Bet365, one of the world’s largest online gambling companies, has agreed to pay a substantial fine of £582,120 due to inadequate anti-money laundering (AML) and social responsibility measures within its online operations. The UK Gambling Commission discovered these shortcomings during a compliance assessment in March 2022.
The settlement will be paid by two of Bet365’s licensed subsidiaries. Hillside (UK Gaming) ENC, which operates Bet365’s bingo and casino products, will contribute £343,035, while Hillside (UK Sports) ENC, responsible for the company’s betting services, will pay £239,085. The entire sum will be used to support socially responsible causes as part of a regulatory agreement with the Gambling Commission.
Bet365 was founded in 2000 by Denise Coates in Stoke-on-Trent, England. The company has grown to become a global leader in the online gambling industry, with a presence in numerous countries. Bet365 offers a wide range of gambling products, including sports betting, casino games, poker, and bingo.
The company has faced scrutiny in the past for its business practices and the potential impact of gambling on society. I
In 2019, Bet365 was criticized for allowing a problem gambler to lose £150,000 within days of opening an account. The company has also been accused of targeting vulnerable individuals with its advertising and marketing strategies.
Commenting on this action taken by the UKGC, Kay Roberts, Executive Director of Operations at the UKGC said:
The policy and procedural failings may not have been as severe as those at other gambling businesses in recent years but they were failings nonetheless.
We expect high standards from operators in terms of keeping gambling safe, fair and crime-free, and will always take action to correct any failings. This operator is very aware that a repeat of these failings will result is escalating regulatory action.
Dave Sawyer has nearly 25 years experience working within the iGaming Industry. Initially starting out with Ladbrokes based in the British Overseas Territory of Gibraltar in 2000, after 5 years with the tier one operator in his role of IT Services Manager, Dave left to setup his own casino affiliate site.
During the years Dave has spoken at several industry events, including the Casino Affiliate Convention held in Amsterdam in 2006, where Dave appeared on the forum panel. Other events Dave has been a speaker at include the iGB London Affiliate Conference.
More recently Dave has written for Casinomeister.com and has been a moderator on the popular Casinomeister Forum since 2010, where he posts under the user handle Webzcas.