During a period where most corporations are financially struggling, possibly shutting down their doors forever, the online betting industry is thriving. Billions worldwide remain under social distancing measures & aren’t permitted to engage with their daily responsibilities outside a 2km radius of their homes. It’s prompted a large percentage of these individuals to engage with online betting for the 1st time, with one sportsbook obtaining significant profits.
Soft2Bet announced that their opening new offices in Lisbon & Belgrade, allowing for this sportsbook to enter new markets throughout the European. Employed personnel with the Cyprus, Bulgaria, and Malta Offices will be relocated to Lisbon or Belgrade. Unique individuals will be hired for their ageing offices to account for the relocated employees. Expansion throughout the European Union followed after Soft2Bet implemented eSport Services to their sportsbook.
Financial losses were minimal during March 2020, which is when most online betting sites saw profits dwindle by 50% or higher. After the initial month of sports cancellations, profits rose with Soft2Bet eSport Services. Net profits sustained throughout April & May enabled for these new office spaces to be purchased in June.
The chief executive officer of Soft2Bet, Boris Chaikin, provided clarification into their motives behind these new corporate locations. He mentioned that their growing number of European & International fans requires an expansion of office locations, allowing for increased network exposure. Delays with their software will be limited to milliseconds by having an interwoven network supported through five areas. Boris Chaikin hopes that they’ll also expand their product suite with new forms of sports betting being issued daily.
New & Old Licenses
Soft2Bet maintains regulatory approval with the Malta Gaming Commission, Curacao eGaming Commission, and Swedish Gambling Authority. It’s expected that with their new locations in Lisbon & Belgrade, additional regulatory approval will be required. This would include obtaining licenses with the Portuguese Game Regulation & Inspection Service for Lisbon. This would extend towards another license with the Serbian Ministry of Finance & Economy for the Belgrade office. Considering their reputation within the betting market, obtaining regulatory approval in these jurisdictions won’t be challenging for Soft2Bet.