Sportsbet has blamed work from home arrangements for a lapse of judgment that led it to offer bets on the S&P/ASX 200 Index.

The Australian Securities and Investments Commission (ASIC) intervened in the matter following concerns the bets constituted a financial product that Sportsbet was not licensed to offer.

Firms need to ensure continued compliance with their regulatory obligations in the COVID-19 context, assessing the effectiveness of their business continuity plans and alternative working arrangements so as to comply with all regulatory requirements. It is important to maintain robust monitoring and supervision controls to ensure financial services are provided efficiently, honestly and fairly. 

ASIC is actively monitoring firms and markets for potential misconduct and will not hesitate to take action in appropriate circumstances.

ASIC has observed that control frameworks of some firms that were effective when most staff were office-based may not be effective in a broadly home-based environment.