iGaming Lifetime Value: Metrics and Marketing Strategies

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10 min
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Nov 28, 2024

Every marketer strives to gain customers and increase their profits while minimising budget expenditures. Affiliate marketers working on the promotion of iGaming products understand well the difference between spending money on attracting fleeting customers and getting loyal players willing to stay with the promoted platform for a long time. 

Given how competitive the iGaming affiliate marketing is, Lifetime Value (LTV) is an important metric that shows how much value your referred customer brings to the company over their lifecycle. After reading this article, you will learn what customer lifetime value is, how LTV marketing for iGaming works and how to boost this metric to increase your profit. 

LTV Meaning in iGaming

When working with iGaming offers, it is necessary to constantly monitor campaigns, measuring various metrics to understand how effectively they work. LTV (or CLV – Customer Lifetime Value) is one of the most important metrics for long-term growth, helping you not only to understand how much revenue you can expect from a referred player but also to determine the strategy of interaction with visitors and existing users. 

Understanding LTV and Its Importance in the iGaming Industry

So, let's start with the LTV definition. In the language of marketers, the lifetime value of a customer is the total revenue brought by the user referred to the promoted platform for the entire period of his/her participation in the game. A vital metric for iGaming affiliates, it helps evaluate the profitability of marketing expenditures as well as the effectiveness of customer retention. 

While some players spend a few hours or days on gambling/betting sites, others remain loyal to their choice for years. The higher the LTV, the longer players linger on the promoted platform, indicating that it is of high quality as well as offering favourable promotions. By tracking and analysing this metric, you will find strategies and channels to communicate with your target audience to ensure loyal users, thus making a sound marketing investment. 

LTV Calculation – Lifetime Value Formula

According to Forbes research, the probability that you will be able to sell a product or service to a new user is about 5-20%, depending on the field you work in. As for existing customers, the probability of their retention is 5-6 times higher. It turns out that it is more profitable for you to bring users to the iGaming platform capable of becoming loyal players than to drive large volumes of traffic not interested in online gambling and sports betting. 

Standard LTV Formula and Adjustments for iGaming

You can calculate CLV using a simple formula: multiply the average revenue per player by their average lifetime on the promoted platform. However, many marketers use a more complex formula that takes into account the cost of user acquisition and retention. 

iGaming marketers also consider important things like betting frequency, average deposit amount and churn rate. For example, if the average deposit amount per month for a player staying on the iGaming platform for 1 year is $100, it is easy to calculate that LTV will be $1,200. However, if the cost of acquisition and retention was $200, the CLV would be around $1,000 or even lower. By using this metric to evaluate the effectiveness of your investment, you can adjust your marketing strategies more accurately. 

Key Factors Influencing LTV in iGaming

LTV is an important metric for both affiliate marketers and iGaming platform operators. However, it is even more crucial to understand what factors influence LTV. Below, you will find things that affect the lifetime value of customers brought to promoted gambling/betting platforms. 

Average Revenue Per User (ARPU)

Would you like to know how much profit players make on average for a certain period on the platform, for example, for 1 month? ARPU, which is used to evaluate the success of your overall marketing strategy as well as individual campaigns, will help you with this. 

To better understand ARPU, let's look at an example. Let's say an iGaming platform with 2,000 active users generates $100,000 in revenue per month. This means that the average revenue per user per month is $50. Accounting for ARPU, the CLV formula is the product of the average conversion value, the average number of conversions for a certain period and the average time a player is active on the platform. 

Churn Rate and Retention Strategies

Perhaps one of the most frustrating things for marketers is a high churn rate for a campaign. This metric also affects CLV in sports betting or gambling. The lower the churn rate, the more likely you are to get a higher LTV. 

To reduce churn rates, operators offer bonuses designed for both new and returning players and also analyse feedback. Reducing churn by as little as 5% can have a significant impact on CLV as each remaining player will continue to generate revenue for the operator.  

