Netbet Enterprises Limited
Birkirkara, BKR9034, Malta
What is a settlement?
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 28 October 2020
Outcomes: Payment in lieu of financial penalty, Commission costs and Public statement
Details of action
Between 20 November 2018 and 29 May 2019 NetBet failed to comply with two licence conditions focused on social responsibility and anti-money laundering. Failures included not carefully scrutinising source of funds documentation provided by customers and not implementing its responsible gambling policy effectively.
NetBet have addressed failings identified by the Commission by making a number of changes to its processes.
In line with our Statement of principles of licensing and regulation, NetBethas agreed a regulatory settlement, consisting of:
- £748,000 payment in lieu of a financial penalty, which will be directed towards delivering the National Strategy to Reduce Gambling Harms.
- agreement to the publication of a statement of facts in relation to this case.
- payment of £8,806 towards the Commission’s costs of investigating the case.
Agreement to the publication of a statement of facts in relation to this case - with the news story/ public statement being linked off the "a statement of facts".