Bet-at-home UK licence suspended as Commission undertakes review
The UK Gambling Commission (UKGC) has launched a review of Bet-at-home’s UK operations, suspending the firm’s licence whilst doing so.
Making the announcement this morning, the UK national regulator revealed that the German operator – which maintains offices in Malta and Gibraltar – may have been operating contrary to the conditions of the 2005 Gambling Act.
Specifically, the UKGC detailed that the Frankfurt Stock Exchange-listed operator – headquartered in Dusseldorf – may have fallen short on social responsibility and anti-money laundering failings, both listed as ‘key considerations’ in the suspension decision.
“We have made it clear to the operator that during the course of the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them,” the Commission explained.
The regular further noted that its review of Bet-at-home may conclude that the company is ‘unsuitable to carry on licensed activities’, due to concerns that the firm has not acted in accordance with its licence conditions.
Although Bet-at-home will not be able to accept any more wagers from customers, the suspension does not prevent bettors with active accounts from withdrawing any funds.
The suspension comes as Bet-at-home seeks to maintain focus on its financial bounceback from the COVID-19 pandemic, having experienced a revenue decline of 54% during the first quarter of the year.
Suspension of its UK licence adds to the firm’s difficulties on the other side of the North Sea in its home market, where the Dusseldorf-based firm has been – like many other German market incumbents – feeling the impacts of the Fourth Interstate Gambling Treaty (GlüNeuRStv).
Meanwhile, for the UKGC the development marks its first major regulatory action against an operator since fining outgoing National Lottery licence holder Camelot £3.15 million for three errors on its mobile app which impacted thousands of players.