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Navigating the iGaming job market: Key questions candidates should ask
The iGaming industry is a dynamic and rapidly evolving field, offering a plethora of opportunities for those seeking to make their mark. However, landing the right role in this competitive market requires more than just a polished CV and impressive interview skills. It also involves asking the right questions to gain a deeper understanding of potential employers.
Tanya Shevchuk, the CEO of specialist recruitment company IGAMINGHUNT, explores the most pressing questions that candidates often ask when seeking their next roles in the industry.
Understanding the company’s leadership and structure
One of the first things candidates want to know is who the owners of the company are. Understanding a company’s structure and the people behind the operation can significantly influence a candidate’s decision to join the firm. Shevchuk emphasizes the importance of transparency in the iGaming industry, stating that candidates often inquire about the founders, directors, and senior management team to avoid firms that are unknown quantities.
Location and working arrangements
Given the global nature of the iGaming industry, candidates are naturally interested in the company’s country of origin and the location of its offices. Many iGaming firms operate out of hotspots like Malta, Gibraltar, the Isle of Man, and Cyprus, and offer hybrid and remote working opportunities. The more flexible a firm is with working arrangements, the more likely they are to attract top iGaming talent.
Company’s track record
Candidates often prefer to work for companies with a proven track record. However, some relish the fast pace of a startup environment or a young company. Shevchuk notes that many candidates prefer companies that are at least three to five years old as a form of insurance against the volatility of working within a start-up.
Company shares and incentives
Many successful iGaming companies offer company shares as an incentive to attract the best talent. This incentive is usually reserved for senior-level positions, but it’s a question that many candidates want to know the answer to.
Products, markets, and licenses
Candidates are keen to know about the main products, markets, and licenses of the iGaming companies. They prefer companies that offer a broad spectrum of products and work in leading markets in Europe and the Americas. Shevchuk highlights that many candidates specifically want to know if the iGaming firm is licensed by a regulatory body like the UK Gambling Commission or the Malta Gaming Authority.
Team size and structure
iGaming companies tend to be agile organizations with multiple teams. Candidates are curious about where they will be placed within the organization and the size of the company. Some prefer working within smaller teams, while others want the opportunity to grow within a larger company.
Operating in black markets
While many iGaming firms are regulated, fair, and transparent, there’s another side to the industry that some candidates want to avoid. Candidates often inquire if the company operates in black markets, indicating their preference for firms that adhere to regulatory norms.
Asking the right questions can help candidates navigate the iGaming job market more effectively, ensuring they find a role that aligns with their career goals and values.
Finding the best C-level executives to run your iGaming business couldn’t be more important. After all, without the best people at the top, your organisation will struggle to thrive and achieve its potential. But what does an influential C-level exec look like? What skills should you look for when hiring the person (or people) to drive your organisation forward? Strategic thinking for long-term results Strategic thinking is about seeing the bigger picture rather than focusing on the minutiae of everyday business life. Effective strategic thinkers make short-term decisions for long-term gains. While strategic thinking is not always popular, it’s essential for efficiently running an organisation from the top down. C-level executives must make decisions about the company’s future in the here and now, often determining the organisation’s future direction and success. Inspirational Being inspirational isn’t about sticking motivational quotes on the office wall while burying yourself in paperwork day in and day out. Instead, it’s about leading by example and showing your employees why you’re qualified to be a C-level executive. Interestingly, being inspirational in one setting will likely differ from another. A classic rags-to-riches story might inspire employees in one field, while academic attainment and achievement might inspire in another. “Motivating your employees to do what is best for the business is a fundamental skill among leading C-level execs,” explains Tanya Shevchuk. “True leaders believe in success over anything else, and this attitude will be manifested in everything they do within their role. Leading by example and motivating other people to achieve the best possible results for the company will drive the business forward. This relentless desire to succeed, supported by an ability to motivate others to follow this lead, is a key trait of the best executives.” Understanding of global markets and trends The role of the C-level executive in any