Betway is paying a high price for getting on the U.K. Gambling Commission’s (UKGC) bad side. The firm has been ordered to pay a record £11.6m settlement for accepting stolen funds and ignoring cases of gambling addiction.
The regulator cites an instance where Betway failed to do their due dillgence on a “VIP” customer who deposited £8 million and lost £4 million over a four-year period. It also cites a separate incident where Betway allowed a player to lose £187,000 over a two-day period. They add:
“The investigation found that as a result of a lack of consideration of individual customers affordability and source of funds checks the operator allowed £5.8m of money to flow through the business which has been found, or could reasonably be suspected to be, proceeds of crime.”
“The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them,” said Richard Watson, Executive Director at the UKGC.