Indulo

What Indulo does

F168 operates an integrated online gambling (iGaming) platform targeting Southeast Asian consumers, with operational concentration in Vietnam. Rather than developing proprietary games, the platform functions as a central integration hub that aggregates APIs from nine third-party providers: SABA Sports, CMD368, and SBOBET for sports betting; Evolution, Sexy Gaming, and Dream Gaming for live casino; and PG Soft, JILI, and CQ9 for slot and fishing games. The product portfolio spans six player-facing verticals — sports betting, live casino, slot games (Nổ Hũ), fishing games (Bắn Cá), lottery/numbers games (Xổ Số – Lô Đề), and online cockfighting (Đá Gà) — with live coverage of more than 10,000 sports events per month and access to over 500 game titles.

The underlying platform architecture is built around three proprietary technology layers: (1) an AI-driven Auto-Banking system that matches deposits in 10 seconds and disburses withdrawals in 60 seconds, 24/7, eliminating manual accounting review; (2) a cloud-based dynamic routing layer that redistributes traffic across IP ranges when ISPs attempt to block access, providing resilience in markets where gambling sites are routinely restricted; and (3) a device-fingerprinting fraud-detection layer that screens for multi-accounting and bonus abuse in real time. Delivery is via a Progressive Web App (PWA) that reduces mobile storage footprint by 80% and bypasses App Store/Play Store dependency, with SSL/TLS 256-bit end-to-end encryption and offshore data residency.

The business model is direct-to-consumer wagering: revenue is generated through house edge on sports bets, live casino games, slots, fishing, lottery, and cockfighting, supplemented by a 100% first-deposit welcome bonus and a 1.8% unlimited cashback on sports betting as retention mechanics. Customer acquisition runs entirely through an affiliate/referral network spanning 20+ branded partner links (vic88, vin88, red88, zo88, among others). The firm is licensed by the Isle of Man Gaming Authority and the Cagayan Freeport regulatory authority, holds iTech Labs RNG certification with a 96–98.5% return-to-player range, and operates from 284 Đường 3 Tháng 2, Phường 12, Quận 10, Ho Chi Minh City, Vietnam, under CEO/Founder Thanh Minh.

Name

Indulo

Legal name

F168

Website

https://indulo.io

Company type

Private

Founded year

2026

Operating status

Operating

Headcount range

1–10 employees

Short description

Integrated iGaming platform operating in Southeast Asia, primarily Vietnam, aggregating sports betting, live casino, slots, fishing, lottery, and cockfighting from third-party providers via an AI-automated payments and dynamic-routing stack under Isle of Man and Cagayan Freeport licensing.

Ownership category

akta.pro rank

Headquarters

HQ city

Syracuse

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel

Revenue model

1. Online Sports Betting: Platform aggregates sports betting products from SABA Sports, CMD368, and SBOBET. Revenue generated through house edge on sports wagers with 1.8% cashback without limits, supporting live tracking of over 10,000 sports events monthly including Premier League, UEFA Champions League, and Esports.
2. Live Casino: Ultra HD 4K casino streaming with 360-degree camera angles featuring real dealers in multiple languages. Revenue from house edge on live dealer games through Evolution, Sexy Gaming, and Dream Gaming partnerships.
3. Slot Games (Nổ Hũ) and Fishing Games (Bắn Cá): Over 500 game titles from PG Soft, JILI, and CQ9 providers with progressive jackpot pools growing 15% faster than market average due to large player base. Revenue from house edge and RNG-certified game outcomes.
4. Lottery and Numbers Game: Exclusive F168 lottery platform with payout ratio of 1 to 99.5, automatic prize disbursement upon official results announcement from state lottery providers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Indulo is a retail company that produces and sells extraordinary and personalized items for individual consumers. The firm operates a small, privately-held retail operation focused on made-to-order or customized merchandise rather than mass-produced goods.

