Entering Less Established Markets BETBAZAR GR8 Tech

Entering Less Established Markets: Q&A with Betbazar CEO, Alexander Iaroshenko and GR8 Tech CBDO, Yevhen Krazhan

With much of the iGaming discourse over the past few years being centred on how companies can take advantage of the increasingly regulated Latin America betting space, other promising markets such as Africa have emerged and grown without anywhere near the same level of fanfare.

Keeping this month's iGaming News Feature in mind, they sat down with Betbazar CEO, Alexander Iaroshenko and GR8 Tech CBDO, Yevhen Krazhan to discuss the potential advantages of targeting markets like Africa, the challenges they pose and how gaining an in-depth understanding of local culture and user preferences are crucial to business’s efforts to refine their product to meet local demands.

Are you surprised markets like Africa haven't received the same attention as LatAm over the past year?

Alex Iaroshenko: No, I think it’s pretty understandable when you consider where the two regions are on their respective timelines. The buzz around Latin America has been going on for a couple of years now – and for good reason too. The market is huge and considerably more mature than what we currently have in Africa. There’s better mobile penetration there and the user base is generally wealthier too. That’s the reason why there’s such a high level of competition and this will only increase now that Brazil has finally been regulated. Africa, on the other hand, is a big market in terms of the potential number of clients, but that’s all it is at the moment – potential. The market is expected to reach a valuation of $11.27 billion by 2032 so there’s definitely an opportunity there and as access to technology improves and regulation becomes more co-ordinated, we could see Africa gain a similar amount of attention to LatAm in the years to come.

Yevhen Krazhan: I’m not surprised either. LatAm has long been a major player in iGaming, with countries like Brazil and Argentina leading the charge with their deep-rooted passion for sports. Even though Brazil’s market has been going through a lot of challenges lately, businesses are still looking to enter this newly-regulated market. The other LatAm markets, like Peru and Chile, show steady growth, which also demonstrates why the region remains a focus for iGaming operators.

Africa, while boasting a rapidly expanding mobile user base and a booming sports betting scene, hasn't received the same level of attention. The competition is less intense, but with its swift digital adoption and growing enthusiasm for sports, Africa is definitely an attractive market. It’s still fragmented, with varying levels of regulation and infrastructure development across each country, but it also has immense potential that has largely gone under the radar up to this point.

Do you think less established markets are less valuable, or do they still offer opportunities for operators?

Alex Iaroshenko: When you have the right marketing strategy and the right product, there are always going to be opportunities – even in less established markets that you might initially think aren’t worth your time and investment. This is key because even in very fruitful markets, if you don’t have these things in place you’re setting yourself up for failure. Looking specifically at Africa, I would say that success very much depends on building a deep understanding of the market and tailoring your approach accordingly. If you can get these things right, then there’s arguably even more value to entering a market like Africa as there you have the potential to find hidden value – the tricky thing is that hidden value also comes at the cost of some not-so-hidden challenges!

Yevhen Krazhan: I think less established markets, especially in places like Africa, definitely still offer great opportunities for operators. Their population grows and will continue to grow over the coming decades. This means that while the average bet size will remain low, their volume will grow, increasing the region’s potential. The competition is not yet as fierce as it is in other markets, so it’s a good chance to get a foothold before the big players move in. However, it’s important to account for the features of local markets, which are very diverse and unique, and be ready to support explosive growth if you do everything right.

Focusing on Africa, countries like Nigeria, Congo, and Ivory Coast are gaining attention as emerging markets. What strategies should businesses consider when entering these regions to build a strong and lasting presence?

Yevhen Krazhan: With the expansion of 3G and 4G networks, prioritising mobile-friendly platforms is essential. Offering quick and local payment systems like MoMo and M-Pesa can meet the increasing demand for digital services and provide a smoother experience.

Understanding the local culture and economy is equally important. Tailoring offerings to fit the needs and challenges of these regions – such as providing lower-stake options or creating localised content – can help businesses resonate with the community. Establishing strong local partnerships is also key to navigating regulatory requirements and building up market credibility.

Simplified betting and gambling options are important for drawing in and keeping users in these markets. Making the betting experience easy to understand and straightforward also helps lower the barrier for new users, making your platform more inviting. When businesses focus on intuitive navigation and simple betting processes, they can really boost user engagement and fuel growth.

Parlays are incredibly popular in African markets, so BetBuilders and robust recommendation engines are very important to seizing success in there. Making sports betting more social works very well too and helps to grow the platform’s popularity in the long run through word-of-mouth.

As these are emerging markets, it’s wise to start small and slowly expand. That way, businesses can adapt and refine their strategies as they gain a better understanding of the market dynamics.

Alex Iaroshenko: I agree with Yehven on the points about the expansion of 3G and 4G networks and the availability of specific payments, but this is generally true for most emerging markets. You need to not only understand your audience and the best way to promote your product to them, but also the infrastructure that will enable you to receive money from them. For this reason, having appropriate payment options in place is one of the key aspects of building your presence in countries like the ones you’ve mentioned. Nigeria, in particular, has been a long-time leader in terms of sports betting in Africa, with 4 out 10 Nigerians – nearly 60 million people – betting regularly.  Companies like Bet9ja and Nairabet are huge in the region, so they’ve already proved that if you can solve the puzzles surrounding accessibility to payment methods and providing the kind of betting options that local players like to use, you can definitely be very successful there.

Can smaller operators succeed by entering emerging markets early and securing their share before larger companies move in?

