UKGC Hits Betway With Record £11.6 Million Penalty

Popular UK-based online gambling platform Betway has been smacked with a record £11.6 million fine by the UKGC, the regional gambling regulator. As stated by the UK Gambling Commission, the gambling operator was fined after it became negligent on its anti-money laundering and social responsibility policies. There were a lot of questions raised about how seven of its high roller customers were carelessly handled.

From the regulator’s investigation, their most substantial evidence in the case against Betway was when one of their players deposited over £8million and lost about half of that hefty sum after only four years. The other outlandish display of social responsibility recklessness by the operator was a scenario when a customer who deposited a lumpsum of £187,700 then lost all of it after only 48 hours.

Betway’s Laxity in Enforcing AML Policies

On top of that, according to UKGC’s report, Betway did not bother to find out exactly how some of its members got their gambling funds in the first place. The inquiries found out that a whopping £5.8 million had easily got into Betway without the operator carrying enough due diligence about the source of the income. The UKGC officials then expressed concern over the possibility that the money was laundered right under Betway’s noses. This is a gross transgression of the gambling laws that govern the entire industry.

Richard Watson, the Gambling Commission executive director, starkly condemned Betway’s actions. He was gravely concerned by how Betway showed little regard for the welfare of its VIP player or the effects that it may have to the players and those around them.

After the fine, Anthony Werkman, Betway’s Chief Executive Officer, took full responsibility for their violations. He also added that the company would fully cooperate with the UKGC during the investigations. Moreover, Betway is already striving to comply with all the tabled demands from the Gambling Commission’s findings.

The UK Gambling Commission Tightens the Reins

All the recent pressure to the UKGC is coming from responsible gambling activists and anti-gambling crusaders across the nation. They have been claiming that UKGC hasn’t been doing its job when it comes to tackling problems related to gambling. As a result, the Gambling Commission has had to double down on the efforts to regulate the entire gambling industry.

Of late, the gambling commission has been determined to show that they’re serious about holding their end of the bargain. Its most recent regulatory breakthroughs have included the issuing of various penalties plus the introduction of more stringent standards of practice.

The CEO of the UK Gambling Commission is now in the process of pushing the industry to make immediate progress in various areas where they feel changes will impact protection of gamblers. Responsible gambling is also the commission’s primary focus. The regulator has also instructed gambling operators to tighten up their verification procedures to prevent criminal acts like money laundering and underage gambling. Although it is still too soon to tell how things may pan out, there are still hopes that these efforts will make gambling much safer for all.