Watch: Itai Pazner discusses strategy built on execution?
Itai Pazner, former CEO of 888 Holdings and a respected online gaming strategy expert, shared his views with SiGMA on leadership, growth and navigating the evolving regulatory landscape. Drawing from decades of experience, Pazner provided candid insights into what it takes to drive sustainable success in such a fast paced sector.
Online gaming strategy and leading by example
Pazner believes effective leadership is rooted in visibility and action, especially in an industry known for its volatility. Leadership should set an example and lead by example both internally and to external stakeholders, he explained.
The online gaming sector faces unique challenges, from regulatory shifts to economic fluctuations. According to Pazner, resilience is key, Its a fast-paced moving industry theres a lot of external challenges as well as day-to-day operational challenges that every business has. He emphasised that balancing a long-term vision with consistent short-term execution is critical for survival and growth. If you dont meet your day-to-day objectives and goals, then there is no long-term, he added.
The complex reality of going public
Pazner also offered an honest assessment of the pressures facing CEOs of publicly listed companies, describing the quarterly reporting cycle as a double edged sword. Their performance is very visible on a very short-term basis if you dont meet your goals or your projections on a quarterly basis, you get punished quite severely.
He urged companies to think carefully before pursuing an IPO. An IPO is not a target within itself it needs to be considered very seriously and carefully, he warned, highlighting that going public fundamentally transforms operations, affecting management, employees as well as long term strategy. While IPOs can provide capital and visibility, Pazner acknowledged the risks, A lot of companies go through a kind of initial shock after an IPO because theyre not fully prepared.
M&A and the future of industry consolidation
On the topic of expansion, Pazner pointed to mergers and acquisitions (M&A) as a natural progression for businesses in the online gaming space. Good companies have a combination of organic and inorganic plans to expand, he explained, noting that major players like Flutter have successfully used M&A to enter new markets. However, he stressed that organic growth remains equally valid, citing Bet365 as an example of a company that has thrived without heavy reliance on acquisitions.
Pazner also predicted ongoing consolidation, with market leaders dominating revenue. Somewhere between 80 to 90 percent of the revenue is concentrated within the top three to five operators, he said, adding that smaller operators still play a role in providing variety.
The risks of overregulation
Pazner cautioned regulators to avoid excessive restrictions that could drive players toward unlicensed operators. There is a correlation between overregulating and black markets, he said, referencing the situation in Germany and concerns in markets like the UK and Holland. I hope it wont be overregulating and pushing more of the industry into the black market, he expressed, underlining the need for balanced regulation that protects consumers while fostering legitimate growth.
Join leading industry professionals at the upcoming SiGMA EuroMed summit in Malta 03-06 September 2025 to explore the future of online gaming leadership, M&A strategy and regulatory transformation.
