The company failed to ensure anti-money laundering procedures two years ago when a player used stolen funds to deposit £210,000 and lost £140,000. Despite the large deposit and losses, the company conducted none of the checks that were required. The fine will be broken down as requiring Betfred to repay £140,000 in stolen funds to the victim, with a further £182,000 going to the National Strategy to Reduce Gambling Harms.
The regulator's report stated in part: "A customer being able to deposit and lose such significant amounts in such a short period of time clearly indicated failings in the effectiveness of Petfre's (the parent company of Betfred) anti-money laundering policies and procedures."
Betfred agreed that they were at fault in the investigation, and they're picking up the investigation cost of £15,168.42. This is the first fine for the company since 2016.
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