GBC Time has interviewed – Ian Perrygrove, Chief Risk Officer at kwiff, an online bookmaker which launched in 2015 and quickly attracted attention due to their new way of betting.
kwiff has just launched its Curfew Tool, can you tell us more about the idea about the product and impact it will have?
We put our players first, primarily through an innovative product, so of course we would continue to find different areas of the business to do it, like safer gambling. This tool allows a player to block access to play at times of their choosing, and that isn’t a tool that’s required by regulations. We identified the opportunity to go further than the minimum set of tools and we are seeing positive early usage. The internal collaboration that comes from listening to our players and offering something unique is what kwiff is all about. Interestingly, while many choose to block access after midnight, 24% of users are setting restrictions during the day – a reflection of our modern player base, who no longer conform to the traditional 9-to-5 lifestyle.
As a sports betting operator that encourages bettors to follow their instincts, how does kwiff ensure a balance between innovation and responsible gambling practices, especially given your role in managing risk?
We trust players’ instincts to play safely, but that doesn’t mean we don’t offer them support in doing so. Safer gambling tools play a role, and we see that our players use these tools significantly more than average; it gives us confidence in our approach.
Could you share insights into the key markets (GEOs) where kwiff is currently active? Are there any plans to expand into new regions or territories in the near future?
The UK and Ireland are our core markets, they have put us where we are today, and we’ve still got huge potential to realise in those regions because we’re innovating and putting our players first. Our international journey started some time ago, but that is going to come to fruition soon as we’ve been growing in every area of our business in preparation and our teams have become more diverse with a huge appetite to experience operating in new regions.
In your position as Chief Risk Officer, how do you approach managing the risks in a highly regulated industry like sports betting? What are the major challenges you encounter in this role?
Often it’s not recognised how much regulation there is in the gambling sector; breaking down the regulations into individual binary requirements gives us many thousands and each one can be breached in any number of ways that could result in penalties to the business. It’s challenging to convert complex regulatory guidance with a massive scope for varying interpretations into simple binary requirements, but when done, it can help the business significantly by empowering stakeholders to make quick and reliable decisions. We all want firm internal processes that maintain a high level of compliance whilst acknowledging this is a very competitive industry; our interpretation and decisions must be well reasoned and ready to stand up to challenge at any time.
kwiff operates under licenses from the UK, Isle of Man, and Ireland. How do you ensure compliance across these jurisdictions, and what are the differences in regulations that you must account for?
Running multiple jurisdictions is most challenging for operational teams; they have to deal with various players with differing sets of rules, often all at the same time. At kwiff, we approach this by focusing on our technology to make it easier for our teams, giving them the tools or data they need to take solid actions on the risk. If the opportunity exists to automate and then let those teams focus on other areas, we do that. It means we see continuous improvements and incremental steps to reduce risks.
Looking forward, what are the strategic goals for kwiff in terms of innovation, growth, and risk management? What new trends or technologies are you excited about?
We know changes are coming in both GB with ‘affordability risks’, casino verticals and others, plus Ireland is soon to regulate, so we need to prepare for those and find the niche where we can do it better than others. Those challenges of embedding new regulations with minimal friction are the most exciting, and they make oversized differences in player experiences that deliver business growth; ultimately, it allows us to showcase our own technology and skill sets. We’re doing so much internal work to reduce friction for the player, and we’re pleased not to rely on third parties to deliver some exceptional improvements.
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