Betway have become the latest gambling operator to be hit with a big penalty for falling foul of the regulations in the UK market.
The UK Gambling Commission has revealed that the betting company has agreed to pay a total of £11.6 million, as well as bringing in a number of new measures, following failures in the areas of money laundering and social responsibility.
The failings were in connection with seven of the firm’s big spending customers. According to the regulator, in one case, Betway failed to conduct what is known as a ‘source of funds’ check when a VIP customer made a total of £8 million deposits, losing more than £4 million over a period of four years. Another case involved a customer who lost at total of £187,000 over two days.
As a result, Betway have agreed to pay the amount, which includes £5.8 million in lieu of a financial penalty, which will be diverted to the National Strategy to Reduce Gambling Harms. In addition, the firm will divest another £5.8 million, most of which will go to victims of crime. And it is expected that the latter figure could rise at the end of an ongoing review of Betway’s biggest 25 customers.
Speaking about their findings, the UKGC’s Executive Director, Richard Watson, said that the actions of Betway indicated that they had too little concern for the impact of gambling on their customers or on the people around them, and that the UKGC was committed to improving the sector:
“As part of our ongoing programme of work to make gambling safer we are pushing the industry to make rapid progress on the areas that we consider will have the most significant impact to protect consumers. The treatment and handling of high value customers is a significant piece of that work and operators are in no doubt about the need to tackle the issue at speed.”