Monthly Archives: November 2022

Cost of Living Crisis, Finance and Banking, Financial Wellbeing, Fintech, News

UK gig workers face financial exclusion when accessing loans and mortgages

New research finds that 76% of UK gig workers have struggled to gain approval to access financial products such as a loan or mortgage.

  • Just over 7 in 10 of gig workers* surveyed have been denied a loan, despite having a good credit score.
  • On average, gig workers surveyed have had to apply to three different lenders before receiving access to a credit card or loan.
  • Over half (52%) of gig workers surveyed have lost out on a new home due to being declined by a bank or building society, despite knowing they have affordability.

Rollee, a fintech start-up providing secure and consented access to income data, today reveals that over three quarters of UK gig workers surveyed struggle to gain approval from financial institutions to access financial products such as a loan or mortgage. The findings in The Hidden Cost of Gig Worker Living report from Rollee, also reveals that just over 7 in 10 (74%) UK gig workers have been denied access to basic financial products such as a loan, despite having a good credit score.

Of 1002 gig workers surveyed, over a half (60%) of gig workers have had to apply to three or more different lenders before receiving access to a credit card or loan. 10% were successful when applying to their first lender.

There are 4.4 million people working for gig economy platforms at least once a week in the UK today who contribute £20bn to the UK economy.

The hidden cost of gig worker living

The report highlights that the struggle to access financial products is having an impact on the lives of gig workers across the UK. In fact, over half (52%) of gig workers surveyed have lost out on a new home due to being declined by a bank or building society, despite knowing they have affordability.

Gig workers surveyed also expressed the struggles they experienced when accessing financial services such as loans, or credit cards. Almost a third (32%) say it has placed stress on them and their families. Others report it has caused them financial hardship (29%), has prevented them from accessing housing (20%) and impacted the opportunities available to them in life (29%).

Looking ahead, 80% of gig workers surveyed feel concerned that the current-economic climate will impact their ability to be approved for a loan and to help with the cost of living throughout winter and the Christmas period, 25% will apply for a loan over the next couple of months.

Ali Hamriti, CEO and Co-founder at Rollee comments: “This research reveals the level of financial exclusion gig workers are facing. The struggle gig workers experience is not because they can’t afford a loan or mortgage, but because the current credit scoring systems of financial institutions are not set up to verify their multiple records of income and employment data. And with financial institutions under increasing pressure this results in workers being denied access to products they should be entitled to.”

“Self-employed workers need a fair chance to be able to prove their solvency to financial institutions. As the number of independent workers continues to rise, it is vital that financial organisations find new ways to gain full visibility of self-employed workers’ employment data to assess them fairly, and ensure they are not excluded from financial products just because of their working status.”

Rollee helps financial institutions to make fair and accurate decisions when applying for financial services. In the UK, Rollee is working with lenders, insurances, accountants and PCO fleet managers to provide them with a gateway to gain easy, reliable and fast access to income and employment data.

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About the survey

This survey was commissioned by Rollee and conducted by Opinion Matters, among a sample of 1002 gig workers in the UK working in at least 1 self-employed job, or platform job. Fieldwork was carried out between 7th November – 14th November 2022. Opinion Matters abides by and employs members of the Market Research Society which is based on the ESOMAR principles.

About Rollee

Rollee is the first API platform in Europe enabling financial institutions to have easy, reliable and fast access to income and employment data. Rollee’s mission is to build the gateway to access employment data to enable financial institutions to make fair and accurate decisions when providing financial services. Visit www.getrollee.com for more info.

 

*Respondents who have applied for financial products since being a gig worker

 

 

 

Climate Action, ESG/CSR, News, Supply Chain, Sustainability, Thought Leadership

The Greenwashing Has to Stop – Corporates Must Act Now

Written by Mark Perera, CEO, Vizibl

With COP27 completed, the urgency surrounding climate action couldn’t be more acute. Countries, governments, and organisations must immediately work together and act now if we are going to avoid a climate crisis. News that only 29 out of 193 countries have submitted tightened national plans to the UN since COP26 simply doesn’t reflect the urgency we must all adopt.

