VBet agrees 'regulatory deal' and will pay £337k to Gambling Commission

The Gambling Commission has announced that Vivaro Limited, trading as VBET, will pay a regulatory settlement of £337,631 ($365,000) following a string of breaches. All £337,631 will be used for socially responsible causes.

Between October 2020 and June 2021, Vivaro “failed to comply with certain License Conditions and Codes of Practice (LCCP), specifically requiring the prevention of money laundering and terrorist financing, license condition 12.1. in foreign jurisdictions comply with the Money Laundering, Terrorism Financing and Funds Transfer (Payer Information) Regulations 2017, among others”.

The operator also violated clause 3.4.1 of the Code of Social Responsibility (SRCP), which requires licensees to interact with customers in a way that minimizes the risk of customers suffering harm associated with gambling.

With licenses to conduct business in the UK, Malta, France and Sweden, as well as pending applications elsewhere, VBET provides markets for over 120 sports.

Meanwhile, the Malta Gaming Authority (MGA) approved VBET to start taking deposits from players in the form of cryptocurrencies or “virtual financial assets” as they are known in Maltese law. Players can deposit using cryptocurrencies at vendor branded partners including Vbet.net run by Vivaro Limited.

VBET and the partnership with Nice, from France

In July last year, VBet and OGC Nice announced a three-year partnership. The club will offer its partner significant visibility on Allianz Riviera during home games, as well as on its digital platforms. The betting brand will be present on the club’s shirt until the 2025 championship.

“We are very pleased with the arrival of VBET among our official partners”, said Jean-Pierre Rivère, President of OGC Nice. “It is an ambitious and dynamic group, in constant development. VBET constantly seeks to innovate in its sector. It is a field where we find ourselves”, concluded the president of the French football club.