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Interviews

Q&A: Sportingwin and the Bulgaria opportunity

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Mark Chakravarti, Head of Investment at Sportingwin, talks about why the operator sees such potential in the market and how it has found the licensing process to date

Bulgaria has had a major shake-up when it comes to how gambling operators are licensed and regulated in the country with the National Revenue Agency recently taking on the responsibility.

Amid allegations of corruption among its predecessor, the State Gambling Commission, the new regulator is moving forwards with plans to issue additional licences over the coming months.

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The first in line to receive such a licence is Sportingwin, which has ambitious plans for Bulgaria once it has been given the green light to launch.

To learn more about Bulgaria and the operator’s plans for the market, we sat down with Mark Chakravarti, Head of Investment at Sportingwin.

Why do you see so much potential in Bulgaria?

You just have to look at the numbers to see the potential. We estimate the Bulgaria market to be worth around £300m right now but as new operators enter the fray it could grow at a rate of 20% per year to hit £500m over the course of the next five years.

Coupled with this is the low level of competition. Only five betting licences have been issued to date and mostly to local retail bookmakers with a limited online offering. These sites simply don’t offer the depth of markets, odds and products available in other European jurisdictions.

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This presents a tremendous opportunity for experienced online sportsbooks to make their mark, so long as they enter Bulgaria with a localised product that delivers a superior player experience. Those that do are very much in the driving seat to capitalise on the tremendous potential on the table.

What do Bulgarian players look for in an online sportsbook?

There is a long tradition of retail and online sports betting in Bulgaria, so players are seeking a comprehensive, quality, cutting-edge product and experience similar to that offered and found in mature markets such as the UK.

In particular, they are seeking a high volume of events, a range of bet types as well as modern features such cash out. We also believe that exchange betting, while not currently available, will be hugely popular once we secure our licence and launch the Sportingwin exchange in the market.

How will you meet those needs and localise your offering?

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There are two key ways we are doing this – product and our approach to CRM. When it comes to product, we are developing a proprietary platform that is fully customisable for each market we enter, including Bulgaria. This includes localised payment options, currencies, sports, etc.

In terms of CRM, we are investing in a local customer support centre so that we can comfortably meet the staff-intensive local language CRM and marketing operations and activities we believe will enable us to communicate to and engage with Bulgarian players.

How have you found the licencing process to date?

The Bulgarian regulator has incredibly high standards and expectations when it comes to due diligence. As such, the licensing process has been a little slower than in other jurisdictions, but we are okay with this as we want to make sure we not only meet but exceed their standards.

This means taking additional steps such as appointing a dedicated Bulgarian CEO. He has a proven background in gaming and the regulator can quickly carry out the necessary checks that it needs to in order to ascertain his credibility and suitability for the role.

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Owning our own technology has also allowed us to synchronise our platform with the NRA already, which in turn means we are among those on the regulator’s list of approved technologies ready for when our licence is granted.

In addition, we are a Maltese company so have requested that the Maltese consulate in Bulgaria monitor the licensing process from start to finish as our application is the first to be considered since the Nation Revenue Agency took over regulatory responsibility earlier in the year.

By having the right people on a local level, and by taking considered steps towards ensuring we meet the standards set by regulator, we expect to receive our licence in the first quarter of next year.

What has been the toughest challenge to overcome?

The toughest challenge is in respect to the due diligence and in particular the requirement of having an €800,000 investment from a local, proven source of funds. To do this, we have had to find a local banking partner which was easier said than done.

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That being said, the team pulled together and we were able to find a local banking partner happy to facilitate the investment allowing us to progress through the licensing process.

What are your long-term plans for the Bulgarian market?

We want to claim 9% of the local market within the first three years. We then plan to build on this rapidly by securing further venture capital that will enable us to consolidate the market through mergers and acquisitions with local operators.

Once we have achieved the scale we are seeking, we can then effectively pursue market leader bet365. It is a tough task, but one that we are more than capable of completing thanks to the incredible team we have built out in recent years.

We also believe our cutting-edge proprietary technology and platform gives us a huge edge over the incumbent operators and brands and will allow us to compete with and defeat any other overseas operators that enter the market.

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What is your long-term plan for Sportingwin?

We are currently undertaking a fundraising campaign to help accelerate our global expansion efforts, selling off more than €1m in equity.

These investments are in line with our long-term strategy for the brand which is to achieve a valuation of €50m in three years and, once achieved, would deliver a x13 increase on the current investment opportunity.

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Interviews

The Future of Responsible Gaming: AI’s Role in Player Protection – Atlaslive’s View

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How does the Atlaslive Platform leverage AI to enhance responsible gaming and player protection as a leading B2B iGaming tech provider?