Additionally, I echo the importance of transparency and accountability shared by Simon Stiell, UN Climate Change Executive Secretary, in his opening COP27 remarks; without it, we will not meet our goals.

Seriously, with every five weeks that pass, we edge 1% closer towards the end of the 2020s – the most decisive decade of our lives for the climate crisis and for the sustainability of our planet more broadly.

As of 2022, the situation could not be more serious. We now have a 50% risk of exceeding the 1.5°C warming limit set out in the Paris Agreement before we even reach 2030. This year has seen record heat waves rip across Europe and beyond; Pakistan ravaged by deadly floods as a result of glacial melt and extreme monsoon rains; and record wildfires rage across Spain, Australia, and California. We are pulling more natural resources out of the ground than ever before; our aquifers are drying up; we waste one third of the food we produce globally; and at our current rates of deforestation, the planet may be left with just 10% of its forests by 2030.

As our natural environment suffers under the weight of unsustainable consumption patterns, so too do our communities. Climate change is exacerbating pre-existing social inequalities that persist across the globe, compounding the effects of poverty and marginalisation that increase in likelihood along lines of race, ethnicity, disability, geography, and gender. The result will be poorer health, safety, and socioeconomic outcomes, poorer food and water security, and ultimately poorer people.

Though they do not threaten us equally, these challenges do threaten us all – and while they might like to think otherwise, businesses are no exception. Businesses – particularly global enterprises – produce almost everything we manufacture, use, and dispose of; they touch just about every community and every person on the planet. As a result, much of the responsibility for averting what awaits us sits with these organisations, but so too does most of the room for positive change and concrete improvement.

Yet despite their longevity and even their very existence being endangered by the grave sustainability situation we all face, the corporate world is not acting quickly enough. So far, 2022 has seen more than its fair share of greenwashing, while many enterprise organisations have completely failed to make the necessary changes to the way they run their operations.

Instead, they have doubled down on measurement to quantify where we’re starting from when it comes to issues such as emissions and put out endless reams of PR implying that this is the same as actually doing something. In all but the most progressive and sophisticated of organisations, there has been startlingly little progress in actually pursuing more sustainable business practices.

It is imperative that we get started immediately; we are already behind. This will become all the more true as we see the results come in from 2022’s frenzy of running the numbers. As measurement becomes more robust and disclosures more comprehensive, it is likely that the current state of play will be revealed to be considerably worse than we anticipate.

Not only does failure to act now come with disastrous consequences for the planet and its people, it also signals true business risk. Some penalties already exist for flouting certain ESG issues; UK headquartered companies, for example, can face fines up to £20 million and their executives risk two year prison terms if found to be knowingly operating using modern slavery. Last year, we saw the Shell ruling in which the fossil fuel giant was taken to court by private citizens and ultimately deemed legally liable for the emissions of not just its own operations, but also of “the suppliers and customers of the group”.

More recently, the UN has called for the end of greenwashing and corporate inaction as its High-Level Expert Group On the Net Zero Emissions Commitments of Non-State Entities launched their Integrity Matters Report at COP27. In it, they make “a call for governments to regulate net zero commitments, starting with large emitters” – a rallying cry which should signal to all enterprise businesses that more scrutiny is coming. This rising tide will not – and should not – slow.

As businesses look to make improvements fast, it will be necessary to decide where it’s most efficient to pool our time and resources. The key lies outside our own four walls. With over 80% of large enterprises’ emissions impact and 90% of their impact on land, sea, air, biodiversity, and natural resources sitting within their value chains, it is clear that large corporates simply cannot be sustainable without involving their suppliers.

To address this reality, sustainable procurement has emerged – both as a movement, and as a distinct business unit. Yet, despite the huge growth in such departments and job titles over 2022, the maturity level is still low across the board.

