Smarkets has been fined £630,000 ($770,000) by the Gambling Commission for a series of anti-money laundering and social responsibility breaches.
The operator, which prides itself on being different from its competitors, ‘allowed customers to gamble without an adequate source of funds, checks being carried out, and failed to identify and interact with customers at risk of harm’ according to the Commission.
Furthermore, Smarkets has received a formal warning and will now be subject to an audit, designed to ensure it can correctly implement its anti-money laundering and social responsibility procedures, policy and controls.
Commission Deputy CEO Sarah Gardner commented on the punitive action taken against Smarkets, stating: “Our investigation into Smarkets unearthed a variety of failures where customers were put at risk of gambling harm.