Matchbook Returns as UK Gambling Watchdog Lifts License Suspension

  • Betting exchange resumed activity after operator Triplebet implemented remedial measures
  • Triplebet license suspended in February for “serious failings” in AML, social responsibility
  • UKGC published investigation findings and fined the company $956,000 in April
  • Matchbook's CEO Mark Brosnan stepped down in June
traffic lights go green
UK betting exchange Matchbook is back in action after the UKGC lifted the license suspension it had imposed on operating company Triplebet. [Image: Shutterstock.com]

Remedial measures implemented

The UK Gambling Commission (UKGC) has lifted the license suspension on Triplebet, the operator of the Matchbook betting exchange and remote casino.

In an August update to its website communication listing reasons behind the suspension, the UKGC said that recent change came about after Triplebet had “implemented the remedial measures required”.

Matchbook went on to announce its availability to UK customers in a tweet today:

UKGC uncovered “serious failings”

The UKGC suspended Triplebet’s operating license in February following a two-year review. Matchbook subsequently sent an email to its UK customers explaining that its services had been suspended owing to the gambling regulator’s decision.

At the time, the commission revealed very little about the reason for its decision. It published its findings later in April, indicating “serious failings” in Triplebet’s handling of anti-money laundering measures and diligence checks on its members.

customer who was able to gamble over £2m ($2.6m) in a single day

The gambling body also noted failings in Triplebet’s approach to social responsibility. The most serious case involved one customer who was able to gamble over £2m ($2.6m) in a single day without any intervention from the operator.

In another example, a customer deposited and withdrew a large sum of money without any activity. According to the UKGC’s findings, this was a risk factor for money laundering. No checks had been conducted on the customer other than confirming his identity the year before.

Lack of documentation

The UKGC also found that Triplebet was unable to produce correct documentation for its top ten customers. It had not checked fund sources, undertaken risk profiling, or recorded any customer monitoring. In one example, the operator hadn’t performed due diligence checks on one account holder who had lost $714,000 over a year.

financial penalty of £739,099 ($956,000)

Triplebet’s license suspension was accompanied by conditions it had to meet before its operations could be reinstated. In April, the UK gambling watchdog also imposed a financial penalty of £739,099 ($965,000) on the company. This included a deterrence uplift following breaches that spanned a three-year period.

CEO steps down

June saw Matchbook CEO Mark Brosnan’s resignation after 16 years of work at the holding company Newfoundland Limited. He also stepped down from his position as CEO of technology company Xanadu Consultancy. Brosnan reportedly remains the director of the holding company behind both Matchbook and Xanadu.

In a statement at the time, Brosnan’s decision was deemed to be a “natural conclusion” following the completion of several projects, including the submission of an independent audit to the UKGC.