How has the year been so far?
This year has been truly amazing for Pragmatic Solutions. We advanced incredibly fast and pierced new markets, thanks to our flexible, scalable product that adapts to the latest standards. This year, we were audited for the UK and Sweden, as well as obtained the well-known GLI-19 certification, acting as a seal of approval for our platform. These achievements follow previous ones in Malta and Curacao; which have been accomplished after rigorous tests against the toughest integrity standards in the iGaming industry. Moreover, we signed deals with valuable casino providers like GreenTube and Playson which are evidence of the product-centred business strategy that we adopted. 2019 was a year full of success from all standpoints, and this is just the beginning.
What are the big hurdles you have had to overcome?
One of the challenges is onboarding bigger clients; as long-established operators still trust legacy platforms, even though they are no longer up to date with the latest demands in the iGaming industry. Modern business models like the ones we adopt at Pragmatic Solutions should help operators adhere to the latest requirements. Selling a business model that is not similar to what operators are used to is quite challenging, but we are confident that operators will start realising the benefits of updated, fully customisable platforms with no catches involved that puts their roadmap above anything else. Another big test is entering new markets, getting fully complied with local regulation and staying up to date with changes in the markets where we are already operating.
What do you have planned for G2E?
Pragmatic Solutions plans to expand to North America, which is a very promising market in terms of iGaming. After establishing our position in European markets, obtaining deals within the US will represent a noticeable advancement for Pragmatic Solutions development-wise. G2E Las Vegas is our ticket to North American territories. We will be present at booth no. 3410 from 15th to 17th October. Our main goal is to emphasise the benefits of our platform, highlighting what makes Pragmatic Solutions different from other PAMs in the market, especially taking into account the tough competition in these new territories.
How can smaller-scale platform providers compete with bigger companies?
Market adaptation and flexibility are the keys when it comes to competing with big companies. Optimising the core product and the ability to provide a scalable and fast solution does make a difference, as well as unbeatable integration timings. Conversely, legacy platforms that use outdated technology and cannot scale their product will lose ground. Modern-day gambling is changing in the blink of an eye, and the technology used by platform providers needs to be adapted. Pragmatic Solutions is mobile-focused, API based, thus adhering to these new requirements very easily and successfully competing against major players in the industry.
What are the key attributes platform providers must have to be successful in the modern market?
Succeeding in the modern market is directly related to platform features and a rapid, flexible integration. Operators want to progress as fast as possible while going through the least amount of downtime, as this can cost considerable revenue. This is why integration speed and flexibility are key attributes that are accomplished to our updated code.
For a flourishing partnership, platforms must own a wide array of certifications and licenses to operate in different markets and the ability to adapt easily to their compliance procedures. Furthermore, platforms must be flexible and adapt to the changes that appear along the way. The iGaming industry is very demanding, in the sense that it changes very often according to the latest advancements in technology. Remaining scalable, flexible and offering customisable services are necessary conditions to stay successful, which is something we have achieved by managing to deliver successful integrations within three to four weeks.
What new markets are you looking to enter in the coming year?
We’re turning our face towards North American and African territories. We are aware of the opportunities in the US, and the first step in penetrating the market is the G2E Las Vegas participation. We are planning to obtain new deals there, and that might happen sooner than we think. Africa is also a quickly evolving market that we’re trying to pierce, given the numerous opportunities we would have there. Expanding to new territories is part of Pragmatic Solution’s business strategy, so there is more to put on the list.
What do you see as the next step forward in online gambling?
At the moment, Artificial Intelligence is perhaps the most promising technology that will implicitly affect online gambling. AI is most likely to provide tangible benefits to the iGaming industry, and that will give us the chance to expand rapidly and offer innovative services to our clients. Artificial Intelligence allows for more control and flexibility, encouraging a speedy integration. It is definitely a trend to follow closely. Cryptocurrency is also worth a shot. We already have a crypto payment service included at the moment, but the trend is still growing and raises many questions in terms of compliance. As long as it is held under control, technology will have nothing but a great influence on PAMs.
What can you tell us of plans for the rest of the year?
This year was very productive for us, but we have so much more prepared for these last few months. In the fourth quarter of this year, we are planning to expand to Denmark, Italy and Spain. We want to continually increase and expand our reach in regulated markets, and these are key territories for Pragmatic Solutions. Expanding in Europe has strategic importance for our company, considering that it will gain extended availability in growing markets where clients expect iGaming platforms that are capable to serve their current needs.
This Q&A was featured in the October 2019 issue of GI Friday.