SiGMA Interview with 1SpinMillionaire Startup
SiGMA talks with the team behind 1SpinMillionaire
1SpinMillionaire redefines the lottery status quo. This game-changer combines innovative approach with customer rewards and engagement to disrupt the lottery sector. In November, 1SpinMillionaire will be taking part in SiGMA17 Startup Pitch.
What is your company’s unique differentiating idea?
1SpinMillionaire is a new kind of promotion and customer retention platform which gives the players a chance to win a huge amount of money without any additional stake. The only thing the customer has to do is to play.
1SM is the joint venture of lottery and jackpot and acts as follows. It does not matter what the user is playing, is it a slot game, Roulette, Poker, Bingo, a Sports Bet or even a Live Casino Game, the user will get a certain kind of amount of money (let us assume €10), a 1SM Ticket for free. There are absolutely no additional hidden fees for users. If the user plays a Slot game for 0.011€ a spin, he will get one 1SM Ticket after the one hundred spins, which contains combination of numbers in a predefined format.
All the 1SM Tickets are directly visible to the user and the overview of all 1SM tickets can be checked in the player´s gaming history and could be even printed out. The more the users play, the more tickets they get for free. The higher the user´s stakes, the more 1SM tickets they get for free. To be as transparent as possible and not to cheat the system at the drawing of the winning numbers, we are able to take any of the official drew lottery numbers worldwide. The 1SPM ticket contains combination of numbers, related to a specific official Lottery. The “Winning Prize” (we call it “Jackpot”) of the 1SM is collected by every issued 1SM ticket, which contributes a certain amount of money, like in every Jackpot.
The Jackpot amount and regular draws create retention for users, who will come back to the casino sites, to check if they won and encourage them to play more, because with every stake they get closer to be a millionaire. Although the idea came out of the gaming industry the 1SM could be used as promotion in any kind of business worldwide. It is not stuck only to the gaming industry and that is one of the unique features.
Who are your main competitors?
The main competitors within the beneficiation of the customers within the gaming industry are of course those companies who provide Jackpots, also if those Jackpots are just available within a single game, with a huge amount of money to win. To be as attractive as the highest Jackpots – or at least the medium sized online prizes – 1SM has to integrate several platforms to reach comparable heights. Therefore we see at the moment just the amount of money to be won as the main competition on the market to the 1SM product. The product itself is still unique and in its operations and function there are no real known comparable competitors.
What differentiates you from your competitors? Specifically, what do you provide that is currently not available in the market or how do you differ from your competitors?
Within the gaming industry there exist several kinds of Jackpot systems which attract the customers with the possibility and the promise of high winnings. Like any kind of Jackpot the users are able to win high amounts of money mostly connected with the need to play the highest stakes. Additionally, the Jackpots are connected in nearly all the cases to a single particular game, some game providers have Jackpots connected to group of games.
But no provider, no platform within the industry connects all the game providers with one single Jackpot and no game provider offers a Jackpot – or the chance to win a huge amount of money – without any additional stakes. 1SpinMillionaire is universal and combines this all together.
What milestones or tangible traction have you achieved to date?
The project started as a need for innovative product within the gaming industry. The idea of 1SM was developed in summer 2015. After the detailed requirements documentation, the first drafts of a business model and participation model, the development of 1SM started in March 2016. The team was set together by one business analyst, two backend developers, one frontend developer, one tester and one project manager.
After intensive test in July and August 2016 the 1SM was launched on the first casino website in October 2016 before the EiG. Additionally to the launch on the casino website, we started to integrate different platforms within the Gaming Industry (Tete-a-Tete/Lituania) and outside the gaming industry (transportation and food delivery), who will participate on the 1SM to proof the concept in 2017.
Within the milestones planning we arranged also several meetings with lawyers and governmental institutions in different jurisdiction to check and verify the idea of 1SM, to elaborate if this sort of games are legal, doable without any obstacles and to finalise the patent pending process. Additionally, 1SM has been the winner of the EiG 2016 Berlin Start-up Launch Pad and the ICE the winner of the Pitch in 2017.
Please explain your objectives for participating in SiGMA Pitch Event.
Due to the fact that the new product, 1SpinMillionaire, will be a complete new feature on the market and our company is still in the start-up stage, we consider SiGMA as a perfect platform to present this innovation to the industry and to a wide range of experts and professionals.
We found out this after we won the EiG Startup Launch Pad in Berlin, at ICE 2017 in London and all other conferences we have been to (SiGMA 2016, ViGe Vienna 2017, Macao 2017 etc.).
All the discussions within the Gaming Industry have been very successfull. Additional objectives are to find strategic partners, who will believe in the product like its founders do, and will integrate the product on their platforms. Another plan to be at the start-up Launchpad is to find investors, who will finance the further development of the product and directly speed up the process to have the product enlarged.
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