Alex Iaroshenko: This is definitely a viable strategy for small operators, because if they instead choose to enter a well-established market where the bigger companies already have their share, they’re ultimately just going to get out-resourced. Unless they arrive with something truly revolutionary that instantly cements their place in the market, in the long run these bigger companies are just going to invest more into promotion to enlarge their share and make it even more difficult for others to compete. In an emerging market on the other hand, there are far more opportunities to earn your piece of the pie by taking your time to understand what really works. At Betbazar, we’ve had a few examples of clients entering markets where I’d have never guessed there would be a good customer base to target, but because they were brave and did their research beforehand, they got in early and built their brand to become one of the major players.

Yevhen Krazhan: It’s smart for smaller operators to carve out their share before the big players arrive. It gives them a head start to build a solid presence and loyal customer base. By setting the market tone and quickly adapting to local needs with personalised services, they can gain a significant edge. Partnering with a high-performance platform provider that offers geo-specific solutions and tailored player experiences such as GR8 Tech can be a game-changer in this respect, as it helps operators adjust their technology and features to align with local demands. ‍

How does building your brand in a less developed market compare to competing in a highly saturated one?

Yevhen Krazhan: Operators need to recognise and navigate unique challenges in any market, be it an emerging or a highly saturated one. In Africa, you’re dealing with fragmented infrastructure, low bandwidth, and varying regulations, but the flip side is a fast-growing, tech-savvy audience in key regions like Nigeria, South Africa, Kenya, and Ghana. The key to success is standing out with localised strategies and smart tech, like lightweight, fast-loading websites that handle low bandwidth, such as the one that we developed for Mojabet. In a saturated market, though, it's more about differentiation and cutting through the noise with something that truly stands out from the competition like unique content options, recommendations or engagement mechanics.

Alex Iaroshenko: It’s really a question of finding your own know-how in a less developed market versus relying on existing methods in a saturated one. In many respects, I think it’s more of a challenge for a brand to enter an establish iGaming territory, because every side of the business needs to be tuned in a specific way – sometimes not just for the region, but right down to a specific country. Of course, even in less developed markets like Africa we still have an idea of how things work. Yevhen mentioned that players there like to use BetBuilder and parlay functions at smaller stakes, so as an operator it requires a bit of work to prepare for this and offer customers the tools they need to bet this way. We also know players generally favour mobile payment methods as they have better access to them than they do to bank cards. In South Africa, for example, mobile penetration is expected to hit 67% by 2026 and 71% of adults are already using their smartphone to play casino games. I believe that’s going to become even more of a factor in the short term due to the penetration of crypto and its connection to mobile devices. As it gets increasingly easier to obtain and pay with crypto, I think that’s something that will develop a lot throughout the market.

Do less established markets with less competition give operators a chance to test and improve strategies for bigger markets?

Alex Iaroshenko: I wouldn’t say it’s as simple as that, because you can’t just apply the same methods you’re using in an emerging market to a well-established one. Promotion and affiliate marketing both work differently, so you need to get creative. I think in order for your strategy to be successful in an emerging market, you need to either have a long-standing presence there or at least have a local partner who can give you some guidance about what works in the region and what doesn’t. Without that, you’re going to spend a lot of money experimenting as you perfect your strategy, so having an inside view can definitely help optimise things at a much smaller cost.

Yevhen Krazhan: I wouldn’t say that, too. While the feedback you get from these regions is valuable and allows operators to tweak their offerings, understand different player behaviours and gather data, the challenges of the emerging markets versus the established ones are very different. Operators should perceive each market as its own thing and decide to enter them for their distinct benefits, not just as a training ground for further expansion elsewhere.

Does lower competition allow more room for creativity and experimentation?

Alex Iaroshenko, CEO Betbazar: Yes and no. On the one hand, lower competition allows you to experiment more, and experimentation is what ultimately drives creativity. On the other, though, lower competition can mean that you don’t necessarily need to reinvent the wheel in order to be successful – it might be enough to just stick with the standard things that are working. There’s definitely some overlap between these two sides, however. Let’s take brand ambassadors as an example. This is nothing revolutionary – it’s a marking strategy that’s been proven to work in a variety of regions – but you do still need to be creative in how you tweak it for specific countries. What kind of brand ambassadors might prove popular in Ivory Coast? Who’s on Tik Tok and Instagram? Are people even using Tik Tok and Instagram? These are all questions you have to answer to implement the strategy effectively, and to do that you really need to be there yourself.

Yevhen Krazhan: With less competition, operators have more freedom to get creative. They can try new ideas, experiment with features and tailor experiences without the pressure of a crowded market. At the same time, competition is what drives creativity – it’s basically a do-or-die thing.

GR8 Tech works with Mojabet in Africa. Did you have to adapt your platform for them from a technology perspective?

Yevhen Krazhan: Yes, we adapted our platform specifically for Mojabet’s needs. One of the biggest challenges was dealing with low bandwidth and outdated devices, which affected load times. To tackle the problem, we developed a lightweight version of our frontend. This simplified version focuses on speed over flexibility and it works perfectly for the region’s needs, lowering load times and significantly improving user experience and engagement.

We also introduced several adjustments to the platform’s features to better serve local players. For example, we consolidated all sports content onto a single page with straightforward filters, enabling users to swiftly find events and create parlay bets effortlessly. Players could access any event from this page and place a bet in just two clicks. This streamlined navigation made the betting process more user-friendly, increasing the time users spent on the platform by up to 20%.

Alex Iaroshenko: I can say from Betbazar’s side that we’re seeing more and more clients coming from Africa and the GR8 Tech platform definitely worked wonders for Mojabet I have no doubts that GR8 Tech be able to use that experience to further adapt their offering for other African customers in future as they’re already incredibly knowledgeable about the region. That being said, it’s not just about Africa – GR8 Tech have proven they have know-how to adjust to the needs of the client regardless of where they operate, so they’re definitely a reliable partner to work with.