Britain’s best-paid woman hit by money laundering failures fine at gambling empire

The online gambling firm run by Britain’s best-paid woman has been fined £582,120 ($1.1 million) after failing to prevent potential money laundering and protect vulnerable customers.

Bet365, controlled by billionaire Denise Coates, did not carry out meaningful checks on high-risk punters, according to the British Gambling Commission.

Denise Coates is the richest self-made British woman.Credit: PA

The watchdog added Bet365 had not carried out financial sanctions checks on new customers, failed to make independent verification checks, and relied too heavily on customers’ annual self-verification of their identities.

The fine, which follows an investigation by the commission in March 2022, comes as Bet365 faces a financial crime investigation in Australia.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) watchdog is examining allegations it broke anti-money laundering and counterterrorism financing laws.

Founded in 2000, Stoke-headquartered Bet365 has grown into one of the world’s largest betting firms and has generated a vast fortune for Coates, who started the business working out of a portable office.

Its success has made Coates Britain’s best-paid woman. She took home a salary of more than £220 million last year, as well as dividends of about £50 million.

This came after a rise in sales to £3.4 billion at Bet365 over the year ending March 2023, although the company made a loss of £72.6 million which was blamed on investment in the US market.

British companies have been investing millions into the US since a Supreme Court decision in 2018 allowed states to set their own laws on betting and gambling, which sparked an explosion of demand.

However, some have struggled with profitability and difficult levels of competition. The parent company of William Hill, 888 Holdings, said last month that it was considering a sale or exit of its US consumer business because of high costs and red tape.

As well as owning Bet365, Coates’ family are backers of the Stoke City Football Club. Her father Peter is the chairman, and the family owns the team’s stadium in Stoke.

A prominent patron of the arts, Coates has a wing of the Courtauld Gallery in London named after her. There is no suggestion of any wrongdoing by Coates.

Executive director of operations at the Gambling Commission, Kay Roberts, said: “The policy and procedural failings may not have been as severe as those at other gambling businesses in recent years but they were failings nonetheless.

“We expect high standards from operators in terms of keeping gambling safe, fair and crime-free, and will always take action to correct any failings. This operator is very aware that a repeat of these failings will result in escalating regulatory action.”

Bet365 was approached for comment.

The Telegraph, London

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