At Atlaslive, we see AI as a game-changer in responsible gaming, offering smarter, data-driven solutions to protect players while empowering operators. Our platform integrates machine learning tools that continuously analyze player activity, detect early signs of risky behavior, and provide personalized interventions—all while maintaining a seamless gaming experience. The goal is to equip operators with proactive tools that support player well-being without unnecessary friction.

Looking ahead, we’re diving deeper into AI’s potential, exploring more advanced profiling techniques to refine risk assessments and deliver interventions that feel intuitive and effective. The responsible gaming landscape is evolving rapidly, and we’re committed to staying ahead, ensuring our solutions meet market demands and regulatory expectations.

AI is also revolutionizing compliance by automating key processes like KYC verification, real-time player monitoring, and reporting. This not only saves operators time but also strengthens regulatory adherence without adding operational complexity. As AI technology continues to advance, it’s clear that its role in responsible gaming will only grow, creating a safer, more responsible, and ultimately fairer gaming ecosystem where both operators and players benefit.

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What AI-driven technologies does the Atlaslive Platform use to detect potentially harmful player behaviors?

The Atlaslive Platform uses real-time behavioral analytics powered by AI to detect patterns that may indicate risky player activity. Our system continuously monitors key behavioral signals, such as sudden increases in deposit frequency or unusually long gaming sessions, helping operators identify potential concerns before they escalate.

We leverage advanced machine learning models to refine these detections, ensuring accuracy and minimizing false positives. However, we also prioritize usability—our AI-driven insights are designed to be clear and actionable, allowing operators to intervene at the right time with minimal disruption. It’s about striking the right balance between cutting-edge technology and practical, real-world solutions that enhance player protection.

What are the opportunities and challenges for suppliers and operators when integrating AI into responsible gaming, player engagement, and operational efficiency?

AI presents significant opportunities for both B2B tech providers and operators in iGaming. On the player engagement side, AI-driven personalization is a game-changer. By analyzing real-time player behavior, AI can recommend games, promotions, or responsible gaming interventions tailored to individual habits. Research shows that AI-powered alerts can be highly effective—over 50% of high-risk players who received targeted warnings adjusted their gambling behavior the same day, with 54% continuing to play more responsibly a week later. This level of personalization not only supports safer gaming but also fosters stronger player loyalty by making interactions more relevant and meaningful.

From an operational perspective, AI enhances efficiency across multiple areas. It automates KYC processes, detects fraud, and streamlines resource allocation. Machine learning models can also identify risk patterns—such as sudden spikes in deposits or extended play sessions—and trigger timely interventions, helping operators act proactively rather than reactively.

However, these benefits come with challenges. Transparency remains a key concern, as players increasingly want clarity on how AI-driven decisions impact them. Studies indicate that over 80% of people have concerns about AI transparency, according to research by Jobin et al. Additionally, navigating evolving regulations, such as the EU’s AI Act, requires operators to ensure their AI tools meet strict standards for fairness, privacy, and accuracy.

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Ultimately, while AI is reshaping responsible gaming and operational efficiency, success depends on balancing innovation with compliance and building trust with players. The real challenge lies in leveraging AI’s potential while ensuring ethical, transparent, and player-friendly implementation.

What ethical considerations should iGaming operators keep in mind when implementing AI for responsible gaming?

When it comes to using AI for responsible gaming, operators need to understand that it’s about supporting players, not controlling them. Transparency is very important here, and players should know how AI is being used and feel confident that it’s there to help, not to invade their privacy or manipulate their behavior.

It’s also important to keep the human element in mind. While AI can handle a lot of the heavy lifting, like spotting risky patterns or automating interventions, as I mentioned before, operators should make sure there’s still room for empathy and personalized support when it’s needed. AI should complement human oversight, not replace it entirely.

Another consideration is fairness. AI systems need to be designed and monitored to avoid any unintended biases or outcomes that might negatively impact certain groups. I think it is more about creating tools that genuinely protect players while building trust and a sense of fairness in the gaming environment.

How do you see AI shaping the future at Atlaslive, not just in responsible gaming but across your entire iGaming platform?

AI is set to play an even bigger role at Atlaslive, enhancing multiple aspects of our platform beyond responsible gaming. One of the most exciting areas is real-time odds optimization — AI’s ability to process vast amounts of data instantly allows us to adjust odds dynamically based on live events. This makes betting faster, smarter, and more responsive, ensuring that operators can offer the most competitive and accurate odds at any moment.

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Another major focus is automated customer care. AI-powered support systems can efficiently handle player queries, from setting limits to finding specific games or resolving account issues. By streamlining these interactions, AI ensures that customer service is not only faster but also more personalized, creating a smoother user experience.

