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Gambling Firm Betway Hit with Record ₤ 11.6 M Penalty

Gambling firm Betway hit with record ₤ 11.6 m charge

12 March 2020

Online betting company Betway has been struck with a record penalty of ₤ 11.6 m for failings over client protection and money-laundering checks.

The Gambling Commission said Betway failed to check the source of funds of one client who deposited over ₤ 8m and lost over ₤ 4m in a four-year period.

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

The charge plan is the most significant to date faced by a UK gaming company.

The Gambling Commission’s examination said the failings were connected to transactions with 7 of Betway’s high-spending consumers.

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It stated that “as an outcome of an absence of consideration of specific clients price and source of funds checks, the operator enabled ₤ 5.8 m of cash to stream through the yohaig code business which has been discovered, or might reasonably be believed to be, profits of crime”.

The commission stated the investigation had also revealed “insufficient management oversight”, adding that a probe “into responsible Personal Management Licence holders” was continuing.

“The actions of Betway suggest there was little regard for the well-being of its VIP customers or the effect on those around them,” said Richard Watson, executive director at the Gambling Commission.

“As part of our ongoing programme of work to make gambling safer, we are pushing the industry to make fast progress on the locations that we think about will have the most significant effect to safeguard consumers,” he included.

“The treatment and handling of high-value clients is a significant piece of that work and operators remain in no doubt about the need to tackle the concern at speed.”