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2024-04-06
Bet365 is paying a settlement of more than £500,000 ($630,000) after failing to protect vulnerable customers. [Image: Shutterstock.com]
Dropped the ball
Online gambling firm Bet365 is paying a settlement of over £500,000 ($630,000) after failing to protect vulnerable customers and prevent money laundering.
did not check on high-risk players
According to the UK Gambling Commission, Bet365 did not check on high-risk players, nor did it conduct financial checks on new customers.
As a result, it’s now required to pay £582,120 ($733,695).
Crime investigation
The settlement with the Commission follows as Bet365 faces a financial crime investigation in Australia.
In March, the Australian Transaction Reports and Analysis Centre (AUSTRAC) started an investigation into Bet365 regarding possible counter-terrorism financing and anti-money laundering (AML) failings.
requested an external audit of the UK-based Bet365 back in 2022
AUSTRAC had originally requested an external audit of the UK-based Bet365 back in 2022, but after receiving the report, it required a deeper investigation into the operator. Speaking on the matter, AUSTRAC CEO Brendan Thomas said companies that do not have proper controls make themselves “vulnerable to exploitation by criminals.”
Any companies that don’t have these systems up to scratch face hefty penalties and potential regulatory action. SkyCity is currently facing a fine of AU$73m (US$48m) for similar types of failings.
Staggering amount
Founded in 2000, Bet365 is owned by CEO Denise Coates. Since Coates started the business out of a Portakabin, it has become one of the world’s biggest betting companies.
Handsomely rewarded, Coates took home at least £271m ($345m) during the company’s latest financial year.
For the 12 months ending March 2023, Coates’ salary was £221m ($281m), an increase from the previous year’s £213m ($271m) pay packet. She also received around £50m ($64m) in dividends, as she controls over half of Bet365. In all, she has been remunerated more than £1bn ($1.3bn) over the past four years.
Coates is paid a larger salary than any of the FTSE 100 or S&P 500 CEOs.
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