Mr. Gamble Q&A: An Exclusive Interview with Bilyan Balinoff, Founder & CEO Vegas Legends

In this exclusive Mr. Gamble Q&A interview, we sit down with Bilyan Balinoff, the visionary behind Vegas Legends and Felix Gaming. With years of experience in the iGaming industry, Bilyan shares his journey, the challenges of entrepreneurship, and his outlook on the future of gaming. Read on for insights into innovation, leadership, and the trends shaping iGaming.

What inspired you to enter the iGaming industry, and how did you envision your journey when you first started?

When I first joined the iGaming industry, I came from a background in IT with no prior knowledge of gaming. My journey began at Casino Technology, and I’ll never forget the words of its visionary CEO, Milo Borissov. He told me, “Don’t worry, land-based slot machines will soon be like computers, so you’re joining us at the right time.” Those words gave me the confidence to dive in, and I’m forever grateful to Mr. Borissov for his guidance.

At the start, I anticipated an interesting and dynamic career, but looking back now, those expectations were surpassed a hundred times over. The industry has been far more exciting, challenging, and rewarding than I could have ever imagined.

As a successful entrepreneur, how has your perspective on business and leadership evolved over the years?

When I began my career, I worked for large IT and iGaming corporations where the primary focus was always on customers, while employees often took a backseat. As my career progressed, I transitioned to smaller companies and quickly realized something important: in a small company, there’s no room to hide behind someone else’s work. Success comes from hard work, accountability, and every individual pulling their weight.

When I eventually founded my own companies, my perspective shifted completely. Now, I firmly believe the greatest asset isn’t just your customers—it’s your employees. Yes, customers are the ones bringing in revenue, but if you treat your team with the respect and recognition they deserve, they’ll not only deliver exceptional results but also create an environment where customers feel happy and valued. A motivated, appreciated team can turn clients into loyal, enthusiastic supporters.

The iGaming industry is highly competitive. What makes your brands stand out in such a crowded space?

I believe competition drives quality, and I’m thrilled to be part of such a highly competitive industry. With Felix Gaming and Vegas Legends, I’ve never been afraid to make mistakes or take big risks, even when there’s a high chance of failure.

A significant part of the iGaming industry thrives on replicating proven models, and I’ll admit that this approach can be both successful and profitable. However, my vision has always been different. I embrace the challenge of inventing new concepts, knowing that 99% of them might fail. But it’s that remaining 1%—the game-changing ideas—that set you apart and ultimately inspire others to follow your lead.

What trends do you see shaping the iGaming industry over the next five years?

It might sound predictable to mention regulations, AI, and cryptocurrency—but they’re obvious for a reason. These are the forces that will undoubtedly shape the industry in the coming years. However, one trend I believe could revolutionize iGaming is the integration of AI within games themselves.

Imagine a game powered by AI that evolves in real-time based on a player’s preferences and behavior. This kind of dynamic gameplay would create a deeply personalized experience, adapting to what each player enjoys most during their session. It’s a bold idea, but one that could redefine player engagement and set a new standard for the industry.

How do you foster innovation in your companies to maintain a competitive edge?

As a smaller company compared to the industry giants, we have the freedom to take bold risks without fear of losing too much if things don’t work out. That’s why in our company, no idea is too crazy or “stupid” to be considered—it’s all about trying, testing, and learning.

Creating slots is a lot like making music. You never truly know which idea will hit the top of the charts or why it will resonate. And just because you’ve succeeded once doesn’t mean you can replicate it by doing the same thing over and over.

As I often say, if Luis Fonsi knew the exact formula behind the success of Despacito, he would’ve created 10 more hits just like it. But success in creativity isn’t that predictable—it’s about daring to experiment and staying open to the unexpected.

What leadership qualities are essential for managing multiple successful ventures in such a fast-moving industry?

For me, the key to successfully managing multiple projects is the ability to quickly switch gears and adapt your mindset from one topic to another. On some days, I handle over 20 calls, each focused on a completely different subject. It requires mental agility to stay sharp and fully engaged in every discussion.

Flexibility is another critical quality. Most of my calls happen because something didn’t go as planned, and in such moments, you need to think fast and act decisively. Being able to adapt to constant changes and make quick, effective decisions is what keeps everything moving forward in such a dynamic and demanding industry.

What challenges have you faced in scaling your businesses, and how have you navigated them?

The biggest challenge I’ve faced is scaling the business without unnecessarily scaling the team and creating a corporate structure where a few people work while many manage. For me, it’s about finding that balance between growth and efficiency.

To overcome this, I’m very selective about the people I bring into the team. Each individual is treated and valued as if they were a team of ten—because they need to perform like one too. It’s about building a team of highly capable, motivated individuals who are empowered to take ownership and deliver exceptional results without the layers of bureaucracy. Quality over quantity has been my mantra for success.

