Vaughan Lewis’s move from Morgan Stanley tells us something about the state of the gambling industry and a lot about the state of the investment banking industry.

Vaughan Lewis left his role as an analyst at Morgan Stanley in early February to move to Leeds and a new job as Director of Corporate Development at SkyBet. It is a road that is becoming increasingly well travelled.

No, not the road from London to Leeds; the road from investment banking to the gambling industry.

William Hill started the trend by recruiting in short succession: Andy Lee in April 2012 from Jeffries; Paul Leyland from Collins Stewart Investec; and Matt Gerrard from Credit Suisse. Only Gerrard remains but that has not put off others from following a similar career track.

More recently the trickle of analysts moving in-house has become something of a flood with Nick Batram leaving Peel Hunt to head investor relations at GVC Holdings, Deutsche Bank’s Richard Carter scooping the chief executive’s role at SBTech and Lewis joining SkyBet.

Headhunters have been tapping up other analysts to lead Jackpotjoy’s investor relations department and therein lies a pointer to why this trend is gathering pace.

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