.We see this new product as a natural extension of our geofencing offering and we’re really excited about the market opportunity.
Could you elaborate on the importance of geo-compliance in today’s gambling market and how this technology impacts our day-to-day interactions/ transactions?
The market is rapidly growing and evolving. There are lots of innovative, exciting new entrants who need cost-effective, developer-friendly geo-compliance solutions to get started. At the same time, existing operators are both overpaying for existing geo-compliance solutions and underutilising location features in their apps.Competitive markets are good for customers. Competition drives down prices and stimulates innovation. Both of these things are sorely needed in the geo-compliance space.
GeoComply is the biggest company working in gaming geo-compliance. It provides for the majority of the industry. How do you intend to penetrate the market with a competitor that prolific and do you have any concerns?
A few things differentiate our offering: First, our developer-friendliness. Think of Radar as a 'stripe for geolocation.' Technical teams love our open-source SDKs (Software Development Kits) and developer documents.
Secondly, fair and simple pricing. Our solution is significantly more cost-effective than alternatives, with pricing based on monthly tracked users instead of location pings, making it easy to forecast costs and to check a player’s location as often as needed.
Thirdly, we recently launched Radar Maps Platform and our Geofencing Platform supports a wide range of use cases other than compliance, including on-property app experiences and location-based messaging.Lastly, enterprise-readiness. Unlike other upstarts in the space, we already work with global brands like the ones mentioned earlier. Our customers also love us for our support and we think of ourselves not just as a vendor, but as a true partner.
As a follow-up, if a business deal such as a merger was put on the table between Radar and GeoComply, would it be something you would consider?
We are growing quickly and well-funded, having most recently announced a $55M Series C in 2022. Our 'plan A' is to continue building towards our vision of 'location infrastructure for every product and service.'
VPNs have become popular in recent years. For some people, location spoofing has become crucial to access banned information or hide information from a government or authority that may persecute them. What are your thoughts on navigating this and how do you plan to integrate this product?
Our geo-compliance offering includes proxy and VPN detection, which is industry-standard and required by most state gaming laws. Right now, we’re focused on helping iGaming operators stay compliant with those laws.
What could consumers expect from platforms that integrate this technology? In what ways could their daily experience change?
Two things: First, if you read app store reviews of top sportsbook apps, you’ll see lots of complaints about location. We hope that operators can use our geofencing technology to make the player experience more seamless.
Secondly, many iGaming apps stop at geo-compliance. But geofencing can power a wide range of other app experiences, such as in-stadium betting experiences or on-property messaging. We hope that operators can use our technology to make their apps more fully location-aware, and therefore more useful and engaging for players.
