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iGaming software developer and operator Gamesys Limited has agreed a £1.2m (€1.3m) settlement with the UK Gambling Commission (UKGC) for failing to prevent gambling harm and breaching money laundering regulations.
UKGC has launched an investigation into the company’s processes following police investigation findings that the operator had allowed three individuals to spend stolen money to gamble between 2014 and 2016.
It was discovered that despite customers displaying behaviour which could indicate a gambling problem the operator had done nothing to prevent harm. The investigation also revealed the operator failed to comply with money laundering regulations, including not establishing customers’ source of funds.
After acknowledging its shortcomings, Gamesys has agreed a settlement package that will see it pay £690,000 in lieu of a financial penalty, which will be used to fund the National Strategy to Reduce Gambling Harms. It will also repay £460,472 stolen by the three players to fund their gambling, as well as contributing to the Commission’s investigation costs.
Gamesys operates the newly launched Virgin Bet, sports data site Live Score and a range of further igaming sites.
