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Gambling Firm Betway Hit with Record ₤ 11.6 M Penalty

Gambling firm Betway struck with record ₤ 11.6 m penalty

12 March 2020

Online betting company Betway has been hit with a record penalty of ₤ 11.6 m for failings over customer defense and money-laundering checks.

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

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

The is the greatest to date faced by a UK gaming firm.

The Gambling Commission’s examination said the yohaig code failings were connected to dealings with seven of Betway’s high-spending customers.

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It said that “as an outcome of an absence of factor to consider of individual consumers cost and source of funds checks, the operator allowed ₤ 5.8 m of money to flow through the service which has actually been discovered, or might fairly be suspected to be, profits of criminal activity”.

The commission said the examination had actually likewise revealed “insufficient management oversight”, adding 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 impact on those around them,” stated Richard Watson, executive director at the Gambling Commission.

“As part of our ongoing programme of work to make betting much safer, we are pushing the industry to make quick progress on the areas that we think about will have the yohaig code most considerable effect to secure customers,” he added.

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