Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility

Gambling company Spreadex has been fined ₤ 2 million for money laundering and social duty failings, the regulator stated.


The online firm failed to bring out appropriate look at a client who hit a day-to-day deposit limitation of ₤ 3,340 on 12 celebrations over 2 week, the Gambling Commission said.


Despite the high costs over a brief period, Spreadex's social obligation interactions consisted of 4 with no human interaction.


Anti-money laundering failures consisted of failing to request for "source of funds" information from a consumer who deposited around ₤ 64,000 into the business within a brief duration.


Operators must remain in no doubt: duplicated regulatory failings will lead to escalating enforcement action


John Pierce, Gambling Commission


The client went on to lose ₤ 50,000 within one month.


Spreadex Limited - which operates from Spreadex.com - will pay a ₤ 2,022,000 charge for the failings, which occurred between September 2022 and November 2023, and also have to go through a third-party audit.


Gambling Commission stated Spreadex failed to bring out suitable look at high spenders (Alamy/PA)


It is the second enforcement action against Spreadex after it paid a ₤ 1.36 million regulatory settlement in 2022, once again for social obligation and anti-money laundering failures.


The Gambling Commission's head of enforcement John Pierce stated: "The conclusion of this case marks the second time Spreadex Limited has undergone enforcement action.


"Its failure to support anti-money laundering standards, hold-ups in necessary interventions, and weak points in social duty steps were inappropriate.


Spreadex Limited to pay ₤ 2 million for social responsibility and anti-money laundering failures.


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- Gambling Commission (@GamRegGB) May 15, 2025


"The operator placed undue reliance on consumer assurances about the source of funds, instead of acquiring proof from independent and proven sources, as we would expect. Operators needs to not just implement and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in action to any signs of suspicious activity.


"During the evaluation, it was found that one client, showing markers of damage, was utilizing products throughout locations supervised by 2 different regulators. As the gaming regulator, we stress the significance of licensees understanding and managing cross-channel usage in their anti-money laundering and social obligation policies."


He added: "Operators ought to be in no doubt: duplicated regulative failings will lead to escalating enforcement action."