Gambling Firm Betway Hit With Record ₤ 11.6 M Penalty

Gambling company Betway hit with record ₤ 11.6 m penalty
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12 March 2020
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Online wagering company Betway has been struck with a record charge of ₤ 11.6 m for failings over customer protection and .
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The Gambling Commission said Betway stopped working to check the source of funds of one client who deposited over ₤ 8m and lost over ₤ 4m in a four-year duration.
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It also stopped working to effectively engage with a consumer who deposited and lost ₤ 187,000 in 2 days.


The penalty bundle is the biggest to date dealt with by a UK gaming company.


The Gambling Commission's examination said the failings were connected to transactions with seven of Betway's high-spending clients.


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It said that "as an outcome of an absence of consideration of individual customers affordability and source of funds checks, the operator permitted ₤ 5.8 m of money to flow through business which has actually been discovered, or could reasonably be suspected to be, profits of criminal offense".


The commission said the investigation had also exposed "insufficient management oversight", including that a probe "into accountable Personal Management Licence holders" was continuing.


"The actions of Betway suggest there was little regard for the well-being of its VIP clients or the effect on those around them," said Richard Watson, executive director at the Gambling Commission.
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"As part of our continuous program of work to make betting much safer, we are pushing the industry to make quick development on the locations that we consider will have the most substantial effect to secure customers," he included.


"The treatment and handling of high-value clients is a considerable piece of that work and operators remain in no doubt about the need to take on the issue at speed."
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