SBC News Voice of the Sports Betting Industry
Remaining on the edge of technological developments could arguably be the difference between success and failure, especially in an industry that prides itself on being on the cusp of such evolution.
For GR8 Tech, this is simply the mantra for ultimate triumph. With that in mind, the company’s Chief Product Officer, Denys Parkhomenko, spoke to SBC News regarding product development trends, how to differentiate between many similar propositions, whether in-house platform development is a viable path for the operators and much more.
SBC News: The challenge of keeping pace with an ever-changing online gambling landscape is not lost on anyone. What would you identify as the key product development trends within the industry at the current time?
Denys Parkhomenko: The main challenge in the industry today is to differentiate products and provide players with unique experiences. Many offerings are quite similar, so standing out by giving players something unexpected is crucial.
Personalisation at all levels is one of the keys to success. It’s essential to differentiate between players and avoid a one-size-fits-all solution. Working with segments and cohorts of players using advanced personalisation tools is vital.
After correct segmentation comes the challenge of effectively attracting and retaining players. This requires not only a wide range of bonuses, mechanics, and gamification elements but also the ability to deliver these to players at the right time and in real-time.
We’re all competing for the player’s attention, and I believe a personalised approach is one of the keys to success.
In the end, it all works as an ecosystem where each element is important. Creating such an ecosystem is the main challenge, as it unites all challenging aspects into a single major developmental task.
SBCN: How does GR8 Tech keep up to date with this evolving ecosystem to identify what could help drive player interest and engagement?
DP: The most important thing is listening to our clients and diving deep into their needs and feedback. For a B2B company, maintaining a strong connection with end customers – the players – is crucial, and operators’ feedback is exactly what enables it. Understanding the players’ experiences and expectations helps us tailor our products effectively.
We also draw insights from related domains, especially the gaming industry, which often leads the way in player engagement strategies. By analysing gaming trends and innovations, we can adopt and adapt successful approaches to our offerings.
We also stay actively involved in the industry through exhibitions and conferences. These events provide invaluable opportunities to exchange ideas, gather feedback, and showcase our latest developments. Our next stop will be at iGB L!VE in Amsterdam on July 17-18, where we look forward to engaging with attendees and discussing how we can drive player interest and engagement.
SBCN: Operators, both new and experienced, are blessed with choice. When it comes to differentiating between these similar propositions, what stands GR8 Tech out from the crowd?
DP: While many products may seem similar, this actually creates an opportunity for many newcomer companies to stand out. Even with basic tools, it’s possible to customise the product for the player, making it unique. The key to success lies in personalising the game experience for each player.
One way GR8 Tech realises this opportunity is by offering operators the ability to personalise the main page for each individual user. This means users will see content that interests them right away without wasting time searching. This significantly improves the user experience, which in turn helps retain players.
However, no single feature makes a product special. It’s about offering a comprehensive solution that addresses multiple factors. In the end, the market leaders are those who can integrate these elements effectively.
SBCN: What strategies does the company have in place to ensure it combines its own growth ambitions with meeting the needs and expectations of clients?
DP: Our strategy is built on three key pillars, which, I believe, help us guarantee client growth while aligning with our own growth ambitions.
First, we focus on geo-specific products. These are fully ready-made solutions tailored for specific regions, which help speed up the launch process and ensure a smooth entry into new markets. This approach allows us to provide operators with products that are well-suited to their local needs, enhancing their chances of success.
Second, we offer a comprehensive suite of tools aimed at achieving profitability. Even in a challenging sportsbook environment, our instruments for margin, limit, and delay management, combined with our proprietary trading and a set of features, can guarantee profitability with a high probability. This means operators can be confident in their ability to generate revenue with our solutions, even in unpredictable markets.
Finally, we maintain a client-centric approach, focusing on building lifetime partnerships with our clients. Our success is closely tied to our clients’, so we are committed to supporting their growth at every stage. By prioritising their needs and working closely with them, we ensure that our solutions continue to meet their evolving expectations.
SBCN: Do you believe that in-house platform development is a viable path for the operators? Or are other avenues the logical choice to be pursued?
It all depends on the operator’s ambitions and budget. However, I believe it’s almost always better to start with a platform that is already tried and tested and equipped with everything necessary for success.
Developing a full-fledged platform from scratch typically takes at least two years. Considering that competitors are continuously advancing, it could take even longer.
Starting with an established platform allows operators to generate revenue within several months rather than waiting years. At GR8 Tech, we support our operators with a hyper-care period during which we are always on the line, providing all the support needed for a smooth onboarding. This ensures that any issues are promptly addressed, and the operator can focus on growing their business.
If things go well with launching on an established platform, operators can then invest that income into creating their own platform – if this is still a priority. This approach minimises risk and allows for quicker market entry, which is crucial in our fast-paced industry.
SBCN: Swinging back to development trends. What do you believe will shape the future?
DP: One key trend shaping the future will be operators’ desire to stand out using their platform. At GR8 Tech, we provide a set of know-how, code, and tools that allow operators to create unique templates and manage their products with our CMS system. This flexibility enables operators to tailor their offerings to better meet their customers’ needs.
Another significant trend is the use of real-time bonuses and engagement mechanics. As the cost per deposit continues to rise, retaining customers becomes increasingly important.
Real-time engagement tools help keep players interested and invested in the platform.
Personalisation will also continue to play a crucial role. All players are different, and there’s a growing trend to simplify products for a younger audience.
At the same time, hardcore players and VIPs require a more tailored approach. Offering personalised experiences will be essential for catering to the diverse needs of the player base.
