Gambling company Betway hit with record ₤ 11.6 m charge

12 March 2020

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

The Gambling Commission stated Betway failed to inspect the source of funds of one customer who transferred over ₤ 8m and lost over ₤ 4m in a four-year duration.

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

The charge package is the biggest to date dealt with by a UK gaming company.

The Gambling Commission's examination said the failings were connected to negotiations with seven of Betway's high-spending clients.

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It stated that "as a result of an absence of factor to consider of individual consumers price and source of funds checks, the operator allowed ₤ 5.8 m of money to stream through business which has been found, or might fairly be thought to be, proceeds of crime".

The commission stated the examination had actually likewise exposed "insufficient 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 well-being 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 program of work to make gambling more secure, we are pressing the market to make fast progress on the areas that we think about will have the most considerable effect to protect consumers," he included.

"The treatment and handling of high-value consumers is a substantial piece of that work and operators remain in no doubt about the yohaig code need to take on the yohaig code concern at speed."