Softswiss, a prominent iGaming solutions provider, has significantly bolstered its global presence by acquiring a majority stake in Turfsport, a leading South African multichannel wagering software provider for sports, horseracing, and lotto. The strategic move not only expands Softswiss’ influence in South Africa but also signals its commitment to tapping into the burgeoning African market. The acquisition allows Softswiss to enhance its product portfolio, offering innovative solutions to a rapidly evolving iGaming landscape.
Turfsport’s Impactful Presence in South Africa:
Turfsport’s cutting-edge software currently serves over 40 operators in South Africa, facilitating horseracing, lotto, and sports betting. Impressively, the platform records an annual placement of over 1.5 billion bets across various channels. Christian Neuberger, CEO at Turfsport, expressed enthusiasm about the collaboration, emphasizing the need for an international partner to foster innovation and meet the escalating demands of the iGaming industry.
Strategic Rationale Behind the Acquisition:
Softswiss views the acquisition of Turfsport as a strategic entry point into the South African market. The move aligns with the company’s growth strategy, capitalizing on the expertise and technology developed by Turfsport over its 35-year history. Andrey Starovoitov, Co-CEO at Softswiss, highlights the significance of acquiring a successful local company as a rapid and efficient means to establish a foothold in a new market. He envisions South Africa as the next global focal point, following the trend observed in Latin America.
Mutual Benefits for Softswiss and Turfsport:
The collaboration aims to leverage the strengths of both companies, combining Turfsport’s local expertise with Softswiss’ international prowess. The partnership is poised to deliver innovative product enhancements and services, providing customers with a competitive edge in a dynamic market. The integration of Turfsport’s established brand in South Africa with Softswiss’ technological advancements creates a winning combination, promising growth and success in the South African and broader African markets.
Increasing Visibility in the African Market:
Softswiss anticipates an increase in visibility and a solidification of its local presence in Africa through the acquisition of Turfsport. The move aligns with a broader trend in the iGaming industry, where companies are strategically entering and expanding within the African market. The company’s commitment to providing high-end solutions to its partners remains steadfast, with a focus on adapting and thriving in the evolving African iGaming landscape.
Recent Developments in the South African iGaming Market:
The acquisition of Turfsport by Softswiss follows a series of strategic moves in the South African iGaming market. Light & Wonder expanded its operations into South Africa through a collaboration with Hollywoodbets in December of the previous year. Additionally, in October 2023, Optimove geared up for South African growth through a partnership with Amelco. These developments underscore the increasing attractiveness and potential of the South African iGaming sector.
Softswiss’ acquisition of Turfsport marks a significant milestone in its global expansion strategy, particularly in the vibrant and rapidly evolving African iGaming market. The collaboration brings together local expertise and international innovation, setting the stage for groundbreaking advancements in the provision of iGaming solutions. As the industry continues to evolve, Softswiss is poised to play a pivotal role in shaping the future of iGaming in South Africa and beyond.