That’s because sustainable procurement is broad-ranging and complex, touching multiple areas including technology, data architecture, finance, and more. As such, organisations need to consider how they go about selecting the right procurement platforms, how to harness supplier innovation, how they build their sustainable procurement priorities, how they change their current procurement practices and culture.

Perhaps of most importance is how they construct a robust business case for sustainable procurement and gain that all-important executive sponsorship. Proactively pursuing supplier sustainability delivers multiple benefits. It allows organisations to increase their awareness of possible risks, it future-proofs the business against ever-evolving legislation as well as delivers brand reputation and growth benefits.

Of equal importance is how an organisation goes about building a successful post-contract sustainable procurement programme and this is where Supplier Collaboration and Innovation really helps.

As COP27 finishes, let’s hope that corporate greenwashing stops and that organisations see the critical importance, as well as their responsibility and accountability for prioritising the climate crisis NOW.

Diversity, Diversity in Tech, Gender Disparity, News, Tech

Martha Lane Fox on inclusivity in the tech sector, inertia in the House of Lords, and why she’s a ‘dot com dinosaur’

In WorkL’s Autumn Lecture, today Baroness Martha Lane Fox looks back on history, reflecting on the 1960’s and 70’s when women, working from home were programming the Concorde and working in deep tech, yet today there’s an astonishing absence of ‘gender balance’ in the sector.

Martha highlights the tech trailblazer, Dame Stephanie Shirley who employed women in building complex technologies and argues that today “we would be absolutely astonished if we had seen so many women engaged in those areas of technology, they are not associated right now, those deep tech areas of technology, with such a gender balance.”

In the lecture, Martha questions why, today, we are not using the insights and learning from the 1960’s and 70’s, to build a more inclusive and sustainable technology space for the future?

Having studied Ancient and Modern History at University, Martha looks back to the past to learn how to create a fairer and more inclusive future for the technology sector and our digital spaces.  Beginning the lecture, outlining how she was called a ‘dot com dinosaur’ in the street, Martha accepts her “whole career has been underpinned by technology right from the beginning”.

Martha co-founded Lastminute.com and doteveryone, a think tank championing responsible tech for a fairer future.  Martha argues the Covid-19 pandemic shifted our relationship with technology but highlights not everyone was able to move seamlessly to technology during lockdowns.  Her “metropolitan bubble”, helped her “carry on as normal” when the world was locked down yet “only 50% of jobs could be done online, and a huge percentage of the people that weren’t able to work online.”

Martha goes on to stress that there is still a “huge job to do to include everybody in these enormous changes that have dominated so much of the working landscape over the last three years, but before that as well”.  Incredibly Martha cites that “half the world is still not using the internet, can you imagine what that felt like during this pandemic?”

Reflecting on her experience at the House of Lords during the pandemic Martha writes:

“If you had said to me that before the pandemic, we would be online doing committee meetings, we’d be voting and talking in the chamber, within 3 weeks of everything shutting down I would honestly have thought you were smoking an enormous spliff. But actually, that’s exactly what happened.  Parliament was able to digitise itself incredibly quickly and push through some of the inertia that perhaps had hit the organisation previously.”

WorkL’s Employee Experience report, published today, highlights the technology sector as being one of the happiest.  Since 2018 its score has risen from 73% to 87% in 2020.  Pre-pandemic to Lockdown-1m  scores jumped 7% (from 73% to 90% – a score no other industry has ever hit).

The industry has made progress in terms of women’s experience in the industry.  In 2018 WorkL data showed male employees felt more empowered and trusted in their jobs than women (60% in men vs 54% in women). In 2022, this gap stabilises as both men and women score 74%.  Women today feel more empowered in the technology industry.

Looking ahead to the future of the tech sector Martha emphasises the need to question where we get skills from and how we can help people from all kinds of communities to be part of that future that we are building.

