Gambling company Betway struck with record ₤ 11.6 m penalty

12 March 2020

Online wagering company Betway has actually been struck with a record charge of ₤ 11.6 m for failings over consumer protection and money-laundering checks.

The Gambling Commission said Betway stopped working to check the source of funds of one consumer who transferred over ₤ 8m and lost over ₤ 4m in a four-year period.

It also failed to efficiently interact with a client who deposited and lost ₤ 187,000 in 2 days.

The penalty bundle is the greatest to date faced by a UK betting firm.

The Gambling Commission's examination said the failings were connected to dealings with seven of Betway's high-spending consumers.

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It stated that "as a result of an absence of factor to consider of private consumers price and source of funds checks, the operator enabled ₤ 5.8 m of money to stream through the service which has actually been discovered, or could fairly be presumed to be, profits of crime".

the yohaig code commission stated the investigation had actually likewise exposed "insufficient management oversight", including that a probe "into accountable Personal Management Licence holders" was continuing.

"The actions of Betway recommend there was little regard for the welfare of its VIP clients or the effect on those around them," stated Richard Watson, executive director at the Gambling Commission.

"As part of our ongoing programme of work to make betting safer, we are pushing the market to make fast development on the locations that we consider will have the most considerable impact to secure customers," he added.

"The treatment and handling of high-value consumers is a considerable piece of that work and operators are in no doubt about the requirement to take on the concern at speed."