Elite Competitions Beyond the baseline
After almost five years at bet365, Peter Lynas has joined Elite Competitions as Head of Compliance as the prize competition sector adjusts to a new voluntary code and
growing scrutiny. He speaks to G3 about bringing lessons from regulated betting into a younger industry, why voluntary compliance can be harder than prescriptive rules and how higher standards can support rather than obstruct growth.
Peter, what convinced you that Elite Competitions - and the prize competition sector more broadly – was the right move after bet365?
Elite Competitions is a really impressive business. Tey’ve got great people, a positive culture, and you can tell they’ve got a genuine desire to do the right thin — g. Tey want to grow, but in a responsible manner, so it’s somewhere that I would be proud to work for.
I think with the sector as it is now, it’s exciting to be part of that. Tere’s obviously the new voluntary code of good conduct that’s come in, but it’s a young industry and it’s growing very, very quickly. Tere’s a lot to do, and there will be a lot to do moving forwards as well, and that keeps it exciting. During my time at bet365 I learned a lot, and I’m grateful to them for that. I’m hoping I can bring some of that good practice and some of what I’ve learned into the prize competition sector and certainly into Elite Competitions.
From your first few weeks in the role, what are the biggest differences between compliance in the regulated gambling industry and compliance within prize competitions?
Tere are a few things. It’s early days, of course, but the wider gambling industry has a much broader scope of offerings than what you’ll find today in the prize competition sector.
Te regulations there have been enforced for years, so they’re much more mature and established. Elite Competitions is far more focused in its product offering, but it’s a much less mature market. It’s still
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learning and finding its way. Te regulations are new and there’s almost a catch-up exercise going on.
Te regulatory starting point is different as well because prize competitions sit outside of the Gambling Act because of the free entry route. Regardless of that, the basic principles are always the same with compliance: having clear governance, having robust processes and, most importantly of all, protecting our customers.
Te Voluntary Code introduced by the DCMS in May is an important milestone for the sector. Does it go far enough, or is this the beginning of a much longer journey towards higher standards?
I think it’s a great starting point. It sets the minimum expected standards for us, so it helps to protect our players and helps ensure fair competition amongst the industry as well. Whether more is required or not, I think a lot of that responsibility lies with ourselves and the wider industry.
Regardless of the voluntary code, we need to be seen to be doing the right things for the right reasons. I think that’s the most important thing. With regard to what happens next, we’ll be prepared for that.
Elite describes itself as the first prize competition business to appoint a senior compliance executive from a major regulated betting operator. Why do you think the sector has reached the point where this level of expertise is now necessary?
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