Multiple offenses
The UK Gambling Commission (UKGC) has ordered retail sportsbook Corbett Bookmakers to pay a fine of £686,070 ($890,568) after a probe revealed multiple anti-money laundering and social responsibility failings.
In a statement issued Thursday, the UKGC said Corbett’s violations occurred between February 2022 and May 2024.
The UK regulator took to X with news of the disciplinary action against the sportsbook, its second gambling law-related failure in two years:
The UKGC fined Corbett, which runs 36 retail sportsbooks across the UK, £216,000 ($279,426) for similar offences in 2022.
Failures galore
In a news release Thursday, the UKGC outlined some of Corbett’s AML failings. These include players being allowed to stake and lose “significant” amounts without Know Your Customer evidence or verifying source of funds.
gambler bet £47,000 and lost £14,000 over eight months
The regulator submitted a case study as evidence, citing a gambler who bet £47,000 ($60,814) and lost £14,000 ($18,115) over eight months without Corbett verifying the legitimacy of the money it received.
Ultimately, the Commission stated Corbett’s AML and terrorist financing risk assessment “failed to consider the full scope of customer, product, geographic and payment risks.”
As a result of the penalty, Corbett is now required to carry out a third-party AML audit that must be executed within 12 months of the UKGC ruling. Social responsibility failures, meanwhile, include the sportsbook failing to flag a consumer who bet £23,674 ($30,632) over 13 days “as someone who may be at risk of harm.”
The UKGC also charged Corbett of failing to act on one player who lost £3,523 ($4,557) while placing 56 bets in four hours and another who bet £47,416 ($61,343) and lost £6,741 ($8,721) in ten weeks.
Final word
The UKGC’s Director or Enforcement John Pierce warned other betting firms they face similar reprisals if their own operations, like Corbett’s, fall foul of its regulations.
“Corbett has failed to adhere to vital regulations designed to make gambling safer and free from criminal activity. As a result, it will not only pay a significant fine but also undergo a rigorous audit to ensure full compliance with anti-money laundering and safer gambling measures.”