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GR8 Tech reflects on a transformative year

GR8 Tech reflects on a transformative year

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As the traditional end-of-year holiday season draws to a close, it is a time for reflection on the year that has passed.

2023 has seen exciting developments in the iGaming world, and of those who have stood out, it is fair to say that GR8 Tech has played a key role in shaping this evolution and growth, rising from newcomer to a prominent presence in the industry.

As we move into 2024, we joined with GR8 Tech to reflect on the key events and trends that have influenced iGaming in 2023 and how they will continue to impact its trajectory in the future.

New Markets: North America

2023 saw pivotal movements in North America’s landscape, particularly in the US. States like New York, Kansas, Louisiana and Ohio have either embraced or are on the verge of adopting regulatory frameworks conducive to iGaming.

This shift indicates how the US is now more accepting of iGaming, indicating potential for significant market growth. Similarly, Canada has emerged as an essential player, with Ontario’s market projected to reach an impressive CAD1.8bn by 2026.

New Markets: Latin America

Latin America’s iGaming scene has also been bustling with activity. Colombia and Peru have already laid the legislative groundwork for online gambling, setting a precedent for the region.

And Brazil’s stride towards iGaming regulation has everybody’s attention! With a potential iGaming revenue of $4.4bn by 2026, the vote in Brazil’s Senate on legalising sports betting and online casinos is a landmark decision, potentially opening one of Latin America’s largest markets to regulated iGaming.

The delayed vote highlights the challenges of aligning various stakeholders’ interests within the iGaming legislative process but, as regulatory landscapes continually shift across the Continent, markets are gradually opening up to the immense possibilities offered by regulated online gambling.

Mergers & Acquisitions: Shaping the landscape

The iGaming industry in 2023 has been marked by a significant trend in M&As, indicating fundamental shifts in market dynamics and strategic priorities.

The focus has been increasingly on acquiring game technology, content and services that elevate the gaming experience. This trend aligns with the ongoing consolidation in the industry, where larger entities are actively expanding their portfolios to include new technologies and content, thereby capitalising on the burgeoning gaming market.

Demand for niche components

A notable shift in M&A strategies is the growing inclination toward acquiring smaller, specialised businesses. These entities often provide unique components and services integral to the gaming ecosystem, such as specialist affiliates and emerging esports betting platforms. Their acquisition is seen as a strategic move to diversify offerings and gain a competitive edge in a rapidly evolving market.

Outlook: Competition for audiences

Looking towards 2024 and beyond, the iGaming market is poised for further expansion, driven by the competition for access to increasingly lucrative audience sectors.

This competitive landscape will likely spur more M&A activities as companies seek to strengthen their market position and broaden their reach. The focus will be on integrating innovative tech solutions and content that resonate with diverse player preferences, enhancing player engagement and retention.

Market Dynamics

From a GR8 Tech perspective, these M&A trends underscore the need for continuous adaptability. GR8 Tech understands the importance of staying ahead in a market characterised by rapid change and heightened competition. Keeping a close watch on market dynamics, and ensuring solutions and products align with the evolving needs of the industry and clients, will always be a top priority.

A year of networking

2023 was one in which GR8 Tech firmly established its presence as a significant B2B business. Visiting many important global events, such as SBC Summit North America and Latinoamerica, SiGMA Eurasia and iGB L!VE, most significant in the company’s journey were ICE London, SBC Summit Barcelona and SiGMA Europe.

ICE marked GR8 Tech’s debut in the market, offering the prime platform for highlighting solutions and forging vital connections. SBC Summit, in its final year in Barcelona, served as a critical step up for GR8 Tech, broadening industry reach and solidifying key relationships. And SiGMA Europe, held in a fantastic new location in Malta, provided a perfect conclusion to the year, offering many networking opportunities and potential client engagements.

Looking ahead to ICE London 2024, in its last iteration in the UK’s capital before transitioning to Barcelona, GR8 Tech is expanding its presence significantly with a 200sqm stand and an in-depth focus on the GR8 Sportsbook. Visitors are invited to come and see this dashing start to 2024 at stand S9-165.

The move to the Portuguese capital of Lisbon for the SBC Summit in September will present an exciting opportunity to explore new dynamics and foster further industry relationships. Additionally, it will be intriguing to see how SiGMA Europe refines its presence in Malta.

Staying ahead of the curve

Artificial Intelligence and Machine Learning will continue to be central to the industry’s wider development. The role of these technologies in content recommendation, bonus offers, customer support, risk and AML and numerous other aspects will grow further, offering new opportunities and competitive advantages.

GR8 Tech will continue to integrate all beneficial innovations as and when they emerge.

iGaming is set to continue blending in with other forms of entertainment, intensifying competition for users’ time and discretionary expenditure. Instead of competing with each other, iGaming operators are now competing with streaming services, casual gaming, podcasters and more. This will increase the demand for greater design, greater tech and greater customer service. Anticipating such market movement, and staying ahead of the curve, is at the heart of the GR8 Tech strategy.

Plans for the year ahead

Building on the success of 2023, GR8 Tech plans to further expand its industry presence and brand awareness. In addition to established European markets, there will be a particular focus on Latin America, Asia and Africa. Several new client partnerships will soon be announced, and the portfolio of content providers will continue to be expanded through 2024.

The primary product focus for 2024 will be the GR8 Sportsbook, with new features, capabilities and technologies introduced to maintain a market leading position.

For ‘newcomer’ GR8 Tech, 2023 has been a year marked by achievement and growth. The flagship high-performance sportsbook platform has been welcomed for its scalability, comprehensive content options and user-centric design. The portfolio has expanded with solutions crafted to optimise user experience and operational efficiency, energised by the relentless pace of the iGaming industry.

New benchmarks will be set in 2024, and as we step into another year, the GR8 Tech vision is clear: to shape the future of iGaming with unwavering dedication to perfection, turning possibilities into realities!