Gambling company Betway hit with record ₤ 11.6 m charge

12 March 2020

Online betting company Betway has been struck with a record charge of ₤ 11.6 m for failings over client security and money-laundering checks.

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

It likewise failed to effectively engage with a client who transferred and lost ₤ 187,000 in 2 days.

The charge plan is the greatest to date faced by a UK gaming company.

The Gambling Commission's investigation stated the failings were linked to dealings with 7 of Betway's high-spending consumers.

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It said that "as an outcome of a lack of factor to consider of private consumers price and source of funds checks, the operator permitted ₤ 5.8 m of cash to stream through business which has been discovered, or might reasonably be presumed to be, profits of criminal activity".

The commission stated the investigation had likewise exposed "insufficient management oversight", adding that a probe "into responsible Personal Management Licence holders" was continuing.

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

"As part of our ongoing programme of work to make gambling much safer, we are pressing the industry to make fast development on the locations that we think about will have the most significant 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 tackle the problem at speed."