Online Casino Fined for VIP Failings12th Mar 2020 |
Betway has been found gully of a series of failings with regards to its VIP Customer procedures and therefore, has been fined £11.6 million. When looking into the matter, the Gambling commission found multiple cases of ”Social responsibility and money laundering failings;’ and so, due to this, Betway will be paying a Gambling Commission fine of £11.6 million. Richard Watson, Executive Director of the Gambling Commission, said: “The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them. “We have set tight deadlines for when we expect to see progress and if we do not see the right results then we will have no choice but to take further action. This case highlights again why progress needs to be made.”
In one instance, Betway did not carry out social responsibility interactions with a particular customer who deposited and lost £187,000 over two days. Whilst in the other instance, Betway did not carry out the appropriate source of fund checks on a VIP customer who had deposited over £8 million and lost over£4 million in a four-year period.
The Gambling Commission calculated that Betway allowed £5.8 million to flow through the business which could potentially and suspected to be the proceeds of crime. Betway launched in 2016 and is a known online sportsbook and online casino which operates across several markets. They are operated by Betway Limited. In 2019, Betway was fined by Sweden’s gaming regulator, Spelinspektionen for breaking bonus rules.
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