Betway faces sanction by Belgian Gaming Commission over financial transparency issues
Operator could face a six-figure fine after year-long investigation
The Belgian Gaming Commission (BGC) has launched sanction proceedings into Betway over “cumulative licensing issues and a lack of financial transparency”.
The sports betting operator could potentially face a six-figure fine, and the stripping of its Belgian licence.
Betway director of compliance and regulatory affairs Roger Parkes confirmed that the company has provided all the information requested by the BGC, confirming that the company will “continue to support the process in full and look forward to reaching a satisfactory conclusion shortly.”
It follows a year-long investigation by the BGC’s control service into links between the company’s Maltese office and the British Virgin Islands, first revealed by Belgian newspapers as part of the so-called “Paradise papers”.
The papers revealed the operator allegedly received over €28m in capital which came from shareholders in the Virgin Islands, although the Commission could not establish if this was the case.
Questions were also raised about the role that Swedish poker players, Jonas Ödman and Patrik Selin played in Betway’s business. Both men were identified by Belgian media in the Paradise Papers investigation relating to Malta-based gambling company Gnuf Limited, which was acquired by Betway in 2012.
In an interview with EGR at the time of the investigation, Betway CEO Anthony Werkman denied any connection between Betway and the named individuals, dismissing the allegations as inaccurate.
Following the year-long investigation, said it found enough evidence to launch the sanctioning process, pass on the information to the AML-authority, the Public Prosecution Office and the anti-fraud services from the financial federal department.
Betway operates a sportsbook in the Belgian market and has been the “official betting partner” of the Belgian Cup since 2015, renewing its sponsorship for a further three years in 2018. In addition to this sponsorship, the company also sponsors Belgian first division side RSC Anderlecht.