Elite Competitions, an online prize draw operator based in the UK, has appointed Peter Lynas as its new head of compliance. Lynas previously led the compliance team at Bet365 for nearly five years, overseeing the company’s GLI-33 certification program, which is crucial for meeting sports-betting regulations recognized across several US states.
His responsibilities included a recent comprehensive business review and the enforcement of ongoing certification processes. Elite Competitions plans to implement Lynas's expertise in its compliance operations, aiming for substantial growth.
In a statement released on Tuesday, Elite Competitions projected a year-on-year growth of about 60% over the next three years, with an expected revenue of £100 million by 2026. This move underscores the rising interest and impact of the UK prize draws sector, which recently formed an industry trade body to heighten standards and strengthen player protections.
A report published in April by Rokker valued the UK's prize draw market at approximately £1.3 billion annually, with about 7.4 million active participants. Recent analyses indicate that Elite Competitions is becoming an influential player in this sector, supported by its sponsorship agreement with Blackpool FC.
Lynas expressed enthusiasm about joining Elite Competitions, praising the company's rapid development. "I’m excited to become part of a growing team who are leading the way in competitions. My experience at Bet365 has given me real insight into the importance of effective compliance frameworks, customer protection, and operating responsibly within a highly regulated environment," he stated.
While the Gambling Commission does not currently regulate prize draws, a Voluntary Code aimed at enhancing transparency and consumer protection was introduced by the DCMS in May. Lynas’s appointment coincides with expectations that regulations for prize draws will become more stringent. Recently, HMRC announced the implementation of a 20% VAT rate for the sector, requiring operators to backtrack tax obligations to cover past operations.
By hiring a senior compliance expert, Elite Competitions is demonstrating its dedication to adhering to these developing standards as it expands. Alex Beckett, the CEO of Elite Competitions, emphasized, "Trust and transparency are fundamental to Elite Competitions, and strengthening our compliance function is a key priority to scale." He noted that Lynas’s experience at Bet365 will be a valuable asset to the business, enhancing their operational robustness.
In related news, Zeal, a German lottery brokerage that recently acquired the UK-based prize draw SevenCanyon, predicted increased regulation in the UK's prize draw sector. CEO Dr. Stefan Tweraser remarked that such regulation would be advantageous for the company, given its established track record of operating under stringent regulations.
