Betfred fined £2.87m by Gambling Commission

The Gambling Commission has fined Betfred £2.87m ($3m) for anti-money laundering and social responsibility failures.

betfred gambling commission fine 1 gambling insider web image

The UK gambling regulator found that there were ‘no controls in place to prevent large levels of high velocity spend by new customers,’ and that safer gambling triggers were set too high when 'customers' spend increased considerably.’

Meanwhile, the business was also guilty of not accounting for money laundering and terrorist financing risks in connection with the business, not following guidance issued by the Commission in regard to the effective implementation of controls, procedures and policies, as well as failing to put the Money Laundering Regulations’ measures in place.

As a part of the fine, the betting operator has further received an official warning from the UK regulator. 

Leanne Oxley, Gambling Commission Director of Enforcement and Intelligence, said of the failings: “This is a further example of us taking action to investigate and sanction alarming failures.

“We expect this gambling business and all other licensees to review this case and look closely to see if they need to make further improvements to demonstrate active compliance. Where standards do not improve, tougher enforcement will follow.”

Recently, the Commission also fined LeoVegas for similar failings.

It handed down a £1.32m penalty, with Oxley commenting: "We identified this through focused compliance activity and we will continue to take action against other operators if they do not learn the lessons our enforcement work is providing.

“This case is a further example of operators failing to protect customers and failing to be alive to money laundering risks within their business.”

Industry News Sponsor
Premium+ Connections
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Executive Profiles
Interblock
Caesars Entertainment
Pragmatic Play
Flutter Entertainment

Global Gaming Awards London: Who will win Executive of the year 2023?

Gambling Insider takes a look at the nominations list for 20...

CEO Special: Flutter International CEO Dan Taylor returning to roots

Flutter International CEO Dan Taylor meets Louis Thompsett t...

CEO Special: Light & Wonder Gaming CEO Siobhan Lane - optimising superpowers

Siobhan Lane, Light & Wonder Gaming CEO, speaks to Gambling...

CEO Special: Hoiana Resorts' Steve Wolstenholme – the travel man

Hoiana President & CEO Steve Wolstenholme talks to Gambling...

Read Magazine