BetVictor to pay £2m over social responsibility and AML failures
Gibraltar-based operator’s settlement with UKGC comes after March 2020 investigation uncovered licence breaches
BV Gaming Limited, trading as BetVictor, is to pay a £2m settlement with the UK Gambling Commission (UKGC) after an investigation found failings in fairness, social responsibility and preventing money laundering.
Following a compliance assessment in March 2020, the regulator discovered BV Gaming “did not sufficiently meet the standard expected at that time in adequately identifying risks posed by money laundering and terrorist financing”.
BV Gaming, which operates BetVictor, Heart Bingo and Parimatch in the UK, was also found to have deficiencies in its responsible gambling policies, procedures, controls and practices.
The UKGC said BV Gaming did not sufficiently meet the standard expected to identify risks posed by money laundering and terrorist financing and the mitigating controls as laid out in UKGC guidance.
The regulatory settlement consists of a £325,000 divestment of gross gambling yield gained by the failings, which will go directly to the National Strategy to Reduce Gambling Harm, as well as £1.73m payment in lieu of a financial penalty. BV Gaming will also pay £11,000 towards the UKGC’s costs relating to the investigation.
When considering an appropriate resolution to its investigation, the UKGC said it had to consider a number of aggravating and mitigating factors relating to the offences between 1 January 2019 and March 2020.
The aggravating factors included: the seriousness of the breaches; the impact on licensing objectives; the breach was similar to other cases the commission has dealt with, which led to a publication of the lessons to learn; the need to encourage other operators to comply with the rules; nature of the breach may mean more may be affected than is known at the moment.
The mitigating factors included: the steps BV has taken to remedy the breach and BV’s early recognition of its failings and how cooperative BV was with the investigation.
Leanne Oxley, UKGC director of enforcement, said: “As a gambling regulator, our focus is on ensuring that gambling in Britain is fair, safe and crime-free, and BetVictor failed consumers by breaching rules aimed at achieving these objectives.
“Non-compliance, no matter what the reason, will never be a viable business option for gambling businesses. We will always be tough on operators who fail in this way.”