Gambling Commission fines Betfred for social failures

Gambling Commission fines Betfred for social failures

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Gambling Commission fines Betfred for social failures

Gambling Commission reported that Betfred needs to pay 2.8 million pounds as it has been accused of social responsibility and anti-money laundering.

The 2.8 million pounds penalty was imposed under section 121 of the 2005 Gambling Act. As well as a warning which was reported under section 117(1)(a) of the Gambling Act.

The offenses that resulted in a fine took place between October 2019 and December 2020. For example a client lost 70 thousand pounds in only 10 hours , a day after creating their account. Another client was contacted by the brand when they deposited 20,700 pounds and lost 10,200 pounds. 

The operator stated that Petfre broke paragraphs one and two the code of practice of social responsibility, which concerns interaction with clients.

According to the Commission the brand did not report any anti-money laundering and terrorist financing risks.

This included no workers training, bad analyzing of transactions, inadequate AML and more. It also stated that any existing anti-money laundering procedures had not been applied correctly.

This shows that we take serious measures to investigate and fines alarming failures. We anticipate that this gambling business and other licensees will study this case and carefully see if they need to make new improvements in the future to show active compliance.

explained Leanne Oxley from Gambling Commission.

Later he added that when standards are not improving, rougher enforcements are coming.

Earlier this month the Gambling Commission stated that Betway needs to pay 400 thousand pounds as it has been  for marketing on websites for children, after its logo was featured on a West Ham webpage and it had coloring-in activity.

Other operators that have been the part of latest enforcement action are famous gaming bands from Smarkets to SpreadEx and Entain.

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