QuinnBet Agrees £609,104 Settlement With UKGC

Online bookmaker QuinnBet has reached a settlement with the UK Gambling Commission after a regulatory review identified serious weaknesses in its anti-money laundering (AML) controls and safer gambling procedures.

The settlement totals £609,104 ($830,501) and relates to issues identified between March and August 2023.

Under the agreement, QuinnBet will pay £193,118 directly to the UK Gambling Commission, while the remaining amount will cover the regulator’s investigation costs. Money received through the settlement will be transferred to the UK Consolidated Fund.

AML Failures Highlighted in Regulatory Review

The Gambling Commission identified several cases that raised concerns about QuinnBet’s financial monitoring procedures.

In one instance, a customer reported monthly earnings of £2,000 but deposited £9,000 over four days. In another case, a customer deposited £120,000 across a three-month period without being required to demonstrate where the funds came from.

The regulator also identified software transfer problems that unintentionally allowed almost 200 customers to exceed their assigned limits.

Safer Gambling Controls Also Criticised

The review found shortcomings in QuinnBet’s systems for identifying and responding to potentially harmful gambling behaviour.

One case involved a customer who placed approximately 4,800 bets in one day and another 7,000 bets the following day. Despite the level of activity, the behaviour did not trigger an internal warning.

The Gambling Commission said the case demonstrated the consequences of relying on systems and controls that fail to identify indicators of financial crime and gambling-related harm quickly enough.

Gambling Commission director of enforcement John Pierce stressed that licensed operators are expected to ensure their safeguards work effectively in practice, both to protect customers and to prevent criminal activity within the gambling sector.

UKGC Maintains Compliance Focus

The QuinnBet settlement comes as the UK Gambling Commission continues enforcement activity involving AML and safer gambling requirements across Britain’s licensed gambling market.

The regulator has also recently taken action against other operators, including Holland Park Leisure, which received a £150,000 penalty over failures relating to the mandatory multi-operator self-exclusion scheme.

The latest QuinnBet case further highlights the regulator’s focus on ensuring licensed operators maintain effective financial crime controls and responsible gambling safeguards.