Founders Unfiltered: Warren Jacobs, Founder of Betable

The latest instalment of our Founders Unfiltered series features Warren Jacobs, Founder of Betable, who shares an honest look at the realities of building and scaling an iGaming technology business.

Jacobs joined Betable several years after its creation, quickly recognising that the company’s greatest opportunity lay not just in its games, but in the flexible gambling technology behind them. Since then, he has navigated the challenges of cash flow, difficult clients, acquisitions, regulation and the pressures of growing a business in a rapidly changing industry.

In this candid conversation, Jacobs discusses the importance of choosing the right opportunities, building a team based on attitude and aptitude, and staying disciplined as a business grows. He also explores the impact of rising POCT, the opportunities and risks surrounding AI, and the personal cost of entrepreneurship.

Reflecting on his journey, Jacobs shares the advice he would give his younger self: “Keep working like an animal, stay straight and honest, and trust that it will all be worth it.”

1. What was the original idea behind your company, and what convinced you to take the leap and build it? 

I joined a few years after Betable had been created. The original concept was to turn developer-led games into gambling products and generate revenue from them. The challenge was that Betable didn’t have the distribution network needed to make that model work, which was pretty disappointing as they built some amazing games that were completely unique. 

When I got involved, I quickly saw that the real opportunity was the technology behind them. Betable had built an impressive gambling platform with the flexibility to tailor it around the specific needs of individual operators. That was where I could see the potential. 

2. What has been the hardest part of building the business that nobody warned you about? 

Until the business started generating proper (modest) revenues, every client and every cheque counted. You agree a deal, scope the requirements, work like an animal to deliver it and then sometimes you simply don’t get paid.  

It’s always disheartening when a client becomes a bad debt, but it’s particularly difficult when you’re building a business and cash flow is critical. 

3. What has been your biggest mistake as a founder, and what did it teach you? 

Learning that smaller clients can be every bit as demanding, if not more demanding, than larger ones. When you’re eager to generate revenue, it’s easy to become too willing to do any deal at almost any cost.

I’ve been guilty of that. We ended up committing serious resources to work that ultimately wasn’t going to move the needle, while potentially missing much bigger opportunities elsewhere. It taught me the importance of setting expectations from the outset and being much more disciplined about where we invest our time and resources.

4. Was there ever a point when you seriously questioned whether the business would succeed? What happened? 

A good few years ago, we acquired a business and, just 12 hours later, underwent an audit. We had essentially inherited a car crash and suddenly found ourselves having to deal with it.

We worked extremely hard to put things right. To their credit, the UKGC were fair with us and gave us the opportunity to address the areas that weren’t up to standard. They understood that we were the new owners and that our priority was making sure customers were properly looked after.

It was a difficult period, but I think they could see that we genuinely cared about doing things properly and weren’t simply focused on extracting as much profit as possible at the expense of customers.

5. What is the biggest lesson you have learned about leadership and building the right team? 

Attitude and aptitude. Get the right people, invest in them and you won’t need to constantly push them. Good people will take ownership and help drive the business forward themselves.

The important thing is recognising their contribution and making sure they’re rewarded properly for it.

6. What has been your biggest challenge when it comes to growing and scaling the business? 

POCT has been a major challenge, particularly following the 50% increase in the tax. It’s an external factor that has forced businesses to reduce overheads and become more efficient.

The difficult part is the human impact. Even profitable companies have had to make tough decisions and let good employees go as a result of the increased cost burden. Those decisions hurt in every direction.

7. What do you think the iGaming industry gets wrong about entrepreneurship and innovation?

This industry wouldn’t survive without constant innovation and entrepreneurship.

Every conference and event I attend, I meet new people and old friends who are much smarter and far more successful than I am. I’m constantly learning from their experience and intelligence, and I find many of the people building businesses and developing new ideas in this industry genuinely inspirational.

8. Which current iGaming trend do you believe is genuinely transformative, and which is being overhyped? 

AI is incredible. The ability to use it to accelerate API integrations can help companies launch products faster, reduce costs and open up new revenue opportunities. 

At the same time, I think the desire to use AI everywhere can be overhyped. It’s easy for businesses to go down a rabbit hole without a clear idea of what they’re trying to achieve. That requires financial and resource discipline, with clear objectives, defined scopes and realistic timeframes from the outset. 

9. What has founding a company cost you personally — beyond money?

Quality time with my family. I’ve spent a lot of time away, but even when I’m at home, I haven’t always been fully present. There have been plenty of moments around the dinner table when one of my kids has had to call “Dad!” for the fifth time because I’m completely absorbed in my phone and haven’t heard a question from someone sitting a metre away. 

10. If you could go back to day one, what would you tell yourself — and what would you do differently? 

I’ve been very fortunate and achieved more than I ever expected to. I’m not smarter, more charismatic or more deserving than anyone else, but this industry has afforded me a wonderful life, and I’m genuinely thankful for that.

If I could go back to day one, I’d tell myself: “Keep working like an animal, stay straight and honest, and trust that it will all be worth it.”