Player Engagement and Activity Levels

Let's say you brought a player to the promoted platform. After reviewing the game library, they decided to go to a competitor without even registering. Such a player has no value for the operator with whom you cooperate as a marketer. This example clearly shows how important player activity and engagement are. 

It is not enough to offer a deposit bonus or free spins to encourage users to play actively. Experienced iGaming operators utilise loyalty schemes with comp points, exclusive rewards and cashback. They also run competitive events with leaderboards and use gamification tools to keep existing users engaged. 

Boosting Customer LTV – the Best Strategies

According to Statista, the total number of online gambling enthusiasts in the world will be around 300 million in 2029. While this is still an impressive figure, it doesn't take into account lottery and sports betting enthusiasts. However, according to the LTV marketing concept, you don't just need to attract players to the platform, you need to retain them for the long term. Below, you will find strategies with which you can increase the LTV (lifetime value) of brought players and your profit. 

Personalised Approach in Marketing and Loyalty Schemes

Today's players are becoming more and more demanding of what they are offered. They appreciate the unique experience provided by personalised promotions and loyalty schemes. Below are the most popular marketing techniques to increase the LTV of iGaming users:

·  First deposit bonuses for new players.

·  Tournaments and bonuses on more complex games such as live dealers.

·  VIP programs to reward those who spend a lot of time on the platform. 

All these offers, designed with the players' interests and preferences in mind, incentivise them to return to the iGaming platform again and again. 

Enhancing User Experience and Game Offerings

There are thousands of iGaming platforms in the world that differ in terms of convenience, game variety, bonus offers, winnings payout speed and other features. If your promoted site or app is not to your potential client's liking, they will go to your competitor without hesitation. Therefore, to retain players, you first need to provide a smooth user experience. 

Good iGaming operators invest in improving interfaces and platform compatibility with popular devices as they realise how important it is to increase CLV. From registration and the variety of payment methods available, to live dealers, eSports betting and tournaments that diversify players' leisure time, every aspect matters. 

Utilizing LTV for Targeted Marketing

Would you rather not waste your marketing budget on players who don't bring value to the platform and don't generate revenue for you? Using LTV, you can optimise your marketing efforts to get the best return on investment (ROI). 

Audience Segmentation for More Effective Budget Utilisation

While the high LTV players are of most interest to you in terms of revenue, there are also dormant users and casuals just burning through your marketing spend. When designing your campaigns, you should segment your audience and focus your resources on the most profitable ones. The table below clearly demonstrates the main segments of iGaming users and approaches to budgeting marketing efforts. 

Player Segments

Segment

Features

Marketing Approach

VIP players

Often make large bets and stay active for a long time.

Direct personalised offers including VIP rewards and a dedicated account manager.

Novice players

New users, inexperienced in betting and gambling.

Attract attention with welcome bonuses and betting tutorials.

Bonus hunters

Players rarely stay on the platform after using bonuses.

Offer limited bonuses with complicated wagering requirements.

Seasoned users

Players who prefer skill-based games.

Offer access to exclusive tournaments and bonuses designed for skill-focused games.

Dormant users

Users who have not been active on the platform for a long time.

Deliver exclusive offers that can bring interest back to the game.

Casual users

Players with erratic behaviour rarely enter the platform.

Make reminders about new games, features and bonuses.

 Challenges in Measuring and Applying LTV

iGaming is a unique sector due to several factors including legal peculiarities, unpredictable user behaviour, difficulties with real-time data processing and user retention. So, measuring LTV correctly can be a challenge, especially for novice marketers. Below, you will find the key challenges in measuring this metric:

·  You must have access to accurate and up-to-date data as player preferences can change literally in the blink of an eye.

·  High turnover when players spend only a short time on the platform thus making it difficult to predict customer value.

·  High probability of error in data on key player characteristics, such as their average income level. 

If you make serious errors in customer lifetime value calculations, you risk spending significant marketing budgets on groups of players that are not really generating substantial revenue for the operator. 

Ensuring Data Accuracy and Predicting Long-Term Behavior

Thanks to the development of AI, today you have access to a variety of automated data analysis tools that can process large streams of information and detect anomalous activity. These tools use algorithms capable of learning from current and historical data to predict player behaviour. 