For more information on the lecture and WorkL’s Employee Experience report, go to workl.co

Cost of Living Crisis, Employee Benefits, HR, HR News, News

Aon offers guidance to employers on the impact of rising inflation on employee benefits

Aon plc (NYSE: AON), a leading global professional services firm, has published “The Impact of Rising Inflation on Employee Benefits,” to help employers understand how inflation affects talent, pay, pensions and employee benefits. The report also outlines how employers can balance their health and wellbeing commitments with rising costs as well as how employers can support employees facing the rise in the cost of living.

Carl Redondo, global benefits consulting leader, Aon, said:

“Employee benefit programmes are not immune to the repercussions of this high inflation environment, and the situation is complex and fluid. Responses from organisations so far have tended to be reactive and vary by industry, geography and company-specific factors. However, there are proactive steps employers can take to mitigate impacts and make better decisions.

“Each organisation will face different challenges but our guidance to employers is anchored around three main areas. The first is to get the basics right; for instance, optimising benefit spend, making sure fees and expenses are in line with market rates and eliminating duplicate coverage. Secondly, employers need to define their strategic position around talent, reward and benefits strategy – and pursue it. Thirdly, wellbeing needs to be at the heart of a strategy, so that it – and preventative healthcare – are prioritised. Financial wellbeing is also a critical part of this and there are a number of relatively small and cost-efficient benefits that can make a big difference to employees.”

Aon has also published guidance on how companies can support employees during the volatile economic period: “Increasing Inflation: Key Considerations for Employers Looking to Provide Better Support.” 

More information about how Aon helps businesses build resilient workforces is available here. To access Aon’s ”The Impact of Rising Inflation on Employee Benefits” report, click here.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Food & Drink

How much is the tea market worth in the UK

When people think of Great Britain, one of the first things that comes to mind is tea.

Tea first arrived on these shores in the 17th century and did not take long to become one of the most popular drinks around.

But what is the situation now? Let’s take a look to see just big the market is in the UK.

Types of tea

Tea is big business. It’s a product that goes far beyond the popular black tea you enjoy with a splash of milk too. Green tea has become increasingly popular in recent years, for example. There’s also herbal, white, rooibos and oolong tea to name but a few.

Since 2010

With so many different varieties of tea, you can understand why so much of it gets sold.

The UK market alone generated revenue of £1.5 billion in 2020, according to data from Statista – a 14% decline on 2019.

This was largely down to the COVID-19 pandemic, which hit consumers and manufacturers across the entire globe.

This decade

The market has only this year recovered to its previous levels, but a period of growth has now been forecast.

While it has taken two years to recover from the pandemic, the market is already worth more than it was in the mid-2010s.

That trajectory is set to continue, with the industry expected to be worth almost £1.9bn by 2025.

Where does the UK get its tea?

The vast majority of the tea sold in the UK is imported from abroad, with China, India and Kenya the leading producers last year.

Tea imports in the UK have fluctuated since the turn of the millennium, from a low of £150 million in 2005 to a high of £314m in 2017.

Since then, however, the value of imports to the UK has dropped, with 2021 producing the lowest figure since 2008.

Does the UK export tea?

The answer is yes, and previously quite a bit of it too!

In 2010, the UK exported £212m worth of tea – an increase of around 80% from 2001. From that peak, though, exports dipped dramatically and were at £93m just four years later.

The value has remained around that level since then, meaning it is significantly outstripped by the value of imports. That has been the case throughout this century.

 

Entertainment, Gambling, News

3 Tips For A Rewarding Online Casino Experience

Remote gambling has exploded in recent years, thanks to technological advances. According to the United Kingdom Gambling Commission, online casino games dominate the gambling industry in Great Britain. These trendy games generated GBP£4 billion (USD$4.9 billion) in 2021, with slot games accounting for more than 70% of that revenue. 

Statistics by the UK Gambling Commission also show that the number of new online gamblers has risen. Between April 2020 and March 2021, there were 33 million new account registrations. This indicates that many gamblers are embracing digital gambling and moving away from traditional casino stores. 

