Gambling commission has ordered Betfred to pay an amount £800,000 to a VIP customer of the casino. The casino was charged for stolen the cash from the customer by offering free drinks and day trips and encouraged him to keep betting.
The customer named as Matthew Stevens was playing the game of chance at Gibraltar based Betfred casino and lost a hugh amount of money, due to false negotiations. The gambling commission said, that the company has failed to meet its obligation on social responsibility and the prevention of money laundering.
The gambling commission made a statement after checking the license of the company, that the casino will “have to pay an amount of £800,000” to the customer, to meet their social responsibility.
Now as per the results and latest discussions, the Betfred Casino will pay an amount of £443,000 to the customer, whereas the remaining amount (£344,500) will be paid to socially responsible causes.
Not just this, but the casino Betfred will have to meet the commission investigation costs as well and will have to appoint a third party review for their anti money laundering laws and promises.
The news came in to a bright spot when the player Matthew Stevens was jailed for three years,because he stole more than £850,000 from his firm’s accounts for over 13 months and lost all the money to the casino.
The internal investigation of the company reported that “most of the stolen money was spent with Betfred and hence the case referred to the gambling commission.
The gambling Commission investigated the matter in through, and found that the Customer was considered to be a VIP and decided to slap a hugh fine of amount £850,000 to BetFred.
The accountant of the casino found guilty by two times, the one when he took out the cash to fund his gambling needs.