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German B2C and B2B transactional portals run on the framework we are developing! Lessons from 23+ Years in iGaming with Christian Rajter
Christian Rajter, a veteran of the iGaming industry with over two decades of experience, shares his incredible journey, highlighting both triumphs and failures. This isn’t just another success story; it’s a masterclass in entrepreneurship, resilience, and the importance of adapting to diverse markets.
An accidental start and the allure of dynamism
Rajter’s entry into iGaming wasn’t driven by a passion for gambling, but rather by the industry’s explosive growth in the early 2000s. His initial role processing credit card payments for online casinos at a payment solutions provider in 2001 unexpectedly opened doors to business development and customer relations, forging a strong connection with a Scandinavian bookmaker. He recognized the transformative power of the internet on the gambling landscape and seized the opportunity. This early experience shaped his understanding of the industry’s dynamism and potential.
From Expect.com to building his own empire – The drive for autonomy
His journey led him to Expect.com, a pioneer in integrating casino games and poker into its offerings. He eventually rose to become CEO before embarking on the challenging but rewarding path of entrepreneurship. This decision, fueled by a strong belief in his abilities and a desire for autonomy, underscores a crucial lesson: self-belief is the cornerstone of successful ventures.
Learning from mistakes – Blogvertiser and beyond
Rajter candidly discusses his early venture, Blogvertiser, a platform connecting bloggers with advertisers. While initially successful, it ultimately failed due to underpricing and a lack of commitment. This experience, which even garnered media attention and a government inquiry in Sweden, provided invaluable lessons in pricing strategy and the importance of perseverance. He emphasizes that even significant setbacks, like the bankruptcy of a previous company due to ignoring warning signs and faulty market assumptions (“Assumption is the mother of all fuck ups”), can pave the way for future success. His expansion into the Asian market based on the success in Europe serves as a cautionary tale about the limitations of extrapolation.
The African adventure – Listening more than speaking
Currently, Rajter focuses on the African market, recognizing its immense potential and diversity. He stresses the importance of listening to local needs and adapting strategies accordingly, highlighting the success of his current startup, which achieved profitability within 13-14 months despite the challenges of COVID-19. This approach, prioritizing understanding over assumptions, is a testament to his adaptability and willingness to learn.
Intuition vs. analysis – Embracing action
Rajter acknowledges the role of intuition in decision-making, referencing Daniel Kahneman’s “Blink,” but emphasizes the importance of action over endless analysis. His entrepreneurial journey is marked by a willingness to take risks and adapt strategies based on real-world feedback. This is evident in his shift from house alarms to simple games for emerging markets, a decision driven by intuition and a keen understanding of market needs.
Emotional attachment and the post-sale reflection
Rajter shares his experiences with emotional attachment to his companies, comparing them to “babies” and emphasizing the importance of employee well-being and a positive work culture. He discusses the pride and uncertainty that followed the sale of Mobanga, highlighting the potential disconnect between the original vision and the company’s post-sale direction. This section offers valuable insights into the emotional toll of entrepreneurship and the importance of planning for life after a successful exit. He contrasts his experience with the story of a friend whose successful sale led to depression and marital breakdown, emphasizing the need for a post-exit plan and a clear understanding of personal motivations beyond financial success.
Building a high-trust culture – The power of collective intelligence
Rajter’s approach to building a successful team is based on trust, open communication, and valuing collective intelligence over individual brilliance. He employs a referral-based hiring system, fostering an environment where everyone feels empowered to challenge decisions. His team, comprised of individuals from diverse backgrounds and nationalities, reflects his commitment to meritocracy and inclusivity. He prioritizes enthusiasm and emotional investment over rigid metrics, creating a collaborative environment where everyone shares responsibility, even for less glamorous tasks like bug fixes. This approach, while challenging to scale, has been instrumental in his success.
Advice for aspiring iGaming founders
Rajter’s advice to young entrepreneurs is simple yet profound: surround yourself with the best people. He emphasizes the importance of self-understanding, setting clear goals, and celebrating successes, no matter how small. He also stresses the importance of sharing success with the team, suggesting various methods beyond stock options to ensure everyone feels valued and motivated. He highlights the importance of a collaborative environment, using the example of Mobango’s high-quality employee cafe as a key factor in employee retention.
Navigating the african iGaming landscape
Rajter concludes by discussing the unique challenges and opportunities of the African iGaming market. He emphasizes the importance of understanding the diverse socioeconomic factors, technical capabilities, and cultural nuances across different African countries. His approach involves adapting game development to local tastes, utilizing culturally relevant promotions, and prioritizing direct communication with local partners and customers. The success of his company in 22 African markets is a testament to his adaptability and understanding of the market’s complexities.
This blog post offers a wealth of insights for aspiring entrepreneurs, particularly those in the iGaming industry. Rajter’s journey is a compelling narrative of resilience, adaptation, and the importance of building a strong team and a positive work culture.
This article is based on an episode of the CEOpen mic podcast. For the full conversation and more insights, tune in to CEOpen mic on YouTube and Spotify – don’t forget to subscribe so you never miss an episode!
