Corbett Bookmakers' Gambling Failures Land Them a £686,070 Fine
UK Gambling Commission Imposes £686,070 Penalty on Persistent Sportsbook for Negligence in Anti-Money Laundering Measures
Caught with their guard down, UK sportsbook Corbett Bookmakers is facing the consequences of multiple anti-money laundering (AML) and social responsibility failures. The UK Gambling Commission (UKGC) has slapped them with a whopping £686,070 ($890,568) fine, as pointed out in a statement on Thursday, March 14th, 2025.
Previously, in 2022, Corbett faced similar sanctions, having to pay a hefty £216,000 ($279,426) for transgressions related to AML. With this latest skirmish, their tally of gambling law infractions widens in less than three years.
The UKGC, unrelenting in its pursuit of transgressors, chose platform X to voice their disapproval of Corbett Bookmakers' missteps. Corbett, operating 36 retail sportsbooks across the UK, is now paying the price for falling short of expected standards.
Amy mistakes and miscalculations
The obscure dealings of Corbett Bookmakers, unveiled by the UKGC's investigations, reveal glaring AML failings such as:
- Careless gambling: Corbett allowed players to stake, win, and lose substantial amounts without verifying the origin of funds or conducting proper Know Your Customer checks.
A prominent example involves an individual who bet £47,000 ($60,814) and lost £14,000 ($18,115) over eight months, without Corbett verifying the legitimacy of the funds received.
- Risk assessment recklessness: Corbett's AML and terrorist financing risk assessment overlooked countless potential customer, product, geographic, and payment risks, remaining oblivious to looming dangers.
In view of their indiscretions, the Commission has mandated Corbett to undergo an independent AML audit within one year of the ruling, which they will carry out by a third party.
Social responsibility failures include Corbett's oversight in:
- Ignoring warning signs: Corbett failed to flag a customer who bet £23,674 ($30,632) over 13 days as a possible risk of harm.
- Negligent oversight: Corbett dismissed cases of other customers making 56 bets within four hours while racking up losses, or betting £47,416 ($61,343) and losing £6,741 ($8,721) in just ten weeks.
Final thoughts
John Pierce, Director of Enforcement at the UKGC, sent a stern warning to other betting firms: stay compliant with the regulations, or face similar penalties. "The lax approach Corbett took towards AML and gambling safety will cost them dearly, as they not only face a hefty fine but also a thorough third-party audit to guarantee full compliance with anti-money laundering and safer gambling measures."
Seemingly, Corbett Bookmakers' journey on platforms X and others will now be marked with extra scrutiny, underscoring the importance of stricter compliance in the gambling industry. Furthermore, they must be vigilant against emerging threats such as AI identity theft and synthetic account creation.[1][2][3][4][5]
- John Pierce, Director of Enforcement at the UKGC, emphasized the need for safer gambling and compliance with regulations in the gambling industry, stating, "Stay compliant with the regulations, or face similar penalties."
- In light of Corbett Bookmakers' failures, the UKGC has required them to undergo an independent AML audit within one year of the ruling, focusing on ensuring full compliance with anti-money laundering measures.
- General news outlets, including platform X, have reported extensively on the crime and justice implications of Corbett Bookmakers' gambling issues, highlighting AML failings and social responsibility lapses.
- Safer gambling includes recognizing and addressing warning signs, such as the instances where Corbett failed to flag a customer betting £23,674 over 13 days as a potential risk of harm, or cases of other customers making 56 bets within four hours while racking up significant losses.
