Betway breaks new record he would have preferred to avoid
Betway online gambling site has recently learned some very bad news: it will have to pay the record amount of £ 11.6 million for not respecting the rules against money laundering and Responsible Gaming . In question, the money spent by some of its VIP players.
Betway firmly typed in the wallet
Betway is a large British sports betting and casino gaming site which has just been sanctioned by the UKGC (United Kingdom Gambling Commission). The site has agreed to pay £ 11.6 million to avoid going into court and paying more, while avoiding any possible prison sentence.
The Commission investigated some of Betway’s VIP players, eight to be exact, and found that there had been “a lack of consideration of the solvency of its customers and a lack of verification of funds”. £ 5.8 million in deposits have been defined by the Commission as linked, or suspected of being linked to offenses or even crimes.
Given that Betway did not take enough information on the origin of players’ funds, or on their ability to collect certain expenses, the site failed in its commitments. The Commission notably cited the case of a player who deposited £ 8 million over a period of four years, losing four of his millions. According to the Commission, Betway should have intervened with the player 51 times but only contacted him twelve times.
If the fact of not always asking proof of income or origin of money from its big players is quite frequent on the side of online casinos, the British Commission has decided for a few years to sanction when this happens. Several operators have already been fined millions of dollars for this type of offense, but these fines have never been higher.
Of the £ 11.6 million requested by the Commission, exactly half (or £ 5.8 million) corresponds to the amount that the site must pay to the National Strategy to Reduce Gambling Harm movement, which could be translated as National Strategy for Reduce Gambling Related Problems.