Heart goes against size as AK Bets ventures into UK market

After the news broke that AK Bets is now a part of the UK Gambling Commission’s (UKGC) licensing regime, it’s time for a closer look at the company. 

Speaking to SBC News, Joe Lee, the firm’s Head of Strategy and Performance, hinted at some of the company’s ambitions, such as retaining a unique identity in a market saturated with the heavy hitting Entains, Flutters, and the bet365s of the UK.

Gambling’s melting pot

Over the years, the UK has become a gurgling amalgamation of gambling operators – big and small, domestic and international, sportsbooks and iGaming. This is the end result of extensively debated and developed reforms and policies designed to create and build up one of the most competitive markets in the world.

However, it can be a tough market as well, especially for sports betting firms facing competition with the likes of evoke’s 888sport and William Hill, Flutter’s Betfair, Paddy Power and Sky Bet, and Entain’s Ladbrokes and Coral, among others. 

The most recent casualty of this highly competitive landscape was Rhino Bet, which said goodbye to its UK customers on 21 March mere years after first launching during the COVID-19 pandemic.

Another notable exit from the UK market was MansionBet, which decided that it is not feasible to remain in the battle for market share after a proprietary review of the ever-developing licence conditions and regulatory rules.

However, AK Bets’ plan is to remain focused on customer retention rather than customer acquisition, being fully aware that it might buckle under the weight if it goes toe-to-toe with the big boys.

Lee commented: “AK Bets primary focus has always been Big Prices, Big Rewards for our customer base.

“We differentiate ourselves from the major corporate operators by being truly customer focused both from a Product and Customer Experience perspective. 

“Retention is often a more important KPI for us over acquisition – our aim is to retain customers and extend their life cycles with us by providing a best in class service.

“Our Trader chat function, where customers can speak with a real human to solve any query, is hugely popular and something we have always received lots of positive feedback on. 

“We’re also in a unique position where our customers can meet and interact with us across many of the UK and Ireland’s leading racecourses. AK Bets was born in the betting ring and we remain true to our roots and look forward to expanding further.”

Starting a licensed sportsbook had to come with some compromises. This included going on the white label route with the licence, however in retrospect this proved “prudent”, Lee added. 

“Two years in, possibly two months longer than we needed to, we’re looking forward to the freedom provided by bringing functions in-house,” he said.

“Being masters of our own destiny when it comes to decision making rather than having a reliance on third parties is hugely important when it comes to growing our business further and servicing our customers to the high standards we uphold.”

Threading the needle

Now officially part of the UK licensed regime, AK Bets will have to tread carefully as the market continues to adjust to the recommendations made in the Gambling White Paper Review.

Christened “High Stakes: Gambling for the digital age”, the package of planned reforms will see the introduction of bans on bonus and cross-selling incentives coming in December – which will directly impact how combined sportsbook and iGaming operators such as AK Bets engage with customers. 

But the company said that it remains fully committed to adapting the new policies, viewing these as necessary steps towards balancing the scales between small and large UK operators.

“We believe a regulated environment is a positive for operators and customers alike – it is important to have a strong and competent regulator that understands the knock on effects of policy, especially given the continued rise of the black market in the UK & Ireland,” Lee said. 

“In terms of the bonus specifics in this instance they certainly somewhat level the playing field when it comes to big budget mass market operators vs smaller entities such as AK Bets. 

“While bonuses can provide a positive experience for customers they have often led to the industry being perceived negatively as larger operators aggressively manage bonus abuse etc.”

Nothing stingy about it

Looking ahead at the rest of the year, AK Bets will target gradual online and on-course offering expansion.

The company is already enjoying increased brand visibility with both Cheltenham 2025 and June’s Royal Ascot bringing in extra eyes on the physical AK Bets on-track stand.

On the online front, AK Bets sees an opportunity to diverge into other sports, and has already done so with football, tennis, golf, snooker, darts and rugby.

Promising to stick to the values that the industry is based on, Lee concluded: “We will continue to build out more sports and additional markets with a continued focus on price – leading corporate operators continue to get stingier on price year on year and we see this as an opportunity to compete on one of the key principles the industry is founded upon.”