By James Simons-
British bookmaker, Betvictor, has been hit with a huge fine of £2m by the Gambling Commission for regulatory flaws. The UK gambling business faces £2m regulatory action from the Gambling Commission.
The fine relates to a compliance assessment conducted in March 2020 uncovered failings in relation to licence conditions and code of practice, including a group AML risk assessment which did not meet the expected standard and which inadequately identified risks posed by money laundering, terrorist financing and mitigating controls.
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On social responsibility, BV failed to comply with the relevant code provision, with the operator’s responsible gambling policies,
BV Gaming Limited, trading as BetVictor, will pay a total of £2m after a Gambling Commission investigation revealed fairness, social responsibility, and money laundering failures.
The operator – which runs betvictor.com, betvictor.mobi, hbingo.co.uk, heartbingo.co.uk and parimatch.co.uk – will pay the money as part of a settlement with the Commission.
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Settlement money will go to the National Strategy to Reduce Gambling Harms.
Leanne Oxley, Gambling Commission Director of Enforcement, said: “As a gambling regulator our focus is on ensuring that gambling in Britain is fair, safe and crime-free, and BetVictor failed consumers by breaching rules aimed at achieving these objectives.
“Non-compliance – no matter what the reason – will never be a viable business option for gambling businesses. We will always be tough on operators who fail in this way.”
Although handing BV a £2 million fine, the UKGC has considered mitigating factors such as the extent of steps taken to remedy the licence branches as well as the firm’s early recognition of the failings and cooperation with the authority.
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