Codeta: An appetite to invest
Codeta: An appetite to invest
Edward Ihre, CEO of live table games pioneer Codeta.com, says the operator’s recent funding round proves investor appetite remains high when it comes to online casino.
“Codeta has just signed off on its second major funding round in under a year, raising €2.3 million from a number of high profile investors, including Trention. The cash injection completes our transition from live tables games start-up to power player, bolstering our war chest and allowing us to invest in innovative new games, roll out ground-breaking marketing campaigns and strengthen our team with additional hires.
But it goes beyond that, proving investor appetite remains high when it comes to the online casino sector. This is particularly true of live dealer, which is expected to be worth €1.9 billion per year in Europe alone by the end of the decade. The vertical remains relatively untapped, and with such huge growth potential it’s no wonder venture capitalists are queuing up to jump aboard investment vehicles that will take them on the ride.
The reason why live dealer offers so much potential is two-fold. One: players are seeking out a more authentic and immersive experience, and two: operators are slowly coming to understand that it can be a significant vertical in its own right.
In the past, many have failed to give live casino the attention it deserves. Live games have been considered an add-on to existing game portfolios, a side show to the main event. The focus has always been slots, slots and more slots. This tunnel vision has meant operators have failed to recognise that slots and live table games are totally different products that appeal to totally different players.
Live dealer players require much higher levels of transparency when it comes to the games, how they work and the pay outs and bonuses they offer. Consumers drawn to these games have a high appetite for risk, but only when they believe they are making an informed decision. This has a knock-on effect as to how operators lay out their sites, market their brands, and the bonuses they offer in order to tap into their psyche.
But this has not been the case to date.
As such, live tables games aficionados have been left unsatisfied by the brands and products available to them. But things are changing, and sites such as Codeta.com are putting these games under the spotlight for the first time and fine-tuning their propositions to ensure players receive the experience, choice and entertainment factor they are seeking. This, in part, is helping drive the rise in live dealer play across Europe and further afield.
But it’s not as simple as tweaking the UI and fine-tuning marketing campaigns. To speak to players, operators must position themselves as live table games champions. Here at Codeta, we have not been afraid to swim against the tide and focus on live table games over slots. That takes confidence, which is why we undertook extensive market research prior to launch to ensure our brand, style and product were exactly what players were looking for.
The good news is that more operators are taking this approach, improving their live dealer propositions as a result. That may sound counter-intuitive – our rivals getting stronger – but it is good for the wider sector, driving player awareness and engagement for the benefit of all those active in the market. It’s also helping to draw investors to the industry as they can see live dealer’s latent potential coming to life.
This makes the vertical fertile ground for start-ups. Online casino is a fiercely competitive industry, but by focusing on live table games over slots, new operators can give themselves a point of difference over their more established rivals. They can also gain the first mover advantage in a niche whose growth trajectory plots a much steeper course than traditional casino and slots games over the coming years.
For Codeta, our latest funding round puts us firmly on the live dealer map. Over the past 12 months we have gone from new kid on the block to one of the go-to operators in the market. For us, the capital we have raised validates our belief that the time is now for live tables games to enter the mainstream, and that the brand and product we have poured blood, sweat and tears into is blazing a trail for others to follow.
Live dealer is a truly innovative, exciting, ground-breaking product and gaming vertical, and it’s about time operators and the wider industry give it the respect and attention it deserves. It’s what Codeta set out to do from day one, and is the driving force behind our success. It’s now time for other operators to do likewise, and together see how far we can move the live dealer needle.”
TotallyGaming says: The online gaming space remains fiercely competitive, and live games provide operators with a much-needed USP. Codeta’s latest round of funding will no doubt enable the company to push forward with yet more innovations in this burgeoning sector over the coming months.