BV Gaming Receives £2M Fine From UKGC for Various Shortcomings
BV Gaming’s BetVictor is staring down at a fine slapped by the UKGC. This is after the regulator’s scrutiny revealed the operator flouted several regulations. Anti-money laundering, social responsibility failings, and fairness issues were part of the issues pointed out by the gambling watchdog. Now BV Gaming has to pay £2 million as a fine.
Details of the Shortcomings as Presented by UKGC
The regulator claimed the shortcomings go as far back as 2020. This was a result of UKGC’s investigations into the company’s code of conduct. Terrorist financing and money laundering are some of the failings identified by the operator.
The UKGC argued that BetVictor didn’t comply with several responsible gambling regulations as agreed upon by industry stakeholders. This was the explanation for the social responsibility failings.
Failure to provide adequate risk assessment for high rollers or members using several betting accounts was also cited as another shortcoming. Leanne Oxley stated the result of breaching the set regulations is regulator action. The UKGC head of enforcement further stated BetVictor failed its customers by not operating at the set standards. BetVictor is also on the spot for failing to address the respective shortcomings. This pushed the regulator to slap the final fine on the operator.
BetVictor Making Active Steps to Comply to Industry Standards
The fine by the regulator seemed to get through to BetVictor. And it’s now working on fixing the shortcomings as pointed out by UKGC’s scrutiny. The operator is set to pay the fines in two sets. The first one is a regulatory settlement set at £325,000 due to the failings. The other is set at £1.72 million to be paid to the National Strategy to Reduce Gambling Harm. This will be paid in place of a financial fine.
The gambling regulator emphasized the seriousness of the shortcomings by BetVictor. UKGC said these cases mirror those it already faced in the past. BV Gaming showed its commitment to fixing the shortcomings during the commission's investigations.
But the regulator has come under fire from stakeholders for its pendulum-like penalities. Some stakeholders blame it for being too harsh while others say it’s too lenient. Still, there’s yet any company to challenge its penalties successfully or at all. The stakeholders who have been on the receiving end of these penalties either chose to leave or accepted them without question.
Perhaps the much-anticipated gambling review will bring a solution acceptable to both parties. The Betting and Gaming Council already urged lawmakers to remain objective during the process. News in early February stated the review suffered a delay, with the Guardian reporting the changes may not be deliberated earlier than May.
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