Ohad Straschnov: “We’ve been focusing on Canada and North America for quite a while”

Why is activating membership in the IBIA in Ontario such a significant step for Soft2Bet?

First of all, this collaboration intensifies the company’s credibility, signaling to the industry and regulators our commitment to high standards of integrity, particularly in sports betting. It also reflects our dedication to compliance with regulatory environments, enhancing both our credibility and reputation.

Being a part of IBIA provides Soft2Bet with access to valuable information, resources, and best practices related to monitoring betting integrity. This allows the company to stay updated on the latest developments and technologies in the field, helping it to continually improve its monitoring systems.

IBIA membership facilitates collaboration and networking opportunities with other reputable companies in the industry. By engaging with peers and experts, Soft2Bet can gain insights and learn from others’ experiences, further strengthening its commitment to monitoring betting integrity.

Joining IBIA demonstrates Soft2Bet’s proactive approach to regulatory compliance. Many jurisdictions require operators to demonstrate measures for preventing match-fixing and other forms of betting-related corruption. Membership in IBIA can help Soft2Bet fulfill these regulatory requirements more effectively.

Overall, Soft2Bet’s decision to join IBIA reflects its strong commitment to maintaining the integrity of sports betting and its dedication to responsible and ethical business practices.

Your membership in IBIA also seems to be aligned with your company’s values and mission…

Yes, definitely. One of our company’s main goals is to enter the top regulated markets currently available. These collaborations, including integration with affiliate monitoring bodies, enhance our product and our strategic direction.

We believe that such collaboration will assist us not only in terms of reputation but also in product development. It allows us to upgrade our technology and have visibility to valuable information.

But it seems especially crucial for your Ontario presence because of the regulator’s requirement to be part of a betting integrity monitoring body. How did that factor influence your decision?

It’s not just about meeting a requirement. When it becomes a necessity to enter a market, we must cross-check. As we aim to enter the US and more regulated markets in Europe, the scrutiny and requirements become stricter. We need our product to be as compliant and flexible as possible.

While we focus on developing a flexible product internally, we can also use the shared information from the industry to be able to develop, grow and enhance our product. Ontario, and the US as well, will definitely request these engagements with such associations.

At the end of the day, we chose to collaborate with IBIA and entered into an agreement for all regulated markets, not just Ontario. This collaboration will help us monitor integrity in sports betting events across all regulated markets.

How exactly are obtaining the license in Ontario and the membership in IBIA connected with your broader expansion plans in North America?

As I mentioned, we plan to grow. We’ve been focusing on Canada and North America for quite a while. Ontario is currently the biggest and only regulated market in Canada, which is why we decided to go there. In the US, we are also in the process of obtaining a license in NJ and will do so in several other states.

To provide a fully compliant and top-notch product in the US, engaging with associations like IBIA is essential. We need to ensure we have a flexible and compliant product available and collaborating with such associations is a crucial part of that.

We believe this will assist us in the US market, which we are closely monitoring. Although we haven’t started operating there yet and are still seeking our first license, we hope that these engagements and collaborations will be beneficial, not only in Ontario but across North America and worldwide.

You’re planning to enter Ontario with the Tooniebet brand. Could you tell me more about it? How will it be integrated with the IBIA’s Integrity Monitoring Platform?

We plan to launch our exceptional products, including our Casino Integrations Platform and Sportsbook. We’ll be utilizing an experienced marketing partner who will assist us to deliver top-notch platform in the market.

We recognize that it’s a competitive market, and with our product and the support of our partner, we will be very competitive with this brand.

North American markets have proven to be really challenging, and some European brands have struggled there. How do you plan to address the potential problems?

We need to be able to provide a flexible product and adapt it to the US market. Understanding the US market, which is different from the EU, requires local expertise and assistance.

Employing people on the ground will assist us in navigating the market differences. Our research indicates that proper localization and employing local expertise are key to overcoming these challenges.

On the other hand, do you see any key differences between the Canadian and United States markets?

I think Canada and the US are more similar to each other than either is to Europe or Latin America, particularly in terms of collaboration with regulators. Regulators in Canada and the US tend to be more transparent and open to discussion and collaboration. This openness makes it easier for new players like us to penetrate these markets, obtain licenses, and meet technical requirements.

Both Ontario and most US regulators we have interacted with are accommodating and willing to cooperate with potential operators. While there are cooperative regulators in the EU, many European markets are stricter and less transparent, making collaboration more challenging.