The UK’s iGaming industry is the largest in the world, but has been in a degree of turmoil following the British government's announcement of a reshaping of how online gambling companies will be regulated.

We are now seeing the soft rollout of said regulations, which begs the question: When is it wise to invest in the UK iGaming industry again? Should you invest in established companies or support new brands?

Joonas Karhu, CEO of, has established himself as a leading voice in the field, steering one of the largest iGaming affiliate platforms in the UK. collaborates with a majority of UKGC-licensed brands and amasses extensive data that provides deep insights into consumer preferences and effective marketing strategies.

They have also created the industry's first-ever M&A database, which tracks every significant iGaming acquisition and merger globally, providing invaluable intelligence for brands seeking sustainable growth

We caught up with Karhu to discuss his perspective on how the UK iGaming landscape is evolving post-white paper, the challenges and opportunities for new casinos, and how strategic marketing and bonus structures can still help casinos stand out in a crowded field.

With the rollout of the white paper, how do you see the British iGaming market changing over the next few years?

The white paper does not actually represent a significant shift, as many initially feared. Yes, it will lead to stricter compliance requirements around player protection, but most of these changes are common sense and should not have an overtly negative effect. Operators simply need to invest more in KYC procedures and financial checks.

The only truly bothersome suggestion in the white paper is the low cap on slot machine bets, but given the opposition to this particular measure, it may not come to pass. However, even if it does, high rollers are already drawn to live casinos and table games.

The rollout is very slow, operators have a lot of time to adapt, and the changes should not significantly impact the bottom line.

As such, I don't think considerable changes in the British gambling market will occur over the next few years. My only prediction is that more new casinos will be opening and investing in the UK market as they realise the threat was overstated.

The white paper does not actually represent a significant shift, as many initially feared

Is this, then, a good time to invest in the UK gambling industry

Yes, it is indeed a promising time to scale up your efforts with an existing brand or launch a new brand in the UK iGaming industry. Despite the fierce competition, regulatory changes have decreased investors' focus, leaving certain doors wide open.

We are only seeing a few new brands launching each month. This creates significant opportunities for fresh entrants to gain exposure through British affiliates eager to partner with innovative and compliant operators.

Additionally, a large number of existing brands are happy to simply exist around the industry average in terms of bonus offers and features. This makes the current moment a prime time to make moves, as long as they are based on data and have a clear strategy.

What advice would you offer investors interested in the iGaming industry, particularly when it comes to new casinos?

It's crucial to be both cautious. Competition is intense, and new casinos often struggle unless they have a compelling selling point or a solid marketing strategy. However, the industry remains lucrative for those who perform proper due diligence, and there are many very easy steps you can take to make your brand stand out and attract additional first-time depositors.

All a new operator needs to do is investigate how well their brand aligns with their competitors, take steps to be a bit different, and collaborate with affiliates like Bojoko to reach players. Our partners are also always welcome to contact us directly and ask questions about what our data says can increase their conversion. We often help our affiliate partners this way, with instant results.

The industry remains lucrative for those who perform proper due diligence

You mention that brands can take specific steps to stand out and convert well. What are these steps, and how easy is it for new casinos to stand out in the crowded UK market?

Our data shows that one of the fastest ways for a casino to enhance its conversion rate is to simply tweak your welcome offer. You'd be surprised just how much a slight increase in the bonus percentage above the standard of 100% will have instant results.

What many operators do not realise is that today, Brits mainly find brands through comparison sites. If you browse Bojoko's list of UK casino bonuses, you will quickly get an understanding of an average user's experience. The offers are generally the first thing they learn about a brand, and they often decide which they want to click onto for a closer look.

When you see a sea of offers giving out 100%, it is only natural to gravitate towards those that are different. Increasing your bonus percentage to 150% has an impact, but if you want to see a huge change in your conversion rate, try 200% or higher.

This is not a big risk, as you can adjust the wagering requirement, maximum win and bonus amount however you see fit, with only minimal impact.

No-deposit bonuses have an even higher impact on conversions. Still, they also come with more risks, as the rate of hit and runs can be astronomical, especially without a good retention strategy.

Other bonuses, such as wager-free bonuses and cashback, can also attract more first-time depositors.

Then, you have additional options, such as lowering the minimum deposit limit or simply making sure you have all the popular payment methods used by British players. Not doing so can cost you many players.

How can casinos make sure their bonuses appeal to players without hurting their bottom line?

Frankly, increasing the bonus percentage will generally significantly improve an operator's bottom line rather than hurt it. Striking the right balance between player appeal and financial sustainability is easy; the only real risk is no-deposit bonuses.

Deposit and reward bonuses are sustainable because they're only given when players commit to a brand. These bonuses are beneficial to you as long as standard terms and conditions are in place. As I mentioned, ensure that wagering requirements are sensible, and don't be afraid to add a max win clause in your terms and conditions.

Be mindful that UK players are discerning and have plenty of choice, so do not impose terms that are worse than the industry average. The most important thing to understand is that not optimising bonuses poses a greater risk, as many brands fade into obscurity due to not having the offers players are attracted to.

Unless you have a large advertising budget or an absolutely unique concept that has players rushing to sign up, which no one really has, bonuses are the best way to catch players' attention.

A strategic bonus structure can also incentivise continued play, ultimately maximising a player's lifetime value. Finding the balance between player appeal and sustainability requires a data-driven approach and an understanding of player dynamics.

You mentioned additional, non-bonus, specific ways for casinos to increase their conversions. Could you elaborate on these options?

One of the most effective is offering a broad range of payment methods to suit players' varying preferences. British players are particularly selective when choosing casinos, often preferring platforms with their preferred payment methods. You might consider some payment methods too niche to be essential, but not having Boku or Neosurf, for instance, does mean missing out on potential players.

Another example is reducing the minimum deposit limit, which instantly attracts and retains more players. While these players might initially deposit modest amounts, they could become long-term customers over many years.

It is also important to warn all new operators against charging fees for these transactions, as this will result in player loss. Eliminating fees helps in the long run.

Having a state-of-the-art casino, in terms of interface and game selection, is also key, but we don't see significant changes in sign-ups or first-time depositors from redesigns alone or adding a new game developer. It is, however, essential to work on ensuring that your platform is top-rate, as it will help retention and conversion.