HOW CAN AN IGAMING PLATFORM ENTER A NEW MARKET AND BUILD ITS BUSINESS WITH THE PROSPECT OF GLOBAL EXPANSION?
Our partners are running a successful business, namely a gaming platform with a recognizable corporate identity and a base of regular players, developed for certain regions. A dedicated strategy for attracting and retaining players helps the business grow and develop.
At some point, the need to enter new markets and expand became very obvious.
After analyzing the current market situation, the BDC project team offered their partners the opportunity to create a brand-new product concept and organize a business from scratch based on the standards of global iGaming market leaders.
We divided the task into two stages: prep work and the launch.
One of the major steps was to build a strong team of industry professionals experienced in startup launches. We used a flexible work approach: apart from the consultants actively involved in the project, some specialists were hired to work full-time, while others joined under a contract for temporary cooperation.
Specialists involved in the project:
We found 15+ experts who are actively working on the project
“The work of a team should always embrace a great player but the great player must always work.” (Sir Alex Ferguson)
At the start, we formed the main pool of tasks, and the project was divided into several blocks:
LEGAL – legal consulting, obtaining all the necessary documents for the legal operation of the platform in selected jurisdictions, establishing workflow and business accounting infrastructure.
RESEARCH – in-depth research (competitive analysis, interviews with top industry experts), strategy formation based on the results.
PRODUCT – gaming platform design, development of a unique corporate identity for the project, brand positioning in selected locales.
PAYMENTS – creating an ecosystem of payment solutions and services to ensure flawless operation.
MARKETING – development of a user acquisition strategy and its implementation.
HR – hiring and onboarding new employees, building a startup team.
SUPPORT – setting up and describing operating regulations of the customer support.
ANALYTICS – setting up project analytics (internal analytics, marketing analytics, financial analytics).
As a project’s roadmap, a detailed Gantt chart was proposed, including all abovementioned blocks, divided into micro-tasks and distributed on a timeline. Thus, the whole team, including the partner, could see the entire picture and the interconnection of all the pieces became clear.
“Planning and preparation are the keys to victory in any war”
Further, we reveal the results in detail.
Entering the new regions with an iGaming project requires a solid legal structure of the company. We also needed to obtain a number of important documents, establish document management processes, and register new employees.
The BDC project team put together the legal foundation for the partner's turnkey business.
3 important studies were carried out to study the market situation and obtain all the necessary input for building a project development strategy:
In this analysis, we looked into 9 competitors from 3 target geos where the product launch is planned.
Driven by the need to immerse the team in the work processes and products, we decided to make analysis-overview. We invited a native expert with extensive experience working with iGaming to help our product manager.
The methodology for selecting competitors consisted of 2 parts:
As a result, we identified the main trends in the gaming industry and the format for implementing trends on product platforms. Key product recommendations were introduced.
For a deeper dive into the market specifics, 2-hour interview sessions with the following experts were held:
- payment solutions manager
- iGaming product manager
- marketing expert
- head of technical department support, etc.
12+ interviews were conducted, the answers of the experts were structured and formatted into basic insights on entering new markets.
As a result of the interviews, we received all the up-to-date industry information and collected recommendations on positioning and business processes setup.
To collect all available information, an open source analysis was carried out.
Studied information on:
- Market growth rate
- Legalization of the industry and its impact on users
- Industry development in different regions
- Use of new technologies in the industry, etc.
Thanks to open source analysis, we gathered many useful inputs that helped with deciding on the product development strategy.
Product development and adaptation has become the main objectives. The team’s goal was to create a memorable, innovative, and vibrant brand. The platform had to meet and exceed the expectations of the Western consumer.
What we have achieved:
To build a strong team, we invited our lead recruiter and corporate communications specialist to join the project.
Hired the entire executive team.
Prepared an onboarding and adaptation plan for employees. A corporate communications specialist guides new employees throughout the adaptation period.
Identified the need to develop an HR brand and are currently designing it.
We also hired a few temporary specialists to help us with specific tasks.
Aiming to attract the first players, we developed a multi-channel launch strategy, including work with the main traffic sources:
In just six months, we fully prepared the platform for the market launch. We set up the entire business structure: incorporated two companies in Curaçao and Bulgaria, obtained a license, integrated payment and crypto processing providers, and opened two bank accounts.
The full scope of work included planning, handling legal and HR issues, research, team building, product development, and the development of the multi-channel marketing strategy. As a result, we’ve swiftly built a premium infrastructure from scratch.
Are you planning to launch an iGaming platform? Contact BDC Consulting team, we know exactly how to do it.