Bet365 pays a settlement worth more than £500,000 (US$630,000) after failing to protect vulnerable customers. [Image: Shutterstock.com]
Pass the ball
Online gambling company Bet365 pays a settlement worth more than £500,000 (US$630,000) after failing to protect vulnerable customers and prevent money laundering.
High risk players are not verified
According to the UK Gambling Commission, Bet365 does not screen high-risk players, nor does it conduct financial checks on new customers.
As a result, she now has to pay £582,120 ($733,695).
Criminal investigation
The settlement with the commission comes in the wake of Bet365 facing a financial crime investigation in Australia.
In March, the Australian Transaction Reports and Analysis Center (AUSTRAC) began an investigation into Bet365 in relation to potential anti-terrorism and anti-money laundering (AML) financing failures.
It has requested an external audit of UK-based Bet365 in 2022
AUSTRAC originally requested an external audit of UK-based Bet365 in 2022, but after receiving the report, required a deeper investigation into the operator. Speaking on the matter, AUSTRAC chief executive, Brendan Thomas, said companies that do not have proper controls make themselves “vulnerable to exploitation by criminals”.
Any company that does not have these systems can face heavy penalties and potential regulatory action. SkyCity currently faces a AU$73 million (US$48 million) fine for similar types of failures.
An amazing amount
Bet365 was founded in 2000 and is owned by CEO Dennis Coates. Since Coates started his business from Portakabin, it has become one of the largest betting companies in the world.
After receiving a generous bonus, Coates earned at least £271 million ($345 million) during the company’s last financial year.
For the 12 months to March 2023, Coates’ salary was £221 million ($281 million), up from the previous year’s pay package of £213 million ($271 million). It also received around £50 million ($64 million) in profits, because it controls more than half of Bet365. In total, it has received more than £1 billion ($1.3 billion) over the past four years.
Coates is paid more than any FTSE 100 or S&P 500 CEO.
