Personalisation may well be one of the most-used words at igaming conferences this year, but delivering a tailored betting experience is much easier said than done. According to Jason Angelides, Co-Founder and President of Epoxy.ai, this is where artificial intelligence (AI) comes in.
Ahead of next week’s SBC Summit Barcelona, Angelides urges igaming companies to turn their attention towards other industries which effectively use AI-led personalisation software to create a more personalised betting experience. He outlines how the recent investment from SeventySix Capital will fuel the company’s expansion into Europe.
SBC: With SBC Barcelona now only one week away – what’s going to be your key message at the event as one of the industry’s true pioneers in AI-based personalisation?
JA: I think the key message is that personalisation is a huge differentiator and it’s not that hard or expensive to get started now. Every step an operator takes to make things easier for their end users is a step in the right direction – competition now in the iGaming space is just too great for operators not to use every edge they have at their disposal.
We understand the challenges that exist within the gaming operator ecosystem and that is why companies like Epoxy.ai exist – to ensure that the industry can harness the same AI-based personalisation technology that is now commonplace with the likes of Amazon, Netflix and Spotify.
Our mission is to help companies that may not have the knowledge base, resources, or time to take advantage of these technologies now, as well as ensuring they can have a true edge over their competition when it comes to engagement and retention.
SBC: Looking at case studies of success in the US, where you’re already a major force – how do you plan to translate that technology over to the European market?
JA: Great question. The EU is certainly a different market than the US. Online gaming has been around for so long in Europe that customers have established certain patterns of behaviour which will take some more nuanced efforts to change. However, this means that the early adopters will be able to reap the benefits and create meaningful differentiation.
In terms of how our tech travels, it is easily adaptable to the EU market. Prior to founding Epoxy.ai, I ran a sports technology company that was bought by Comcast to bring personalisation into the Comcast Pay TV business.
We initially launched on their Xfinity platform, and it was a huge success. The same technology was then adopted by Sky Sports to create their own hyper-personalised sports TV experience, which has been equally successful. Online gaming should be no different. Inherently, end users are drawn to better, easier-to-use products and that is what we help deliver.
SBC: Looking at the use-case for AI technology – how much of a game-changer do you see proprietary personalisation technology being in terms of engagement and incremental revenue?
JA: Exactly how much is hard to say. It really depends on how many monetisation channels an online gaming operator has available to generate revenue. Looking at benchmarks from the US and other tech verticals that have successfully used personalisation to create differentiation, it is reasonable to assume that leading companies can expect to see significant market share and revenue growth.
A recent McKinsey study stated that historically, “Companies that grow faster drive 40% more of their revenue from personalisation than their slower-growing counterparts.” We have all seen this model prove itself over and over again in the US, EU and the rest of the world. There is no reason to think that the gaming industry in the EU is any different, and we’re here to deliver with some of the best proprietary technology available on the market.
SBC: You recently signed a major investment deal with SeventySix Capital – can you talk us through your latest investment round and what you’re planning to achieve?
JA: Sure. In this industry, you must be hyper-efficient with your capital. To date, we have been incredibly successful at being efficient while still being able to innovate and differentiate our product capabilities ahead of anybody else. The investment was really focused on helping us build our team of technologists so we can expand into other markets in particular the EU, hence our presence at our inaugural European event at SBC Barcelona. We’ve got some great meetings lined up with major operators and I’m looking forward to showcasing what we can do.
SBC: In terms of expansion plans for Europe – where has Epoxy.ai got its sights set right now? What markets are going to be key for you as you strengthen your capital to expand?
JA: For us, it is about finding companies that want to take that first step towards adopting AI and proven methods of product differentiation. It’s more of a business culture target than anything else. We work with small regional companies and multinational enterprises, so it’s all about finding those leader companies that want to make a difference.
I can promise, those that adopt this technology first will be onto a real winner. We’ve seen what a gamechanger this can be in the US, and now it’s time to bring that same AI-based personalisation to Europe.
SBC: Last but not least – when it comes to competing products on the market – how can you differentiate yourselves and showcase that you’re the best the market has to offer?
JA: That’s easy for us to answer. First and foremost, we see competition as a good thing that drives innovation, and we welcome working alongside other innovators in this space.
When it comes to AI and personalisation, there are not many other companies out there doing it, and we certainly believe that it is a big market that can afford to have different solution providers with different areas of speciality.
So much so, I would even say that we can be complementary to many of the existing offerings out there. A great case in point for this would be how we apply our AI modelling across the entire gaming ecosystem. Our APIs can support a wide variety of use cases that align with multiple business needs of their customers – whether it’s reducing CAC, driving engagement and retention, reducing churn – or a myriad of other needs.
In short, our AI models can be adapted to support anything that’s required, as well as complementing other providers. However, when it comes to standing out – I’d certainly say that if we look at competing products – the majority of players in this space are orientated towards packaged solutions, while we are laser-focused around meeting the specific needs of our partners, which I believe makes us truly elite when it comes to specialisation.