Gambling Commission says betting firm failed to fulfill duties to prevent money laundering and problem gambling
Online betting firm Betway will pay a record £ 18 .6m settlement over its treatment of high-spending “VIP” customers , including one who deposited £ 8m and lost half of it without being asked where the money came from.
The Gambling Commission, which has been (under fire for being too weak) , said its investigation showed that Betway allowed £ 5.8m to flow through the business, some of which was stolen money.
It said Betway had proved “inadequate” in its dealings with seven customers, failing to fulfill its obligations to prevent both money laundering and problem gambling.
In one case, a customer deposited £ , 10 in two days without being asked for information about the source of their funds, a check that gambling companies have to perform as a condition of their license to operate.
Richard Watson, the regulator’s executive director, said: “The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them.”
The Guardian has approached Betway for comment. According to the commission’s statement, the company accepted the failings and has taken measures to improve its systems.
The £ . 6m, the largest ever handed down by the commission, comes at a sensitive time for the gambling industry.