field is to recognise and evolve the organisation’s role within relevant global markets. Everything feeds into this, from branding to operational productivity. A CEO or CFO must also understand how evolving trends influence the current market and embrace innovative changes that help the company go from strength to strength. This global awareness will help an organisation stay ahead of competitors and ensure the company delivers in its key areas. Crisis and conflict management Firms with clear and distinct conflict management structures are extremely resilient and built to withstand shockwaves that can lead to crises. As many of us learned from the global COVID-19 pandemic, adaptive companies that dealt with the unexpected crisis made it through and supported their employees in the process. While a C-level executive might not need to deal with conflict and crises daily, they must oversee an organisational structure that takes them seriously. Then, enacting policies and ensuring that crises are averted becomes essential. Managing risks and avoiding crises are crucial. But the most effective C-level execs are proactive and willing to tackle problems head-on. For instance, when starting a role, they’re able to look at the broader picture and identify areas for improvement. Tanya Shevchuk adds: “We get a lot of feedback from business owners, and they tell us the best executives are comfortable with handling bad news and being straight to the point when it comes to required improvements rather than sweeping things under the carpet. This open and transparent problem solving approach can help to resolve issues and avert future crises, which is why some C-level execs are so effective in the long term.” Strong communication skills Top-level communication is paramount in any organisation, big or small. If employees don’t hear from C-level executives, resentment can breed, and misinformation can permeate the organisation. The best C-level executives lead by example and communicate with employees regularly, not only in times of conflict or crisis. Effective leaders also engage in active and empathetic listening, ensuring that employee voices are truly heard and cared bout. Looking outward, the best C-level executives communicate effectively with other people and organisations. This includes clients, competitors, potential employees, and the target audience. C-level managers are required to speak on behalf of the company when things are going well, but also when backs are against the wall. Therefore, being able to communicate clearly and effectively to outside stakeholders is a huge plus point. Deep industry knowledge Though not always the case, we think the best C-level executives are those with deep industry knowledge and relevant expertise. In some instances, high-level executives can transfer from one industry to another, but in our experience, the most successful have a deep-rooted understanding of how their industry operates. This knowledge, understanding, and expertise underpin every decision that C-level executives make. Without understanding how a particular industry operates, a CEO can be like a fish out of water, relying on strategies that worked in other industries but are certain to fail in this one. iGaming is full of regulatory twists and turns, which might not suit everyone. Strong pro-business position C-level execs must maintain strong business acumen and be aware of profitability, metrics, and company priorities. Ultimately, the success of any business lies in its bottom line, so all C-level employees must be able to showcase a strong business position that encourages the company’s growth and prosperity. Much C-level success is achieved through regular meetings with managers, with CEOs and CFOs understanding what it takes for each department to be profitable and successful. While various initiatives and projects within the company will require the attention of its leaders, they will never lose sight of the company’s bottom line and always make decisions based on the balance sheet! Innovation Embracing, rather than fearing, innovation is another crucial skill of any successful C-level executive. Innovation can relate to how organisations operate and how leaders within different departments think. It can also relate to using products and services to help the company become more profitable. With AI and other technological advances, innovative companies have many ways to stay ahead of the pack. A CEO who embraces innovation and is willing to innovate and adapt the company’s structure and procedures will ensure it doesn’t get left behind in today’s digital world. Resilience In iGaming and all other sectors, resilience at C-level is vital. Like all employees, executives experience daily setbacks, challenges, and other issues. Without resilience, the pressure would intensify and make the job unimaginably difficult. In dealing with the best C-level executives, we’ve noted resilience in abundance. These are people who rise in the face of adversity and show resilience and an ability to overcome disappointments and challenges while helping other people do their jobs. C-level executives tend to be highly skilled and talented individuals with a proven track record of success. However, as illustrated above, fully understanding the required skill set before recruiting for C-level positions will help you choose the very best people.
