The company was found to have violated sections 117 (1) (a) and 121 of the 2005 Gambling Act, and took place between October 2019 and December of 2020. of note is one instance where a player opened an account and lost £70,000 within a ten-hour span within the first day. A different account was contacted initially after depositing £20,700 and lost £10,200, but then went months without another interaction until they'd deposited £323,715 and lost £69,371.
The UKGC investigated the incidents and found that Betfred lacked the appropriate controls to stop these transactions from taking place, including a lack of employee training, funding source checks, and bad transaction analysis.
Regarding the fine UKGC Director of Enforcement and Intelligence Leanne Oxley said, "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."
No comment from Petfre Limited was available as of press time.
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