Elite Competitions, a prominent online prize draw operator in the UK, has named Peter Lynas, previously the compliance lead at Bet365, as its new head of compliance.
Lynas, who spent nearly five years at Bet365, oversaw the firm's GLI-33 certification program. This program is critical for ensuring that standards comply with regulations recognized by various US states concerning sports betting. His responsibilities included conducting a significant business review and managing ongoing certification processes, both of which are integral to Elite Competitions as it develops its own compliance framework.
On Tuesday, Elite Competitions announced its ambitious growth plan, projecting an increase of approximately 60% year-on-year for the next three years, aiming for revenues of £100 million by 2026. This move reflects a burgeoning interest in the UK prize draw market, which recently established an industry trade body to promote responsible standards and enhance player safeguards.
According to an April report by Rokker, the UK prize draw sector currently generates about £1.3 billion annually, serving around 7.4 million active players. A more recent white paper pointed out Elite Competitions as a key player in this sector, noting its sponsorship deal with Blackpool FC.
In discussing his new position, Lynas praised Elite Competitions as an "impressive business" that has rapidly made significant advancements. "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 remarked.
While prize draws in the UK are not currently regulated by the Gambling Commission, a Voluntary Code aimed at improving transparency and consumer protection was introduced by the DCMS in May.
Lynas’ appointment also aligns with increasing speculation that regulations for the sector will become more stringent. Recent announcements from HMRC indicated that prize draw operators would be subject to a 20% VAT rate and would have to backdate their tax obligations for prior periods of operation.
By hiring an experienced compliance professional, Elite Competitions aims to demonstrate its commitment to adapting to these evolving regulatory standards as it expands. CEO Alex Beckett emphasized, "Trust and transparency are fundamental to Elite Competitions, and strengthening our compliance function is a key priority as we continue to scale. Peter’s experience as compliance lead at Bet365 will be a significant asset to the business. His knowledge of operating within a highly regulated environment will help us continue to make our processes even more robust."
In a related note, Zeal, a German lottery brokerage that recently acquired the UK-based prize draw company SevenCanyon, has also expressed expectations for enhanced regulations in the UK prize draw sector. CEO Dr. Stefan Tweraser suggested that increased regulation might benefit Zeal, given its experience with stringent operational standards.
