“OUR GEOGRAPHIC EXPANSION AND PRODUCT ROADMAP GO HAND-IN-HAND”
BtoBet’s Chief Operational Officer, Dima Reiderman, analyses the company’s performance during 2021 and provides his outlook for what awaits the company throughout 2022.
It’s been a very important year for BtoBet growth’s strategy. 2021 has seen the company establish a strong foothold in Europe, whilst having consolidated its core markets. What are BtoBet’s targets for the new year from a market perspective?
Market consolidation and expansion were one of the primary targets for 2021. And I am glad to say that from this point of view we have ticked all the boxes. Having said this now we have to focus on what lies ahead for BtoBet during 2022.
Looking back at January last year, we’ve spoken openly about our intent to be present in the more mature markets. Now we are in a position to say that we are present in these high-yield markets, and we want to further increase our presence in these markets.
We have gone live in Poland and the UK, and are keen to continue building our presence in what is Europe’s biggest market. At the same time I am also very positive that 2022 will see BtoBet very active on the European front and entering multiple jurisdictions in this mature market. All this whilst at the same time further maintaining our growth strategy in emerging markets, where for instance in the past weeks we have announced our partnership with FanDuel in Brazil.
A lot of activity seems to await BtoBet for 2022 on the markets front. But what awaits the company from a product development perspective?
To put it simply, our geographic expansion also drives our product roadmap.
Entering and expanding in these markets also drives to a significant extent the evolution of our sports betting product, because it needs to develop to fit the requirements of the mature market punters.
One has to keep in mind that the betting preferences of our core markets – Africa and Latin America in particular – are very much different than what shapes up the player preferences in the more mature markets, such as in the United Kingdom for instance. And it is with this in mind that we are developing our sportsbook offering to fit the taste of these more mature markets.
The evolution of our horse racing product perfectly encapsulates this product evolution. Horse racing is a must have for instance in the UK, whilst bookmakers and operators in Latin America and Africa do tend to do without it. Another example is esports, which is a high bandwidth consumption product, and whilst again it is a must for some markets, it’s not a prerequisite for others.
And in parallel to this product evolution, there are also the modifications that will be taking place on the front-end level, whereby we will be adjusting the UI of the product to fit the liking of punters in different market scenarios.
So essentially, we are working hard on simultaneously addressing this co-existence: our expansion and entry in new markets, and the evolution of our product roadmap.
2021 has also been a significant year for BtoBet when it comes to human resources. Will this growth also continue throughout next year?
2021 has seen BtoBet grow significantly from a human resources point of view. The company’s workforce has grown by over 40% during the past 12 months, and the vast majority of this new talent has joined our technology division, particularly the product team. We brought onboard experienced people with a thorough understanding of the iGaming industry, with knowledge in retail, online, and a profound expertise in mature markets. This latter aspect is of particular importance given the fact that mature markets constitute a primary focal point in our growth strategy.
The growth in the headcount is a direct result of our investment in the technology. And we are maintaining this same direction for 2022 as well, again mainly on the technology side. All this whilst at the same time continuing to strengthen the company’s management and leadership team.
How did the company’s growth strategy translate in financial performance?
2021 will go into the company’s financial annals as the best year ever for BtoBet with Q4 being the highlight for the entire year. However, whilst very satisfied with what we have achieved during the past 12 months, we set even more ambitious targets for us for the coming 12 months and which will see BtoBet registering further significant growth in terms of revenue.
Being part of a publicly traded group also allows BtoBet to explore benefits from the group synergies, sharing knowledge and experience, and at the same time optimising costs.
2021 demonstrated the company’s agility, because whilst we were laying the foundation for the long-term growth of the company, in parallel to this we registered the best year from a financial point of view. And the past 12 months have actually shown that one does not necessarily need to come on account of the other.
All this hard work will eventually pay off in the coming years, because BtoBet will be one of the market leaders in the sports betting industry.