The Caucasus region of Eurasia has caught the attention of many multinationals, and local firm Crocobet, and its Chairman, Temur Mikeladze, are not surprised as to why.
With opportunities seemingly on the horizon on both sides of the Caucasus, from Eastern Europe to Central Asia, the region is ideally situated for companies chasing growth across multiple markets.
As with other established betting markets, however, the Caucasus is not immune to regulatory change and political sensitivities. Mikeladze, who will speak at the SBC Summit in September, talks us through regional dynamics in this exclusive interview.
As a local leader, what dynamics of the Eurasian markets do you think are sometimes lost on international firms when entering the area?
One of the key blind spots for international firms entering this region is underestimating the depth of local context. It’s not just about translating a product — it’s about translating culture. Too often, we see global companies fail to adjust their corporate culture and internal communication style to integrate with local teams.
Decision-making hierarchies, trust-building processes, and informal communication norms vary significantly here, and if these aren’t respected or understood, even the strongest product can fall flat. Success requires cultural agility, not just capital.
What characteristics best define the demands and behaviour of betting and gaming customers in the Caucasus markets?
The Caucasus gaming audience is unique in its ambition — customers are dreamers, aiming for high returns. High jackpot amounts, high volatility games, and sportsbooks with large bet slips filled with multiple outcomes are what drive excitement here.
Players want a shot at something big, and that shapes both product design and promotional strategies. Emotion, aspiration, and engagement matter more than routine.
For our readers unfamiliar with the country, what is your summary of the relationship between the industry and regulatory authorities in Georgia?
What I value most about Georgia’s regulatory environment is the openness to dialogue. Yes, like any regulator, they are strict — but they listen. That openness to collaboration allows the market to evolve responsibly.
Currently, the regulator is not only setting the rules but also acting as a bridge between the Revenue Service and the industry. That bridging role is critical for developing a functional, transparent ecosystem that benefits both players and operators.
From what we understand, regulatory responsibility for gambling in Georgia falls across several government agencies – does this present a challenge at all for the industry?
It has historically posed some coordination challenges, especially during times of tax increases. But the good news is — that chapter is largely closed. With tax rates now constitutionally capped and a 25-year restriction on further increases, that uncertainty is in the rear-view mirror. It’s fair to say that this part of the story has a smile at the end.
Georgia is a relatively small market when compared with other larger European countries, but is home to many betting operators – has this created a situation of oversaturation at all?
That’s precisely what makes Georgia so unique — and sophisticated. Despite being a small market, the intense competition has pushed operators to innovate at a very high level. Georgia has produced some of the world’s most unique crash games. Gamification, live CRM, and personalization strategies here operate on a different level, and much of that is due to the pressure to stand out in a crowded space.
With a lot of competitors to go up against in its home market, how does Crocobet stand out from the crowd in Georgia, both from a marketing and product standpoint?
Despite competing with top-tier global brands like Betsson, Entain, and Flutter, Crocobet ranks in the top three operators in Georgia. What’s our edge? Fast decision-making, smart gamification, accurate customer payback calculations, and bold sponsorship moves. But most importantly — we listen to our customers. Our team’s ability to stay agile, adapt quickly, and take risks when others hesitate is what keeps us ahead.
The country is also being targeted by some big-budget overseas firms like Flutter. Does your local knowledge come in handy when competing with large overseas players like these?
Absolutely. In fact, thanks to players like Flutter, Entain, and Betsson, the bar has been raised. They’ve pushed the entire market — including us — to level up. But local knowledge is our secret weapon.
We understand the emotional and behavioral patterns of our customers better, and we use that insight to build more resonant, more responsive experiences. It’s leadership with local soul and global standards.
Georgia introduced tough new restrictions on the industry last year. What impact, if any, has the industry felt from this so far?
The changes — particularly in taxation, age restrictions, and a complete marketing ban — were challenging. But they also made us smarter and more creative. We had to rethink visibility, customer engagement, and retention strategies.
And look at the results: the industry is still growing. In fact, these measures have strengthened the perception of Georgia as a fully regulated, mature market — increasing the overall valuation of companies operating here.
Looking ahead, how do you think the development and growth of the Georgian and wider Caucasian gambling markets will progress over the coming years?
Georgia and Armenia will eventually reach a growth plateau — that’s inevitable in any mature market. But the real opportunity lies in exporting our expertise. Operators who’ve honed their tools in the Caucasus will be well-positioned to enter and compete in newer markets. The knowledge we’ve gained here — from risk management to gamification — is a competitive advantage we can carry beyond our borders.
Lastly, and thanks for speaking with us Temur, what do you think SBC Summit attendees will learn about the Caucasus, Central Asia, and Balkan betting markets?
That every market here is a story of its own. The Caucasus is bold, Central Asia is emerging and ambitious, and the Balkans are fiercely competitive. You’ll find passionate players, creative regulators, and companies doing world-class things — just often under the radar. This region isn’t just a bridge between East and West. It’s becoming a launchpad.
SBC Summit will take place from 16–18 September at the Feira Internacional de Lisboa and MEO Arena, bringing together 30,000 industry stakeholders for an unmissable three-day experience.Looking to attend? Here’s how:
- Secure your place with a VIP Event Pass – Enjoy full access to all conference sessions, the exhibition floor, exclusive networking events, and complimentary food and drink throughout the summit.
- Bringing the team? Take advantage of our Group Pass Discount — purchase three or more VIP Event Passes and pay just €400 per ticket (saving €200 off the standard price).
- Operator or affiliate? You may be eligible for a complimentary VIP Event Pass, which includes full access to the exhibition, conference, and exclusive networking events. Apply now to reserve your spot.
Expo+ Pass: Gain access to the full exhibition floor and all conference sessions across the three days. This does not include access to our exclusive VIP evening networking events.
