Gambling company Betway struck with record ₤ 11.6 m penalty

12 March 2020

Online wagering firm Betway has actually been hit with a record penalty of ₤ 11.6 m for failings over consumer defense and money-laundering checks.

The Gambling Commission stated 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 successfully interact with a customer who deposited and lost ₤ 187,000 in two days.

The charge package is the biggest to date faced by a UK gambling company.

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

William Hill site Mr Green to pay ₤ 3m penalty

'My other half stole ₤ 300,000 to fund his betting practice'

It said that "as a result of a lack of consideration of specific consumers cost and source of funds checks, the operator permitted ₤ 5.8 m of cash to stream through the yohaig code company which has actually been discovered, or could reasonably be thought to be, proceeds of criminal activity".

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

"The actions of Betway suggest 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 continuous programme of work to make betting much safer, we are pushing the industry to make fast progress on the areas that we consider will have the most substantial effect to safeguard consumers," he included.

"The treatment and handling of high-value consumers is a considerable piece of that work and operators remain in no doubt about the need to tackle the problem at speed."