Petfre Limited

About Petfre Limited

Petfre Limited, a key player in the online gambling industry, operates under the trading names Betfred and Oddsking. Based in Gibraltar, the company is licensed and regulated by both the UK Gambling Commission and the Gibraltar Gambling Commissioner. This dual regulation underscores its commitment to adhering to stringent standards within the gambling sector.

Despite this regulatory oversight, Petfre Limited recently faced financial penalties for social responsibility and anti-money laundering failings. The Gambling Commission imposed a £2.87 million fine on the company for these significant oversights. This action serves as a vital reminder of the importance of maintaining rigorous compliance protocols in the gambling industry.

The company, founded by Fred Done, remains influential in the market, offering a range of betting services while promoting safer gambling practices. This blend of challenges and responsibilities defines Petfre Limited's operational landscape and highlights its influence and responsibility in the gambling sector.

Operational Overview of Petfre Limited

Petfre (Gibraltar) Limited is a significant operator in the gambling sector, known primarily for its well-established brands Betfred.com and Oddsking.com. The company, headquartered in Gibraltar, operates a diverse portfolio, including online casino and sports betting services, under strict regulatory oversight.

Corporate Structure and Licensing

Petfre (Gibraltar) Limited operates as a corporation licensed by the Gambling Commission, with account number 39544. Its head office is located at 5/2 Waterport Place, Gibraltar.

The company was established in 2007 and is tied to Betfred, a well-known gambling brand. Licensing ensures that Petfre meets rigorous standards relating to social responsibility and anti-money laundering. In 2022, the company faced fines due to failures in these areas, highlighting the challenges of maintaining compliance in complex regulatory environments. Such measures reflect its commitment to adhering to legal standards while operating within highly regulated jurisdictions.

Online Presence

Petfre Ltd manages Betfred.com and Oddsking.com, two major platforms in the online gambling industry. Betfred's offerings include both sports betting and online casino games, attracting a diverse audience.

These platforms are designed to cater to a wide range of users, providing a seamless experience. Betfred is noted for its sports betting services, covering various events and providing competitive odds. Oddsking focuses on online casino games, offering extensive options to casino enthusiasts. The significant online presence of Petfre exhibits its capability to adapt and expand within the digital market, supporting both seasoned and new users.

Regulatory Compliance and Ethical Responsibilities

Petfre Limited has faced significant scrutiny over its regulatory practices. Two major areas of concern have been their compliance with anti-money laundering laws and their social responsibility commitments. These issues have led to severe penalties and highlighted lessons for the company and the industry.

Anti-Money Laundering Measures

Petfre Limited encountered challenges with its anti-money laundering (AML) protocols, resulting in a £2.87 million penalty. The Gambling Commission found the company lacking in effective policies and procedures necessary to mitigate risks associated with money laundering and terrorist financing. The operator did not have adequate controls in place, which raised serious compliance issues.

A critical aspect of AML measures involves identifying and verifying customer identities and their source of funds. Petfre struggled to enforce these steps rigorously, leading to significant regulatory action. Leanne Oxley, Director of Enforcement and Intelligence at the Commission, stressed the importance of these measures in protecting the betting environment’s integrity.

Social Responsibility Commitments

The company also faced penalties for social responsibility failures. Breaches occurred under the social responsibility code of practice, highlighting inadequacies in customer interaction and safeguarding measures. These failures drew a formal warning from the Commission, underscoring the need for improved compliance.

Petfre's social responsibility commitments are central to ensuring safe gambling practices in its betting shops and online platforms. Ensuring customer protection and minimising gambling-related harm are essential components. With these incidents, the company is prompted to re-evaluate its strategies to meet the ethical expectations set by regulatory bodies and the public.