Unfortunately, though, many people who join online casinos don’t maximise their benefits. So, what can you do to enhance your experience as an online gambler? Here are some tips to keep in mind:

1. Choose your casino platform wisely

The betting platform you choose plays a significant role in your online casino experience. Today, there are thousands of websites offering online gambling services. For instance, a quick Google search will give you several UK slot sites that offer what you might need. However, they all have their pros and cons, depending on your needs and your experience in the industry.

Therefore, it’s important to do your research before opening an account with any slot site. Some of the factors you need to consider include:

  • Customer care service

    Customer care service is crucial in any business, and online casinos are no exception. Make sure the casino you choose has active customer agents 24/7 and can be accessed through various communication channels. You can have an idea of this by reading through a few online reviews and customer feedback.

  • Return to player (RTP) rates

    This refers to the percentage of wagers that a game will return to you. Always look for a casino that has an RTP rate of around 90%.

  • Security

    You’d want to gamble in an environment where your online safety and security are guaranteed. As such, it’s imperative that you assess the security features put in place by a gambling site before you create your account. Additionally, ensure that the platform is licenced to offer their services within your region. This way, there’s no risk of losing your money on legal grounds.

  • Available banking options

    Another important factor to consider is the mode of payment. A good casino should have several banking options that fit your needs. The most popular payment methods include credit or debit card, direct bank transfer, and mobile money. With such a wide selection, you can choose an alternative option and still receive your payment even when your primary payment method isn’t working.

  • Wide selection of games

    The gambling site you choose should also have various online casino games in different categories. Playing one game repeatedly can be boring, and you might not enjoy your time on the platform. But with many games to choose from, you can change your option whenever you feel like it or want to try something new. 

2. Learn the casino games before wagering your money

The biggest mistake many casino players make is getting right into it before learning the rules. Every casino game has specific rules that you must understand before you start playing. Read through all the ‘how to play’ manuals and relevant site policies to learn how these games work.

Fortunately, most – if not all – online casinos offer demo accounts. You can create one and use it to play the games without necessarily risking your hard-earned money. This will give you a practical experience of the casino and allow you to perfect your strategies before wagering real money. 

3. Compete with friends and family

Profits are what many people use to gauge the success of their online casino experience. However, sometimes having fun with your friends and family could mean more than the money you gain. If fun moments are your priority, then inviting more people to play could give you that entertainment.

Traditional gamblers love physical casino stores because of the crowd and ambience it offers. Of course, recreating this experience on an online platform can be difficult. However, playing poker, roulette, baccarat, or slots with your friends takes you a few steps closer. It will also be a good idea to play these games on online casinos that have live dealers. These agents make it a more engaging and socially enriching experience. 

Conclusion

Online casinos are growing by the day, and more people are joining the trend. Although it hasn’t replaced traditional casinos, the benefits of remote gambling can’t be ignored. 

But before wagering real money, you need to know where to play and understand the mechanics of the game. Once you do, you can play solo or with your favourite people and have rewarding online casino experiences.

Brexit, EU, Europe, News

How Has Brexit Impacted UK Businesses?

Brexit, or the UK’s formal withdrawal from the European Union, has been a divisive issue ever since it was put to a national vote in 2016. After Vote Leave’s narrow victory, the withdrawal process began proper – met with widespread protest centred on the potential economic and cultural damage the agreement would cause.

The withdrawal agreement came into effect formally on the 1st February 2020, with negotiations having drawn out across nine months of extensions and delays – after which, the true economic cost of the poorly-designed withdrawal package has slowly but surely been revealed. As the UK teeters on the precipice of recession, with the pound at its lowest value in decades, how did we get here – and how have businesses in particular been impacted?

Withdrawal, and Barriers to Trade

In withdrawing from the EU, the UK lost a key seat at the negotiating table regarding the design and implementation of EU law. But the agreement did not stop with leaving the EU; the agreement did not see the UK apply to remain in the single market, a trading zone incorporating the EU and four non-EU nations that enables the free movement of goods, services and people.

