Betway Fine

Posted on

The Future for Betway. The fine will hurt in the short term, there’s no doubt about that, but this sort of thing hasn’t tended to keep customers away from bookies that have been through it in the past. William Hill were issued with a £6.2 million fine at the start of 2018 and they seem to be doing ok last I checked. Online gambling firm Betway has been fined £11.6m, the largest ever penalty to be meted out by the Gambling Commission. The record fine was handed down by the commission over 'a series of social responsibility and money laundering failings linked to dealings with seven of its high spending customers', it said. Gambling firm Betway has been fined a record £11.6m over failures to prevent money laundering and problem gambling. The settlement involves the treatment of high-spending “VIP” customers that were. Betway has been hit with a massive £11m (€12.37m) fine by the UK Gambling Commission (UKGC), for multiple failings relating to VIP customers. The Commission’s investigation into Betway found multiple social responsibility and anti-money laundering failings, including one case in which a customer deposited and lost £187,000 in the space of just 48 hours.

Swedish gambling regulator Spelinspektionen has handed six-figure fines to Betway and Mandalorian Technologies after finding them both in breach of regulations related to bonus offers in the country.

Licensed operators in Sweden can only offer players a bonus when they first sign up to their online gambling platforms, but Betway and Mandalorian were found to have offered bonuses on several occasions after the initial sign-up.

Betway Fine Wine And Spirits

In response to the findings, Spelinspektionen has now issued Betway with a fine of SEK5m (£406,812/€465,183/$521,224) and warned the operator about its conduct. Mandalorian has also been fined SEK9m and given an official warning.

“The main purpose of the new gambling regulation, which came into force on January 1, 2019, is to strengthen consumer protection and reduce the negative effects of gambling,” Spelinspektionen said in a statement.

“The limitation on bonuses is contained in the law to reduce social and economic damages and problem gambling. The Spelinspektionen will therefore continue to focus on supervision of this area.”

Spelinspektionen wrote to all licensees in February to warn them against offering bonuses to existing customers. The regulator noted “some compliance” from the two operators, but its assessment was that further measures were required in order to achieve full compliance.

The regulator defines bonuses as a form of discount of similar financial incentive directly linked to a game on an operator’s website.

Betway Fine

Betway is licensed to operate in the Swedish market via its Betway.se site, while Mandalorian offers igaming services through both its NoAccountCasino.com and PrankCasino.com domains.

The sanction was linked to the firm’s treatment of high-spending customers. In one instance, the operator failed to carry out source of funds checks on a ‘VIP’ customer who deposited over £8m and lost over £4m during a four-year period. In another, Betway failed to carry out effective social responsibility interactions with a customer who deposited and lost £187,000 in two days.

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 majority of the cash will now be divested and returned to victims.

Fine

Beltway Fine Wine & Spirits Towson Md

The regulator probe also revealed inadequate management oversight and investigations into responsible personal management licence holders are ongoing.

Beltway fine wine and liquor and laurel md

Betway Fine Ukgc

Betway chief executive Anthony Werkman said: “Betway takes full responsibility for the small number of historic cases which have led to this settlement. We have fully cooperated with the investigation and will take further proactive steps to ensure all recommendations and findings are implemented.

“As a responsible, licensed operator extensive work has and will continue to be undertaken to greatly enhance our compliance systems, policies and processes. We have disbanded our VIP program in recognition that tighter controls were needed to ensure our customers were using our services responsibly.

Betway Aml Fine

“Betway has no interest in profiting from any stolen funds wagered on its sites. Where we establish that stolen funds have been used, we will ensure that the victim is fully reimbursed. For all other cases, donations are made to charities focussed on socially responsible initiatives.”

Beltway Fine Wine And Spirits Towson

Richard Watson, executive director at 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.”