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IN ASSOCIATION WITH Gaming salaries stabilise after period of turbulence SA£ARY $URV€Y 2023 PART OFTHE CONEXUS GROUPREGISTER HERE: icegaming.comOverview Key trends for 2023 Global snapshot World view Salaries by function and role 8 9 10 6 4 Salary Survey 2023 For Pentasia: Editorial and data analysis: Andre Spahn, Brooke Petersen, Jamie Whittington, Jane Woodyer, Will Sawney For iGB: Global content director: Robin Harrison Data editor: Tansu Yilmaz Design: Ogo Ikeogu Production: Guy Parsons Published November 2023 ©2023 iGaming Business Ltd All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the permission of the publisher. The information contained in this publication is believed to be correct at the time of going to press. While care has been taken to ensure that the information is accurate, the publishers can accept no responsibility for any errors or omissions or for changes to the details given. Readers are cautioned that forward-looking statements, including forecasts, are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified. Consequently, the actual performance of companies mentioned in this report and the industry as a whole may differ materially from those expressed or implied by such forward-looking statements. Published by iGaming Business, part of Clarion Events. Registered office: Bedford House, 69-79 Fulham High Street, London SW6 3JW Tel: +44 (0) 207 384 7763 Registered number: 3934419 IN ASSOCIATION WITH PENTASIASALARY SURVEY 2023 Contents 8 6 PART OFTHE CONEXUS GROUPSALARY SURVEY 2023 SALARY SURVEY 2023 OVERVIEW “Increasingly, growth in the sector is coming from new geographic markets and this is where we’re seeing the majority of new roles being created” ALASTAIR CLELAND, MANAGING DIRECTOR, PENTASIA – PART OF THE CONEXUS GROUP , I am pleased to present our annual salary survey report, providing valuable insights into the evolving igaming talent landscape. This year’s survey offers a comprehensive view of the industry’s compensation trends and a glimpse into the strategies that will shape the sector’s future. The headline figure is that salaries across the sector have shown an overall increase of 3.98%. This shift comes in the context of the remarkable growth the sector has witnessed since 2020, leading to high demand for talent and corresponding wage inflation. This year’s figures reflect a maturing igaming market that is now focused on sustainable growth. Salaries are finding their equilibrium and we anticipate this to persist. We don’t expect salaries to decrease but wage growth is becoming more closely aligned with inflation, providing a more sustainable and predictable environment. NEW MARKETS, NEW GROWTH Increasingly, growth in the sector is coming from new geographic markets and this is where we’re seeing the majority of new roles being created. One key development is the rising activity in LatAm, with a particular focus on Brazil. The imminent legalisation of online casino and sports betting has generated significant attention across the industry. However, the demand for individuals with industry-specific experience in these regions is challenging. It’s worth highlighting that our extensive industry networks have played a pivotal role in our success in recruiting for these roles, underscoring the importance of well-established relationships in navigating the industry’s talent landscape. Just under 9,000km from Brazil, the uncertainty caused by the prolonged delay in the release of the UK Gambling Commission’s white paper cannot be understated. This has had a profound impact on the industry’s ability to plan and invest strategically. In such times, relationship-building is of paramount importance. Not only with staff members who may be disillusioned due to a lack of direction but also with individuals who can contribute strategically. Building these relationships positions companies to pivot swiftly in Welcome to the sixth annual iGB-Pentasia salary survey, the industry’s most comprehensive benchmarking of global igaming pay. To kick off this year’s edition, Alastair Cleland gives an overview of 2023’s headline trends, headed by the end of spiralling wage growth in the sector, an increase in specialist hiring activity in new markets and the knock-on effects caused by the delay in the Gambling Act review white paper. Salary Survey 2022 Introduction 04IN ASSOCIATION WITH PENTASIA Source: Salary data compiled exclusively by Pentasia, based on advertised, offered and placed rates. SALARY AVERAGE BY CATEGORY SALARY AVERAGE, REMOTE