The global iGaming market is a vibrant and rapidly evolving landscape. According to Grand View Research, it is projected to reach a valuation of $153bn by 2030. This growth is powered by technological advancements, the rise of digital infrastructure, increasing smartphone penetration and the liberalisation of legislation in various worldwide jurisdictions.
Traditionally, the focus for operators and solution providers has primarily been on the established markets of Europe and North America. But the times they are a-changin’ and emerging markets are increasingly coming under the spotlight. Among the regions showing enormous potential and appearing to offer lucrative opportunities, the two that particularly stand out are Latin America and India.
A driving principle
If there is one company whose driving principle appears to be to push boundaries in every meaning of the term, then it is GR8 Tech.
Since arriving on the scene as a reborn and refreshed entity under the leadership of CEO, Evgen Belousov, just over six months ago, GR8 Tech has lit up iGaming solutions scene with its iGaming Launch kit for new market start-ups, its iGaming Upgrade for those seeking to boost existing operations and, most recently, their unique and revolutionary GR8 Sportsbook, a product that has already proved its operational efficiency in many markets over several years and now available for the wider market.
So, who better than Evgen Belousov to walk us through another shifting of gears, and an exploration of these two tempting territories, the alluring passion of Latin America and the optimism and resilience of India.
Latin American diversity and promise
“The Latin American iGaming market is an ever-evolving landscape, poised for rapid growth and diversification. Covering over 20 countries and territories, each with its unique cultural nuances and regulatory frameworks, it offers both immense opportunities and unique challenges for iGaming operators.
“The area is seeing a wave of regulatory liberalisation, with Colombia leading the way in establishing regulated online gambling frameworks. Other nations, such as Argentina and Peru, are following suit, with new legislation underway to open their iGaming markets.”
Catering to unique preferences
It is well-known that Latin American players favour diverse sports and betting styles, requiring a flexible and versatile offering. And according to Evgen, providers should address this diversity of tastes.
“It is important to create platforms that cover both globally renowned and regionally favoured sports, always emphasising the live betting options.
“With its advanced margin management capabilities fine-tuned per region, GR8 Sportsbook strikes an optimal balance between user acquisition, turnover and margin.”
The mobile revolution
“As with so many expanding regions, one of the primary drivers of iGaming growth in Latin America is the widespread adoption of smartphones. According to GSMA Intelligence, Latin America accounts for around 10% of all global mobile users.
“Coupled with improved internet connectivity and the increasing popularity of digital payment solutions, this has facilitated access to online gaming like never before.”
The importance of localised solutions
“The cultural preferences of LatAm players are diverse, with a strong inclination towards football and regional games. But it is not only traditional sports that are gaining traction. esports is also seeing a surge in popularity, with games like FIFA, Free Fire and League of Legends capturing the imagination of the region’s youth.
“Successfully navigating the LatAm iGaming market requires a deep understanding of these cultural and regulatory nuances. Much more is needed than simply providing a one-size-fits-all solution.
“It is safe to say that providers committed to delivering bespoke and compliant iGaming solutions that cater to this burgeoning market’s unique needs and preferences will be way ahead in the race for success.”
India: A market of scale and potential
By comparison, looking at India, it appears as if we must multiply everything by a factor of at least two! Whilst there are plenty of similarities between these two emerging iGaming markets, India has a population of over 1.3 billion people, with rapidly increasing digital adoption, and is surely poised to become the most significant iGaming market globally.
According to Evgen Belousov, India presents a unique dichotomy of traditional and modern gaming preferences with a population that’s increasingly adopting digital gaming.
“Real money gaming shows a high potential for expansion in this context. The national reverence for cricket, coupled with the adoption of mobile gaming, has led to the Indian cricket betting market’s current worth of over $2 billion.”
The GR8 Sportsbook response
“Responding to this local demand, GR8 Sportsbook offers a vast portfolio of events, including over 4,000 cricket events per month. Each event features a range of over 1,000 pre-match and 150 in-play outcomes, setting a new industry benchmark.
“The unique margin personalisation engine, contributing to a significant +19.44% ARPU for one of our clients in this market, supports the inclusion of custom events, markets and odds.
“An equally significant aspect of the GR8 Sportsbook offering is its robust risk management and anti-fraud system. With the power of AI and Machine Learning, we have developed sophisticated automated anti-fraud models, essential in markets like India, where players may try to outsmart operators.
“These models enhance operational efficiency by rapidly analysing vast volumes of data and identifying anomalies and suspicious patterns in real time, thus ensuring the prevention of fraudulent activities.
“This blend of technologies and vigilant risk management makes GR8 Sportsbook very resilient when it comes to potential financial losses, reputational damage and legal liabilities.”
Personalisation: The key to success
Alongside both the global and local traditional sports, esports is witnessing a steady rise in both regions, especially amongst the younger demographic. Understanding this, the GR8 Sportsbook covers up to 2,000 CS:GO events, 1,300 League of Legends events and 1,000 Dota 2 events each month.
“But personalisation is not confined to merely offering the right events,” says Evgen.
“Our sportsbook integrates unique features like Watch & Bet for an immersive player experience and the use of AI for personalised event recommendations.
“Gamification is woven into the user experience with offerings like Top Multiple Bets and Surprise Me, enhancing user engagement and, as a result, turnover.”
Looking into the future
The future of iGaming lies in its adaptability to emerging markets, and the growth trajectory of these markets is a testament to the universal appeal of iGaming and its immense potential.
The growth statistics from Latin America and India, the two regions currently spearheading this change, are more than just numbers, they represent a paradigm shift.
“India is a behemoth of a market waiting to be tapped effectively, while Latin America is an amalgamation of culturally diverse nations rapidly adopting iGaming,” says an enthusiastic Evgen Belousov.
“Delivering a personalised and engaging gaming experience that respects regional preferences and complies with local regulations is crucial to seize these opportunities.
“In this context, a deep understanding of local markets is no longer optional, but a prerequisite for success. As the iGaming industry evolves, providers must quickly adapt to changing market dynamics, offering solutions that cater to a broad spectrum of player needs and preferences.
“The future, after all, belongs to those who think on their feet.”