Gambling Firm Betway Hit with Record ₤ 11.6 M Penalty
Gambling firm Betway struck with record ₤ 11.6 m penalty
12 March 2020
Online wagering company Betway has been struck with a record charge of ₤ 11.6 m for failings over consumer protection and money-laundering checks.
The Gambling Commission stated Betway failed to check the source of funds of one consumer who deposited over ₤ 8m and lost over ₤ 4m in a four-year period.
It likewise failed to effectively engage with a consumer who deposited and lost ₤ 187,000 in 2 days.
The penalty package is the most significant to date dealt with by a UK gaming firm.
The Gambling Commission's investigation stated the failings were linked to transactions with seven of Betway's high-spending consumers.
William Hill site Mr Green to pay ₤ 3m penalty
'My husband stole ₤ 300,000 to money his betting habit'
It stated that "as a result of a lack of consideration of specific consumers price and source of funds checks, the operator allowed ₤ 5.8 m of money to stream through the business which has actually been discovered, or could reasonably be thought to be, proceeds of crime".
The commission stated the investigation had actually also exposed "inadequate management oversight", including that a probe "into responsible Personal Management Licence holders" was continuing.
"The actions of Betway recommend there was little regard for the welfare of its VIP clients or the influence on those around them," stated Richard Watson, executive director at the Gambling Commission.
"As part of our ongoing programme of work to make gambling much safer, we are pressing the industry to make quick development on the areas that we think about will have the most considerable effect to secure consumers," he added.
Gambling firm Betway struck with record ₤ 11.6 m penalty
12 March 2020
Online wagering company Betway has been struck with a record charge of ₤ 11.6 m for failings over consumer protection and money-laundering checks.
The Gambling Commission stated Betway failed to check the source of funds of one consumer who deposited over ₤ 8m and lost over ₤ 4m in a four-year period.
It likewise failed to effectively engage with a consumer who deposited and lost ₤ 187,000 in 2 days.
The penalty package is the most significant to date dealt with by a UK gaming firm.
The Gambling Commission's investigation stated the failings were linked to transactions with seven of Betway's high-spending consumers.
William Hill site Mr Green to pay ₤ 3m penalty
'My husband stole ₤ 300,000 to money his betting habit'
It stated that "as a result of a lack of consideration of specific consumers price and source of funds checks, the operator allowed ₤ 5.8 m of money to stream through the business which has actually been discovered, or could reasonably be thought to be, proceeds of crime".
The commission stated the investigation had actually also exposed "inadequate management oversight", including that a probe "into responsible Personal Management Licence holders" was continuing.
"The actions of Betway recommend there was little regard for the welfare of its VIP clients or the influence on those around them," stated Richard Watson, executive director at the Gambling Commission.
"As part of our ongoing programme of work to make gambling much safer, we are pressing the industry to make quick development on the areas that we think about will have the most considerable effect to secure consumers," he added.