In iGaming, trends replace others almost instantly. For example, a game that attracted a large number of users yesterday may lose its audience tomorrow due to a new release or other factors. To get accurate information and make correct predictions, you need to use AI-based tools that take into account the age, preferences, level of engagement, financial capabilities and other characteristics of different groups of players. 

Future Trends in LTV Analysis

The more accurate data - including LTV - you get about your campaigns, the more opportunities you have to fine-tune them. Since competition among affiliate marketers in iGaming is extremely high, you should invest in quality analytical tools to adjust to trends and maintain the interest of users, thus keeping their loyalty and increasing your revenue accordingly. 

AI, ML and Real-Time Monitoring

Analysing LTV and other metrics is becoming an increasingly complex and multi-layered task. However, artificial intelligence and machine learning used for computer models can provide a significant competitive advantage for marketers looking to keep up with the times. 

Real-time monitoring of players today can pick up on any behavioural changes in players and react to them instantly. For example, on noticing that a player is showing interest in a particular sport or slot, the system will offer him a bonus that will remove last-minute doubts. 

Given the growth of the AI sector, analytical tools will soon be available to almost every marketer. So, using AI-based monitoring and analysis solutions will become a necessity for anyone who wants to keep the loyalty of referred players for the long term. 

Bottom Line

According to Robin Recovery, the average attention span of a consumer has dropped from 12 seconds in the 2000s to 8 seconds today. The short attention span of potential customers and the incredible level of competition in iGaming are factors hindering the success of many marketers. Therefore, analysing and managing such an important metric as LTV is the key to success today, as it allows not only to measure the value of a particular player but also to understand which marketing efforts will pay off and which will not.

FAQ 

What is the reason for the importance of CLV indicator in iGaming?

Most gamblers and bettors come to platforms through marketing channels. Using this metric, marketers can measure the real value of a player thereby determining how cost-effective the investment in attracting and retaining them is. 

How do I calculate simple customer lifetime value?

According to the simple LTV formula, you need to multiply the average revenue of a referred customer by their average lifetime activity. 

How does the approach to LTV in iGaming differ from other industries?

Customers of iGaming platforms show more unpredictable and unstable behaviour in contrast to, e.g., customers of online shops. Therefore, marketers have to use more accurate analysis and forecasting tools to avoid unfortunate mistakes. 

How to optimise a marketing budget based on LTV?

Use a customer segmentation method to ultimately focus your marketing efforts on the groups with the highest value. 

How to increase LTV without raising the marketing budget?

Instead of investing more money in developing creatives, you can improve the interface and navigation of the platform, expand the game library and add other features that improve the user experience.

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July 11, 2024
In the fast-paced world of iGaming, financial leadership plays a crucial role in steering companies towards success. We had the privilege of sitting down with Oleksiy Kaplunov, the Head of Finance at RISK, to gain insights into his approach to financial management, team building, and navigating the unique challenges of the igaming industry. In this candid interview, Oleksiy shares his thoughts on industry knowledge, the qualities of an ideal iGaming CFO, and strategies for maintaining work-life balance in a high-pressure environment.
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Strategic Workforce Planning 101: Framework & Process

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10 min
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July 3, 2024
Your organization's success depends on having the right team in place. More than 70% of companies see keeping their best people as a big challenge. This is where strategic workforce planning (SWP) comes in. It's about spotting any skills or knowledge gaps and making a plan to fill them. This ensures your team has everything they need to meet the company's goals now and in the future.
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Top 6 Communication Skills and How to Improve Them

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10 min
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June 28, 2024
Mastering communication skills is vital today. It's key for success in personal and professional life. Good communication helps build relationships and grow your career. Studies show our body language, like facial expressions, matters a lot too. At work, good communication is crucial. A Gallup report found 70% of a team's energy depends on the manager's skills. This says a lot about how leadership talks to the team. Working on these skills can make you shine in interviews and push your career forward.
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Employee Engagement Strategies for a Better Workplace Environment

