A well-known internet wagering service, 10Bet, available to users in the United Kingdom, faces a significant financial penalty for shortcomings in safeguarding its clientele and combating illicit financial activities. Blue Star Planet Limited, the parent company of 10Bet, received a £620,000 (approximately $748,000) sanction from the UK Gambling Commission, the regulatory body overseeing the sector.
The Gambling Commission initiated an inquiry in September 2021 after discovering significant deficiencies in 10Bet’s practices related to areas such as age confirmation, wagering restrictions, and unusual account behavior. The investigation revealed inadequate measures to prevent at-risk individuals from experiencing gambling-related harm and to deter criminals from utilizing the platform for money laundering purposes.
This penalty represents more than a mere reprimand. The Commission’s comprehensive investigation, encompassing a compliance evaluation, determined that 10Bet exhibited multiple failures in its anti-money laundering and responsible gaming protocols. These failures even constituted a violation of their licensing stipulations for a duration nearing two years.
Despite 10Bet’s cooperation throughout the investigative process, this fine serves as a potent reminder that gaming entities bear a responsibility to safeguard their patrons and uphold the industry’s integrity. The penalty funds will be allocated to charitable initiatives.
The oversight organization determined Blue Planet Ltd. received a light penalty, only needing to contribute £62,000 to a philanthropic cause instead of a financial sanction. They were, nonetheless, obligated to relinquish an extra £3,571.25 to settle the expenses associated with the inquiry.
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