This decision was a political one, as right-wing parties and organisations fought for Brexit on the principle of reducing immigration as much as seeking independent prosperity. A concession to remain in the single market meant keeping doors open to migrants – even if migrant workers formed an essential part of the UK’s economy, particularly in agriculture and medicine.

The addition of red tape to trade, as a result of trading from outside the single market, has drastically increased costs relating to both import and export. In so doing, it has disincentivised international businesses to attempt trade. This has crippled the UK’s economy, and had a real impact on the emergence of the inflation crisis that threatens profit margins and household budgets alike.

Trading With Europe Today

But while Brexit has introduced manifold barriers to trade with Europe, international trade agreements are still possible for businesses with the right infrastructure and approach. The key difficulty arises from dealing with the import and export laws of individual nations, as opposed to enjoying the regulatory freedoms of a united trading bloc.

This essential difficulty means that businesses require in-depth legislative knowledge to properly remain compliant during trade; in order to facilitate a positive and regulatorily sound business relationship with international clients, partners or suppliers, a business might utilise the expertise of a global legal firm to navigate relevant legal requirements.

This is, unavoidably, another cost to add to the balance –further rendering international trade as a less profitable venture than before the withdrawal agreement. However, it also illustrates that there are solutions that enable continued trade with the European continent.

Government Action

With the dire situation laid bare, more pressure is mounting on the government to act. Businesses are floundering as a result of untenable costs from navigating arcane shipping legislation, while exports to Europe are decreasing to the extent that businesses are closing. In-roads are being made with Northern Ireland, which has been a key sticking point for relations with the EU – and after which re-negotiations may be possible.

Entertainment, Gaming

The growth in slingo gaming across the UK

All over the UK, one would be able to witness a huge expansion in the casino industry with the volume of casino games constantly growing. This has resulted in the amount of casino fans growing year by year as in 2022 around 1.6 billion people worldwide casino game and 4.2 billion wage at least once every year. Indeed, it is not just the amount of traditional casino games that is steadily increasing but the popularity of more unique games like Slingo has gained the attention of many. In fact, the game of Slingo has experienced tremendous growth across the UK and many people are beginning to realise the benefits of playing it.

Firstly, although Slingo appears to be a modern casino game, its history actually spans back quite a number of years. Slingo is the merging of two of the most popular online games you can play – one being bingo and the other being slots and with both games being incredibly familiar, players will be able to see a 75-ball bingo game alongside a 5×5 numbered grid. The aim of the game is to cross out all of the numbers on the grid in order to achieve a prize. For those who have never played Slingo before, the game is also incredibly easy to play and the rules are straightforward which means that players don’t have to take large chunks of time out to familiarise themselves with the game. There is also no required set of time that someone has to play the game as a player can play the game for as long or as short as they prefer.

Furthermore, Slingo is also incredibly popular due to its accessibility as with mobile casinos coming to the forefront in recent years you can even play games like Slingo on sites like Rainbow Riches Casino. This means that Slingo fans can play the game from the comfort of their own home without having to travel to a traditional brick and mortar casino. Many casino fans who have visited physical casinos for the social aspect also have no need to worry with online Slingo as with online casinos, players can enter the same space and play alongside their friends. In recent years, there has also been more effort put into online casinos by developers to make it more interactive with such features as chat buttons which allows likeminded players to share tips and tricks or simply just have a casual conversation

Moreover, modern Slingo games also accommodate players by allowing them to play in demo mode which not only allows players to grasp the concept of the game but also means that they don’t have to spend money whilst getting familiarised with the rules. On top of this, although there is plenty of opportunities to play with friends there is also the possibility of solo play. For example, if a player has had a long day and simply wants to relax and unwind by playing a game of Slingo they can do so in peace.