Like in every sector, numerous iGaming start-ups fail every year. From the outside, launching an online casino or sportsbook business seems straightforward, particularly given that several white-label operators give companies a market-ready platform. Yet failures are common, so we wanted to dig a little deeper to learn about the biggest mistakes many people make. We spoke to IGAMINGHUNT CEO Tanya Shevchuk for insight into what causes iGaming start-ups to fail, and she was happy to share the following revelations. Underestimating total costs Budget planning and cost management are central to any start-up, and iGaming firms are no exception. Founders often miscalculate the cost of launching an online casino, and unexpected costs crop up in the initial stages of the launch. The costs associated with building the platform, assembling a qualified and highly skilled team, player acquisition and retention, legal costs, content, and much more must be considered. Shevchuk explains: “ We had two clients who ran into significant financial trouble because they focused too much on creating attractive designs and new features, neglecting to allocate sufficient funds for marketing and building traffic. The result? They ended up with a beautifully designed product but almost no users, first- time depositors, or revenue. To keep the project afloat, they had to sell 50% of their stake to external investors to secure the necessary funds. ” Undervaluing the importance of qualified team members Some new online gambling firms attempt to cut costs by hiring inexperienced staff who don’t have a track record of delivering at the required levels. The results are usually dire when start-ups put their faith in junior staff to perform senior roles. While it can seem daunting to allocate a significant proportion of your initial budget to staff costs, undervaluing the importance of qualified team members is a mistake many iGaming start-ups don’t recover from. Though the initial cost of recruiting junior, inexperienced staff is lower, the long-term costs can be up to three times as high, given that you will spend a lot of time and money trying to fix mistakes that could have been avoided in the first place. The resources required to train, educate, and eventually replace your junior employees are another thing you should think about if you’re considering cutting corners at the start of your journey. As Shevchuk says from experience: “ In the long run, it’s more cost-effective to hire professionals at market rates to ensure high-quality results. ” This issue especially applies to the iGaming sector, which requires extensive specialist knowledge across product, marketing, and regulatory functions. Pursuing perfection Another mistake many start-ups make is aiming for perfection right out of the gate rather than testing, reviewing, and evolving their operating model. The most successful firms embrace lean start-up methods and tactics, acknowledging that a company’s first iteration will likely be far from perfect. Rather than spending years and tens of thousands of dollars preparing a product for launch, it’s much better to get a “lite” product off the ground and into the market, which you can test and refine as you receive customer feedback. You can also use revenue generated from the site while it’s live to invest in further improvements, which will drive your iGaming start-up forward in the long run. Shevchuk warns: “ Perfection is irrelevant if no one is using your product and it’s generating zero revenue. ” Spreading too thin Also common within the sector is that companies spread themselves too thin. Undoubtedly, there are many potential strings to an online gambling site’s bow, including an RNG casino, live casino, sportsbook, affiliate program, and numerous other income-generating opportunities. While creating numerous revenue streams is a positive step for established companies, focusing on too many options from the start spreads new iGaming firms too thin, causing them to fail with their core offering. As Shevchuk points out: “ We’ve seen this first-hand with three clients who learned this lesson the hard way and eventually decided to focus on making one product successful before expanding. ” The idea of concept dilution is worth considering here. Rather than diluting your initial offering with several ideas to grow your business quickly, focus on what makes your concept unique and valuable. Growing your company’s concept and cementing your place within the sector is crucial as a starting point, and you can always add more revenue streams as your company grows. Lack of industry knowledge From the outside looking in, opening an online casino seems straightforward. Many investors outside of the igaming industry often think they can throw a relatively small amount of money, perhaps $50,000, at a white-label casino and sit back to watch the profits roll in. The reality is that this lack of industry knowledge causes so many online casino start- ups to fail. Without sufficient knowledge of the sector's complexities, regulations, rules, and requirements, it’s extremely difficult for a casino or sportsbook to rise to the top of the pile. Shevchuk expands on this point: “ Without a deep understanding of the industry, its rules, competitors, and trends, and without proper planning, they risk throwing their money away. In truth, you need much more than $50K to make it in the iGaming world. ” Conclusion The iGaming sector is undeniably an attractive segment of the gambling market to get into, with many countries and states adopting favourable laws and regulations to support the establishment of online casinos and sportsbooks. But as Tanya Shevchuk warns, if you want your website to be successful, you must avoid the all-too-common pitfalls that many start-ups fall into. For more tips on how to get started in the world of iGaming and for support with recruitment and talent acquisition, contact IGAMINGHUNT today.