UKGC Fines Betfred's Parent GBP 240,000 for Regulatory Failures

The UK's Gambling Commission (UKGC) has penalized Betfred's parent company, Petfre Limited, for regulatory failures. This comes after the company was found to have exposed customers to greater risk of harm through certain games and features.

Petfre Limited, which operates betfred.com and oddsking.com, was fined GBP 240,000 ($324,000) by the UKGC. This is not the first time the company has faced penalties; in 2022, it paid a GBP 2.87 million penalty for social responsibility and AML failures.

The recent fine was due to violations of the UK's gambling rules. Some games framed losses as wins, celebrating prizes that failed to cover the sum players wagered, which is against the Remote Technical Standards (RTS). Additionally, the company did not properly inform players of their net position during gaming sessions, exposing them to greater risk of harm.

Upon being notified of these shortcomings, Petfre Limited took immediate action to remove affected games and ensure compliance with the rules. However, the UKGC's director of enforcement, John Pierce, stated that games and features should clearly inform players about their net position to prevent such issues in the future.

In other news, the UKGC published a report on its spending, revealing a GBP 14.4 million (approximately $19.4 million) increase over the last year, primarily due to a spike in legal spending.

Despite Petfre Limited's swift remediation measures, the UKGC imposed a fine due to the severity of the failings. The company must now ensure strict compliance with the UK's gambling rules to avoid further penalties. The UKGC continues to monitor and enforce regulations to protect consumers and maintain a safe gambling environment.