Sargsyan has a vast array of industry experience having worked at both BetConstruct and Digitain. She has also worked outside of B2B to develop a B2C project in Kazakhstan and since 2020 has been the Head of Business Development at DS Virtual Gaming.
Scoffham is a Founding Partner and CEO of WA.Technology, a B2B iGaming solutions provider offering the fully scalable and customisable iGaming WA.Platform, bespoke turnkey solutions, standalone products, and expert-managed services across its WA.Casino, WA.Sports, WA.Fantasy, WA.Lottery, and WA.Poker verticals.
Nikolopoulos serves as Betby’s Chief Commercial Officer, playing a pivotal role in bolstering the company’s expanding global footprint through its operator-centric sports betting solutions. Prior to his tenure at Betby, he held leading commercial positions at EveryMatrix, Playson and Altenar.
Soffer is the SVP Sales and Business Development of Galaxsys, which was founded in 2021, and is a leading provider of fast and skill games.
de Haas currently serves as the CEO of Game of Slots. With a background in software development, he has co-founded multiple startups.
Lawyer by profession, Lenzi has advised companies in various sectors such as construction and health, providing them business and tax solutions. In the early 2000s, he began to consultatively assist international companies focused on the gaming market. After years of experience in this industry, he built a solid knowledge base and network, enabling him to found PayBrokers, a company that provides payment solutions for international businesses operating in the gaming sector, with a focus on Brazilian users. Currently, PayBrokers holds a significant share of the private payment market in Brazil and is expanding its operations to state-level bidding processes.
The certification process in Brazil facilitates suppliers’ access to greater opportunities in the region. The introduction of gaming regulations in Brazil will undoubtedly have a positive impact on the entire market. Major players in the industry will increase investments to strengthen their market position. For suppliers, it will be easier to identify reliable partners due to the entrance selection - Ed de Haas
Does Brazil’s certification process make it easier for suppliers to access more opportunities in the region?
Araksi Sargsyan: In our case the certification process doesn’t help us much, because it neglects the land-based operations which are extremely important in our segment. The Brazilian market probably is the most changing in the industry. We see the gaming behaviour in Brazil is changing step by step. If we compare what we had 4-5 years ago and now, we see two absolutely different images.
Tim Scoffham: Brazil’s certification process is a positive development. The recent regulatory changes provide clear operational guidelines and compliance standards, making market access more structured for suppliers. The extended licence duration of five years demonstrates Brazil’s commitment to long-term partnerships with operators, which can only be a good thing. The ethical framework for marketing and responsible gambling aligns with global values, reinforcing the industry’s credibility. Brazil’s focus on social responsibility, supporting various social causes and local businesses with betting revenues, resonates with those who may initially be sceptical about the industry.
Chris Nikolopoulos: A transparent and straightforward certification process instills confidence in suppliers investors, and stakeholders, fostering increased engagement in the market. Consider the mandate for betting houses to establish local offices – an initial challenge that prompts a reconsideration of operational strategies. While this might appear burdensome at first, it offers a chance for businesses to embed themselves in the local culture and market, gaining deeper insights into their players and fortifying their presence. It also showcases dedication to compliance and customer service, potentially becoming a competitive edge. Ultimately, this translates into significant benefits for the end-players.
Gil Soffer: Galaxsys supports certification and regulation in the iGaming supply chain. Brazil’s certification requirements will ensure exacting standards of supply of products and services, allowing for more robust commercial and growth opportunities throughout the region.
Ed de Haas: The certification process in Brazil facilitates suppliers’ access to greater opportunities in the region. The introduction of gaming regulations in Brazil will undoubtedly have a positive impact on the entire market. Major players in the industry will increase investments to strengthen their market position. For suppliers, it will be easier to identify reliable partners due to the entrance selection.
Edson Lenzi: While eagerly awaited, the regulatory process poses challenges that can limit the entry of operators and suppliers. Barriers such as the concession cost and licence acquisition requirements will create significant obstacles. However, this process will also introduce a new category of operators and suppliers, more capable of meeting the specificities of this evolving market.
