Sportsbet: Your Trusted Sports Betting Partner – Two high-profile online betting companies suspected of breaching anti-money laundering and anti-terrorist financing (AML/CTF) laws are under fire in Australia. Bet365 and Sportsbet are the latest to find themselves in the crosshairs of regulators as the country’s gaming industry is turned upside down.
A Sportsbet flag marks the start of a greyhound race in Australia. The sports betting company is facing an AUSTRAC investigation for possible anti-money laundering regulatory breaches. (Image: TheDogs.com.au)
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Australia’s financial intelligence agency, the Australian Transaction Reporting and Analysis Center (AUSTRAC), is busy investigating the country’s gambling industry. It reviews several high-profile companies and has appointed external auditors to examine the two sportsbooks.
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Operators must hand over significant amounts of data to auditors, who have 180 days to present their findings. AUSTRAC told both companies in a notice that it had “reasonable grounds” to suspect they may have breached, or are breaching, AML/CTF laws.
AUSTRAC routinely assesses all businesses in Australia to ensure they are following the rules. In the latest assessments of Bet365 and Sportsbet, he identified several concerns that needed clarification.
The financial watchdog said in its statement that it does not believe the two operators have implemented or maintained “risk-based” AML programs. It also wants to determine the extent to which companies’ boards of directors and senior executives are involved in AML oversight, as required by regulations.
It is also worrying that the two operators do not sufficiently monitor their activity at the user level. As a result, they cannot identify if a customer is using a platform inappropriately to conduct illegal financial transactions.
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AUSTRAC will not hesitate to take action when suspected non-compliance is identified, to protect businesses from being exploited and to protect the Australian community from harm,” AUSTRAC CEO Nicole Rose said.
Bet365 and Sportsbet have a strong presence in the country. Sportsbet is the largest sports betting group in the country, controlling around 50% of the market.
The investigations come after AUSTRAC revealed it was investigating Entain two months ago. This investigation, like the others, will also look into whether the owner of Ladbrokes may have breached AML/CTF laws.
Entain is complying with its obligations under laws created by the government to stop the financing of organized and serious crime. In addition to Ladbrokes, Entain owns Australian betting site Neds and European sportsbook Bwin. It also has a joint partnership with sportsbook operator BetMGM and MGM Resorts.
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Australia’s gaming industry is going through a period of forced transition, in part instigated by the actions of operators Crown Resorts and Star Entertainment. Their blatant disregard for AML regulations in the country has tarnished the reputation of the industry.
Before the scandals, there were already updated regulations as a result of a global desire to focus almost exclusively on problem gambling. Ongoing legal and regulatory issues are increasingly attracting industry attention.
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We dive into the Sportsbet.com.au mobile app and give you a breakdown of its best features and how it compares to the competition.
Everything Sportsbet.com.au does they do well and this is the case with their app. It’s a visually pleasing app compared to many other bookies, with the only downside being that it can be a little slow to load if you’re on 3G with limited reception, otherwise it offers a great betting experience.
The functionality of the app is very well thought out and offers a user-friendly system where punters can place a bet simply and quickly, which is what I look for in an app.
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Their markets are second to none, so you can bet on basically any professional sporting event or race anywhere, anytime and the odds are very good. You can also use the Power Play to increase your odds on any sports or racing betting event.
They offer great markets for all races including futures, jockey challenges and specials which can be used via the app which other bookmakers do not provide only available through their website.
They also provide a decent form guide in the app which is nice although it doesn’t provide detailed information so it’s only good if you’re betting a small race to run as it’s quick to see and select a runner. They also have tips for every race in the app so you can follow their picks.
Overall the app is very good, it offers a lot of markets to bet on, it’s fast and very stylish and easy to use on the go. A great brand for the Sportsbet app.
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Sportsbet.com.au has got it right with their mobile site, taking the best bits of their app and making it available for anytime event betting.
The mobile site is useful if you’re researching while trying to place a bet, it avoids the need to open and close an app every time, and for face value, you can do everything you can do in their app via the mobile site .
It’s quick to load and punters can place bets quickly and efficiently to ensure you never miss another winner.
Their app offers more for a bettor, but the mobile site is still a very good product if for some reason you don’t want to use the app and I think it’s one of the best, if not the best mobile sites out there of betting from Australia.
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