hy did you choose to bring your product offering to the Dominican Republic?
In Latin America, the Dominican Republic stood up for many reasons. First, there's a great professional business climate in the country. People love and embrace new technology and they're willing to try new things.
Second, in the Dominican Republic there's a population of ten million people, of which four million are underage, so that leaves you six million. Four million of those six are regular lottery players and they generate over two billion dollars in revenue. We have developed a platform that rounds up all the lotteries and games in one location. With Royal Fortunes you can play any game from any lottery anywhere. For the reasons given, it seeems to be a model that would be appealing to any country in the region.
What other significant opportunities are you seeing in Latin America?
We launched an operation in Sint Maarten in 2014 and we're currently operating in the island. We're now extending those operations into Antigua and Barbuda.
One of Shoutz's latest news is that we have secured a license in Venezuela and will launch there within the next few weeks. We held back on the launch so that it would not conflict with what we're doing in the Dominican Republic, as we wanted to focus equally on both.
We're looking forward to continuing to reach out throughout the region.
How was the experience of working hand in hand with Loteria Nacional?
We couldn't have asked for a better partner. They're a very supportive, well run organization. They were anxious to try both new technologies and promotions. They'd go and say 'What else can we do?' 'How can we work together to make our games more convenient and exciting?'
The iGaming sector has experienced deep changes in the last years and the gaming industry is going mobile. Do you believe this trend will continue?
I do think this will continue to happen. This trend is being lead by international -International from the perspective of being in the U.S. At the international level, trends are moving much quicker, much faster towards mobile and new technologies. The U.S. is slowly, slowly following. The iGaming sector will continue to advance very quickly.
The next barrier here would be to reach a higher level of penetration and I think we can achieve that. In the U.S. there are some very progressive lotteries. The State of Michigan, for example, has introduced iGaming and embraced online mobile technologies and marketing techniques and they've seen tremendous rewards and great adoption from users. They serve as a model within the U.S.
Mergers have been a dominant trend in the gaming sector. What's your opinion regarding what's coming next in this industry?
Like with any industry, there are a handful of players and there are a tremendous number of small players. Whether we're talking about gaming or theatrical exhibition -an industry I know very well, there's constant consolidation. Consolidation is very healthy, as the consumer ends up with a much stronger, more affordable and innovative product. The companies also gain greater efficiency, that allows them to develop new products. Consolidation is a healthy thing- But I wouldn't want to go to the extreme, where it becomes a monopoly with three strong, powerful players. But seven strong players is a healthy trend.
What are your business goals?
We want to continue our momentum in the Dominican Republic, launch some of the other licenses that we have in motion and stabilize those operations to continue to reach out within the region.
We aim to continue to expand the Royal Fortunes in the region. We work well with other companies that might be considered competitors. With Intralot, GTECH, even the State Lottery we have common goals. In addition to consolidation of the industry, I see a lot more collaboration amongst companies. As a company you wonder: ''Do I want to create this product or service myself and manage it or Do I want to partner with someone that can bring his expertise to this relationship?' When we focus on our strengths in a collaborative manner, the client gets a much better product and we use the resources more efficiently.