In addition to all of these benefits given to Slingo players, there is also the possibility of acquiring a unique gaming experience that is like no other. Not only is Slingo the innovative blend of two popular casino games but now with concepts like virtual reality coming to the forefront of the casino sector there has been an endeavour to make casino games as realistic as possible. Slingo fans can look forward to realistic graphics accompanied by immersive sounds and high quality visuals which make their experience even more special.

With online casinos as opposed to traditional brick and mortar casinos there are plenty of offers and chances to win big. For those contemplating playing a game of Slingo, special sign-up bonuses are created with the aim to give players more funds to use when playing. This can also range from extra spins to no deposit bonuses which not only ass an extra level of excitement into your gameplay but also offers you more of a possibility of winning a monetary prize.

Furthermore, with the amount of online casinos on the rise the volume of Slingo players has also matched this trend. This has also been largely due to the fact that new rules and regulations have been imposed with regard to online casino safety. In recent years as online casinos have expanded so too have the volume of cybercriminals and attackers that are on the look out to steal personal information and sensitive data of casino enthusiasts. In response, now more than ever there are a plethora of online casinos that are properly licensed and that have taken a range of safety measures to ensure that their players are protected. From two factor authentication to safe payment methods being installed, casino fans are now more likely to trust online casinos and opt to play games like Slingo online instead.

In conclusion, with slots being one of the leading popular casino games on the market, it is no surprise that the game of Slingo which combines elements of slots and bingo has truly taken off. Since Slingo is at present experiencing a huge increase in popularity, there are a number of games developers who are planning to create and release even more Slingo games. Along with the volume of Slingo slots increasing, we should also witness more Slingo slots with innovative and thrilling features which should attract even more people.

 

 

Entertainment, Gambling, Gaming

How Virgin Games started up with their casino gaming

Virgin Games was founded in 1983 as a division of the Virgin Group. Masterminded by a group of people called the Gang of five, Virgin Games has since then been transferred to different owners a handful of times with each company putting a new spin on the business.

By the late 80’s, Virgin Games had become a multimedia powerhouse of the time, with divisions across the UK, Europe and the US. While some of the divisions have folded today, Virgin Games became a legendary game producer and media distributor that have worked with major interactive studios, including Disney.

Below, we’ll take a closer look at the origins of Virgin Games and explore how they started up casino gaming.

 

How it all started

Virgin was first created as an extension of the conglomerate giant – Virgin, who at the time was invested in over 400 different companies. The business was headed up by Nick Alexander, who had recently left Thorn EMI and was looking for his next opportunity within the music and publishing world.

It’s hard to believe that such a powerful company once relied on the submissions of freelance developers, but they soon rocketed to success and built their very own in-house team just a year after inception. This is the team known as the Gang of Five. Some of their earliest successes include Sorcery and Dan Dare.

A couple of years later, Virgin Games acquired a couple of other smaller publishing companies, including Rabbit Software, New Generation Software, and Leisure Genius. These companies owned the very first computer versions of Scrabble, Monopoly and Cluedo, which Virgin Games became exclusive owners off, purchasing the rights to these titles.

This was a key move on Virgin Game’s part as these games are hugely successful online today and are some of the most popular titles to be played online.

 

A brief timeline of Virgin Games next moves

Throughout the next couple of decades, Virgin would acquire a number of different production and development companies and change their name multiple times, perhaps distorting the Virgin Games brand reputation. Below is a timeline of such activity:

 

  • Virgin Games was founded in 1983
  • In 1987/8, Virgin Games bought the budget publisher Mastertronic and changed their name to Virgin Mastertronic.
  • In 1991, Virgin Mastertronic changed their name back to Virgin Games
  • In 1993/4, Virgin Games changed their name to Virgin Interactive Entertainment.
  • In 1999, Virgin Interactive Entertainment was acquired by Titus Software.
  • On July 1, 2003 Virgin Interactive Entertainment changed their name to Avalon Interactive.
  • 2003, An unrelated online casino service called Virgin Games Ltd. is founded.
  • In 2005, Avalon Interactive went bankrupt with Titus Software.

