Elite Competitions, an online prize draw operator based in the UK, has appointed Peter Lynas, the former compliance lead from Bet365, as its new head of compliance.
Lynas spent nearly five years at Bet365, where he was responsible for managing the company’s GLI-33 certification program. This program is noted for its rigorous standards that are acknowledged by various US states for regulating sports betting. His expertise will be integral to enhancing compliance operations at Elite Competitions, particularly as the company prepares for significant growth.
A statement from Elite Competitions indicated they project a growth of approximately 60% per year over the next three years, targeting £100 million in revenue by 2026. This appointment underscores the increasing attention being paid to the prize draw sector in the UK. Recently, the sector took a step toward establishing more responsible trading practices with the formation of a new industry trade body aimed at improving player protections.
According to an April report by Rokker, Britain’s prize draw market currently generates an estimated £1.3 billion annually and engages around 7.4 million active players. A white paper has acknowledged Elite Competitions as an emerging leader within this space, notably citing its sponsorship agreement with Blackpool FC.
In discussing his new role, Lynas expressed enthusiasm about joining what he described as an "impressive business"). He emphasized the importance of effective compliance frameworks and customer protection, particularly in a highly regulated environment like the one he navigated at Bet365.
While prize draws are not yet subjected to strict regulations set out by the Gambling Commission, the Department for Digital, Culture, Media & Sport (DCMS) implemented a Voluntary Code in May designed to improve transparency and bolster consumer protections. Lynas's appointment comes at a time when the expectation for tighter regulations around prize draws is rising. Recently, HM Revenue and Customs (HMRC) announced a 20% VAT rate would apply to the sector, requiring operators to backdate tax liabilities to cover earlier operations.
By hiring Lynas, Elite Competitions has demonstrated its dedication to adapting to these regulatory changes as it expands. CEO Alex Beckett stated that trust and transparency are critical to the company’s philosophy and emphasized the significance of strengthening compliance functions as they grow. Beckett noted, "Peter’s experience at Bet365 will be an invaluable asset as we enhance our processes to maintain robustness."
Further regulation appears to be on the horizon for the UK sector. Zeal, a German lottery brokerage that recently purchased the UK prize draw operator SevenCanyon, has indicated that additional regulations would favor companies like theirs, which already operate under stringent guidelines.
Kathryn Evans covers various breaking news stories with a focus on legislation in the EMEA region and the US.
