European expansion continues for Soft2Bet after securing a gambling permit in Greece
Author:
Muhammad Gregory
Less than a week ago, Hellenic Gaming Commission’s Gaming Supervision and Control Commission (EEEP) issued a B2C license to platform provider and iGaming operator Soft2Bet. Greece will be the fourth regulated European jurisdiction the operator will enter after securing iGaming permits in Sweden, Denmark, and Ireland. Soft2Bet is now eligible to offer online betting and remote casino games to Greek gamblers while respecting the country’s gambling guidelines.
iGaming operator Soft2Bet has received a B2c license to operate in Greece. ?Victor Janin/Unsplash
Besides being a top-notch iGaming operator, Soft2Bet provides other gambling operators with up-to-scratch technological solutions for their operations in regulated gambling markets worldwide. Established in 2012, the Cyprus-based entity is now looking to enter several regulated European markets with its B2B and B2C segments. Under the B2B segment, the operator provides an in-house platform and in-house CMS. It also provides Casino and Sports betting solutions. In addition, Soft2Bet also provides Payment solutions and has an impressive partners list of almost 30 companies, including names like VISA, MasterCard, and UPI. The entity also has over 40 gaming providers. Some of them are Evolution Gaming, Novomatic, and Oryx Gaming. Soft2Bet established a strategic business partnership with sports betting solutions provider Altenar, enabling the Cyprus-based operator to integrate Altenar’s sportsbook solution into its platform. This is how Soft2Bet added the segment of sports betting to its portfolio.
The regulated gambling jurisdiction of Greece is one of the most competitive markets in Europe. However, after a tedious process, Soft2Bet entered the Greek market, which was in its revival phase two years ago after the Covid-19 pandemic. This is the fourth regulated gambling market the Cyprus-based operator and provider has entered after Denmark, Ireland, and Sweden. Last month, before entering the Greek gambling market, Soft2Bet added another solution to its list of offerings – A player management system. This tool enables operators to connect integrations, emails to players, bets placed, and slot transactions to a solitary system. A gamification engine is one of the features included to attract users and increase player engagement. Innovation and provision of such tools have also helped the operator win several awards over the last three years. One of Soft2Bet’s iGaming products was named the best online casino product of the year at the Malta iGaming Excellence Awards 2021. The operator won the online casino provider of the year award at Sigma Europe Awards in the same year.
oft2Bet was named White Label Supplier of the Year at the SBC Awards 2021. The entity picked up four more awards after that, including the Platform of the Year trophy at the Sigma Europe Awards in November last year. The operator gained ISO 27001 certification in 2019 after its standards were deemed satisfactory in the aspect of IT security. Established in Cyprus, the entity has also launched offices in Bulgaria and Malta. With an aim to make the iGaming industry a reputable and responsible place, Soft2Bet will be eager to enter more regulated gambling jurisdictions this year. However, most of the markets are competitive, like Greece, and regulated by strict authorities. Hence, securing a gambling permit for B2B or B2C, or both segments will be challenging. If Soft2Bet maintains its standards and keeps developing and deploying top-notch games and solutions, its short-term reputation could help secure licenses in more European markets. As of now, the Group General Counsel of Soft2Bet, David Yatom, is pleased with the latest Greek permit.
“The issuance of our betting events and casino games remote gaming licenses in Greece is a terrific step forward for Soft2Bet. We view this as a springboard for further growth and are excited to pursue additional license opportunities in the near future. Soft2Bet remains focused on and committed to expanding its operation and bringing our exceptional gaming experience to even further markets across the globe. This very much highlights the company’s commitment to expenditure to even further regulated markets across Europe and around the globe. It is an additional important step in the right direction for Soft2Bet.”
Five gambling permits in four countries in two years
In the initial ten years, Soft2Bet focused on developing B2B and B2C products whilst tying up with several entities belonging to a similar field. The partnerships and products drove the credibility of the company in the right direction. The operator finally applied for its first major gambling permit in January last year after securing the Maltese license. The application was to enter the regulated Danish gambling market and was approved by the nation’s regulator, Spillemyndigheden. Seeing potential in the gambling markets of the Nordic states, Soft2Bet decided to enter the regulated jurisdiction of Sweden in February. With online casino and sportsbook brand Betinia and more than 3000 online gaming options, Soft2Bet entered the Swedish gambling market.
Soft2Bet would undoubtedly have considered expanding further across the Nordic States, but a gambling monopoly in Finland and Norway closed that door. However, the Cyprus-based operator turned its focus from the Nordics to Ireland. Toward the end of April last year, Soft2Bet’s license application was approved by the Irish Revenue Commissioners, enabling the operator to offer its services legally in the whole country. After that, the entity has not entered any new jurisdiction except Greece. However, after the Swedish Gambling Authority announced the compulsion of B2B licenses starting in July this year, Soft2Bet wasted no time and applied for it. The operator received its B2B license at the beginning of this month. Soft2Bet also announced that this license would help the new and old partners of the operator enter the Swedish market.
The gambling markets of Greece and Cyprus are hyperactive
The decision to enter the gambling market of Greece could turn out to be the best one for Soft2Bet in the near future. The positive effects of it will reflect in the upcoming quarterly revenue reports. After the Covid-19 pandemic, the gambling markets of Cyprus and Greece have performed really well. A massive 162% year-on-year increase in the gross gaming revenue (GGR) for a renowned operator confirmed this recovery last year.
One of the biggest lottery operators in the world, Allwyn, holds operational licenses in both these jurisdictions. In the first quarter of last year, the Switzerland-based lottery giant reported that more than half of its quarterly revenue was generated in Cyprus and Greece. The operator’s Q1 2022 GGR was €869.3 million, of which €457.2 million came from the two aforementioned jurisdictions.
