Even though the United Kingdom (UK) and Republic of Ireland have taken massive strides in the gaming industry, the United States remains number one in the sector.
American gaming giants such as Activision Blizzard, Electronic Arts and Take-Two Interactive generate billions in revenue with their lucrative franchises.
Their UK and Irish counterparts are still playing catch-up if the recently released inaugural Sunday Times Gaming Rich List is anything to go by.
However, Ireland is undoubtedly leading the charge to bridge the gap to the US. One of its most influential companies is Playrix, which is spearheaded by the Bukhman brothers.
Innovative Brothers Lead the Way for Ireland
Igor and Dmitry Bukhman have racked up a remarkable £12.5 billion personal fortune.
The brothers grew up in post-Soviet Russia, and their journey from humble beginnings to mobile gaming moguls is a tale of triumph every entrepreneur should use for motivation.
They began their journey in entrepreneurship when their grandfather gifted them a Pentium PC, with which they created Playrix. It is now one of the leading mobile gaming companies.
Headquartered in Dublin for over a decade, Playrix has released several classic mobile games such as Homescapes, Fishdom, Gardenscapes and Township.
Playrix games combine storytelling, engaging gameplay mechanics and catchy graphics. They also pioneered monetisation strategies within the free-to-play section of game apps.
The company’s games have been downloaded millions of times and earn billions in revenue. The Bukhman’s wealth accounts for over 70% of the £17.1bn on the UK and Irish gaming rich list.
However, Playrix has not tapped into the lucrative iGaming sector, and many experts feel they are missing a massive opportunity.
Playrix Could be Missing a Trick
Ireland’s digital gaming sector has been booming for several years now, and iGaming has contributed massively to the growth.
With players on the Emerald Isle warmly embracing iGaming, it is quite surprising that Playrix has not ventured into this market.
Flutter Entertainment, headquartered in Dublin, are giants in the online gambling industry. They have expanded their reach worldwide, showing there is potential for growth in this area.
The company has mastered the art of monetising mobile games through in-app purchases but should consider branching into online gambling games such as roulette for a new revenue stream.
Playrix could tap into this popular trend by expanding its portfolio to include casino games for online casino sites. Ireland’s regulations provide strong support for iGaming ventures, offering companies a secure environment for development and growth.
Ireland launched the Digital Gaming Tax Credit scheme in 2022, and this incentive provides a refundable tax credit of up to 32 percent of eligible expenditures relating to developing a digital game.
Many people in the gaming sector acknowledge the scheme could spur more investment and activity in an industry steadily growing.
However, Playrix has chosen to focus on its mobile gaming strengths, most likely to avoid the complex licensing and regulatory challenges of operating in the iGaming sector.
Their success in the mobile gaming sector means diversifying into an industry where operators are always looking over their shoulders for regulators is unappealing.
Bukhman’s Rake in the Cash but US Giants Dwarf Their Company
Activision Blizzard and Electronic Arts generate more revenue than Playrix, but the Bukhman brothers have amassed more personal wealth than the founders of their US counterparts.
American entrepreneur Bobby Kotick bought Activision Blizzard in 1991 when it was on the verge of bankruptcy. He led the company back to profitability after intense cost-cutting. With the company lean and healthy, it has grown into a global behemoth.
However, Kotick’s $871 million net worth pales in comparison to the Bukhman brothers, who have a combined £12.5bn fortune.
It is as similar sorry with Trip Hawkins who founded Electronic Arts in 1982. EA is now worth around $34.63 billion, but he has struggled to keep his personal wealth intact.
Hawkins has come under fire for his lavish spending on private jets and other excesses, while the tax authorities have taken an interest in his spendthrift nature.