 

The introduction of Virgin’s casino games

In 2003, Virgin Games Ltd was introduced, offering exclusively online casino games. Within just a few years of being established, Virgin Games took basic online games and made them a phenomenon with the British public and further beyond too. The site began offering online poker, slots, bingo, and many other traditional casino games.

While real life casino venues were very popular at the time, the start of the millennium introduced new technologies that meant people could access entertainment on demand and at the touch of a button. Virgin Games revolutionised traditional games by adding a spin and making them simply fun and eye-catching.

 

The transfer of Virgin Games to Gamesys

In 2013, Virgin Games was purchased by a successful games holding company called Gamesys. Gamsys was a multinational software company, focusing on gaming development and sales across the world. Their aim in purchasing Virgin Games was to add more of a social aspect to online gaming, while growing Virgin Games beyond British shores.

At the time, Gamsys was a leading provider of bingo and online slots games, operating leading brands such as Jackpotjoy.com, The Sun Bingo, and Caesars Casino. They also developed their own social gaming properties in addition to this.

After acquiring Virgin games, Gamesys migrated it onto its own platform and did a brand new launch across the UK. At the time, Richard Branson released a statement that supported the acquisition and talked positively of plans for international expansion. After successfully dominating the online casino market in the UK, Gamesys formed a strategy to extend activities across Europe, which is still in operation today.

 

The future of Virgin Games

As new and ever evolving technologies are developed, the online gaming industry, being one of the quickest to acquire such technologies, will continue to expand. As such, It looks like Virgin Games will continue to dominate the British and European markets for online casino gaming, while continuing to offer new and innovative products on a regular basis.

In the last few years, we have seen the addition of e-sports games which has added a whole new division to online casinos, attracting a wider audience of people from across the world that would like to get in on the sporting action.

In addition, we’ve seen the expansion of online slots, with smarter algorithm technologies being used and themed slot games being introduced. We’ve also seen live dealer poker rooms, bridging the gap between the physical and digital worlds.

Overall, in what started out as a small record company, Virgin Games is today a major player in the online casino gaming world and continues to expand while showing no signs of slowing down.

News

GS Verde Group CEO named a Great British Entrepreneur of the Year

The GS Verde Group are delighted to share that CEO and Co-Founder Nigel Greenaway has been named Disruptor of the Year at the Great British Entrepreneur Awards for Wales.

 

The awards, held at Grosvenor House in London, brought together 1,400 entrepreneurs and colleagues to celebrate a collective £2 billion generated in turnover and over 17,000 jobs, showcasing the unrivalled ambition, resilience and creativity of entrepreneurship in the UK.

 

Nigel, a leading figure in the dealmaking community, was praised for his tenacious, purposeful drive for innovation through the multidiscipline GS Verde Group.

 

Combining the traditional M&A services of corporate law and finance with the best of technology and cutting edge fintech platforms, alongside the growing need for clear external and internal communications, GS Verde was founded on a vision to provide a more complete dealmaking service to clients.

 

GS Verde Group CEO Nigel Greenaway said: “On behalf of the team at GS Verde, we are delighted that our disruptive, innovative approach to dealmaking has been recognised in such a significant way.

 

“This achievement is a reflection of the GS Verde team, who live and breathe the nature of our business, and the directors who constantly strive to make the Group a great success.”

 

Augmenting reality for clients through its one team approach has seen the Group dominate independent M&A rankings of Wales’ most active advisors, with GS Verde the only firm to top both the corporate finance and legal lists in Experian Market IQ reports.

 

Advising on over 50 deals this year with a combined value over £300m, GS Verde’s rapid year-on-year growth has led to the business’ most successful year to date as turnover has more than doubled between 2021-22.

 

Nigel continued: “A cornerstone of our dealmaking approach is that GS Verde is not only changing the game but changing the pitch that it’s played on. It’s this ambition that drives us to scale the Group even further with no geographical bounds.”