Gambling firm Betway struck with record ₤ 11.6 m charge

12 March 2020

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

The Gambling Commission stated Betway failed to inspect the source of funds of one client 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 biggest to date faced by a UK gaming company.

The Gambling Commission's investigation stated the failings were linked to dealings with seven of Betway's high-spending customers.

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It said that "as an outcome of a lack of factor to consider of private customers price and source of funds checks, the operator enabled ₤ 5.8 m of cash to flow through the company which has actually been discovered, or could reasonably be presumed to be, earnings of criminal activity".

The commission said the yohaig code investigation had also 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 well-being of its VIP clients or the yohaig code impact on those around them," stated Richard Watson, executive director at the yohaig code Gambling Commission.

"As part of our ongoing programme of work to make gambling more secure, we are pressing the industry to make fast development on the locations that we consider will have the most considerable effect to safeguard customers," he added.

"The treatment and handling of high-value consumers is a substantial piece of that work and operators remain in no doubt about the requirement to deal with the concern at speed."