GZIRA, GZR 1300, Malta
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 12 March 2020
The Gambling Commission found systemic historical failings in the way Betway identified and interacted with customers who were at risk of money laundering and problem gambling. These failings stemmed from inadequate anti-money laundering and social responsibility policies and processes and senior management oversight.
Betway has cooperated with our enquiries and has acknowledged and accepted there were shortcomings. It has accepted that it failed to act in accordance with the Licence Conditions and Codes of Practice (LCCP) between 1 November 2014 – March 2019.
In line with our Statement of principles of licensing and regulation, Betway has a agreed a regulatory settlement. The regulatory settlement consists of:
- payment of a total of £11.6m consisting of £5.8m payment in lieu of a financial penalty and divestment of £5.8m gained as a result of these findings
- agreement to undertake a number of reviews and report the results to the Commission
- agreement to the publication of a statement of the facts in relation to this case
- payment of £18,940 towards the Commission’s costs of investigating the case.
For more information, please see our public statement on this case, which can be found on the Gambling Commission's website.