Betfred receives £3.25m fine from UKGC

Betfred receives £3.25m fine from UKGC

Added:
Betfred receives £3.25m fine from UKGC

The UKGC has recently imposed a penalty of 3.25 million pounds on Betfred.

Betfred’s recent fine was imposed as a result of an investigation carried out by the Gambling Commission, which found that the operator had a few AML and responsible gambling shortcomings. The UKGC added that these failures took place across varying periods in 2021 and 2022.

One of the operator’s AML shortcomings included failing to obtain KYC verifications of its customers, along with appropriate source of funds proofs, when they were required. The regulator added that Betfred also relied heavily on publicly available information without verifying its legitimacy and that the company had very high alert thresholds for detecting suspicious activities.

The operator’s social responsibility shortcomings, on the other hand, involved inadequate player protection and monitoring measures, which exposed its users to higher levels of risk. The UKGC added that the firm also made assumptions that its winning players were not at risk of gambling harm, because of which it failed to interact with customers that were spending unreasonable amounts of money on the pastime. In one instance, a player spent over half a million pounds over two months without getting contacted by the firm for a risk assessment.

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