Spreadex. Fined £1.36 million.

Nicola Davidson
Written by
Nicola Davidson on 9/13/2022

Spreadex. Limited Gambling Company was fined £1.36 million. The UK Gambling Commission has cracked down on illegal activity. Fining Spreadex Limited for anti-money laundering and social responsibility failings. The transgressions come with a significant price tag. With the fine having been set in the amount of £1.36 million. That’s a huge amount to pay!

The action comes as a result of an investigation into Spreadex’s dealings, which was shown to have revealed:

Ineffective alerts for Spreadex. Essentially allowing customers to gamble substantial amounts of money in a short period of time. Typically, there are caps in place to protect customers from overusing. Ineffective customer evaluations and interactions. While the fines may sound a bit vague, we have no doubt they have done a substantial amount of research.

So what gives?

The investigation on Spreadex further showed that one customer had been allowed to deposit an amount of £1.7 million and lose £500,000. All within a single month. Yikes! Similarly, anti-money laundering failures were also related to customers depositing significant amounts of money and incurring considerable losses over short periods of time. This naturally presents as a negative for players. Having their money and interests protected is a huge draw.

Gambling Commission Director of Enforcement and Intelligence. Leanne Oxley, explains: “Whilst it is disappointing to see anti-money laundering and social responsibility at Spreadex breaches occur despite our extensive published cases highlighting similar failures. We note the swift and robust action the Licensee took to bring itself back to compliance. We expect similar commitment and engagement across the gambling sector.”

While the fine may seem steep. It’s comforting to know that gambling restrictions are not only in place. But enforced as well. What this results in is an industry committed to responsible gambling, and to protecting its customers as well. All of which goes towards improving our experience and our overall enjoyment. So you can continue playing with complete peace of mind.

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Nicola Davidson

Senior Content Writer

2587 Articles

Highlights

Nicola Davidson is a content writer with a focus in online gaming. With over 15 years of experience in the industry, she has extensive expertise in casino games, sports betting as well as emerging trends that pop up in the iGaming sector. Content is more than just information. It’s about creating an engaging experience for players. Nicola perfects this by writing reviews of new slot releases, a guide to betting strategies or cutting-edge industry news.

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Samuel Hughes
Samuel Hughes
21 days ago

It’s comforting to see the Gambling Commission taking steps to enforce regulations and promote safer gambling practices. Impressive how they act to safeguard player interests! 😊

W Beil
W Beil
16 days ago

Can’t believe this site dresses up vague casino promises as player protection—ridiculous spin story!