Gambling company Betway hit with record ₤ 11.6 m penalty

12 March 2020

Online wagering firm 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 stopped working to check the source of funds of one customer who transferred over ₤ 8m and lost over ₤ 4m in a four-year period.

It also stopped working to successfully connect with a client who deposited and lost ₤ 187,000 in 2 days.

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

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

William Hill website Mr Green to pay ₤ 3m penalty

'My partner stole ₤ 300,000 to fund his gambling practice'

It stated that "as a result of a lack of factor to consider of specific customers cost and source of funds checks, the yohaig code operator permitted ₤ 5.8 m of money to flow through the service which has been discovered, or could fairly be presumed to be, profits of criminal offense".

The commission stated the investigation had also revealed "inadequate 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 welfare of its VIP customers or the effect 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 betting much safer, we are pressing the yohaig code market to make quick progress on the locations that we think about will have the most significant effect to protect consumers," he included.

"The treatment and handling of high-value customers is a considerable piece of that work and operators remain in no doubt about the yohaig code need to tackle the problem at speed."