UKGC Orders Betfred to Pay £3.25 Million

This story was published more than 1 year ago.

The UK Gambling Commission is ordering gaming operator Betfred to make a payment of £3.25 million in lieu of an official "fine" for violating the country's anti-money laundering and social responsibility regulations.

The UKGC conducted an investigation into different failings by Betfred ranging from a period of between January 2021 and December 2022. The company was found to have had lapses in terms of anti-money laundering controls and procedures and failed to protect players adequately.

One case saw a gambler bet £517,499 over two months while Betfred failed to make any responsible gambling interactions. There was also a lack of record keeping and a lack of evidence related to the effectiveness of responsible gambling interactions.

Betfred's anti-money laundering policies were also found to have breached rules, as thresholds for alerts were set too high. They also were found to have not had appropriate know your customer and source of funds documentation for when the alerts were triggered.

Betfred will issue the large payment as well as a divestment of £1.05 million to settle the case. Additionally, Betfred will cover the investigative costs of the case by the UKGC.

Commenting on the case, the UKGC's Executive Director of Operations Kay Roberts said, "In recent years there's been a public focus on online gambling but this case illustrates how important it is for us to continue our drive to raise standards across the whole industry.

"Gambling is a legitimate leisure activity enjoyed safely by millions but it is vital that every single operator - either online or offline - has in place effective safeguards to prevent harm or crime."

Betfred operates 1,750 betting shops throughout the country as well as its large online gambling site.

The company hadn't issued comment on the matter as of press time.

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.
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18 July 2023 - 7:30pm

I think it's so stupid that these aren't "fines", but rather settlements. Where I'm from... that's a fine!