The Gambling Commission fined Betfred £825,000 for failing to uphold social responsibility and prevent money laundering.
Gaming machines in Betfred’s betting shops were linked to what were primarily termed as “technical breaches”; the bookmaker said that no proof of any illicit spending had been discovered.
The commission said that Betfred was “unable to effectively identify and manage money laundering risks” related to their gambling machines.
Additionally, it criticized Betfred for failing to properly identify spend and any related financial signs of customer harm from gambling as well as the caliber of their client contacts.
In addition, Betfred will be subject to a third-party examination and a warning.
The commission’s director of enforcement John Pierce said:
While the failings identified during the 2024 compliance assessment were predominantly technical breaches rather than arising from specific customer examples, they were nevertheless unacceptable, particularly with thresholds appearing too high and insufficiently risk based when assessed in practice, and deficiencies in some processes and procedures adopted by the licensee.
We fully acknowledge the improvements the operator has already made since these issues were identified, and the independent audit will be key to confirming these changes are sustained so that the operator continues to be fully compliant with social responsibility and anti-money laundering requirements.
It is the second time Betfred’s betting shop estate has been the focus of regulatory action, with the firm having paid a £3.25 million settlement in 2023 for social responsibility and anti-money laundering violations.
Responding to the latest punishment, Betfred’s head of corporate affairs and communications Mark Pearson said:
Following a review of our UK-based betting shops by the Gambling Commission we have further strengthened our anti-money laundering and social responsibility policies.
During the review, the commission found no evidence of criminal spending in our shops. Betfred is committed to ensuring a safe gambling experience for all our customers.