VS ON-SITE 180K 160K 140K 120K 100K 80K 60K 40K 20K 0 A nalytics & Data Compliance, Legal & F r aud Cust omer Ser vices Mark eting MD & C Suite Pr oduct & Pr oject Sales & Account Management T ech & Design Finance & Oper ations 2020-212021-222022-23 80K 70K 60K 50K 40K 30K 20K 10K 0 On-siteRemote 2020-212021-222022-23 response to changing regulations and market conditions. PARTNERING FOR SUCCESS: THE VALUE OF RELATIONSHIPS In this ever-evolving environment, the value of strategic partnerships cannot be overstated. This is why we’ve taken the opportunity to highlight our company values in this report, particularly how we value relationships over transactions. One of the reasons I’m proud to head up the team at Pentasia is our commitment to developing long-term strategic partnerships with our clients, focused on supporting their growth. I hope this report serves as a valuable resource in your strategic decision-making processes, ensuring that talent acquisition and retention align with company objectives and growth strategies. Alastair Cleland 4% Average wage growth across the igaming industry in 2023 50% Percentage of operators embracing flexible working arrangements 05 What’s your view? iGamingBusinessSalary Survey 2023 Trends 06 RISING, BUT SLOWER, WAGE GROWTH 2022’s record salary increases, with some igaming professionals commanding pay rises of 30%, now appear to be a thing of the past. There has been modest growth of approximately 4%, however this is likely to be commensurate with inflation so wages have largely remained stagnant. CONSTRAINED BUDGETS Market conditions, resulting in layoffs earlier in the year, have also contributed towards tighter budgets and increased scrutiny over spending across all practices. But the talent needed by the industry isn’t available without investment. Forward-thinking companies align compensation with strategic goals and recognise that attracting and retaining top-tier talent is essential for long-term success. TECH TALENT DOESN’T HANG ABOUT Although technical teams saw heavy layoffs across all industries in January and a fresh wave of redundancies in October, it’s still a candidate’s market in igaming. High demand for tech skills in an industry driven by technology and regulation makes securing and retaining top talent business-critical. THE HYBRID ADVANTAGE The hybrid work trend has become the norm across the global igaming market, with flexibility highly valued. Companies insisting on a traditional in-office, five-day work week often find it challenging to recruit and retain staff. Embracing a more flexible approach to work has proven to be a significant factor in engaging employees in this competitive industry. DELAYS CAUSING UNCERTAINTY Last year, legislation spurred demand for legal and compliance talent, but the prolonged delay of the UK Gambling Act review has left many companies uncertain about their investments. This uncertainty not only impacts the allocation of resources but also leaves a disillusioned workforce with limited direction and opportunities for growth. TRAINING: THE KEY TO SUSTAINED SUCCESS More than 60% of respondents to The Conexus Group Skills & Employment Survey felt that the biggest challenge of motivating their workforce was providing them with opportunities for professional growth, specifically around training and ongoing education. Employees have fed back that consistent and relevant training is key to them being successful in their roles. Within the igaming market the training attracting the most interest is around risk and compliance, including responsible gambling, AML and countering the finance of terrorism, anti- bribery, anti-fraud and payment handling. This has been confirmed by iGaming Academy, which has seen a sharp and continued increase in demand for these courses across all major jurisdictions. Brooke Petersen SALARY SURVEY 2023 “Although technical teams saw heavy layoffs across all industries in January and a fresh wave of redundancies in October, it’s still a candidate’s market in igaming” BROOKE PETERSEN CHIEF MARKETING & GROWTH OFFICER, THE CONEXUS GROUP FLATLINING PAY, FLEXIBLE WORK AND MORE KEY TRENDS FOR 2023In today’s fiercely competitive recruitment landscape, company values can be a defining factor that distinguishes one company from the next. Candidates scrutinise potential employers for cultural fit and ethical alignment, so having clearly defined and passionately upheld values can be a powerful proposition. Of course, this is only true if your company values are authentic. Candidates can easily discern whether