Betfred, the official betting partner of Manchester United and the title sponsor of the Super League and British Masters, has been fined almost £2.9million over social responsibility and money laundering failings, it was announced on Wednesday.
The Gambling Commission, the body responsible for regulating gambling and supervising gaming law in Great Britain, penalised the bookmaker over “alarming” failures.
One customer was allowed to lose £70,000 over a 10-hour period just a day after opening the account due to a lack of controls to protect new customers, the commission said.
Flaws were also found in the company’s controls to prevent money laundering, the commission said.
Leanne Oxley, gambling commission director of Enforcement and Intelligence, said: “This is a further example of us taking action to investigate and sanction alarming failures.
“We expect this gambling business and all other licensees to review this case and look closely to see if they need to make further improvements to demonstrate active compliance.
“Where standards do not improve, tougher enforcement will follow.