Betfred ordered to pay £3.25m for safer gambling and anti-money laundering failures

Betfred has been told to pay £3.25 million by the industry regulator after an investigation revealed social responsibility and anti-money laundering failures. The Gambling Commission said the bookmaker, founded by billionaire Salford brothers Fred and Peter Done, breached licence conditions between January 2021 and December 2022.

The firm runs 1,750 high street betting shops, as well as a website and an app. The Gambling Commission investigation found Betfred had insufficient controls in place to protect new customers, or to monitor 'high velocity spend' and duration of play.

It also made assumptions that customers were not at risk of harm because they were winning, and failed to carry out any safer gambling interactions on one customer who staked £517,499 over a two-month period. Anti-money laundering failures included poor record-keeping and failing to consistently obtain appropriate 'know your customer' identification and 'source of funds' documentation from customers.

Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features.

Gambling Commission executive director of operations Kay Roberts said: "In recent years there’s been a public focus on online gambling but this case illustrates how important it is for us to continue our drive to raise standards across the whole industry. Gambling is a legitimate leisure activity enjoyed safely by millions, but it is vital that every single operator – either online or offline – has in place effective safeguards to prevent harm or crime."

Betfred's £3.25 million payment, to be made as part of a settlement with the Gambling Commission, will go to social responsibility causes.

A Betfred spokesman said: "As noted in the commission’s findings,