a company’s values are simply words on a website or an actual driving force in its daily operations. So, it’s not merely about having values; it’s about living them. Which is what we do at Pentasia. Our mission is to facilitate growth for our clients. To achieve this, we are committed to developing long-term strategic partnerships, transcending the typical transactional approach that many recruitment providers practice. We share our company values with the entire Conexus Group. That’s because we work collaboratively across the group to support our clients and therefore it is essential that we are aligned. Our values are: ● Think laterally ● Value relationships over transactions ● Create time ● Know your stuff deeply Why should our values be important to you? Because we understand that in the world of recruitment, it’s not just about filling positions; it’s about finding the right fit that supports growth and evolution. It means we’re not just finding you a candidate; we’re finding you a future leader, a collaborator and someone who aligns with your vision. By embodying our values, we foster a workplace culture that drives innovation, builds trust and elevates the quality of service we provide to clients and colleagues alike. Sarah Kane “Candidates scrutinise potential employers for cultural fit and ethical alignment, so having clearly defined and passionately upheld values can be a powerful proposition” SARAH KANE CHIEF PEOPLE OFFICER, THE CONEXUS GROUP THE POWER OF COMPANY VALUES IN ASSOCIATION WITH PENTASIA 07 What’s your view? iGamingBusinessSALARY SURVEY 2023 USA Legislation for online gambling did not progress as anticipated this year but there’s optimism for its success in the new year. Spain New responsible gambling measures have created some challenges but the market continues to show signs of growth. Brazil Hiring in Brazil has grown substantially this year and the excitement surrounding the market suggests that growth is here to stay. GLOBAL SNAPSHOT Salary Survey 2023 Location commentary 08 UK The UKGC white paper was finally published this year but the sector is still in limbo as it waits for legislation.WORLD VIEW IN ASSOCIATION WITH PENTASIA 09 EUROPE The UKGC white paper has been published, but the igaming sector awaits the accompanying legislation, with other countries likely to follow the UK’s lead. Tech hubs in Eastern Europe, including Romania and Bulgaria, have established physical offices while allowing remote work within these countries. Turnkey scalable teams provided by the likes of Cohort Teams are gaining popularity. Major hubs like Malta and Gibraltar show stability, with limited fluctuations in activity. NORTH AMERICA There have been high expectations surrounding the prospect of several major states legalising online casino in the current year. However, only Rhode Island ultimately passed the legislation, bringing the total number of legal igaming states to seven (with Rhode Island’s igaming going live in April 2024). Meanwhile, last year’s Ontario legislation has transformed it into a highly competitive market. ASIA Singapore continues to experience growth, driven by the Gambling Control Act 2022 and the Gambling Regulatory Authority of Singapore Act 2022 passed last year. This market is poised for expansion, especially as it emerges from the uncertainties of the Covid era. Live dealer games and live casinos have gained popularity in the region. Moreover, sourcing remote talent remains viable, seamlessly integrating into other operations. REST OF THE WORLD The spotlight is on LatAm, with Brazil at the forefront, legalising sports betting and triggering a surge in hiring activity. Colombia is also making inroads. Africa is often hailed as the next major igaming market, driven by a growing population and rapid internet adoption. South Africa’s online gambling bill, introduced last year, catalysed numerous operators’ entry into this market. UAE The establishment of a new gambling regulator has been a catalyst for increased activity in this highly profitable region. Germany Regulatory challenges have contributed to slow growth in this market but change is potentially on the horizon. Singapore Opportunities for growth are still to be found in this region, with revenue continuing to rise in the post-Covid era. Romania Despite tech layoffs, hiring in the ‘Tech hub of Eastern Europe’ has demonstrated resilience and strengthened throughout the year. Malta The influx of new talent to the island has slowed but this major gaming hub continues to thrive. What’s your view? iGamingBusinessNext >