Striking Down Corbett Bookmakers
Sportsbook Fined £686,070 by UKGC for Negligence in Anti-Money Laundering Practices
Lost in the hustle and bustle of UK gambling is Corbett Bookmakers, which has been served a hefty fine of £686,070 ($890,568) following an investigation into various anti-money laundering (AML) and social responsibility failings. These glaring missteps occurred between 2022 and 2024.
In a swift move, the UK Gambling Commission (UKGC) announced the disciplinary action against Corbett, marking the betting firm's second failure in under two years. Earlier in 2022, Corbett Bookmakers was penalized £216,000 ($279,426) for similar offences.
Yet again, the UKGC exposed Corbett's AML blunders, including customers being allowed to wager substantial amounts without proper Know Your Customer evidence or verifying the source of funds. A notable example emerged in a case study presented by the UKGC, involving a gambler who added £47,000 ($60,814) and lost £14,000 ($18,115) over the course of eight months, without their money undergoing legitimate checks.
The Commission declared that Corbett's AML and terrorist financing risk assessment was seriously amiss, as it overlooked the full picture of customer, product, geographic, and payment risks. Consequently, Corbett Bookmakers is now obligated to undertake a third-party AML audit within the span of 12 months following this UKGC ruling.
Social responsibility lapses displayed by Corbett Bookmakers include a flagrant disregard for identifying a consumer who placed £23,674 ($30,632) worth of bets in 13 days, who potentially demonstrated signs of harm. The UKGC also accused Corbett of disregarding two players who experienced sizable losses. The first player lost £3,523 ($4,557) by placing 56 bets in a span of four hours, while the second player bet a whopping £47,416 ($61,343) and lost £6,741 ($8,721) in ten weeks.
Warnings echoed by John Pierce, the Director of Enforcement at the UKGC, ring loud and clear. Other betting establishments are not immune to repercussions if theybrush off regulations deemed vital to ensure safer gaming and the elimination of criminal activity. According to Pierce, Corbett will pay a "significant" fine and submit to rigorous audits to ensure total AML and responsible gameplay measures.
Unfortunately, the case of Corbett Bookmakers is yet another area where gambling firms are repeatedly found falling short, prompting stricter regulations and elaborate player protections. Time will tell whether the sanctions leveled on Corbett will spur lasting change within the gambling sector.
- The UK Gambling Commission (UKGC) has highlighted that safer gambling is crucial, as it recently fined Corbett Bookmakers £686,070 for AML and social responsibility failings, following a two-year investigation.
- Inclusion of general-news and crime-and-justice sections should discuss the fine imposed on Corbett Bookmakers, as this incident underscores the need for compliance in the gambling industry to prevent crime.
- Sports news outlets must also note the repercussions faced by Corbett Bookmakers, as their second failure in under two years to adhere to AML regulations demonstrates the importance of taking these rules seriously in sports betting.
- Corbett Bookmakers' failure to comply with AML regulations and overlook customer risks may encourage stricter gambling regulations and player protections, as repeated non-compliance serves as a reminder of the need for safety in gambling.
