The UK Gambling Commission (UKGC) is facing fuelling pressure to reveal the identity of the wealthy magnate who owns the gambling operator Betway that has recently been under fire.
The online gambling company has caused much criticism after it was revealed that it used some “grooming” messages and special incentives worth up to £5,000 to encourage the most-losing customers to continue gambling. A number of cases regarding gambling addicts who have been lured into the dangerous habit were made public fuelled the criticism against the operator, and some anti-gambling campaigners called for further revelations regarding the company and its owner to be made.
According to the Daily Mail, Betway’s ownership structure is not transparent enough, with reports showing that it could be traced back to a shell company situated in the British Virgin Islands. Some Members of Parliament have also called for the British regulatory watchdog, the UKGC, to find out more about the owner of the betting giant.
For the time being, the gambling regulatory body has refused to provide information about Betway’s owner justifying the refusal with data protection legislation. On the other hand, the company itself has also refused to provide more information about its owner, who currently runs a business worth almost £300 million on an annual basis. The corporate structure of the gambling operator, however, has raised some serious questions whether the UKGC was reasonable enough to grant an operating license to a company with such a shady structure.
Betway Claims It Remains Responsible and Fully Tax-Compliant
Apart from the corporate structure of Betway that has recently raised a lot of questions, the gambling operator is also permitted to sponsor some major sporting events and clubs not only on the territory of the UK but also worldwide. For the time being, the gambling firm has sponsorship agreements with the current cricket Test Series between England and South Africa, as well as with West Ham United F.C. and the Grand National.
The leader of the all-party parliamentary group Carolyn Harris MP shared that the gambling industry is much based on what she described as “devious deals and deception”. According to her, the actions of the sector have remained under the radar of the regulatory authorities.
The UKGC, on the other hand, has explained that all licensees are expected to provide the regulatory body with some information in order for the watchdog to decide whether or not they should be granted an operating license or not. The gambling regulatory body also reminded that it assesses various factors when making the decision, including ownership, identity, integrity, competence, finances, possible connections with criminal organisations, etc.
As the Daily Mail reported, Betway has insisted it remains responsible to all regulatory requirements. The gambling company has further shared that all regulatory bodies were provided with the necessary details regarding the firm’s ownership as required by gambling legislation. It also reminded that Betway is fully tax-compliant in all jurisdictions where it is currently offering its services.
- Author
Olivia Cole
