BetFred Handed Down Fine of Nearly £2.9m
UK-based BetFred is the latest to be fined by that country's Gambling Commission, this time to the tune of £2.9m.
The company, which is owned by brothers Fred and Peter Done, is alleged to have accepted tens of thousands of pounds from gamblers without performing adequate safety checks.
In one case, a customer reportedly lost £70,000 over a 10-hour period just a day after opening their wagering account.
The commission’s director of enforcement and intelligence, Leanne Oxley, issued the following statement:
"This is a further example of us taking action to investigate and sanction alarming failures.
“We expect this gambling business and all other licensees to review this case and look closely to see if they need to make further improvements to demonstrate active compliance. Where standards do not improve, tougher enforcement will follow.”
BetFred is among the United Kingdom's most established bookmakers.
Just ten years ago, the company came under worldwide scrutiny for initially refusing to honor a bet placed by Olympian San Oldham’s grandmother. They eventually did the right thing and paid Linda Aldred on her £5 bet at odds of 200/1.
And BetFred is far from the only book to come under fire from the UK Gambling Commission.
Last month, Ladbrokes Coral parent company Entain was fined a record £17m for anti-money laundering failures and not adhering to social responsibility. In an ironic twist, Entain was awarded "Social Responsible Gambling Operator of the Year" in Barcelona last week.
- Jagajeet Chiba, Gambling911.com
