iGaming platform provider and operator Soft2Bet expects to double its EBITDA for 2024 after strengthening its presence across a number of regulated markets.
The Malta-headquartered private company said that consolidated group revenue is expected to be significantly higher for 2024, helping EBITDA double compared to the previous year.
The strong results were driven by the company’s B2C expansion into Ontario, Mexico and Sweden, as well as B2B approvals in Greece, Romania and Sweden. Two major turnkey deals were also signed in Mexico and Nigeria.
Looking ahead, Soft2Bet is preparing to enter the United States iGaming market for the first time, initially in New Jersey, with the company also slated to enter Spain’s online sports betting and iGaming market later this year.
“At Soft2Bet, we have redefined traditional gamification through our leading MEGA solution driving player engagement,” said Soft2Bet founder and CEO Uri Poliavich. “This cutting-edge strategy has significantly impacted our brand’s performance, received industry recognition, driven sustainable revenue growth, and showcased stronger ROI while successfully expanding into new markets.”
With MEGA becoming available as a standalone solution, allowing operators to implement gamification and advanced retention tools, Soft2Bet said that this resulted in a 65 per cent increase in net gaming revenue (NGR), a 45 per cent rise in average revenue per user (ARPU), and a 50 per cent boost in deposits.
“The group’s principal activities remained unchanged from previous years,” said Soft2Bet chief financial officer Max Portelli. “Soft2Bet retained its trajectory to capitalise on what was established in previous periods, primarily the continuous expansion of its licensed footprint across new markets within Europe and beyond.
“At the same time, its innovative B2B product offering demonstrated once again its superior quality and effectiveness across the industry.”