Gambling firm Betway hit with record ₤ 11.6 m charge

12 March 2020

Online wagering company Betway has been struck with a record charge of ₤ 11.6 m for failings over customer protection and money-laundering checks.

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

It also failed to effectively communicate with a customer who deposited and lost ₤ 187,000 in 2 days.

The charge package is the greatest to date dealt with by a UK betting firm.

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

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It stated that "as a result of a lack of factor to consider of specific customers price and source of funds checks, the operator permitted ₤ 5.8 m of cash to flow through business which has actually been found, or could reasonably be suspected to be, profits of criminal activity".

The commission stated the examination had actually likewise exposed "inadequate 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 consumers 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 betting more secure, we are pressing the market to make rapid progress on the locations that we consider will have the most considerable effect to protect consumers," he included.

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