How Three Founders Built Altenar Into a Global Sportsbook Technology Provider
A decade-long climb from a software startup to a B2B sportsbook supplier across more than 50 regulated markets shows how patient product investment can outlast a land-grab.
The sportsbook technology market has turned into a crowded contest, with operators demanding faster platforms, wider market coverage and deeper regulatory expertise. Altenar is one of the suppliers that got there the slow way. Founded in 2011 as BetInAction Software by Stanislav Silin, Dinos Stranomitis and Valeri Sandler, the business began as a software developer before becoming Altenar, a dedicated B2B sportsbook technology provider now operating across more than 50 regulated markets. That international reach is still expanding, as covered in our report on DAZN Bet’s Altenar-powered launch in Ontario and Alberta.
Why the Altenar history matters to operators now
Company timelines usually make for dull reading. This one earns attention because Altenar’s path maps almost exactly onto how the B2B iGaming sector itself has changed. Early competition was about sportsbook functionality. Today operators expect a partner that brings scalable technology, regulatory readiness, localisation and continuous product development. Altenar’s growth story tracks that shift. For an operator evaluating suppliers, the read is that a firm which built its platform before chasing geography tends to arrive in a new market already licensed and ready, rather than promising to catch up.
What the Altenar transformation actually involved
The foundation came first. In 2011, BetInAction Software began developing first-generation sportsbook software, along with trading and support capabilities. The pivotal year was 2014, when the three founders formally created the Altenar brand and shifted from selling software to delivering a fully-managed sportsbook solution. At that stage the company supported 16 clients. The model worked, and by 2016 Altenar had entered its first regulated market with a licensed sportsbook in Colombia, growing to 40 employees and 21 clients.
Expansion followed the same disciplined pattern. Between 2018 and 2019 the company secured licences across Romania, Malta, the UK, Italy, Spain, Denmark and Portugal, opening offices in Greece and Malta. The pandemic in 2020 suspended sport worldwide, yet Altenar reported full recovery in performance and revenue by October that year, and used the period to launch the second generation of its sportsbook platform. That last point matters. It kept investing in product when geography alone would not have carried it.
The operator read on Altenar’s platform-first model
Here is the part operators care about. Altenar positioned regulatory readiness as part of its growth strategy rather than a hurdle to clear later, which is why its licence map now stretches from Latin America to North America. In 2022 it obtained licences in Ontario and Lithuania and struck a major partnership with ApuestaTotal in Peru. That combination of new-market entry and deep operator relationships continues in established jurisdictions too, as we reported when Altenar renewed its Gran Madrid sportsbook partnership in Spain. The practical takeaway for a platform head is that a supplier already carrying the right licences shortens time-to-market in a way a cheaper, less-regulated vendor cannot.
The caveat worth naming
Much of this narrative comes from Altenar’s own official history, and it reads the way company timelines tend to, as a clean story of steady progress. That is worth holding in view. A measured, product-first growth record is a genuine asset, but it is also the company’s own framing, and it naturally omits the missteps and near-misses that any decade-long build involves. Operators weighing Altenar will still want independent evidence on platform uptime, trading performance and support responsiveness in their specific market before committing. Heritage and a long licence list are strong signals. They are not a substitute for a reference check.
What operators stand to gain from the Altenar model
The forward-looking point is practical. Altenar continues expanding its sportsbook business while deepening its presence in regulated markets, and its 2024 growth took its workforce beyond 800 employees across more than 50 regulated markets. For an operator, the benefit of a partner built this way is fewer surprises: a platform that has already absorbed the compliance demands of multiple jurisdictions is better placed to support entry into the next one. Over the coming 6 to 12 months, the suppliers combining regulatory depth with continuous product investment are the ones best positioned as more markets open. Altenar’s history suggests it intends to be among them. Whether it stays there depends, as ever, on execution.
Source: Altenar
