Published on 15th June 2016 by Becky Mosley

It seems that the negative news surrounding famed online casino outfit Betfred could finally be coming to an end, as they have agreed to a compensation payment in the case related to the brand’s anti-money laundering and social policy failings. The ruling came directly from the UK Gambling Commission (UKGC) and represents an £800,000 payout that will act as a contribution towards related social causes.

Flaws In Customer Security Meaures

The case surrounding Betfred had become a mainstream story, largely as it exposed serious flaws within its customer security measures. Over the course of a lengthy investigation by UKGC, the governing body found that a Betfred customer had stolen £856,000 from the company. The UKGC deemed that Betfred were not doing a good enough job of monitoring the player’s activity, even after it was deemed suspicious.

‘Professional Gambler’

Speaking on the charges brought against Betfred, an UKGC statement read, “Betfred failed to keep full records of the evidence and supporting documents it considered as part of its due diligence, contrary to regulation 19 of the Regulations. It stated that its staff had spoken to the customer on a number of occasions and this had contributed to the view that he was a professional gambler”. The UKGC also said, “No records were retained following these interactions with the customer. Also, there were inadequate records of any customer interaction with the customer. This is also indicative of a lack of adequate due diligence measures”.With ruling now official, Betfred will be paying out a £344,500 penalty to socially responsible causes. On top of this they will also pay out £443,000 to victims and a little over £30,000 towards UKGC’s investigation costs. Betfred has also been open in the fact that as a result of this ruling the company will be carrying out an independent third-party review into its social responsibility and anti-money laundering policies.