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Bet365 is is being targeted for scrutiny by Australia's anti-money laundering watchdog, it was revealed in recent days.
The Australian Transaction Reports and Analysis Centre, or Austrac, said it was launching a formal investigation into Bet365, which is one of the larger gambling groups in the Australian market but has struggled to gain market share in recent years.
The watchdog has lately been targeting gambling companies to reveal any possible money laundering activities. Ladbrokes and its parent company Entain came under scrutiny in 2022.
Austrac chief Brendan Thomas said: “Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing. Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
It was not immediately clear what, if any, information led to opening of the probe against Bet365.
Bet365 was founded by Denise Coates and her brother John Coates. Denise Coates remains among the highest paid executives in the industry, and across most industries for that matter. Last year she paid herself and eye-popping £217m.
Neither Denise or her brother have offered a comment on the matter.
- Aaron Goldstein, Gambling911.com
