Betway to pay over 11 million pounds for failings linked to VIP customers

Following an investigation by the UK Gambling Commission, online gambling developer Betway has agreed to pay £11.6m, next to implementing a package of measures, for a series of social responsibility and money laundering failings linked to dealings with seven of its high spending customers.

WHAT THE INVESTIGATIONS HAS REVEALED
On one hand, the provider failed to implement a source of funds checks on a ‘big spender’ who deposited over £8m and lost approximately £4m over the span of four years. On the other hand, Betway failed to go through compelling social responsibility interactions with a customer who deposited and lost £187,000 in two days.

The investigation revealed that as a lack of consideration of individual customers affordability and source of funds checks, Betway allowed £5.8m to flow through the business. Now, the money will be returned to the victims. The analysis also disclosed poor management oversight, and investigations into responsible Personal Management Licence holders are still in progress.

Richard Watson, Executive Director at the Gambling Commission, commented on the matter: “The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them.”

Mr. Watson continued: “As part of our ongoing programme of work to make gambling safer we are pushing the industry to make rapid progress on the areas that we consider will have the most significant impact to protect consumers. The treatment and handling of high value customers is a significant piece of that work and operators are in no doubt about the need to tackle the issue at speed.

“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.”

This comes after the regulatory body’s Chief Executive Neil McArthur established a series of industry challenges last October as part of a drive to make gambling in Britain safer. One of the measures focused on the incentivisation of high value customers.