Online gambling firm handed record £11.6m fine for high-spending customer failings
Online betting company Betway has been handed a record £11.6m fine for a series of social responsibility and money laundering failings linked to high-spending customers.
The Gambling Commission said Betway failed to check the source of funds on a ‘VIP’ customer who deposited over £8m, losing half of it during a four-year period.
It also failed to carry out effective social responsibility interactions with a customer who deposited and lost £187,000 in just two days.
The regulator said 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".
Betway's penalty is the biggest ever faced by a UK gambling firm.
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.”
Betway’s CEO, Anthony Werkman, said the company took full responsiblity for the "small number of historic cases which have led to this settlement".
He added: "We have fully cooperated with the investigation and will take further proactive steps to ensure all recommendations and findings are implemented."