We’re also exploring AI-driven content personalization. By analyzing player preferences and behavioral patterns, AI can recommend games, bonuses, and features that feel uniquely tailored to each user. This level of customization keeps engagement high and makes every interaction on the platform more relevant and immersive.

Ultimately, AI is helping us refine and elevate every part of the iGaming experience, from betting mechanics to customer engagement and operational efficiency. As technology continues to evolve, its role in optimizing both player satisfaction and operator performance will only grow.

 

About Atlaslive

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Atlaslive, formerly known as Atlas-IAC, underwent a rebranding campaign in May 2024. It is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.

The post The Future of Responsible Gaming: AI’s Role in Player Protection – Atlaslive’s View appeared first on European Gaming Industry News.

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Interviews

XANADA’S BREAKTHROUGH YEAR AND THE ROAD AHEAD

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2024 was your debut year with Xanada Investments. Looking back, what are the key highlights or moments that defined this first year for the fund?

2024 marked the beginning of an ambitious journey for Xanada Investments – a year where we laid a strong foundation for what’s to come. While the real work lies ahead, I can confidently say that we’ve set the stage.

The highlight was undoubtedly our successful allocation of $9 million across 8 impactful projects, selected from a pool of 350 submissions. Each startup impressed us with its scalability, strong team, and ability to deliver real results – qualities we value as the cornerstone of every successful partnership.

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Another defining moment was the debut of the Xanada Startup Contest. It was a platform not just to identify potential investments. We actively participated in major industry events like iGB LaunchPad, SiGMA Pitch, and SBC First Pitch – events we couldn’t pass up. As a newcomer, we not only made our presence known but also earned recognition, securing awards and forging valuable connections.

Beyond numbers, the year was about building a community – a network of partners, founders, and investors who believe in driving transformative change.This is just the start of an exciting journey.

 

What inspired you to launch the Xanada Startup Contest, and how would you evaluate its impact in 2024?

It’s no secret that many startups are in need of investment. But the real question is, do they have the expertise, networks, and strategic foundation to actually make that investment work? This was one of the key insights that led us to create the Xanada Startup Contest. It wasn’t about running a competition with just a single winner; it was about creating a transparent process: a live showcase of how startups grow, pivot, and adapt in real-time.

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Too often, what happens behind the scenes stays hidden, but we wanted to change that. The results speak for themselves. With 250 applications pouring in, representing a diverse range of ideas from around the globe, we witnessed firsthand the depth of creativity within the startup ecosystem. And through a rigorous selection process, we identified and elevated one standout winner – FTDx. The real impact of the contest lies in its ability to challenge founders to think bigger and execute better. That’s what makes the Xanada Startup Contest more than just a competition.

 

Many associate investment funds with slow decision-making processes. Yet Xanada Investments has been incredibly dynamic. What’s your secret to keeping up this pace in the previous year?

The secret lies in creating frameworks that balance precision with speed. We’ve developed rigorous evaluation processes that combine both quantitative and qualitative metrics to assess startups effectively without losing momentum.

But beyond frameworks, it’s about having a team with the right mindset. At Xanada Investments, we embrace adaptability and foster collaboration. Our team operates with the energy and agility of a startup, and that allows us to move quickly, even in an industry often seen as traditional and slow.

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You partnered with 8 startups this year. What caught your attention in these projects, and what’s your strategy for picking the “perfect match” for Xanada Investments?

At Xanada Investments, our focus has always been on backing projects that bring something unique to the table. What sets us apart is not just what we look for, but how we see it. For us, it starts with the people – the founders. Their vision, resilience, and ability to execute are what capture our attention first. These are individuals who truly understand their markets, are ready to pivot when challenges arise, and have the determination to turn ideas into reality.

Among the projects we’ve backed this year, Promofy is revolutionizing user retention with AI-driven gamification, delivering personalized engagement at scale. Gamixter is helping operators optimize player interaction with real-time engagement tools, creating more immersive gaming experiences. Bettorify, focused on the rapidly growing Asian market, provides localized white-label and turnkey solutions, enabling operators to navigate regional complexities with ease.

These are just a few examples of the startups we support. Each project we invest in plays a role in building a stronger, more dynamic iGaming landscape. And we’re only getting started.

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With 11 award nominations and 2 wins already, success is clearly part of Xanada’s DNA. But how do you define success beyond the numbers?

For us, success isn’t measured by the number of awards. Of course, we are talking about  financial returns, about impact, although we deeply appreciate the recognition – it’s always rewarding to see our efforts acknowledged on such a level. These awards are proof that we’re on the right track, but they are only part of the story.

