Elite Competitions, a 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 and has almost five years of experience with the company, where he managed the GLI-33 certification program recognized for its rigorous testing standards critical to US sports betting regulations.
His expertise in conducting business reviews and overseeing certification processes will now benefit Elite Competitions as it seeks to enhance its own compliance operations. In a statement released on Tuesday, the company projected a significant growth of approximately 60% year-on-year over the next three years and aims to reach £100 million in revenue by 2026.
Lynas' appointment underscores the increasing interest in the UK prize draw sector, which last month formed an industry trade body dedicated to promoting responsible practices and enhancing player protections. According to a report by Rokker earlier this year, the UK's prize draw market generates about £1.3 billion annually, attracting around 7.4 million active participants.
A recent white paper also identified Elite Competitions as an emerging player in the industry, reinforced by its sponsorship deal with Blackpool FC.
Regarding his new role, Lynas expressed enthusiasm about joining Elite Competitions, noting the "impressive business" growth achieved in a short time. He emphasized the critical nature of compliance frameworks, customer protection, and responsible operation within a regulated space, insights he gained at Bet365.
While the prize draw sector currently operates outside the direct oversight of the Gambling Commission, a Voluntary Code aimed at improving transparency and consumer protection standards was established by the Department for Digital, Culture, Media and Sport in May. Furthermore, recent announcements from HMRC revealed that the sector will face a 20% VAT rate and will require operators to retroactively settle their tax obligations.
By recruiting a seasoned compliance professional, Elite Competitions demonstrates its commitment to adapting to evolving regulations as it expands. CEO Alex Beckett stated that "trust and transparency are fundamental" to the company, highlighting the importance of strengthening their compliance functions during this growth period. Beckett noted that Lynas’ background at Bet365 would be invaluable in making the company’s processes more robust.
In line with this shift, Zeal, a German lottery brokerage that recently acquired UK’s SevenCanyon, indicated a similar expectation for tighter regulations in the UK market. CEO Dr. Stefan Tweraser remarked that enhanced regulation would positively support the firm, given its compliant nature in heavily regulated environments.
