Gambling company Betway struck with record ₤ 11.6 m charge

12 March 2020

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

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

It also stopped working to effectively interact with a client who transferred and lost ₤ 187,000 in two days.

The charge plan is the most significant to date dealt with by a UK gambling company.

the yohaig code Gambling Commission's examination said the yohaig code failings were connected to dealings with 7 of Betway's high-spending clients.

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It said that "as a result of an absence of consideration of private customers cost and source of funds checks, the operator enabled ₤ 5.8 m of money to stream through the company which has actually been found, or might fairly be believed to be, proceeds of crime".

The commission said the investigation had also exposed "inadequate management oversight", adding that a probe "into accountable Personal Management Licence holders" was continuing.

"The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them," said Richard Watson, executive director at the Gambling Commission.

"As part of our continuous programme of work to make gambling much safer, we are pressing the market to make fast progress on the areas that we consider will have the most significant impact to protect customers," he added.

"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 deal with the problem at speed."