Online gaming operator Betfred is to pay more than £800,000 in compensation and in contributions to socially responsible causes, as part of a settlement after a licence review, the UK Gambling Commission has announced.
The operator, said the commission, had failed in its money-laundering and social responsibility policies.
The commission’s investigation followed a court case that resulted in a Betfred customer being jailed for three years and four months after admitting to stealing from his employer - a “significant proportion” of the stolen money had been spent with the operator.
Betfred will pay £443,000 to the victims of the theft and another £344,500 will be paid in lieu of financial penalty, to socially responsible causes to be agreed with the commission. Betfred will also meet the commission’s costs.
The company has additionally agreed to undertake an independent third-party review and audit of its anti-money laundering and social responsibility policies and procedures.
