{"id":137,"date":"2024-06-15T19:17:21","date_gmt":"2024-06-15T16:17:21","guid":{"rendered":"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/"},"modified":"2024-06-17T13:09:41","modified_gmt":"2024-06-17T10:09:41","slug":"betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering","status":"publish","type":"post","link":"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/","title":{"rendered":"Betfred Fined Millions for Failing to Protect Gamblers and Prevent Money Laundering"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/b8pf0_UDBC4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The United Kingdom&#8217;s Gambling Commission levied a substantial \u00a33.25 million penalty (approximately $4.3 million USD) against Betfred, a prominent wagering company.  It appears they failed in their obligation to ensure responsible and fair gaming practices.<\/p>\n<p>The Commission&#8217;s inquiry revealed significant deficiencies in Betfred&#8217;s operational procedures. They were deemed insufficient in safeguarding new patrons and lacked adequate monitoring of individuals exhibiting high-volume gambling behavior, both in terms of regularity and duration. This oversight exposed these customers to the potential for substantial financial losses without intervention from the company to promote safer gambling habits.<\/p>\n<p>Furthermore, Betfred erroneously presumed that no issue existed as long as a customer was experiencing wins, completely overlooking the principles of responsible gambling.  One individual managed to stake a remarkable \u00a3517,499 within a mere two months, and Betfred remained unconcerned.  They also exhibited shortcomings in properly documenting interactions with customers, hindering the ability to track their efforts in fostering responsible gambling.<\/p>\n<p>Adding to these concerns, Betfred also faltered in their anti-money laundering protocols. Their record-keeping practices were negligent, and they failed to implement sufficiently stringent thresholds for financial transactions that should have raised suspicions. Even when these limits were breached, they did not consistently pursue verification of customer identities and the origins of their funds. <\/p>\n<p>A gaming firm was discovered engaging in unethical practices. They failed to adequately investigate the origins of their clients&#8217; funds, instead depending excessively on readily available data. This conduct persisted for a period of twenty-four months, commencing in January 2021 and concluding in December 2022.<\/p>\n<p>A senior representative from the Gaming Authority, Kay Roberts, highlighted the increasing significance of internet-based wagering and the necessity for enhanced regulations throughout the industry. They emphasized that although a majority of individuals engage in responsible gaming, it is imperative for all providers, whether operating online or in physical establishments, to implement robust protective measures to mitigate potential harm and ensure the absence of criminal activity within the sector. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom&#8217;s Gambling Commission levied a substantial \u00a33.25 million penalty (approximately $4.3 million USD) against Betfred, a prominent wagering company. It appears they failed in their obligation to ensure responsible and fair gaming practices. The Commission&#8217;s inquiry revealed significant deficiencies in Betfred&#8217;s operational procedures. They were deemed insufficient in safeguarding new patrons and lacked [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Betfred Fined Millions: A Blow Against Irresponsible Gaming?<\/title>\n<meta name=\"description\" content=\"UK\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betfred Fined Millions for Failing to Protect Gamblers and Prevent Money Laundering\" \/>\n<meta property=\"og:description\" content=\"UK\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\" \/>\n<meta property=\"og:site_name\" content=\"Elevate Your Gaming Experience | Licensed Online Casino\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-15T16:17:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T10:09:41+00:00\" \/>\n<meta name=\"author\" content=\"Scarlett &quot;Siren&quot; Collins\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scarlett &quot;Siren&quot; Collins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\",\"url\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\",\"name\":\"Betfred Fined Millions: A Blow Against Irresponsible Gaming?\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-15T16:17:21+00:00\",\"dateModified\":\"2024-06-17T10:09:41+00:00\",\"author\":{\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/#\/schema\/person\/febddb58090557ad4d055d9c2f08ae86\"},\"description\":\"UK\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/2024\/06\/15\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Betfred Fined Millions for Failing to Protect Gamblers and Prevent Money Laundering\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/cryptoleocasinonodepositbonus.icu\/\",\"name\":\"Elevate Your Gaming Experience | Licensed Online Casino\",\"description\":\"Experience the excitement of licensed online gambling through our up-to-date news, in-depth reviews, and expert articles. 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