Betway to Pay Record Fine of £11.6 Million

Online gaming operator Betway will pay a record-setting £11.6 million fine after settling a case with the UK Gambling Commission over breaches for anti-money laundering and social responsibility regulations.

The fine was levied after the UKGC investigated Betway, and it was found that seven VIP players conducted business with the casino that were at high risk of money laundering or gambling addiction. Betway was found to have not carried out the required checks, and the fact that the failures stemmed between November 2014 and November 2017 warranted the higher fine amount.

One of these customers deposited more than £8 million and lost £4 million during the period, and the regulator found 51 times that Betway should have intervened with the customer, but the company only contacted the punter 12 times. The casino let the punter keep their account until police contacted them to inquire about the account.

Betway was found to be in be in breach of the social responsibility code provision 3.4.1(1) of the UK's Gambling Act as well as 12.1.2(1).

For their part, Betway admitted their culpability and will take steps to address the issues found on their part. They also agreed to the fine, which will go to repaying victims that had funds stolen by addicted gamblers, as well as paying out £5.8 million to the UKGC's National Strategy to Reduce Gambling Harm.

Commenting on the matter UKGC CEO Richard Watson said, "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.

"We have set tight deadlines for when we expect to see progress and if we do not see the right results then we will have no choice but to take further action," Watson added. "This case highlights again why progress needs to be made."

Related casinos

CasinoJurisdictionRatingPlay
Betway CasinoMalta, Sweden, U.K.

About the author

Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.
3 replies • Last post

Comments

usbarbadosslim93 Recently online: 40 min ago
Forum AngelForum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 12179
Thanks given: 727
Thanks received: 1723
12 March 2020 - 3:40pm
#1

Woofta that's a hefty fine. I don't like how this is called a "settlement" though. Betway aren't giving this money out of the goodness of their heart. It's either pay the money or face the music.

sharpe

bgsharpe
Forum AngelForum Angel
sharpe's picture
Location: Sofia, Bulgaria
Joined: 4 Nov 2014
Posts: 7360
Thanks given: 3986
Thanks received: 1099
14 March 2020 - 3:51pm
#2

Well I guess that is a "mistake" they'd not be willing to make again...for sure.

ieadrianooo231
FreerollerFreeroller
adrianooo231's picture
Location: Dublin, Ireland
Joined: 17 Mar 2020
Posts: 18
Thanks given: 6
Thanks received: 14
18 March 2020 - 11:19pm
#3

Thats crazy! have played there before and deposited a few times lol 😜

Post new comment

Have something to say? Agree or disagree? Tell us what you think!

Login using your social network account
Or log in with a Casino Listings account

Login or register to post comments

Registering for an account takes less than a minute and you will be brought right back here to comment afterwards.