Online Bookmaker Loses £11.6m in Fines for Poor Customer Protections

By Gary Cutlack on at

The Gambling Commission has thrown a series of dice on the table that add up to 11.6 million, as that's the cash fine it has handed to gambling business Betway for not caring enough about where the money its customers throw at it is coming from.

Two particularly bizarre cases were highlighted by the regulator; one where a customer deposited £187,000 in his online account then blew the entire lot in a mere two days, and a further baffling case in which one person paid in more than £8m over the course of four years – and lost over half of it.

It's not the amounts involved that are the problem, though; it's the fact that Betway didn't intervene at any point to say "Jesus, are you sure?" and/or check exactly where all these piles of money were coming from. The GC clearly suspects there may have been an element of money laundering involved, although surely there's not much point in laundering your money by handing it all to someone else?

The Commission is sure money comes from criminals having a laugh and burning off cash that was of the easy come, easy go variety, and explained: "...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." [BBC]