Gavin Berry, the founder and CEO of TruBet, has long been fascinated by the gambling industry, with his interest evolving from a hobby into a significant income source over the years. His first-hand experience as a customer revealed the industry's shifting landscape, prompting a deeper investigation into the challenges operators face, particularly in the UK where tighter regulations and customer skepticism have marred its reputation. Berry explained, 'Tighter regulatory guidelines without detailed legislation, combined with a lack of trust from customers, has stigmatised the gambling industry in many jurisdictions’ eyes – and none more so than the UK.'
TruBet, developed by players for players, positions itself uniquely within the sector. This player-centric approach allows TruBet to forge a solution that encourages legitimate customer engagement while safeguarding personal information. The company aims to tackle issues like bonus abuse and multi-accounting, ultimately working toward reducing the risk of problem gambling. Berry highlighted the strength of the management team, noting their previous successes, including exits from their own ventures. Recently, TruBet secured investment from US technology firm Accubits, which will also aid in technological development. Discussions are ongoing with top executives in the industry who may join the team to further enhance their offerings.
TruBet's innovative fintech payment solution is tailored for the igaming sector, featuring an integrated affiliation model. Currently, affiliate traffic stems from various unverified sources, which poses significant risks for operators, including fraud and abuse. By channeling traffic through TruBet, operators will benefit from pre-verified sources utilizing AI, 3D facial recognition, and voice recognition, thus minimizing the chances of multi-accounting. Customers must complete their KYC and AML requirements in-app before accessing exclusive offers. The platform's verification process, supported by blockchain technology, aims to streamline customer onboarding while ensuring security.
With the data collected from customer interactions, TruBet plans to generate detailed industry affordability scores that can be partially shared with operators, akin to finance sector practices. This level of interoperability has previously been scarce in the gambling industry due to reluctance among operators to share customer data. By offering a distinctive solution with no operator bias, TruBet is set to revolutionize how operators engage with customers.
While operators are the primary clients, demand for TruBet’s services will be fueled by customers seeking exclusive offers not currently available.
Initially, TruBet will target the UK market, but its solutions are designed for scalability across various jurisdictions. As the Gambling Commission intensifies scrutiny on operators, Berry sees significant potential for growth in this area. He believes that demonstrating the benefits of TruBet's solutions will create a positive feedback loop as the company establishes itself as a leading affiliate, payment, and affordability provider.
One of the key challenges ahead is ensuring the solution is user-friendly and appealing to customers, which will subsequently attract operators.
TruBet recently gained funding from Accubits through its venture capital arm, Future Tech, supplementing earlier investments from seed investors. Commenting on innovation in the gaming industry, Berry noted that much of the existing technology is outdated and that innovation had been lacking until recently. He anticipates a shift toward Open Banking and digital currencies will promote further technological adoption.
With numerous problems plaguing the industry, Berry emphasizes the need for change, citing its immense but oft-criticized economic potential. He is confident that progress is on the horizon, and TruBet aims to create a lasting, positive impact on the gaming sector.