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7 min
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June 27, 2024
Did you know only a small fraction of employees worldwide, 23%, and in the U.S., 33%, are "engaged"? This comes from Gallup's study. It shows how important engagement is at work. Engaged folks do more than just turn up. They are 17% more productive, make their companies 23% more money, and keep customers 10% more satisfied. These facts point to the big change better engagement can bring in every business.
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Engaging Generation Z in the Workplace: Strategies for Effective Internal Communication and Collaboration

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5 min
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June 27, 2024
As Generation Z enters the workforce, organizations must adapt their communication strategies to effectively engage and retain this unique demographic. Born between the mid-1990s and early 2010s, Gen Z is set to outnumber Millennials worldwide, making up 27% of the job market by 2025. Inna Kutsak, Senior Communications Manager at RISK, shares her insights on the secrets to successful communication with Gen Z employees.
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4 Types of Key Performance Metrics To Track

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10 min
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June 24, 2024
Did you know that comparing profitability metrics can help find key business changes? Looking at numbers, from how productive we are to what we sell, helps a lot. This way, we know where to aim for and what to change to get there.Measuring performance metrics is important for a few reasons. It helps us see our growth. It also lets us compare where we are now to where we want to be. And, it guides us in making smart moves to reach our goals. Understanding key performance metrics is key for any business's success. For example, knowing how productive we are and our profit margin is crucial. It helps businesses thrive and hit their strategic targets.
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The Best-Kept HR Secrets for Creating a 'Wow-Atmosphere' in the Digital Workplace

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6 min
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June 21, 2024
Insights from Yuliya Kushnir, RISK HR Project Manager, on Fostering Connection and Collaboration in the Digital Workplace In the ever-evolving landscape of modern work, where remote teams and digital communication are the norm, the role of HR professionals has never been more crucial. How do you build a company culture that thrives when employees are scattered across time zones and screens? How do you ensure that everyone feels connected, valued, and motivated?
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Employee Life Cycle: The Ultimate Guide

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8 min
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June 20, 2024
Did you know that most job seekers are attracted to organizations that look after their brand? The employee life cycle is key. It's about the whole journey between an employee and their workplace. This journey starts from hiring and lasts till they depart. Knowing about the employee life cycle helps a lot. It lets you connect with people at every step. This, in turn, helps you find the right talent, make employees happier, and boost your company's success. We are going to dig deep into each of the seven stages. And we'll share tips to make each stage the best it can be for your employees and your company.
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10 Essential Project Management Skills to Succeed

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6 min
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June 14, 2024
By 2026, the market for project management software is set to hit $17.5 billion. It will grow at a rate of 12% annually from 2021. This shows there's a big need for project managers who know their stuff. To turn your natural skills into a successful project management career, you need to work on 10 key skills.
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eNPS as a Key Element in Building Two-way Communication and Employee Loyalty

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5 min
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June 12, 2024
At RISK, a mantra echoes through our halls (well, virtual halls, as many of us work remotely): "People are our key value." It's not just a catchy slogan. It's the beating heart of our company culture, the guiding principle behind every decision we make. And that's why employee loyalty research, also known as eNPS, isn't just a box-ticking exercise for us – it's a window into the soul of RISK.
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The 10 Essential HR Metrics You Absolutely Need to Watch

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10 min
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June 6, 2024
Are your HR metrics helping lead your company to victory? In today's fast changing world, making choices based on data is key. This is especially true for businesses that want to keep and grow their top talent. So, what HR metrics are essential for getting useful info and boosting sustainable growth?
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Keeping Pace on the iGaming Track: Insights from Kazakhstan

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6 min
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June 6, 2024
In the rapidly evolving world of iGaming, staying ahead of the curve is crucial for success. At RISK, we pride ourselves on our ability to adapt to changing market conditions and capitalize on emerging opportunities. To gain a deeper understanding of the current state of the industry and our plans for the future, we sat down with Yuriy Kralyuk, theHead of Kazakhstan Region @RISK. In this candid conversation, Yuriy shared his insights on the trends shaping the iGaming market and how RISK is positioning itself for growth in 2024 and beyond.
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From Support to CRM Manager: The Inspiring Journey of Dmytro Tsapenko at RISK Company

