Global betting brand bet365 is the latest online bookmaker to feel the wrath of Australia’s anti-money laundering watchdog AUSTRAC after entering into a legally binding enforceable undertaking to overhaul its systems.
Just days after finalizing its enforceable undertaking with the largest online bookmaker in the country, Sportsbet, AUSTRAC revealed that it would require bet365 to strengthen its anti‑money laundering controls after identifying serious gaps in how it manages risk and reports suspicious activity.
This follows an investigation launched into the operator in 2024 – shortly before the bet365 group was fined £582,120 (US$735,150) by Britain’s Gambling Commission fine for anti-money laundering and social responsibility failures.
In a Monday statement, AUSTRAC said the legally binding enforceable undertaking would include establishing a robust, ongoing risk assessment approach, underpinned by clear methodology and processes, and strengthening how bet365 detects and reports suspicious transactions as risks evolve.
“Gambling businesses pose an inherent money laundering risk and we are focusing on the risks to the Australian economy from money laundering through this sector,” said AUSTRAC CEO Brendan Thomas.
The enforceable undertaking sets minimum standards bet365 must meet and makes those obligations directly enforceable, with breaches attracting civil penalty consequences under both the undertaking and the Act.
Thomas said the case highlights the high‑risk nature of the gambling sector, which handles large volumes of fast‑moving and often anonymous transactions that can be exploited by criminals.
“The gambling industry processes large volumes of money at high speed, often through anonymous digital channels. This creates opportunities criminals look to exploit,” he explained.
“This means businesses need to continuously improve their systems to assess risks and monitor for suspicious activity because when controls fall behind, the consequences extend beyond a single company.”
AUSTRAC noted that it is also currently pursuing Federal Court action against Entain Group – operator of the Ladbrokes and Neds brands in Australia.
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