Bet365 will pay more than £500,000 ($630,000) in compensation after Bet365 failed to protect vulnerable customers. [Image: Shutterstock.com]
Dropped the ball
Online gambling company Bet365 will pay more than £500,000 ($630,000) in compensation after failing to protect vulnerable customers and prevent money laundering.
I have not screened any high-risk players
According to the UK Gambling Commission, Bet365 has not carried out checks on high-risk players nor has it carried out any financial checks on new customers.
Therefore, £582,120 ($733,695) must now be paid.
Crime investigation
The settlement with the commission comes as Bet365 faces a financial crime investigation in Australia.
In March, the Australian Transaction Reports and Analysis Center (AUSTRAC) launched an investigation into Bet365 into possible anti-terrorism financing and anti-money laundering (AML) lapses.
called for an external audit of the UK-based company Bet365 as early as 2022
AUSTRAC had originally requested an external audit of UK-based Bet365 in 2022, but after receiving the report a more in-depth investigation into the operator was required. Speaking on the issue, AUSTRAC CEO Brendan Thomas said companies that do not have adequate controls in place are “vulnerable to exploitation by criminals”.
Companies that fail to keep these systems up to date face hefty fines and possible regulatory action. SkyCity is currently facing a AU$73 million (US$48 million) fine for similar violations.
Amazing amount
Bet365 was founded in 2000 and is owned by CEO Denise Coates. Since Coates founded the company in a Portakabin, it has grown into one of the largest betting companies in the world.
Coates was rewarded handsomely, taking home at least 271 million pounds ($345 million) in the company’s last financial year.
For the 12 months to March 2023, Coates’ salary was £221 million ($281 million), an increase on last year’s pay package of £213 million ($271 million). She also received around 50 million pounds ($64 million) in dividends because she controls more than half of Bet365. In total, she received compensation of more than 1 billion pounds ($1.3 billion) over the past four years.
Coates receives a higher salary than any of the FTSE 100 or S&P 500 CEOs.
