Betfred reaches settlement with the UK gambling Commission

Betfred failed to meet its obligations to prevent money laundering.

The bookmaker will pay a £800,000 (US$1,130,684) settlement after accepting stolen cash from a VIP customer.

UK.- Gibraltar-based bookmaker, Betfred, has agreed to an £800,000 (US$1,130,684) settlement after accepting stolen cash from a “VIP” customer, who was allegedly offered free drinks and day trips to encourage him to keep betting.

After Betfred took thousands of pounds from the convicted thief Matthew Stevens, the UK Gambling Commission found that the bookmaker failed to meet its obligations on social responsibility and the prevention of money laundering.

Stevens, an accountant who pleaded guilty to two counts of theft after funnelling more than £850,000 (US$1,201,352) out of the business he worked for to fund his gambling habit, was jailed for three years and four months earlier this year.

According to the Gambling Commission Betfred would pay more than £800,000 (US$1,130,684) in “compensation and in contribution towards socially responsible causes” after having its license reviewed. “It is very concerning to see yet another bookmaker being taken to task by the regulator over failures in their approach to responsible gambling and keeping crime out of gambling,” said Carolyn Harris, Labour MP for Swansea East.

Under the terms of the latest settlement, Betfred will pay £443,000 (US$626,116) to the victims of criminal activities, £344,500 (US$486900) to socially responsible causes and it will also meet the commission’s investigation costs and perform an independent third party review of its anti-money laundering and social responsibility policies and procedures