UKGC Orders Betfred To Pay £800,000

The UK Gambling Commission has ordered bookmaker Betfred to pay more than £800,000 after it was found to have failed to meet its obligations on social responsibility and preventing money laundering.

Betfred agreed to the settlement after it admitted accepting stolen cash from convicted thief Matthew Stevens, who alleged he was offered day trips, free drinks, and other perks as Betfred encouraged him to keep betting.

Stevens, a former accountant, was jailed earlier this year after he was found guilty of stealing more than £850,000 from his emplyoer’s accounts over a 13-month period to fuel his addiction to gambling. The UKGC stated that “a significant proportion of the stolen money was spent…