Product overview

F168 operates as an intelligent iGaming ecosystem platform that functions as a central integration hub rather than developing proprietary games. The platform connects via API to third-party gaming providers including SABA Sports, CMD368, SBOBET (sports betting), Evolution, Sexy Gaming, Dream Gaming (live casino), and PG Soft, JILI, CQ9 (slots and fishing games), offering a unified betting experience across sports betting, Live Casino 4.0, slot machines (Nổ Hũ), fishing games (Bắn Cá), lottery (Xổ Số – Lô Đề), and cockfighting (Đá Gà). The ecosystem is powered by AI for automated banking, real-time optimization, and fraud detection, delivered via both web and mobile PWA.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 10-second deposit matching and 60-second withdrawal disbursement
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability4 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core.

• SABA SportscoreTechnology or IntegrationSports betting integration providing odds and live event tracking for over 10,000 sports events monthly including Premier League, UEFA Champions League, and Esports.
• CMD368coreTechnology or IntegrationOnline sportsbook integration providing sports betting odds and wagering options.
• SBOBETcoreTechnology or IntegrationSports betting partner providing competitive odds and betting markets.
• EvolutioncoreTechnology or IntegrationLive casino provider delivering Ultra HD 4K streaming with 360-degree camera angles and real dealers supporting multiple languages.
• Sexy GamingcoreTechnology or IntegrationLive dealer casino gaming provider integrated into the platform's Live Casino 4.0 offering.
• Dream GamingcoreTechnology or IntegrationLive casino gaming provider integrated into the platform's casino offerings.
• PG SoftcoreTechnology or IntegrationSlot game (Nổ Hũ) and gaming content provider with hundreds of game titles.
• JILIcoreTechnology or IntegrationSlot games (Nổ Hũ) and fishing games (Bắn Cá) provider with extensive game portfolio.
• CQ9coreTechnology or IntegrationGaming content provider for slot games and other casino-style offerings.
• iTech LabscoreTechnology or IntegrationIndependent iGaming testing and certification body providing RNG (Random Number Generator) certification ensuring 96-98.5% RTP and game fairness.
• Isle of MancoreOthersRegulatory licensing authority providing operational licensing and regulatory oversight for legal gambling operations.
• Cagayan FreeportcoreOthersRegulatory licensing authority providing operational licensing for legal gambling operations.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Dafabet: Established Asian-market online sportsbook and casino operator licensed in the Philippines and Isle of Man — directly comparable business model, regulatory footprint, and product portfolio to F168.
• BK8: Major Southeast Asia-focused online gambling operator offering sports betting, live casino, slots, and lottery across multiple SEA markets — directly competes with F168 in the same product verticals and customer segments.
• 12Bet: Asia-focused online sports betting and casino operator with multi-jurisdictional licensing; competes head-to-head with F168 in sportsbook and live casino verticals across SEA.
• 188Bet: Long-standing Asian online gambling operator offering sports, casino, and slots with Isle of Man licensing — comparable regulatory structure and target geography to F168.
• W88: Vietnam- and SEA-focused online sportsbook and casino operator with heavy affiliate marketing — most direct comparable to F168 in terms of geographic focus, GTM motion, and product mix.
• M88 (Mansion Group): Asian-market online gambling brand operating sports, casino, and slots; comparable to F168 in license footprint and SEA customer base.
• Fun88: SEA-targeted sports betting and casino operator with affiliate-heavy acquisition strategy — directly comparable GTM motion and product breadth to F168.
• Letou: Asian online sportsbook and casino operator with comparable licensing footprint and target customer segments in Southeast Asia.

Others

• Evolution Gaming: Global leader in live casino content — F168 integrates Evolution as a third-party provider rather than competing with it, making this a key supplier/enabler relationship rather than a competitor.
• PG Soft: Mobile slot game provider whose titles are aggregated by F168 — a content supplier rather than competitor, but central to F168's product offering.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indulo