The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that it has launched an official enforcement investigation into Hillside (Australia New Media) Pty Limited trading as bet365.
Australia’s financial crime watchdog will now look into bet365’s compliance with anti-money laundering (AML) and counter-terrorism financing laws. This investigation comes as a result of an external audit of the company which AUSTRAC ordered bet365 to undergo in 2022.
Following a surge in online betting in Australia during the pandemic, gambling operators came under increased pressure to ensure that customers were gambling within their means.
AUSTRAC CEO Brendan Thomas, said that all betting agencies have a responsibility in the fight against financial crime.
“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.”
In its statement AUSTRAC said that, if necessary, it would use the enforcement powers available to it and take action where suspected non-compliance is identified. No further details of the investigation have yet been released.
bet365 Record Revenues in 2023
Earlier this year the company reported revenues of £3.39 billion ($4.3 billion/€3.9 billion) for FY23 which ended on the 26th of March 2023.
According to the filing published on the UK Gambling Commission website, the latest figures represent a 19.1% increase on the previous year’s revenue total of £2.85 billion ($3.6 billion/€3.3 billion). This included a 15% rise in sports betting revenues and a 31% increase in online casino revenues.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.