Betway hit with record £11.6m fine for VIP failings

Posted On 27 Mar, 2020 0

Online gaming operator Betway has been hit with £11.6million fine for accepting stolen money from VIP gamblers, including one customer who deposited £8 million. The fine was issued by UK Gambling Commission (UKGC) and it is the largest penalty package against a gambling firm ever in the UK.

Multiple cases of “social responsibility and money laundering” have been attached to the firm. In a press release, Richard Watson, the Director of UKGC Executive Director said the action was a part of an ongoing effort to raise standards. It follows a £3 million fine issued last month to the William Hill owned firm. “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. This case highlights again why progress needs to be made.”

In one case, Betway failed to carry out social responsibility interactions while on the other hand, the operator did not carry out adequate source of funds checks on a VIP customer. Due to a lack of affordability and source of funds checks, the Gambling Commission calculated Betway had allowed £5.8m to flow through the business “which has been found, or could reasonably be suspected to be, the proceeds of crime.”

Betway CEO Anthony Werkman said, “Betway takes full responsibility for the small number of historic cases which have led to this settlement. We have fully cooperated with the investigation and will take further proactive steps to ensure all recommendations and findings are implemented.”

“As a responsible, licensed operator, extensive work has and will continue to be undertaken to greatly enhance our compliance systems, policies and processes. We have disbanded our VIP program in recognition that tighter controls were needed to ensure our customers were using our services responsibly.”

“Betway has no interest in profiting from any stolen funds wagered on its sites. Where we establish stolen funds have been used, we will ensure the victim is fully reimbursed. For all other cases, donations are made to charities focused on socially responsible initiatives.”

However, the total £11.6m penalty package, the largest ever handed down by the commission, comes at a sensitive time for the gambling industry. For more news and updates on the casino industry and coronavirus pandemic, keep reading and stay tuned and stay safe!

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