The UK Gambling Commission has announced that it has fined Petfre Limited a total of £2.87 million (€3.2 million) following an investigation that uncovered social responsibility and anti-money laundering (AML) failures.
Petfre Limited is based in Gibraltar and runs betfred.com and oddsking.com.
Betfred.com Owner Petfre LTD Fined £2.87 Million by Gambling Commission- No controls to prevent large levels of high velocity spend by new customers (one new customer lost £70k in just 10 hours) Betfred.com Owner Petfre LTD Fined £2.87 Million by Gambling Commission
- Not taking into account money laundering and terrorist financing (MLTF) risks Betfred.com Owner Petfre LTD Fined £2.87 Million by Gambling Commission Betfred.com Owner Petfre LTD Fined £2.87 Million by Gambling Commission
- Failing to implement measures described in the Money Laundering Regulations
- Failing to adequately train staff in the previously mentioned policies
Speaking of the fine, Leanne Oxley, Gambling Commission Director of Enforcement and Intelligence, said:
Betfred.com Owner Petfre LTD Fined £2.87 Million by Gambling CommissionWe 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.”
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.