Fraud Investigation Shuts Down Online Betting Firm 666Bet

Published Sunday, March 29, 2015 - Online-Casinos.com
Fraud Investigation Shuts Down Online Betting Firm 666Bet

Recently it was revealed that online gambling firm 666Bet had its license suspended on an interim basis by the UK Gambling Commission. The UKGC has ordered Metro Play Limited the parent company of 666Bet to settle any outstanding bets and return any balances to customers.

The storm of controversy started when 666Bet was believed to be suffering from the new regulations across Europe which is causing difficulties for the  £25bn global online gambling industry. In the UK, the Government has this year required offshore operators to apply for a license to operate in that jurisdiction and will start taxing online companies on their British revenue. Meanwhile, a European Union “digital tax” is also threatening profits.

It all started to go sideways for 666bet when the company chose the Novigroup for their software platform. The former CEO Barry Martin was unhappy with the performance and moved to replace the platform with a new BetConstruct platform.  During the next year and a half, credibility and momentum was lost with the web location gained a reputation for slow service and slow payouts.

Now the police are involved in the situation with Paul Bell one of the firm’s directors being arrested at Heathrow airport released and later re-arrested the following day when he arrived on the Isle of Man. Six other people were also arrested, 13 properties were raided and £1m in cash seized as part of Operation Bannock, an HMRC-led investigation, which included investigators on the Isle of Man and the Channel Islands.

Mr. Bell has “vigorously denied any wrongdoing” and was a “well respected” member of the business community on the Isle of Man. The Independent on Sunday news revealed the arrest was connected to a £21m fraud and money-laundering investigation.   

666Bet’s head of brand, Neil Andrews defended the 666Bet reputation via e mail,  “I can categorically state the [police] investigation does not relate to 666Bet’s activities in the gamin [sic] world.” He added that the inquiry has “nothing to do with the day-to-day running of 666Bet”.

 


 

 

Related news

Return to Latest News