Bet-at-home UK licence suspended on social responsibility and AML failings
UK Gambling Commission triggers section 116 review of Betclic-Everest Group-owned operator
Frankfurt-listed bet-at-home has had its UK licence suspended by the UK Gambling Commission (UKGC) on suspected failings in its social responsibility and anti-money laundering (AML) practices.
Delivering an update, the UKGC confirmed the suspension was pending a section 116 review into the Betclic-Everest Group-owned operator under the Gambling Act 2005.
A licence suspension can be undertaken if the UKGC “has reason to suspect that activities may have been carried on in purported reliance on the licence but not in accordance with a condition of the licence”.
In the case of bet-at-home, the UKGC has referenced suspected social responsibility and AML failings as “key considerations” in the decision to suspend the licence.
“We have made it clear to the operator that during the course of the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them,” the UKGC said in an accompanying statement.
The licence suspension does not prevent the operator from allowing consumers to access their accounts and withdraw funds.
In most cases, the licence can be reinstated if the operator concerned carries out actions highlighted by the regulator as part of the 116 review.
One such example came in 2020 when betting exchange operator Matchbook’s licence was suspended, then reinstated seven months later when the UKGC established that significant improvements had been made to its compliance practices.
The UKGC suspension is the latest blow for bet-at-home, following the decision by the Swiss Supreme Court to uphold prior rulings denying the firm access to the Swiss igaming market.
Bet-at-home’s operations in Germany and an enforced exit from the Dutch market led to a halving of the firm’s Q1 GGR to $14m (£11.9m) compared with €30m in Q1 2021.
The operator also revealed in its financial result that EBITDA for the first quarter was a negative €1.4m, down from the €6.9m posted in Q1 last year.