The Belgian Gaming Commission (BGC) has been scrutinizing Betway, a betting firm, for a year and has decided to impose penalties. The BGC has determined that Betway’s ownership arrangement and financial sources are questionable. They suspect that Betway’s headquarters in Malta is a shell corporation and that funds are being transferred through companies in the British Virgin Islands. The BGC has forwarded their findings to Belgium’s anti-money laundering and tax officials. It appears that Betway is facing significant difficulties.
As per The Times, investigators from the Belgian gaming authority have been unable to pinpoint the origin of roughly €28 million (£24.3 million/$32 million) received by the parent firm of betting company Betway Limited during a year-long probe. The business has poured significant resources into Belgian football through sponsorships of the Belgian national team, the domestic cup competition Croky Cup, and top club Anderlecht, but the source of its finances remains unclear.
Betway operates in the Belgian online gambling market through a collaboration with the Brussels Grand Casino, owned by an Austrian international casino company. The company stated it is working with regulatory bodies to resolve the issue.
Roger Parkes, Betway’s Director of Compliance and Regulatory Affairs, stated in a formal announcement that the company has furnished all the information requested by the gaming commission and that it is presently being examined by the regulator’s governing body.
Parkes added: “No determination has been made regarding further action. We will continue to fully support this process and anticipate reaching a satisfactory resolution as soon as feasible.”
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