Since President Inácio Lula da Silva put pen to paper on Brazil’s sports betting bill at the end of 2023, talk about the Latin American opportunity has boomed into the stratosphere.
But while Brazil is making headlines for positive legislative developments, the wider Latin American region offers a massive opportunity for operators and suppliers alike. There has been burgeoning interest in markets such as Mexico, Argentina, Chile and Peru, making the region one of the most exciting in the world.
OKTO, a leading payments provider, seizes this opportunity by offering tailored payment solutions focused on instant pay-ins & payouts, setting the stage for seamless payment journeys.
Ahead of ICE in February, OKTO Commercial Director Galina Bineva tells SBC News all about becoming “synonymous” with the fast-growing Latin American market, the firm’s growth in both North America and Europe, as well as what delegates can expect from its exhibition in London next month.
SBC: What does OKTO’s online offering look like heading into 2024 and how are you looking to improve the payment experience for online operators?
Galina Bineva: This year, OKTO is dedicated to elevating the online payment experience for igaming operators by leveraging cutting-edge technologies and innovations. Our focus revolves around leveraging advanced technologies to establish a seamless and secure payment ecosystem that empowers online operators to offer diverse payment options, ensuring convenience for their users. We prioritise enhancing transaction speed for both ins and outs, fortifying security measures and introducing adaptive features to meet the evolving needs of the online gaming industry. Tailoring our solutions to each region and partnering with operators for long-term market presence, we ensure robust and reliable payment technology.
Our payment solutions not only adhere to the highest standards of integrity and safety but also actively contribute to promoting responsible online gaming. Our commitment to cultivating a secure and trustworthy gaming environment is unwavering and is a key part for us in 2024.
Additionally, our local experts continuously refine payment flows and customer journeys, ensuring seamless experiences in regions we operate in, including LatAm, Europe, North America, and in 2024 across more markets globally, as we expand our presence.
SBC: How important is it for an operator to be able to offer instant payouts as new products such as micro-betting and in-play betting grow globally?
GB: In the dynamic igaming landscape, the ability to offer instant payouts is crucial for operators, especially with the global growth of micro-betting and in-play betting. Quick and seamless pay-ins as well as payouts are imperative for the instant betting services in place. This not only meets modern bettors’ and gamers’ demands but also gives operators a competitive edge.
Our solutions provide a unified payment platform, simplifying integration for merchants and unlocking multiple local payment methods. This includes both instant pay-ins and payouts, optimising the player experience.
Furthermore, a recurring challenge evidenced in my global discussions with online operators is the success rate and completion times for deposits and withdrawals. Addressing this, we consistently strive to maintain our success rate at an impressive 99.8% for both incoming and outgoing transactions, ensuring optimal efficiency for our partners and their users.
SBC: Latin America is a burgeoning region for growth – particularly with legislative approval in Brazil. How will OKTO look to leverage the LatAm opportunity?
GB: Latin America represents a significant growth opportunity for us. When it comes to Brazil with its legislative approval, we’re well-prepared for the regulated betting environment and we are emphasising player protection and responsible gaming practices. We welcome direct supervision of payment services by the Central Bank, aligning with international associations and leaders for a seamless transition. Our primary goals with our payment services are uninterrupted business operations, fostering trust and engaging player interests.
To leverage the LatAm opportunity, we tailor offerings to the unique preferences and requirements of the player base. Emphasising localization, regional payment methods, operational excellence, and compliance with local regulations, we offer a single integration across multiple LatAm regions, including Brazil, Mexico, Argentina, Chile, Peru among others. This includes unlocking local payment methods, ensuring instant pay-ins and payouts. Strengthening partnerships in every region, especially in LatAm, our solutions align with cultural and gaming preferences.
SBC: How important is it to tailor your payment offering to the LatAm player base?
GB: Tailoring our payment offerings to the LatAm player base is of paramount importance. We recognise the diverse gaming landscape and unique preferences in Latin America and our commitment is to create a payment experience that resonates seamlessly with each local player community. We understand and are comfortable integrating regional payment methods, comply with specific regulations and embrace cultural nuances. This ensures that we enhance accessibility and convenience for players across Latin America. Our tailored approach, including instant pay-ins and payouts, signifies a genuine effort to elevate the gaming experience in the dynamic Latin American market.
Aligned with instant betting trends, we have enhanced our offerings with instant pay-ins and payouts. Going further, we recognize the significance of a seamless end-to-end experience and our commitment extends to operational excellence. With 24/7 support from local teams providing instant responses, our tailored approach goes beyond strategy—it’s a genuine effort to elevate the gaming experience. Our aim is for OKTO to be synonymous with trust and satisfaction in the dynamic and growing Latin American market.
SBC: The OKTO.CASH solution has notably gained a new customer in Greece – Betsson. What is the significance of this deal, and what does OKTO.CASH’s rise tell us about consumer demands in global markets?
GB: The recent partnership with Betsson Group in Greece is a milestone, highlighting OKTO.CASH‘s commitment to meeting diverse global needs. This partnership emphasises our alignment with partners and prioritises a local, personalised approach. From understanding customer payment preferences, our tailored payment methods reflect the growing demand for secure and seamless cash-to-digital solutions worldwide.
The expansion of OKTO.CASH during 2023 underscores our commitment to delivering a superior payment experience at every transaction and empowers global and local online merchants to enhance their service offerings and enter new markets effortlessly. We remain dedicated to enhancing the payment experience for all parties involved and look forward to further expanding OKTO.CASH reach this year.
SBC: OKTO’s North American strategy includes the acquisition of Flexia. How important was it to gain local expertise through this acquisition, and how will this act as a catalyst for growth in the region?
GB: The acquisition of Flexia is pivotal for OKTO’s North American strategy, placing us at the forefront of digital payment services in both land-based and online gaming markets in North America via an omnichannel offering. This partnership marks a significant enhancement for both companies and aligns with our ongoing cashless strategy in Europe and Latin America.
Understanding the intricacies of the North American market is crucial and Flexia’s knowledge together with OKTO’s dedicated team of North America act as a catalyst for our growth in the region.
SBC: What are OKTO’s plans at ICE London 2024?
GB: At ICE this year we plan to showcase our latest payment innovations and advanced paytech tailored for the gaming industry. Engaging with industry leaders and stakeholders, we aim to share insights and unveil new features and technologies designed to enhance the user experience.
As we continue to push the boundaries of innovation, our presence at ICE London provides an ideal platform to connect, collaborate, and contribute to the future of gaming. Visitors can expect interactive demonstrations, discussions on industry trends and an immersive experience at the OKTO booth / S8-210.