Dominique Laconico: ‘Expansion in Cyprus is our focus’

The global betting sector is flourishing and Dominique Laconico, President and CEO of MegaBet Plus, is in complete synchronisation with his industry. Here, he talks about the evolution of the betting industry in Cyprus, technological disruption and the bright future he sees for MegaBet.

How has the betting industry in Cyprus evolved in recent years and what trends have you observed?

The betting industry in Cyprus has seen numerous changes in recent years, driven by innovation and regulation. The focus during the COVID-19 pandemic shifted to online betting but today the global trend is offering the best possible experience to players, both online and in our physical shops, through an integrated, omnichannel approach. My team and I have been attending all the major summits of the industry, such as the recent SBC Summit in Barcelona, where we follow the global trends and keep up to date with all innovations and changes in the products and services offered by the industry. We have to make sure that we, as market leaders, retain our dynamism and ambition to innovate, grow and adapt to the trends and needs of Cypriot players.

How have MegaBet’s services developed in the last five years?

Over the last five years, I have led the company through important changes that have placed us at the forefront of innovation and technology. We have completed a thorough company rebranding – refreshing the image of all of our shops, updating and improving the experience of retail and online clients.

By upgrading our platform and introducing groundbreaking products such as Bet Builder and more options on Live Betting, as well as a brand-new Mobile Application, MegaBet Plus is redefining the gaming industry in the country. In terms of human capital, we have immensely improved the quality of our team. We achieved this through a massive recruiting process. Some 80% of our staff belong to the new tech-savvy generation and are much better qualified than their predecessors. In addition, I am proud to say that 90% of the MegaBet Plus workforce is Cypriot! Another development I am very proud of is that MegaBet Plus is the first gaming company in Cyprus to be ISO Certified 9001 for good governance.

What challenges do you expect the betting industry in Cyprus to face in the coming years?

The challenges to our industry are wide-ranging. We are, in essence, an entertainment company that offers an experience both in our physical shops and online. New market entries and regulations can be disruptive but the biggest challenges that lie ahead have to do with technology and our focus on a client-centric approach that is the key to our success.

How do you see technologies such as blockchain and cryptocurrencies influencing the future of the betting industry?

Technology has always been a leading driver of change, growth and progress and the fintech revolution currently taking place will definitely affect our business in the most positive ways. We are already looking into applications for blockchain technology in our processes, especially in ensuring that our clients enjoy a safe online experience, as they share with us very important private information. Cryptocurrency is not allowed by the National Betting Authority at present. Artificial Intelligence, however, is influencing changes in the gaming industry as much as – or even more than – blockchain.

On our part, we have invested – and continue to invest – in technology and we are always looking into ways of growing and adding new products and services that have attracted the interest of our customers and we will continue to do so.

Europe’s sports betting industry is currently worth an estimated €41.5 billion and forecasters expect its value to reach €83.9 billion by 2030. How does Cyprus fit and compare to the European betting landscape?

Cyprus is a comparatively small European country but the sector is growing at a healthy rate, as we make sure that players enjoy a safe, fun experience in retail shops and on online platforms. We are constantly monitoring and implementing the best practices of leading companies around the world and we attend all of the major gaming and tech shows to maintain our position as innovators and market leaders in Cyprus. We expect to see innovations and new tech in the global gaming space, which we will implement in Cyprus and that will further help to grow the industry itself.

How do you assess Cyprus’ regulatory environment in relation to the betting industry? Are there products that you wish to offer but are restricted from doing so because of specific regulations?

Cyprus is generally an attractive investment destination as it offers an ideal business environment with a strong rule of law and stable government. Having worked in Asia, the US and Europe, I am familiar with many jurisdictions, most of which had an established infrastructure long before the establishment of the Cyprus National Betting Authority (NBA). Other countries have greater experience with gambling regulation but their procedures are often more cumbersome and they can be slower to respond to the market. The NBA’s relatively recent establishment means that it is less bureaucratic and more dynamic. In the gaming sector, the work of the regulator is crucial in ensuring a level playing field for competitors and ensuring that innovation is not nipped in the bud. Cyprus can analyse its framework in comparison to other countries in Europe and their way of expanding the gambling business, so that the island’s economy can benefit from even more activity than it currently sees.

Do you plan on expanding to other European markets? And if so, do your plans involve physical stores or just an online presence?

We research and follow all regulated markets in Europe and we are always looking into new markets, new industries and new opportunities, where the successful MegaBet Plus model can be applied and lead to the same level of success and growth. We believe in our people, our product, our services and our management and we can be successful in any market we choose to enter. MegaBet has been in retail sports betting for more than 20 years and we believe this to be our core competence. Incorporating our retail expertise into the online territory is a natural progression for the brand. Consequently, any new market that we enter will most likely involve an omnichannel approach – both online and retail.

What are the goals you wish to fulfil in the next decade?

Expansion in Cyprus is our focus. We are working tirelessly to grow our business. In the retail space, we are constantly looking to increase our massive market share advantage. We have a dedicated team searching for potential new outlets, adding to convenience and brand loyalty. Constantly searching the globe for new technology, we have exciting new products on the horizon, potentially bringing a groundbreaking product to market within the year. What is certain is that we are looking to expand our position as market leaders in Cyprus over the next decade and to export our proof of concept and success story to other markets.

Also, at the moment, we directly employ 60 locals and indirectly employ more than 400 people through our independent touchpoints. For our company, talent is key and we have focused our efforts on finding the best talent available. We were recently recognised as a Great Place to Work® and we have also been certified to EN ISO 9001:2015 for our level of customer service. I believe that innovation and continuous improvement play a significant role in success. We’re improving our customers’ mobile experience to provide them with what they need or will need in the future. Our omnichannel approach keeps us constantly in touch with our customers’ needs and we continue to enhance this feature of our company.

(Photo by TASPHO)

This interview first appeared in the October edition of GOLD magazine. Click here to view it.