But are we helping startups achieve their goals? Are we setting new benchmarks in the iGaming industry? The true measure of success lies in the growth of the projects we support and the people behind them. When we see startups flourishing, scaling their businesses, and turning ideas into impactful solutions, that’s the ultimate reward.

Another key indicator of success for us is the relationships we cultivate. When founders and partners come to see Xanada Investments not as just an investor but as a trusted collaborator and ally, we know we’re doing something right. These connections, built on trust and mutual ambition, are the foundation of our ecosystem.

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What does the future hold for Xanada Investments in 2025? Are there any ambitious goals or projects you can share with us?

2025 is about scaling powerful results. We plan to invest in 10–12 new startups, focusing on projects with strong business fundamentals, exceptional teams, and clear strategies for growth. Our approach prioritizes opportunities with a targeted IRR of 25–40% and a MOIC of 3–5x, ensuring every investment aligns with our commitment to sustainable, measurable returns.

We’re taking the Xanada Startup Contest to the next level this year. Xanada Investments is expanding its reach and updating the evaluation process to attract a wider range of participants from diverse industries and markets. To ensure the best selection, we’re involving not only our team but also top industry experts to evaluate the entries. This will help us find and support the most promising ideas out there. With more transparency and live engagement, you’ll have the chance to see and hear these groundbreaking ideas in action. Stay tuned, big things are on the horizon!

Xanada Investments is also focused on strengthening our internal capabilities. A key priority for 2025 is to grow our team by bringing in top talent, including a dedicated analyst, to refine our data-driven approach to startup evaluation. We want to be a partner that equips startups with the tools, mentorship, and connections they need to succeed. The road ahead is ambitious, but we’re ready to seize the opportunities 2025 has in store.

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Interviews

How to Ace an iGaming Industry Interview: Insights from Valeriia Virchenko, PIN-UP Global

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The iGaming industry is highly competitive, and standing out in a job interview requires more than just a strong resume. In an exclusive interview with Next.io, Valeriia Virchenko, Head of Talent Acquisition at PIN-UP Global, shares expert insights on what recruiters focus on, common mistakes candidates make, and how to prepare effectively for a successful interview.


Interview Mistakes That Could Cost You the Job

According to Valeriia Virchenko, some candidates unknowingly make interview mistakes that leave a lasting negative impression.

“Sometimes, candidates do unexpected things during interviews. For example, I once had an interview where a candidate applied makeup during the call. I assure you, this is not the best way to make an impression,” she recalls.

Other red flags include:

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  • Poor communication skills – Struggling to engage in a constructive dialogue can be a dealbreaker.
  • Being late – Punctuality is a sign of professionalism and respect for the recruiter’s time.
  • Lack of basic interview etiquette – Candidates should showcase both professional qualifications and ethical behavior during an interview.

How to Make a Strong Impression in an iGaming Interview

So, what does it take to succeed in an iGaming job interview? Virchenko highlights several key preparation strategies:

Research the company – Learn about its operations, values, and hiring team to establish rapport during the interview.
Showcase your work – A portfolio, work samples, and references from past employers add credibility.
Understand company pain pointsAsk questions about the challenges the company faces and suggest potential solutions based on your experience.
Adaptability & efficiency – iGaming is a fast-paced industry; candidates who demonstrate quick thinking and problem-solving skills stand out.

“We have seen highly positive cases where candidates shared their experience or proposed interesting solutions to company challenges right during the interview,” Virchenko explains.


What PIN-UP Global Looks for in Candidates

At PIN-UP Global, finding the right fit means more than assessing technical skills. Virchenko emphasizes that the company seeks candidates who align with its core values:

🔹 Industry expertise & results-driven mindset – Specialists who excel in their field and focus on delivering measurable impact.
🔹 Strong communication & teamwork – Open dialogue, constructive feedback, and collaboration are highly valued.
🔹 Agility & decision-making skills – The ability to adapt quickly, multitask, and navigate an ever-evolving environment.
🔹 Minimal bureaucracy, maximum efficiency – The company prioritizes fast decision-making and values employees who can take initiative.

“We are looking for people who understand that collaboration is the key to success,” she adds.

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Final Thoughts: How to Secure Your Dream iGaming Job

The iGaming sector is constantly evolving, and companies like PIN-UP Global seek innovative, adaptable, and results-driven professionals. By following these expert tips from Valeriia Virchenko, candidates can improve their chances of making a strong impression and securing a role in this dynamic industry.

You can read the full interview on Next.io: How to Pass an Interview in the iGaming Industry

The post How to Ace an iGaming Industry Interview: Insights from Valeriia Virchenko, PIN-UP Global appeared first on European Gaming Industry News.

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