When new markets go live, there is always a huge opportunity for operators and suppliers to gain market share and assert their dominance to a new range of players.
But when a market goes from grey to regulated, the opportunity can be even greater, says Stanislav Mykhailov, Chief Commercial Officer at Platipus Gaming.
Speaking to iGaming Expert from SBC Summit Rio last month, Mykhailov says that the opening of Brazil’s regulated framework for online gaming has opened up a great opportunity. Platipus was part of the first wave of suppliers to certify its games in Brazil; Mykhailov says this sets it apart from the crowd.
“The opportunity here is massive because, before the regulation, the market was oversaturated,” he adds. “But now the certification and documentation period is in place, only around 30% of the businesses remain in the market. We really see the first-mover advantage in this market and it’s something that we like to do.”
Merely having first mover advantage does not necessarily yield results, though. A business has to make that advantage count and be ruthlessly competitive in its approach.
Mykhailov explains that Platipus’ confidence and belief in its range of products means that, by the time other suppliers enter the market, they will have significant brand equity in Brazil.
As he says: “Once other providers get certification and enter the regulated market months after we have, players are already used to and enjoy our games, so we can get in, do promotions and not waste time before others enter the market. It obviously gives us a clear advantage.”
Wild Spin remains its top performing title in Brazil, as it is in many jurisdictions in which it operates. This is because, in Mykhailov’s view, the game has a big reputation globally so operators are keen to push this game to players who in turn, enjoy playing it.
“It’s our signature game and it’s always number one across all the countries in which we work,” he notes.
But what makes Platipus’ games stand out? Well, Mykhailov points towards the diversification of its product portfolio which includes slot games, video bingo, instant games and more.
This means players have more options as they become more accustomed to online casino gaming. It is part of the company’s aim in “making experiences much more interactive” for its players.
One aspect that is key to ensuring that games are interactive for players is developing titles that players in certain regions actually want to play and this is something Mykhailov explains is a crucial part of Platipus’ approach not only in Brazil but in the wider Latin America region.
“We put great emphasis on our game design,” he says. “When you have a convenient user interface and you have good retention tools at your disposal, players then want to play and we have additional instruments to engage customers.
“Now we’re planning a big network tournament and we hope that our new Brazilian operators will take part in it. Tournaments are something that we’re looking to do more and more in the future. You can expect to see much more customer retention from our side and not just the operator side.”
Adapting to new regulations
While being a first-mover in a newly regulated market offers a wealth of opportunities, the adaptation period can be particularly irksome. Yet while the igaming industry waited with baited breath for more than five years for the nation to launch its ‘Bets’ regime, the framework does have its detractors.
In particular, Mykhailov points towards certain regulations that still require “troubleshooting”, such as the branded reports each month that are required from all providers.
He elaborates: “If we compare reports in Brazil to those that were implemented in Italy, you at least upload data to the website. Here in Brazil, it’s just a document that isn’t even being checked, so you don’t register it anywhere. You just have a list of games with a legal entity and address.”
But rather than criticise regulators and lawmakers, Platipus Gaming has rolled up its sleeves and adapted to the requirements.
“Simply put, we are not afraid of new regulations,” Mykhailov asserts. “I would say, though, that the Brazilian legal framework is very bureaucratic and overreaching compared to other countries. Some of the things here are just not necessary, but that’s just my professional opinion.
“Let’s hope that things will improve and it can be more convenient for both operators and suppliers. But for now, we are dealing with the system regulations and if we want to be among the top riders in the market, which we do, then we have no other choice.
Global iGaming ambitions
Ultimately, Platipus Gaming descended upon Rio for the SBC Summit Rio with excitement and ambition. Already part of the first wave of suppliers to be licensed, the provider has already had one batch of games certified, with more to come.
“There will be a big batch of games ready for certification very soon,” adds Mykhailov.
“Players really enjoy games that are customisable because they can choose the volatility. They could have an almost risk free game or a big winning game.”
Its Brazilian entry comes around a year after entering the regulated Peruvian sector, which is also a key part of the firm’s LatAm and global ambitions.
But Platipus’ ambitions don’t just extend to LatAm. It seeks a global portfolio of markets.
As Mykhailov concludes his chat with iGaming Expert, he outlines just some of those ambitions.
“We’re always looking at other countries and markets in Latin America. In particular, we are looking at Colombia and it’s likely that we will introduce a shortlist of 25 games in this market.
“Beyond LatAm, we are growing fast in western Europe so we will apply for a UK licence and we expect to go live in Ontario later this year.”
