Soft2Bet Enters New Jersey Sports Betting & iGaming Market

Malta-based Soft2Bet recently announced it will be entering New Jersey’s mobile sports betting and iGaming market at some point this summer in conjunction with a partnership through Caesars.

Perfect Storm

Several mobile sportsbooks have departed the ferociously competitive US mobile sports betting market after being unable to compete with the major and second-tier brands. However, Soft2Bet saw that as an ideal opportunity to learn from their mistakes, create value with innovative design, and ultimately enter one of the nation’s largest digital gaming markets with a unique product.

“We just see it as a perfect storm to come into the market,” Soft2Bet’s Chief Business Development Officer Martin Collins stated.

New Jersey’s Appeal

New Jersey is an attractive market for several reasons, not the least of which is the size of its population and its insatiable appetite for wagering, but it is also just one of seven states that offer online casino gaming.

As financial reports have clearly indicated, iGaming is much more lucrative than sports betting, and should Soft2Bet be able to gain market share through its innovative platform design, it would be poised to enter other online casino gambling markets.

Moreover, the topic of iGaming is being more widely discussed by state legislatures around the nation during this session than in any other. Cutting budget deficits has been front and center on many states’ legislative agendas, and revenue derived from iGaming would be a welcome relief. Yet, concerns surrounding gambling addiction and cannibalization of land-based casino business continue to linger.

Uri Poliavich, Soft2Bet founder and CEO, stated, “We are set to redefine gamification here in the U.S. and ultimately provide players with an incredible gaming experience with the debut of a new and transformative iGaming brand this summer.”

The MEGA Advantage

Soft2Bet’s Chief Business Development Officer Martin Collins explained that the company will focus its efforts on a younger demographic that is accustomed to technology and embraces innovation.

“At the heart of it, we’re a casino company. We’re going to change the bar,” Collins said. “We’re not going to do your standard sports layout, your standard casino lobby. It’s going to be entirely different, and we’re going to cater to this mobile-native business. Really change it up a little bit and do something entirely different that this industry hasn’t seen before.”

“We believe strongly that the industry as a whole has neglected this area in terms of art, design, and UI/UX,” Collins said. “We saw a clear proof of concept from B2C and rolled it out for B2B.”

Soft2Bet’s Competitive Advantage

Enter the company’s competitive advantage, the Motivational Engineering Gaming Application (MEGA), which integrates multiple customizable gamification elements into any number of platforms through one Application Programming Interface (API).

Yoel Zuckerberg, Soft2Bet’s Chief Product Officer, remarked about the advantages of utilizing its MEGA platform, saying, “We designed our Motivational Engineering Gaming Application (MEGA) tool to unify all our gamification features into one application. The work we have done on MEGA is paying off, and we have now integrated the solution with a simple API that does not require development time or in-depth changes.”

“Our customer lifetime values (LTVs) have shot up as a result of MEGA, but other key metrics like deposit amounts, retention rates, and ROI have also increased across the board.”

Soft2Bet’s Partnership Approach

As for choosing its partners, like the iconic Las Vegas-based Caesars, Collins said, “We’re very, very particular about who we work with.”

It appears as though there could be future collaborations between the two companies, but for right now, Soft2Bet is now using a Caesars skin to enter the Garden State fray, which could very well be the litmus test for its future in the US gaming market.