QuinnBet to pay £609,104 after safer gambling and money laundering failures

QuinnBet (Gibraltar) Limited, which runs quinnbet.com, will pay £609,104 as part of a settlement with the Gambling Commission, the regulator announced on 20 August. An investigation followed a compliance assessment that found social responsibility and anti-money laundering failures.

The safer gambling failures

• A manual process let customers aged 18 to 24 spend beyond the deposit limits the operator had set for that age group.
• Signs of harm were not flagged: one customer placed around 4,800 bets in a single day and 7,000 the next without being identified.
• After a large win, one customer’s stakes rose to more than £215,000 in a day, including multiple bets over £5,000, and this was only picked up the following day.
• Not every customer who met the threshold went through a light-touch financial vulnerability check.

The money laundering failures

The Commission found one customer whose payslips showed monthly earnings of about £2,000 was able to deposit and lose £9,000 in four days. Some customers deposited significant sums without the source of their funds being established, and suspicious activity reports were not always submitted as soon as they should have been.

The Commission said QuinnBet recognised the issues and acted immediately to improve its systems, and urged other operators to read the public statement and avoid the same mistakes.