In an exclusive interview recently, Joonas Karhu, CEO of Bojoko.com, revealed some key learnings he carries from the poker table to the iGaming business, offering valuable insights into his decision-making, risk management, market understanding and emotional control in the iGaming industry.
Applying Poker Strategies to Decision-Making in iGaming Business
Karhu began his insightful conversation by emphasizing the fact that poker teaches us to analyze situations and anticipate various outcomes. These skills honed in poker can be used in business to evaluate market opportunities and make informed decisions based on the deep analysis and anticipation.
Risk Management: Managing Risk is Vital in Poker and Business
As in poker, risk management is essential in business, according to Karhu. Just as we calculate odds in poker, we need to follow a calculative approach to understand the numbers, market dynamics and customer preferences to minimize the potential risks and maximize returns in the iGaming industry.
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Market Understanding and Reading Market Trends
Just like Mr. Kapil Arora whom we recently interviewed, Karhu parallels understanding the market to reading opponents at the poker table. Just like we try to read and understand opponents at the poker table, we constantly need to assess market trends, customer needs, competitor moves and technological advancements to stay ahead in the dynamic and competitive landscape of iGaming.
Balancing Bluffing and Transparency
Buffing is a strategy in poker, while transparency is key in business. While Karhu acknowledges bluffing as a strategy in poker, he stresses on the importance of transparency in business, saying that open and honest communication with stakeholders is key to building trust and long-term relationships.
Importance of Strategic Patience and Timing
Both patience and timing are key in business as well as poker, according to Karhu. He emphasizes careful planning and strategic moves, ensuring well-timed market entries and expansions. The strategic patience or the wait for the right opportunities in the market lets businesses leverage those opportunities at the right time, much like waiting for the right hand on the poker table.
Emotional Control in Managing Business Negotiations and Relationships
Karhu acknowledges the pivotal role of emotional control in business and poker. Just as poker players need emotional control, business people also require emotional control and emotional intelligence. Maintaining composure during negotiations, managing teams effectively and making rational decisions in pressure situations are some crucial skills to deal with fluctuations in the iGaming sector.
Learning from Setbacks, Losses & Challenges
Karhu explains that setbacks, challenges and losses are inevitable in both poker and business, but they provide opportunities to find out where we lack and how we can improve. Analyzing losses or setbacks fosters a culture of continuous learning, innovation and improvement. He then concludes by drawing similarities between poker and SEO and states that both need constant optimization.
About Joonas Karhu
Joonas Karhu, a poker player and CEO of Bojoko.com, started his poker journey in 2005 and played for over 5 years before taking up a role as a croupier for the Finnish monopoly Veikkaus. After obtaining a Bachelor of Business degree from a premier university, he got into a project management role at a gaming company, marking his beginning in the gaming industry and finally moving to Malta. After being in various management positions over the years, he then joined Bojoko in 2017 and is now serving as CEO of the company.
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Source: Card Player
