Corbett Bookmakers Fined £686k by UK Gambling Commission for Regulatory Failures

Corbett Bookmakers, a well-known independent bookmaker, has been hit with a substantial £686,070 penalty by the UK Gambling Commission (UKGC). The fine comes after the company was found to have breached crucial regulations surrounding anti-money laundering practices and social responsibility.

The UKGC’s investigation revealed several lapses in Corbett’s operations, particularly in its failure to identify and engage with customers who may have been at risk of gambling harm. According to the Commission, Corbett did not take necessary action when a customer staked £23,674 in just 13 days, nor did they interact adequately with other customers who lost significant amounts over short periods. These oversights are considered serious breaches under UK licensing laws, which require operators to protect vulnerable players.

In addition to the social responsibility failures, Corbett was also found wanting in its AML processes. The UKGC criticised the bookmaker for not performing sufficient Know Your Customer (KYC) checks on individuals staking large sums of money. The firm’s AML risk assessment was deemed inadequate, failing to account for various risk factors associated with customers, products, geographic areas, and payment methods.

As a result, Corbett Bookmakers has been ordered to pay the penalty and undergo an external audit to ensure compliance with both AML and safer gambling protocols. The UKGC has warned that failure to meet the audit’s recommendations could lead to further sanctions.

A Wake-Up Call for All Independent UK Bookies

This fine serves as a reminder to all independent UK bookies about the importance of maintaining robust compliance systems. The UK Gambling Commission has demonstrated that even smaller operators, like Corbett, are not exempt from scrutiny or penalties. With recent record-breaking fines against larger operators such as Entain and William Hill, Corbett’s penalty illustrates the regulator’s commitment to holding all operators to account, regardless of their size.

Reaction from the Industry

The decision has sparked reactions from the industry, with many expressing sympathy for the bookmaker. Andy Geraghty, a bookmaker, shared his thoughts on Twitter…

His tweet highlights the ongoing tension between bookmakers and regulatory bodies, with many in the industry feeling the penalties are overly harsh.

On the other hand, the Gambling Commission tweeted an official update on the matter, emphasising the importance of compliance in ensuring the safety of gambling activities in the UK.

Looking Ahead

For Corbett Bookmakers, this penalty marks a difficult chapter. However, the company has already begun taking remedial action to address the issues identified by the UKGC. A thorough third-party audit is now underway, and it is expected that Corbett will make significant changes to its policies and practices. The aim is not only to avoid further penalties but also to restore trust with its customers and ensure a safer gambling environment for all.

This case also reinforces the broader trend of increased regulatory scrutiny in the gambling sector, with operators facing tougher standards for anti-money laundering and customer protection measures.