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Betfred to pay £3.25m for regulatory failures

• Having insufficient controls in place to protect new customers, and to monitor high velocity spend and duration of play exposing the customer to the risk of substantial losses without safer gambling interaction


• Making assumptions that customers were not at risk of harm because they were winning customers – it failed to carry out any safer gambling interactions on one customer who staked £517,499 over a two-month period


• A lack of evidence of evaluation of the effectiveness of individual customer interactions and a lack of record keeping which limited the effectiveness of future interactions.

• Poor record keeping and its financial alerts (thresholds) were set too high


• Failing to consistently obtain appropriate ‘know your customer’ identification and Source of Funds (SoF) documentation from its customers when its thresholds were met


• Placing an undue reliance on open-source information and should have taken further steps to corroborate customers’ SoF information.

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