Betfred hit with £2.87m fine for failings

British bookmaker Betfred has been hit with a £2.87m fine this week for AML and social responsibility failings.

The UK Gambling Commission cited a lack of control that saw one player lose £70,000 in a 10-hour period of one day after opening an account with the site.

“This is a further example of us taking action to investigate and sanction alarming failures. Where standards do not improve, tougher enforcement will follow,” said the commission.

Betfred has undertaken to review its policies, but points out that no laws were found to be broken during the commission’s investigaton.