Yossi Abadi, founder and CEO of Tenlot, has highlighted the importance of acting in a localised manner when entering new regions with less mature markets to create a connection with its players.
Speaking on the SBC Leaders Podcast, Abadi explained to SBC’s Global Relations Director Kelly Kehn how his firm identified the need to enter the Central American region, citing much less innovative lottery products in the region.
“Central America is a fascinating region,” he explained. “It has much to grow in terms of industry than any other region in the continent.
“You can see in many countries they have repeated the traditional lottery with much less innovative products. So then you understand, that’s where you need to be where there is more potential to grow.”
Abadi added that, when entering a newer and emerging market, operators must adapt their approach tailor-made to each territory rather than relabelling products used around the world.
“A lot of unregulated countries are going to the path of regulation, but then if you take into consideration the fact that Central America has so few innovative products implemented and that the operators that actually access the market are international operators that just added another IP into their system, you understand that the people are much more interested in having a local operator.”
“In that sense, I believe that we have been very successful in entering countries like Costa Rica, Guatemala, El Salvador, the Asian market, in that we participate with the people in the growth of the company and the industry.”
Tenlot’s founder rejected the notion that the people in emerging markets are not technologically savvy enough to accept new innovative lottery products, citing the firm’s entrance into the Kenyan market.
“They use it on a daily basis on their phone when they buy over the internet on eBay and when they order food – they just need the right product.”
“We operate in Kenya; we’re the oldest and most experienced lottery in Kenya for over 50 years.
“And you know, mobile money is the most advanced industry than any country in the world. More than 90% of the GDP of Kenya goes through mobile money.
“That is an industry input that we are using and the same thing we will bring to Central America.”
Finally, Abadi gave a hint towards Tenlot’s plans for 2022, predicting strong performances in both Latin America and Africa, its two main focal points of operation.
“There are so many operators looking for new providers, and as a company, we operate with our own platform and we are going to open the door to third parties, and I’m sure it will be very successful,” he explained.
“We are going to bring them not only new technology but also new practices, advice, matrixes and accumulated experience in very challenging jurisdictions.”