Competition within the geolocation sector increases as more geolocation services pop up, SportsHandle reported. GeoComply and EPIC used to be undisputed leaders in their respective sectors but the market of today is much more saturated and competitive.
SportsHandle discussed the matter with representatives of the two companies, who said that the increased competition is something they expected.
The Market Saturation Is Unsurprising
Sam Basile, VP of business development for GeoComply North America noted that, at the beginning, his company was able to differentiate itself from its competitors thanks to the superior quality of its product. Thanks to that and the importance of its services, the company was able to maintain a monopoly for a long time.
As more competitors appeared, GeoComply acknowledged the importance of not becoming complacent and always striving to be ahead of the curve. To that end, the company has diversified into other solutions, such as know-your-customer solutions, fraud identification, research and customer activation.
Our internal moral compass has always been about being bigger, better, and having the best product, the thought of having additional tools to be able to allow the customer experience.
Sam Basile, VP of business development, GeoComply
EPIC Global Solutions’ senior director, John Millington, was likewise convinced that his company was able to maintain a nigh monopoly on the market thanks to its unique approach. In EPIC’s case, the company was the only one to base its solutions on lived experiences.
EPIC recently parted ways with several key employees who joined the emerging competitor IC360 instead. Millington admitted that the EPIC team was sad to part ways with them and described the departures as a big blow. However, the company believes that their leave will not be catastrophic.
New Challengers Emerge
Integrity Compliance 360 (IC360) is among the most ambitious challenger firms. The company, which recently rebranded from US Integrity, hopes to become a one-stop shop for gambling-related services, including geolocation.
To that end, IC360 recently teamed up with Radar, a company with proven a track record in geolocation tech.
Xpoint, another emerging geolocation company, believes that Radar’s versatility might be a weakness, considering that the gambling industry is full of intricacies. Xpoint CEO Manu Gambhir wished Radar good luck but scrutinized its approach to geolocation.
As a challenger, Xpoint had previously attracted a patent infringement lawsuit by GeoComply. As the former company successfully defended its products, more startups expressed interest in the geolocation space. However, Gambhir added that not everyone will be able to survive the highly competitive market.
Xpoint, however, hopes to remain at the helm of this race. To that end, the company recently released Trust Mode, a solution that allows clients to reduce their geolocation service checks by more than 20% while remaining compliant.
