Cyprus-based Soft2Bet may be an unknown commodity in the domestic gaming market, but it is hoping that changes as it enters New Jersey’s highly competitive mobile sports betting and iGaming market through an agreement with Caesars.
Slow & Steady
Soft2Bet will be entering the tumultuous waters of New Jersey’s mobile gaming market through a partnership with Caesars at some point this year. The company appears undaunted by the many mobile sportsbooks that have been unable to successfully compete in the US market and have opted to exit.
Soft2Bet’s strategy is one of controlled and measured growth, with New Jersey being the litmus test before any other domestic markets are explored. This is a stark departure from other international operators that have overextended themselves by entering too many markets too quickly. New Jersey is the company’s only focus, at least for now.
Slow and Steady
Soft2Bet’s General Counsel, David Yatom, explained, “The strategy is to take it slow. New Jersey is a mature market, one that understands not only the US landscape but also European operators. It’s the perfect entry point.”
By choosing New Jersey to test its mettle, Soft2Bet will have the luxury of operating in a market with two gaming verticals, as both mobile sports betting and online casino gambling are available in the Garden State. New Jersey is just one of seven states to offer iGaming, with the others being Delaware, West Virginia, Pennsylvania, Michigan, Connecticut and Rhode Island.
“It’s a very risky move going into the US, especially when many are pulling out. But we see an opportunity,” Yatom said. “Over the last two years, we’ve expanded significantly in Europe, selling and utilizing our technology, particularly our Motivational Engineering Gaming Application (MEGA) Solution. We’ve seen impressive results, and naturally, we were looking for the next challenge. The US was the obvious choice.”
Unique Approach
Getting noticed is why companies spend bundles of money on advertising and marketing. But as Soft2Bet’s David Yatom correctly pointed out, New Jersey is a mature market. This means the frenzied race for early adopters has already been run, and those bettors who are active in the market have already chosen one, or perhaps more, of New Jersey’s 15 mobile sportsbooks with which to conduct business.
Now the trick is for Soft2Bet’s bespoke platform, tailored to each market it enters, to be unique enough to generate the industry buzz required to get people to take notice and perhaps shift allegiances. Even if Soft2Bet starts out as a Plan B for New Jersey bettors, the company is convinced it will ultimately become their primary sportsbook and/or iGaming destination.
“We won’t just duplicate what we’ve done elsewhere,” said Yatom. “Each market requires a different approach. In the US, we will tailor our offerings, like the type of games, the bonuses, and even the user experience, to align with local preferences.”
Soft2Bet’s nimble approach in adapting its technology to its geo-demographic is vital in separating itself from the pack. “One size doesn’t fit all,” Yatom said. “Through our gamification features and MEGA Solution, we continuously adapt to user behavior. If something works, we run with it.”
