In this interview with CalvinAyre.com’s Rebecca Liggero, Marcus Nylen of LeoVegas explains why demographics plays a crucial role in the success of the gambling business.
Demographics may not be at the top of an entrepreneur’s day-to-day worry list but it has been a rule of thumb in business to identify their customers and understand as precisely as possible what they want.
That’s why Marcus Nylen of LeoVegas has spent most of his time flying from on Latin American country to another in order to get a bigger view of the market – the people’s behavior and culture, their interests, and what do they like to play, among others.
Latin America is now in a sweet spot, especially since the political climate has stabilized in most of the countries in South America and the regional economy continues to remain vibrant. Unfortunately, Latin American market remains unfamiliar to most businessmen.
“People tend to talk about Latin America. It’s like saying Europe and we know Europe is just so different from one country to another,” Nylen told CalvinAyre.com. We are spending a lot of time getting to know individual markets, how they operate and how we think we can adapt our product to each and every local market.”
Before Leo Vegas launched its new product in Latin America, Nylen said that they had conduct an extensive research on the demographics, geographic and lifestyle factors, and the customers’ needs. The company learned from their research that Latin Americans are smartphone-savvy.
Using this result, Nylen said they were convinced that it is logical for the group to roll out and introduce their mobile casino segment instead of launching other products.
“Well, obviously, it is because of the smart phone growth, it’s just exponential. So I really think that our concept, our product is right for the Latin American people, in the different Latin American countries, it’s just so spot on,” he said. “Then the question is, how can we launch, when do we launch? Well that’s a question depending on the regulation status.”
Nylen said that while Latin America remains to be a bit of a mess, they were able to see that the region is opening up to the possibility of regulating its gambling market.
“I think there’s a good dialogue. I see that more and more countries have understood the importance of regulating their markets. You have Columbia as an example, they really want to drive this forward. And I believe that will make other drive that forward as well,” he said.
For now, Nylen said they are now occupied with introducing their brand to the Latin American market
“So we spend a lot of time in Latin America trying to understand the different countries. The people, what they do, and what they like playing and we spend a lot of time meeting different people,” he said. “Also what is actually happening is that we noticed that the LeoVegas brand is quite well known here because we are being approached by a lot of people from the Latin American markets.”