Evolving compliance requirements and newly-regulating markets are inflating demand across iGaming, with AML and safer gambling expertise particularly sought after.
In 2021, regulators have been actively enforcing the expansion of compliance teams and mandating experience required by leaders. This has led to a spike in demand for both new and specialist talent to fill the regulatory void.
iGaming Academy’s compliance courses allow businesses to train and upskill staff, but the compliance talent market remains challenging. We reached out to Compliance Specialist Kerry Gillitt of Pentasia, part of the Conexus Group to break down the market in this snapshot update.
- In March 2020 the UKGC found the UK online Gambling to be worth 5.7 billion representing 52 % of the overall gambling market. At the same time it was reported that the global gambling market was worth 66.72 billion.
- In January 2021, the UKGC reported that 49,328 people logged on to gamble online, with online casino being the highest area of revenue, with online games a close second.
- Prior to the pandemic, Adult Land Based Gambling (Casinos and Machines) was reportedly still growing. We know that this area has taken a massive hit to revenue and seen redundancies but what is happening now?
- In 2020 the UKGC conducted 30 audits with 15 operators being fined a total of 32.1 million.
- In 2019 234 Security Audits and 350 Compliance Assessments were carried out resulting in 12 Operators being fined a compound total of 30 million pounds.
- As a comparison the MGA reported 30 audits, down 37.5% from the previous year.
- These figures are perhaps skewed by the pandemic so what can we say about the market this year?
- 2020 saw an increased demand of 21% requirement to hire in the regulatory sector, but this year-to-date demand is up 46%.
- What drives increased demand?
- More requirement for larger Compliance and AML teams to adhere to regulation updates.
- Hiring of Safer Gambling teams now are on the agenda for most businesses.
- More robust leaders need to be employed across all of these areas.
- More companies are understanding the ‘three lines of defence’ model and therefore hiring MLRO as a stand-alone role where once, it was given to the Compliance Manager as an add-on.
How is this impacting Recruitment?
- The increasing demand for more and better-qualified candidates means there is huge competition when hiring.
- What do Employer’s need to consider for a smooth and effective recruitment process?
- Review each job description thoroughly before commencing the hiring process – what was once ‘set in stone’ may need to be updated in terms of duties. What can be flexible or up for negotiation to allow you to hire the best people for your business.
- Ensure the process is refined to be agile in this current market – C-suite processes are currently being hired within 2 interview processes as opposed to 5 as it was before the pandemic.
- Consider the location of work – is it imperative to have staff in an office location when remote working is an option and very much a potential deal-breaker at this time.
- Consider the benefits package – is it in line with the competition? If a start-up have you a package agreed in principle?
- Candidates are not only looking for the best basic salary, but flexibility of office/home working is a very close second.
- Private health cover has also become more important to candidates in the last two years with wellbeing and mental -health needing to be included.
- Will training to cover a skills -gap allow the hiring process to successfully complete, thereby not impacting the current team and stinting growth?
- If using a Recruitment Specialist to source, keep them up to date and copied in to the whole process including offer documentation so that they can ensure questions are answered and offers accepted in a short time frame, preventing counter-offers taking place.
Indicators for 2022?
- Based on updates published from Regulators around the world, more adherence to Safer Gambling and AML regulation will continue to grow with fines becoming larger.
- Recruitment will continue to be highly competitive and companies will have to work harder to retain and employ staff.
- Holistic benefits as well as salary will continue to motivate people to seek out better job options.
For gaming compliance recruitment services contact Kerry Gillitt, Principal Consultant at Pentasia, part of The Conexus Group.
For specialist compliance courses and bespoke training solutions contact iGaming Academy.