How do you balance maintaining your companies' unique identities while expanding globally?

Maintaining a company's unique identity while expanding globally comes down to staying true to the core values and vision that define the brand. Each of my companies has a distinct personality, and I make sure that this uniqueness is embedded in everything we do, from product design to customer engagement.

At the same time, global expansion requires flexibility. Different markets have their own preferences, regulations, and cultures, so we adapt our approach while keeping the essence of the brand intact. It’s like speaking different languages but staying true to the same story.

The balance lies in consistency—remaining authentic to what makes your brand special while embracing the nuances of each market to connect with a broader audience. It’s a delicate dance, but it’s one of the most rewarding aspects of growing a business.

2024 was a big year for Vegas Legends. What awards or recognitions did the company receive?

Answer:
2024 was an incredible year for Vegas Legends. In just a few short months, we proudly earned three prestigious awards:

• Affiliate Management of the Year at the AffPapa iGaming Awards 2024 – Recognizing our strong partnerships and collaboration with affiliates.
• Rising Star in Casino at the SBC Awards 2024 – A testament to our rapid growth.
• Rising Star Operator 2024 at the SiGMA Malta B2C Awards – Establishing Vegas Legends as a standout brand.
  

You attended many iGaming conferences in 2024. If you had to choose your favorite, which one would it be and why?

Rather than spreading ourselves thin across numerous expos, our strategy is to focus on a select few and go all in. We believe that deeper engagement at key events is far more valuable than having minimal visibility at many.

That’s why our top three conferences are SBC, SiGMA, and iGB. These events offer the perfect blend of networking, innovation, and industry recognition. Each of these conferences plays a crucial role in our growth and positioning within the iGaming world.

What are your key goals for 2025, particularly for Vegas Legends and Felix Gaming? Any exciting projects or initiatives you can share?

For Vegas Legends, one of our top priorities in 2025 is to establish an in-house CRM and support system across all our brands. This will allow us to provide a more personalized experience for our players, enhancing retention and engagement. Additionally, we’re gearing up to launch several new brands, each bringing something unique to the table.

On the Felix Gaming side, we recently secured BG certification for our games, which was a huge milestone. Our next major goal is obtaining the MGA certification, which will open up even more opportunities in regulated markets.

2025 is set to be a year of expansion, and we’re excited about what’s ahead!

If you could give one piece of advice to aspiring entrepreneurs in the iGaming sector, what would it be?

If I had to give just one piece of advice, it would be: Always diversify.

iGaming is an incredibly volatile industry—what works today might not work tomorrow. Markets shift, regulations change, and competition is relentless. The key to long-term success is to always have multiple projects in motion, each offering something unique. This way, no matter how the landscape evolves, you’ll always have a way to stay ahead and remain at the top of the game.

With the growing integration of cryptocurrencies into online gaming, how do you see their role in shaping the future of gambling? Are your companies exploring new ways to integrate blockchain technology?

Personally, I’m not a big crypto fan, but that doesn’t stop me from having a smart take on the topic.

Cryptocurrencies initially entered the iGaming space as a workaround for payment processing in markets where traditional banking solutions were challenging. However, as we’ve seen recently, many countries are now moving toward regulating crypto payments as well.

From an operator’s perspective, crypto payments come with risks—especially due to instant, no-KYC withdrawals, which can open doors for fraud and hacking. This makes it a double-edged sword: while crypto offers convenience and anonymity, it also presents security challenges that casinos need to address.

That being said, the role of crypto in iGaming is only going to grow. Whether through blockchain technology, tokenized rewards, or decentralized gaming solutions, it will continue evolving in ways that reshape the industry. While I may not be the biggest fan of crypto, I recognize its impact—and I’m always watching how it develops.

Lastly, do you personally play casino games? If so, what is your favorite slot or type of game?

I play slots daily—but purely for science and research purposes, of course! I’ve never actually placed a real-money bet on a slot, but I constantly analyze games to understand their mechanics, engagement factors, and what makes a game stand out.

Now, my favorite slot might come as a surprise… but as an old-school veteran—wait, let’s be honest, a legend —from the land-based casino world, my all-time favorite has to be Book of Ra. This game didn’t just set trends; it revolutionized the entire casino industry and became the foundation for countless modern slots.

And since everyone expects me to name a Felix Gaming favorite as well, here’s another unexpected pick—It’s a Joker. This was our 9th release back in 2018, and even after all these years, it still contributes nearly 30% of our results today. That’s a true testament to its staying power and the magic behind its design!

Thank you to Bilyan Balinoff for sharing these valuable insights. His journey and vision serve as inspiration for aspiring entrepreneurs and industry leaders alike. Stay tuned for more exclusive Mr.Gamble Q&A interviews with key figures shaping the future of iGaming.