Remedial measures implemented
The UK Gambling Commission (UKGC) has lifted the license suspension on Triplebet, the operator of the Matchbook betting exchange and remote casino.
In an August update to its website communication listing reasons behind the suspension, the UKGC said that recent change came about after Triplebet had “implemented the remedial measures required”.
Matchbook went on to announce its availability to UK customers in a tweet today:
UKGC uncovered “serious failings”
The UKGC suspended Triplebet’s operating license in February following a two-year review. Matchbook subsequently sent an email to its UK customers explaining that its services had been suspended owing to the gambling regulator’s decision.
At the time, the commission revealed very little about the reason for its decision. It published its findings later in April, indicating “serious failings” in Triplebet’s handling of anti-money laundering measures and diligence checks on its members.
customer who was able to gamble over ￡2m ($2.6m) in a single day
The gambling body also noted failings in Triplebet’s approach to social responsibility. The most serious case involved one customer who was able to gamble over ￡2m ($2.6m) in a single day without any intervention from the operator.
Lack of documentation
The UKGC also found that Triplebet was unable to produce correct documentation for its top ten customers. It had not checked fund sources, undertaken risk profiling, or recorded any customer monitoring. In one example, the operator hadn’t performed due diligence checks on one account holder who had lost $714,000 over a year.
financial penalty of ￡739,099 ($956,000)
Triplebet’s license suspension was accompanied by conditions it had to meet before its operations could be reinstated. In April, the UK gambling watchdog also imposed a financial penalty of ￡739,099 ($965,000) on the company. This included a deterrence uplift following breaches that spanned a three-year period.
CEO steps down
June saw Matchbook CEO Mark Brosnan’s resignation after 16 years of work at the holding company Newfoundland Limited. He also stepped down from his position as CEO of technology company Xanadu Consultancy. Brosnan reportedly remains the director of the holding company behind both Matchbook and Xanadu.
In a statement at the time, Brosnan’s decision was deemed to be a “natural conclusion” following the completion of several projects, including the submission of an independent audit to the UKGC.