Mastering Global iGaming: Insights from Soft2Bet’s CBDO
Martin Collins, Chief Business Development Officer at Soft2Bet, recently graced the CEOpen mic podcast, sharing his fascinating career trajectory and invaluable insights into managing global teams and expanding into international iGaming markets. This blog post summarizes the key takeaways from his insightful conversation.
A Winding Path to Success: Defining Your Own Success
The podcast began by highlighting the importance of defining success. Collins’ own journey, from political science studies to recruitment, iGaming, and finally his current role, showcases the power of adaptability and identifying your strengths. He candidly discussed his early career choices, revealing that his foray into politics ended due to an incompatibility with the perceived dishonesty inherent in the field. This led him to leverage his strong interpersonal skills, moving to London and entering the recruitment world.
Recruitment: More Than Just Sales
Collins clarified the often-misunderstood nature of recruitment, emphasizing its sales-oriented core. He highlighted the intricate sales processes involved, particularly in his prior experience in the construction industry, where high-stakes deals demanded meticulous attention to detail. Financial motivation played a significant role in his career choices, but it wasn’t the sole driver.
The Allure of iGaming: A Lifelong Passion Meets Opportunity
Collins’ transition into iGaming stemmed from a lifelong interest in gambling, influenced by his Scottish cultural background, and a dissatisfaction with his construction work. A pivotal suggestion from David Copeland to combine his recruitment skills with his passion for betting led him to join Betting Jobs in 2006. He noted the relatively small number of recruitment companies in the industry at the time and the significant success many early recruiters achieved in diverse roles within the sector.
Malta: A Hub of Opportunity and Challenges
Collins’ move to Malta 15.5 years ago was a strategic combination of personal preference and business opportunity. Malta’s burgeoning iGaming industry, surpassing Gibraltar as a leading hub, attracted businesses and employees alike, fueled by the growth of companies like Betsson. Italy’s regulatory changes further solidified Malta’s position. However, Collins acknowledged the current challenges: a crowded market, employee retention issues (with employees often staying only 1-2 years), and a shortage of skilled workers, exacerbated by post-Brexit relocation difficulties. Despite these challenges, Malta’s lifestyle advantages are attracting some who left back to the island.
Building a Thriving Team: Beyond Gimmicks and Bonuses
The conversation shifted to employee retention, a critical issue in the iGaming sector. Collins debunked the myth that gimmicks like company canteens and games are the key to keeping employees. Instead, he emphasized the importance of a win-win scenario: providing employees with opportunities for growth and development while simultaneously leveraging their expertise for the company’s benefit. Soft2Bet uses competency matrices to track employee progress and align individual career goals with daily tasks. Open communication about growth plans is crucial in reducing attrition.
Purpose-Driven Leadership: More Than Just a Paycheck
Collins highlighted the significance of personal purpose beyond financial gain, especially in the gaming industry. He cited the relocation of Ukrainian employees to Cyprus during the war as a defining moment, showcasing his commitment to employee well-being. He admitted difficulty articulating his own personal motivation, attributing it potentially to his working-class background and the desire for upward mobility.
Entrepreneurial Endeavors and Lessons Learned
Collins shared his experiences founding and subsequently leaving his own company, Red Executive. He candidly discussed the challenges of managing a bootstrapped business, the fluctuating financial success, and the pressures of being solely responsible for payroll. He ultimately transitioned to Gig, a familiar company, for a smoother change. He also discussed his management style, admitting to making numerous mistakes and learning through experience. He emphasized the importance of direct communication, creating a platform for success, and outlining individual progress toward goals. He highly recommends Made, a training group in Malta, for leadership development.
Managing a Global Team: Balancing Standardization and Flexibility
Collins detailed his approach to managing Soft2Bet’s geographically dispersed team, emphasizing the importance of clear success definitions and empirical metrics. He discussed the challenges of managing diverse teams across different regions, highlighting the varying expectations and negotiation styles in North America, Europe, and Latin America. He stressed the importance of standardized tools for core processes, such as Zoho CRM, while allowing flexibility in other areas.
Navigating Global Markets: Dos and Don’ts for iGaming Expansion
The podcast concluded with advice for casino operators aiming for global expansion. Collins stressed the importance of prioritizing platform capabilities, analyzing the competition, and ensuring adequate localization efforts. He warned against insufficient localization, using AI bots prematurely, and complicated registration processes. He also highlighted the need for a country manager with a strong commercial profile to oversee localized efforts.
Soft2Bet’s Future: Growth and Investment
Collins shared Soft2Bet’s plans for 2025, including expanding its regulated footprint and continuing to promote “Mega,” a gamified casino application. He also announced the launch of Soft Tibet Invest, a €50 million fund for investing in Series A tech businesses that can create synergies with Soft2Bet.
Martin Collins’ insights offer valuable lessons for anyone navigating the complexities of global team management and market expansion in the dynamic iGaming industry. His emphasis on clear communication, employee development, and a data-driven approach provides a roadmap for success in this competitive landscape.
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!
