UKGC suspends FIVEYARDS operating licence
Regulator initiates section 116 review citing lack of integration with GAMSTOP self-exclusion scheme
The Gambling Commission (UKGC) has suspended the licence of FIVEYARDS operator PLAYERFT LTD while it instigates a section 116 review of the operator’s business practices.
As justification, the UKGC said it had concerns that non-compliant activities had been undertaken by the firm and that it was “unsuitable” to carry on licensed activities under the Gambling Act 2005.
The regulator has also confirmed the licence suspension comes as a direct result of the failure of the business to connect to the UK’s national multi-operator self-exclusion scheme, GAMSTOP.
Connection to GAMSTOP became a mandatory condition for UK-licensed operators on 31 March 2020 as part of the licensing codes of practice (LCCP).
“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.
PLAYERFT LTD, which is headquartered in London, has a UK licence for real-event betting and a linked software licence, both issued in June 2020.
Consumers can continue to access accounts and withdraw funds from the FIVEYARDS website, with the suspension taking immediate effect.
FIVEYARDS uses a similar operating model to Football Index in that customers can buy players and earn financial rewards based on their real-life performances.
At the completion of its review, the UKGC will present the company with a list of remedial actions which could see the regulator reinstate the licence.
Matchbook had its UK licence suspended in February 2020 as part of a section 116 review and later received a £740,000 fine. However, the exchange bookmaker later resumed operations in the UK after making “significant improvements” to its compliance practices.