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6 min.
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May 21, 2024
In the fast-paced world of the iGaming industry, where passion, vision, and strong values drive success, RISK Company shines as a beacon of excellence. At the core of RISK's remarkable story are our employees – the true heroes who continuously raise the bar, propel projects to new heights, and fearlessly embrace challenges. Today, we explore the inspiring journey of one such hero, Dmytro Tsapenko, whose unwavering dedication and passion have transformed his career and left an indelible mark on the company.
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Product Manager vs. Product Owner: Who's Who?

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12 min
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May 16, 2024
It’s very important to know the difference between a product owner and a product manager. This understanding helps teams meet their goals and make products customers love. Without clear roles, it's hard to get a project done well. Knowing what each role does makes teamwork better and tasks clearer.
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Navigating the Legal Landscape of AI-Generated Content in iGaming: Opportunities and Challenges

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8 min
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May 14, 2024
The rise of automated text creation presents significant opportunities for iGaming businesses to expand their reach and improve user engagement. By leveraging AI-powered tools, companies can generate vast amounts of content, such as game descriptions, promotional materials, and even personalized recommendations, in a fraction of the time it would take human writers. This efficiency enables iGaming platforms to cater to a wider audience and deliver tailored experiences that keep users coming back.
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The Metaverse: A Playground for the Future of Marketing

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10 min
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May 3, 2024
Imagine a world where you can step into a virtual store, design your perfect pair of custom sneakers with a virtual reality headset, and have them delivered to your doorstep – all without leaving your couch. Or, picture yourself attending a live soccer match with your friends from all over the globe, where you can cheer, communicate, and interact with the performers in a shared virtual space. That's the kind of future the metaverse promises, and it's fundamentally changing how businesses think about marketing.
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Mastering Expectation Management: Tips & Strategies

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10 min
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April 29, 2024
Expectation management is key for success. With these smart strategies and continuous updates, projects can stay on track. This creates a work culture filled with trust, teamwork, and always getting better.
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Unlocking Success in the iGaming World Essentials

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6 min
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April 29, 2024
In this article, we will delve into the essential insights that can navigate you for better understanding of the gambling world. We will explore the different factors that contribute to success in the gambling industry and provide expert guidance on how to navigate this competitive landscape.
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Boost Collaboration: 5 Tips to Improve Your Teamwork Efficiency

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5 min
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April 29, 2024
In the world of business, working well as a team is vital to success. Did you know effective teams are 5 times more likely to do well and meet their goals? By improving how we talk to each other and building a united team, companies can really boost their productivity.
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How Riskers elevate customer support and their careers

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4 min
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April 17, 2024
What comes to mind when you think of customer support? A corporate machine with constantly changing operators who read from scripts like robots. But if you look at the RISK support team, you’ll see the opposite picture: minimal turnover and support agents speaking in a simple language.
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The Riskers at Cannes Lions: How we back talents

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4 min
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March 20, 2024
Feeling like you’re stuck in the same old routine at work? Every specialist needs a breath of fresh air for inspiration now and then. Our team believes in the power of industry contests. This time, we’ll dive into Cannes Lions – the international festival of creative communications and advertising through the stories of our Riskers!
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The RISK Mindset: An Exclusive Interview with RISK CEO Max Potomkin

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5 minutes
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February 9, 2024
We're about to delve deep into the core of what drives the Riskers. Just as our team charts the course for the entire company, it's the backbone of our team that steers us through these waters. So, let's dive into a sneak peek of the wisdom shared by our captain, Max Potomkin, CEO of RISK.
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How to thrive on the edge

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5 minutes
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December 27, 2023
High-risk businesses demand more from their leaders.
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What kind of tribe is the Risk.Inc team?

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6 minutes
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December 26, 2023
People shape and move any company. What brings professionals from around the world together under one roof? Shared principles and values.
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