U.S. Expansion | Tapping into the Opportunities of the U.S. iGaming Market
TAPPING INTO THE OPPORTUNITIES OF THE U.S. iGAMING MARKET Jesper Kärrbrink and Elena Kvakova discuss how to successfully launch in the prosperous market. We have seen a voracious appetite for online gaming in the United States, and it is only getting stronger. The number of states that passed legislation in 2021 far exceeded all expectations, and we can expect a steady increase in the years ahead. Initially, the procedure can be intimidating for organizations seeking to break into this market, but the rewards on the horizon
far outweigh the challenges. In this interview, Jesper Kärrbrink, Co-founder and Creative Director of Green Jade Games, and Elena Kvakova, Head of the U.S. Market at Internet Vikings, discuss insights to assist businesses in understanding the significant market challenges and opportunities as well as aid in the development of a flawless market entry strategy.
Elena and Jesper, given your expertise in the U.S. market and years of iGaming industry knowledge, what do you believe are the most significant considerations for companies entering the U.S. iGaming market? Elena: First and foremost, businesses should strap in for the long haul by investing time in research, keeping abreast of industry developments, such as new players entering the market, new states enacting legislation, and legal challenges certain companies are confronted with. Jesper: It is essential to keep in mind that you cannot enter the U.S. market alone. You must have a partner or company sponsorship, which is why securing an agreement or letter of intent with a partner who is already accredited (in the state you intend to enter) is critical. Get a head start by connecting with businesses already operating in the market that can offer valuable advice based on their experiences and day-to-day responsibilities.
Elena: Prepare to devote a significant amount of time to complete a large number of application forms and consult with professionals. Multiple states have comparable standards, so entering additional states will be much easier after you have cleared the first hurdle. Collaborating with a skilled legal and compliance team will also help to streamline the process of obtaining the necessary registration and licenses and completing state filings.
What advice can you give companies in terms of license applications and processes based on your own experience? Jesper: When determining which state to launch in, choose the one that offers the most business potential. Follow the demand and enter each state one at a time to prevent becoming overwhelmed by the application criteria.
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Being immersed in the market's happenings over the past year, what changes have contributed to the evolution of the U.S. iGaming market? Elena: One of the extraordinary things we have seen is that 25 states have enacted online sports betting legislation, exceeding the initial forecasts of two or three states. I think we will continue to see more states getting on board as this year has proven that states are realizing that online gaming can be conducted safely while providing entertainment and generating additional tax revenue. As experts who have been observing the U.S. gambling market for a few years, what trends do you anticipate in the next five years? Jesper: We should certainly start seeing a rise in the number of European companies
Jesper Kärrbrink Chairman at Green Jade Games Ltd
Elena Kvakova Head of the U.S. Market at Internet Vikings
