Betfred Facing Heavy Fines

Kosta Kostadinov | Published 28 Sep 2022, 10:05 a.m.

The UK gambling industry has been the source of much news over the last year, especially regarding the regulatory aspect. The continuous rise of online casinos and online gambling resulted in numerous fines and penalties, and we have done our best to keep you up to date with everything that has been happening.

Over the last period, the UK Gambling Commission has been incredibly busy penalising any failings and introducing new regulations to prevent these things from happening. However, the latest case seems to target the popular casino Betfred.

Serious failings discovered in Betfred’s work

From October 2019 until December 2020, the UKGC conducted a thorough investigation into Betfred’s operations, leading to some concerning findings. The online casino allowed several serious failings regarding both social responsibility and anti-money laundering protocols.

Moreover, Betfred received a warning from the UKGC before this, after which the casino made revisions and took necessary steps to rectify those failings.

However, it seems that was insufficient since the casino has now been penalised with a massive fine of £2.87M. As we mentioned, this comes after an investigation that revealed severe failings regarding customer safety.

Betfred’s failings were of different nature

Regarding social responsibility, Betfred failed to control the rate of players’ spending, as one customer lost £70,000 only a day after creating the account. Another case included a customer who made considerable deposits and significant losses. However, the casino did not make efforts to communicate and interact with the customer.

As for the anti-money laundering, Betfred did not make the required efforts to minimise the dangers, including terrorist financing risks. The casino also failed to provide its employees with the necessary training and knowledge regarding the customers’ backgrounds, spending, and risks.

According to Leanne Oxley, the Gambling Commission Director of Enforcement and Intelligence, “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.

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