Betway is facing sanctions over issues related its ownership structure and the source of its funds, following an investigation into the business conducted by the Belgian Gaming Commission (BGC).<\/p>\n
The BGC\u2019s six-person board has ruled that there is enough evidence to justify launching sanctions proceedings against the operator following its year-long investigation.<\/p>\n
The board, which is led by a magistrate and comprised of representatives from the country\u2019s Ministries of Finance, Economy, Public Health, National Lottery, Justice and Domestic Affairs, has deemed sanctions are appropriate. It has also passed its findings to the Belgian government\u2019s anti-money laundering unit and tax authorities.<\/p>\n
This investigation was launched after Belgian newspapers\u00a0De Tijd<\/em>,\u00a0Knack<\/em>\u00a0and\u00a0Le Soir<\/em>\u00a0reported that the operator\u2019s Malta headquarters was apparently a \u201cmailbox company\u201d, through which funding to and from entities based in the British Virgin Islands was funnelled. During the process, the BGC found that Betway Malta\u2019s ownership structure was unclear, which amounts to a breach of the licence requirements for gaming licensees in the country.<\/p>\n De Tijd<\/em>\u00a0reports that the BGC\u2019s inspectors were also unable to determine the source of some \u20ac28m (\u00a324.3m\/$32.0m) in funding received by the operator\u2019s Betway Limited parent company during the year-long investigation. It also noted that source of the money invested in Belgian football by Betway, through its sponsorship of the country\u2019s national team, domestic cup competition the Croky Cup and leading club RSC Anderlecht, remains unclear.<\/p>\n Betway, which is active in the Belgian igaming market through a partnership with Grand Casino Brussels, a venue owned by Casinos Austria International told\u00a0iGamingBusiness.com<\/strong>\u00a0it is cooperating with the regulator in a bid to resolve the matter.<\/p>\n In a statement, the operator\u2019s director of compliance and regulatory affairs Roger Parkes noted that Betway had provided the Gaming Commission with all information requested, with this currently being reviewed by the regulator\u2019s board.<\/p>\n \u201cAt this stage no further action has been decided on,\u201d Parkes said. \u201cWe will continue to support the process in full and look forward to reaching a satisfactory conclusion shortly.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u201cThere have been reports in the media that Betway has been sanctioned by the Belgian Gaming Commission (BGC). This is untrue. We have not received any communication from the BGC that this is the case. Betway is regulated in multiple jurisdictions, and it fully discloses all required information to the relevant regulatory authorities in all of these jurisdictions.\u201d \u2013\u00a0Roger Parkes, Compliance and Regulatory Affairs Director, Betway.<\/em><\/p>\n