The United Kingdom, recognized as the world’s longest-standing regulated online gambling market, is thought by many to set the standard in igaming and sports betting compliance, regulation, responsible gaming, and tech innovation that combines all these into one of the world’s largest online gambling hubs.
Some of the UK’s industry leaders gathered this week in Lisbon for SBC Summit’s UK Leaders panel to discuss the evolving market dynamics driven by international expansion and the anticipated effect of last year’s white paper proposing updated regulation for the industry.
Per Widerström, CEO at Evoke plc, formerly known as 888 Holdings, is looking at the UK as the company’s key market for growth.
“We are focusing on optimized markets,” he said. “The UK is our number one market in terms of revenue. It became clear to us that the U.S. business to customer market is not the right market for us, but the UK has always been a primary market for us, and we are again pursuing this opportunity alongside other markets that are right for us. For example, we have a lot of investment going into Brazil now.”
“When it comes to the UK gambling market, I go by Warren Buffet’s saying, ‘when everyone else is greedy, be fearful, and when everyone else is fearful, be greedy.’” said Savvas Fellas, Founder and CEO of Mr.Q.com. “While many investors are exploring new opportunities offshore, let’s explore and capitalize on the local [UK] market. Temptations around us are big, but we need to be disciplined and avoid the distractions.”
Vlad Kaltenieks, CEO of Irish bookmaker Boylesports gave his company’s perspective on the UK market, saying: “there is a natural affinity between our home market of Ireland and the UK. Retail is a big milestone for us, and I strongly believe that retail can bring newfound opportunities. We didn’t have extensive retail operations in Ireland, so we view it as a new and exciting opportunity to create more revenue streams and build an omnichannel experience for our UK customers.”
Evoke’s strategy also includes creating an omnichannel customer experience, thus increasing profitability by providing players with an uninterrupted wagering experience across platforms. The company acquired William Hill in 2022 and now sees the high-street retail brand as a pillar of its UK strategy.
“When looking at the challenges the UK market presents, I always look at the full half of the glass: the fantastic brands we have in the UK, namely 888 and William Hill,” Widerström told CDC Gaming. “We look at retail gambling as one of our core assets and one of the biggest opportunities we have to rebuild our branding in the UK and achieve growth and profitability. We are working hard on creating an experience that creates exceptional value for the customer, and the ability to bet online and at a retail location is part of that value and experience of the brand.”
Affiliates also play a large part in the UK’s gambling market, with some of these marketing companies being as established as operators themselves. One example is OddsChecker, an odds comparison site owned by the Fairplay Sports Media Group.
“We have been operating in the UK for over 25 years, and our access to the huge amounts of data and relationships with the operators gives us the ability to test and bring new products, technologies and models into the market. So for us, the UK is the best market in the world to introduce these new things, try them out and use the UK as a launching pad for other markets,” said Stuart Simms, Fairplay Group CEO.
When the panel turned to discuss regulatory challenges, Simms referred to the U.S. model that includes affiliate licensing in many states.
“I’m in favor of the U.S. model where affiliates get a license,” he said. “It means that those representing the operators can be trusted. So I’m in favor of that type of licensing that is done in sensible dialogue, but not just by adding more and more restrictions. I love the regulation presenting this kind of challenge, such as integrating data and tech innovation.”
Other panelists sounded encouraged about the cooperation between operators and the UK regulator and government.
“£4.9 billion was wagered in black markets – that’s what we’re up against,” Fellas said. “The regulators are moving in the right direction, but not fast enough.”
Widerström added, “we are keen to work together to create a safer, sustainable gambling model for our customers. All of our company’s top leadership in the UK and beyond is committed to the process. It won’t be easy, but in the end, it’s the right thing to do for all parties involved.”