In our case the certification process doesn’t help us much, because it neglects the land-based operations which are extremely important in our segment. The Brazilian market probably is the most changing in the industry. We see the gaming behaviour in Brazil is changing step by step. If we compare what we had 4-5 years ago and now, we see two absolutely different images - Araksi Sargsyan
How important is the LatAm market for suppliers due to its obsession with football, which may translate into more gambling in a variety of different ways?
Araksi Sargsyan: I wouldn’t emphasise the obsession with football here because LatAm is big and football is not the top sport in every country. LatAm is important for each and every supplier since gaming there has a completely different scale. Operation there is not necessarily easier, because the players are absolutely different than their peers from overseas.
Tim Scoffham: The LatAm market’s enthusiasm for football provides many gambling products and service opportunities. In Brazil, football isn’t just a sport; it’s an intrinsic part of the national identity. Brazil’s large, young and digitally savvy population, coupled with its status as one of the world’s largest economies, presents an immense opportunity for iGaming suppliers. Platforms can actively expand their portfolio with football-themed content tailored to enhance user engagement and retention, like football-based video slots, live game shows or branded lotteries.
Chris Nikolopoulos: The LatAm market stands as a pivotal space for gambling suppliers, notably due to the region’s profound passion for football. Football isn’t merely a game in Latin America; it’s a cultural force deeply woven into society’s fabric. This fervor for the sport opens up abundant opportunities for various forms of betting, including sports betting, fantasy leagues, esports and more. Suppliers can capitalise on this enthusiasm by offering tailored gambling products and services that cater to the local football fanbase.
Gil Soffer: Football is the number one passion throughout LatAm; however, virtual games are prevalent, as well as fast games and casino games. As the markets grow, more products will emerge as players seek more differentiation in their betting habits.
Ed de Haas: Football in many countries, not only in LatAm, is the main gateway to the market. However, the operator approach has changed over time as there is increasing focus on converting players to other products (especially casino and live casino). The growing competitiveness and variety of odds make it impossible to operate solely with sports. Casino products, such as slots or live, are increasingly necessary for business sustainability.
Edson Lenzi: The Latin American market plays a crucial role for suppliers, primarily due to the region’s passion for football, resulting in high demand for bets on this sport. However, diversifying into other sports becomes increasingly relevant, not only to meet varied preferences but also due to the availability of events. Suppliers must focus on offering a variety of options to meet the growing demands of operators and users. On our part, we strive to innovate continually to ensure the user experience is the best possible.
Does the sheer size of the market in LatAm make it a more attractive area to explore?
Araksi Sargsyan: The number of players there is decisive for the majority of providers. I discuss the roadmap with different platform providers and I see that for everyone Brazil is the top, several years ago this hype was around Turkey. Latin Americans are gambling people, they like action, they like spending their time playing, discussing their bets and strategies, they like high odds and good RTP.
Tim Scoffham: The LatAm market, especially Brazil, is an attractive area for exploration. Brazil’s growing economy and deep-seated passion for sports create a fertile ground for sports betting and iGaming. The emphasis on a product-first strategy and understanding the local market nuances – like the focus on tailored gamification components and the integration of curated statistics into the betting experience – are crucial for success. The market’s sheer size, regulatory advancement, and sports-loving culture make LatAm a promising region for iGaming operations. The potential for growth and the opportunity to be part of this expansion as it develops is exciting. As regulations in Brazil and the wider LatAm region are finalised, we anticipate a rapid growth in the number of sports betting platforms providing a more diverse selection of entertainment to the area.
Chris Nikolopoulos: While official data is scarce, recent statistics from the Brazilian Central Bank offer a glimpse into the sheer scale of the Brazilian market and why it becomes immensely enticing once regulated. The Central Bank’s study reveals that in the first quarter of 2023, Brazilian bettors handled over US$2.7bn – an amount projected to soar to US$11bn by year-end, an impressive figure surpassing federal lottery sales in 2022 by 2.5 times. Similarly, according to SimilarWeb, Brazil astonishingly leads global sports betting website traffic, with 3.19 billion visits, constituting 22.78% of the total. This surpasses visits from established markets like the United Kingdom (1.61 billion), Nigeria (1.29 billion), Turkey (948 million) and the United States (781 million).
