Southeast Asia may outpace Latam as igaming's next frontier

As we move into the second half of 2024, the igaming landscape is witnessing unprecedented shifts. The industry has been abuzz with talk of Latam’s explosive growth, especially with Brazil’s prominent role since the country’s igaming legislation was approved and started to be implemented.

However, there’s another contender that may surpass Latam as the most promising region for igaming: Southeast Asia. While Latin America experiences the growing pains of rapidly developing markets, Southeast Asia’s momentum, driven by its vast population and the rising demand for new products and innovative ways of engaging users, positions the region as a potential global growth hub.

Latam: The North Star of recent years

Latin America continues to be a powerhouse for igaming, driven by its markets’ strong inclination towards maturity, a young and tech-savvy population, mobile device penetration and a passion for sports, particularly football. Brazil is the market on top of everyone’s minds due to its recent developments, with countries like Peru following closely in its path. It remains to be seen whether they will learn from Brazil’s case or adopt both the good and not-so-good practices that have considerably stirred up Brazilian operators lately.

Operators in Latam must contend with varying levels of market maturity and economic volatility, as well as the high level of competition. Nonetheless, the region’s appetite for igaming is insatiable and, with the right strategies, the rewards are substantial. Successful operators in Latam focus on robust risk management, local partnerships – especially in payments – and addressing the region’s love for sports with high-quality content. Often, this content needs to be sourced outside of Latam’s local providers, that have settled for a certain selection of options and stopped further development, highlighting the importance of bringing innovative and diverse offerings to keep the market engaged and growing.

Southeast Asia: The disruptor

The Southeast Asian igaming market is on the cusp of a significant boom. The region’s growing middle class, increased internet penetration and mobile-first approach have created a fertile ground for igaming, and several markets are gradually moving towards maturity.

Product trends in the region show very strong demand for iFrame solutions, as many casinos look to quickly add sports betting as a new revenue channel for their businesses. Additionally, there is an overarching tendency among Asian operators to expect quick returns on investments. This expectation often needs to be managed and brought to reality as projected results can differ significantly from quick wins, especially when operators themselves are slow to commit to any promises.

Despite the hurdles still shaking the region, its potential is immense, so immense in fact, that while Latin America makes it through its path of trial and error, Southeast Asia can become a new booming growth region in the global igaming arena.

Looking ahead: GR8 potential and GR8 expectations

At GR8 Tech, we recognise that Southeast Asia and Latam offer unique opportunities that are central to our strategic planning. These regions are not only vibrant and rapidly evolving but also present distinct characteristics that align with our vision for growth and innovation. By focusing on these areas, we aim to leverage their dynamic markets to drive forward-thinking solutions and capture the immense potential they hold for the future of igaming.

Since the beginning of 2024, we have signed 12 new clients, four of which have already launched on our cutting-edge platform. This expansion is not merely about numbers; it’s about the depth of our engagements. Each client operates multiple projects with us, drawing on our extensive experience and insights. The successes we’ve seen so far have provided valuable lessons and driven further ambitions for collaboration and growth.

We invest heavily in understanding local markets. Our teams are on the ground, working closely with local partners to ensure our offerings resonate with players in each region. This includes adapting our platforms to support local languages, currencies and payment methods. The trends we observe, such as the demand for high-quality diverse content in Latam, and the preference for iFrame solutions in Asia, come directly from our practical experiences. We are ready to meet these needs with our products, offering an amazing sports feed and top-notch iFrame tailored to the specific demands of these dynamic markets.

As we continue to expand, our primary focus remains on Southeast Asia and Latam, which I believe are the epicentres of the igaming industry’s dynamic future. At GR8 Tech, we are excited about the opportunities these regions present and are committed to helping our clients navigate their complexities and unlock their full potential.

Yevhen Krazhan is an experienced C-level executive with deep expertise in the telco, IT and entertainment sectors. Throughout his career, he has consistently demonstrated a talent for building sustainable business models, driving results and increasing shareholder value.

As a chief business development officer at GR8 Tech, Krazhan oversees several crucial functions within the company, including business development and account management, identifying and leading development strategies in key markets as well as shaping the company’s product development, incorporating market insights and customer demand to steer GR8 Tech’s offerings toward even greater innovation and relevance.