This September saw igaming venture capital fund Yolo Investments close a multi-million € funding round, backing the growth prospects of BETEGY, a proven specialist in developing automated solutions for igaming and sports betting incumbents.
CEO Alex Kornilov details why industry tech observers should be monitoring BETEGY developments closely as igaming enters its era of multi-product convergence and web3 innovation – key subjects of discussion and debate at this week’s SBC Summit Barcelona (20-22 September)…
SBC: Congratulations on BETEGY’s latest funding news with Yolo Investments! Can you talk us through the deal and your plans together?
Alex Kornilov (CEO of BETEGY): Thank you! It’s great new for us. We truly believe that together we’ve got everything we need to transform marketing technology in sports and iGaming. Our growth in the US has been testament to this, and by summer 2021, it was clear we were starting something really big once we signed the World Series of Poker.
For the months following, we’ve spent extensive time doing our homework on how BETEGY should be positioned stateside, as well as the growth opportunities available and the products needed. All this has guided the sum that we’ve raised, and we’re delighted to be working with Tim Heath even more so, given we’ve already had many years together working on the SportsBet.io brand.
In terms of plans for the future together. As we’ve mentioned – the US is going to be our main focus moving forward, given the work we’re already doing there to bring together broadcasters, sports media and betting.
The US, in many ways, is so much more ready to bridge that gap. Betting and sports obviously go hand in hand, so much so, that it’s already being combined into a single experience. Fantasy Sports (DFS) roots have been particularly strong here, which has given to the massive stats-based betting and prop bets we see now. Bringing all of that together – content, betting, live sports – is going to be a winning proposition.
SBC: Looking to SBC Barcelona, your panel at the show is focused on NFTs, how do you see them being integrated into betting and gaming?
AK: It’s a really interesting topic when you delve into the possibilities that NFT’S potentially offer. NFTs themselves are mainly a concept that will not radically disrupt the industry, but rather provide a tool that can enhance the way companies can work.
You’ve got to look at the different ways this could potentially happen. For example, we have in-game currencies, an element NFTs can replace as a virtual casino chip, which can be then traded (or redeemed) for financial value.
Second is the possibility for independent traders to crowdfund projects using NFT shares – e.g. I can issue 1000 NFTs, which are tangible and can then grow in value given the finite supply, something we are already seeing in the industry.
NFT’s and virtual sports will partner seamlessly, especially virtual horse racing – you buy an NFT horse which will be bred from two previous ‘NFT horses’ with the price dependant on the NFT horsing pedigree – you can then enter your NFT horse into virtual races in competition with other NFT virtual horses, personalising the entire experience.
SBC: Looking to other speaking tracks and panels – what key areas of focus do you think will be most relevant to engagement in 2022 and 2023?
AK: There is an incredibly strong lineup of speaking tracks and panels at this year’s summit, covering a wide range of industry topics. If I was to mention one that I’m particularly interested in, it would be Dazn’s CEO, Shay Segev, outlining his vision for the future of our industry focusing on the convergence of entertainment and sports betting.
I think this is a great example of the direction the industry is moving towards, especially when it comes to converging media and sports betting. Looking at the likes of micro betting, which is currently growing massively in popularity. It also crossed with the element of a boutique betting experience, and this is where personalisation comes in – the ability to create unique betting products tailored to markets. Combat sports are a great example of this.
We’ve got a great roadmap ahead as to how media technology can merge with sportsbook to create narrative-driven betting events, so watch this space over the next few years.
SBC: Last but not least, with BETEGY Broadcast shortlisted for Innovation of the Year at the SBC Awards on the 22nd September, can you tell us a bit more about your nomination?
AK: It’s the result of many years of hard work, where we understood a gap in this space and proactively developed a thrilling product to fill it. It’s all about getting the brand in front of players, making them part of the narrative and providing an incentive to bet, whilst enhancing the overall experience.
Broadcast graphics, stats, odds and more have proven highly popular, and whether you’re a big-brand broadcaster or an up-and-coming streamer, we provide the low-cost technology that can enable brands to truly engage and excite.
An important part of the product is the element of multi—channel, that brings all the different components together. It’s a fantastic product that allows for the development of On-air graphics, instantly generated, all via one integration to produce an all-in-one solution that creates content.