Gil Soffer: LatAm is an attractive market due to increasing internet penetration, economic growth and regulation. The markets aren’t as saturated as, say, continental Europe, which presents longer-term growth opportunities for suppliers. For fast games, LatAm is an incredible market as crash games are very popular. Galaxsys has 5 crash games: Crash, Roketon, Cash Show, Crasher and our newest game Maestro. Our own innovative creation, Ninja Crash, is a great hit in the market. We are working with the leading operators and will consolidate our position in 2024.
Ed de Haas: The vastness of the Latin American market certainly makes it more attractive but also more complex. According to our strategy, approaching the entire market is not feasible; instead, we must identify blocks of countries and proceed step by step.
Edson Lenzi: The expansive size of the Latin American market makes it highly attractive for exploration. The continuous growth of markets and regulation in various countries in the region make Latin America an increasingly desired target for global operators, offering significant opportunities for expansion. PayBrokers, aligned with this expansion vision, continues to invest in technology and its professional team to consolidate its position as a leader in this growing market.
LatAm is a growth market for our content in all jurisdictions. Brazil is the biggest market, but Mexico, Colombia, Peru are performing well. We are present in all the markets with our portfolio of around 30 crash, plinko, mines, instant and other fast and skill games and looking to expand to new markets such as Argentina and Panama - Gil Soffer
Which country or jurisdiction is most cost-effective in LatAm for you and why?
Araksi Sargsyan: If we take the % of the activity in the country that have our games, then I would say the Dominican Republic, since there we have almost a monopoly. Each and every bet shop has our games and the numbers are getting bigger and bigger. The least cost-effective from the regulated markets, I would say Colombia. Virtual games are just entering the market, the market requires much investment, however. Even the operators don’t have a full understanding of the way how our segment should be presented.
Tim Scoffham: Brazil emerges as the most cost-effective jurisdiction in Latin America for our iGaming operations. Its deep-rooted sports culture and evolving regulatory framework offer a unique market opportunity. The country’s recent legislative progress and localised licenses in states like Rio de Janeiro and Paraná signal a maturing regulatory environment with huge potential. Brazil’s large, youthful demographic further enhances its attractiveness. A population of around 214 million is no small number. Despite initial complexities, the strengthened regulations and their reliability and stability make Brazil an appealing choice.
Chris Nikolopoulos: The prospect of a regulated Brazil aligns with the priorities of our key partners, presenting an opportunity to establish a robust presence right from the outset. Simultaneously, it’s crucial to highlight the broader appeal of the entire LatAm region. While significant legislation might be absent in many countries, operating under a Malta or Curaçao licence is feasible. Nevertheless, comprehending the regulations and licensing prerequisites in each market is pivotal for operators seeking expansion. The legislative landscape remains a top concern, necessitating the right measures to ensure player safeguarding and appropriate content.
Gil Soffer: LatAm is a growth market for our content in all jurisdictions. Brazil is the biggest market, but Mexico, Colombia, Peru are performing well. We are present in all the markets with our portfolio of around 30 crash, plinko, mines, instant and other fast and skill games and looking to expand to new markets such as Argentina and Panama.
Ed de Haas: Brazil is undoubtedly the absolute protagonist, both in size and in the growth witnessed in recent years. We are facing a virgin market that will continue to grow in the coming years. Peru is another extremely interesting market because it allows operations both physically through agencies and online. The imminent regulation will further enhance investments in the area. Argentina could become the second-largest market in the region, but currently, the instability of the currency makes it almost impossible to operate in the area.
Edson Lenzi: Currently, the company focuses its efforts on Brazil, driven by the market’s significant size and the presence of the PIX payment system, which revolutionised the betting industry. The efficiency and reduced costs associated with PIX offer significant advantages to operators, making it a strategic choice for the company to focus on this specific market.
