Home Gambling operator Bet365 under investigation in Australia

Gambling operator Bet365 under investigation in Australia

An Australian government financial intelligence agency has launched a probe into British gambling company Bet365 over concerns about its adherence to anti-money laundering and counter-terrorism regulations.

The Australian Transaction Reports and Analysis Centre (Austrac) is the watchdog investigating the leading betting brand, registered locally as Hillside (Australia New Media).

Specifically, the investigation is seeking to establish if the gambling platform has met its obligations, following a supervisory campaign targeting firms within the betting sector and Austrac’s review of an external audit report on Bet365.

Brendan Thomas, Austrac CEO stated, “Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.”

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” he added.

The government body also monitors banks and casinos, those who handle large volume transactions, to ensure they have effective compliance systems in place to act as a bulwark against the flow of the proceeds of criminal activity.

Any company found in breach of its responsibilities can be fined by Austrac, with financial institutions Westpac and Commonwealth Bank of Australia being two high-profile entities to have been sanctioned in recent times.

Who owns Bet365?

Earlier this year, it was revealed Bet365 boss Denise Coates was paid around £221 million in remuneration for the last financial year, taking her overall earnings over the last four years to over £1 billion. ($1,275b).

The figure was £7m higher than the previous year with Ms Coates also receiving at least £50m worth of additional dividends, despite reported a pre-tax loss of £72.6 million for the company, compared to the £49.8 million profit they achieved in the 12 months prior.

A Sunday Times report listed the Coates family as the third-biggest taxpayers in the United Kingdom with their tax bill relating to their business interests, primarily Bet365, coming in at £375.9m ($476.02m).

Ms Coates, who is believed to be one of Britain’s richest women, founded the Bet365 website in humble beginnings, based in Stoke-on-Trent, England, where the company still has its headquarters.

The company has enjoyed a meteoric rise to becoming one of the biggest online gambling platforms in the world, contributing to Coates’ ownership of Stoke City Football Club.

Image credit:  Dan Freeman on Unsplash

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Graeme Hanna
Tech Journalist

Graeme Hanna is a full-time, freelance writer with significant experience in online news as well as content writing. Since January 2021, he has contributed as a football and news writer for several mainstream UK titles including The Glasgow Times, Rangers Review, Manchester Evening News, MyLondon, Give Me Sport, and the Belfast News Letter. Graeme has worked across several briefs including news and feature writing in addition to other significant work experience in professional services. Now a contributing news writer at ReadWrite.com, he is involved with pitching relevant content for publication as well as writing engaging tech news stories.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.