AUSTRAC will require bet365, to strengthen its anti‑money laundering controls after identifying serious gaps in how it manages risk and reports suspicious activity.

bet365 today entered into a legally binding enforceable undertaking requiring the company to overhaul its systems, including establishing a robust, ongoing risk assessment approach, underpinned by clear methodology and processes, and strengthening how it detects and reports suspicious transactions as risks evolve. 

AUSTRAC CEO Brendan Thomas said strong risk assessments and diligent reporting are critical to protecting Australia’s financial system.

“Gambling businesses pose an inherent money laundering risk and we are focusing on the risks to the Australian economy from money laundering through this sector,” Mr Thomas said. 

The action follows an AUSTRAC investigation triggered by an independent audit of bet365’s operations.

AUSTRAC is currently pursuing Federal Court action against Entain Group and has taken previous enforcement action against Sportsbet, reflecting increased scrutiny across the sector.

The enforceable undertaking sets minimum standards bet365 must meet and makes those obligations directly enforceable, with breaches attracting civil penalty consequences under both the undertaking and the Act.

The minimum standards AUSTRAC expects from bet365 reflect AUSTRAC’s expectations for all its reporting businesses.

Mr Thomas said the case highlights the high‑risk nature of the sector, which handles large volumes of fast‑moving and often anonymous transactions that can be exploited by criminals.

“The gambling industry processes large volumes of money at high speed, often through anonymous digital channels. This creates opportunities criminals look to exploit.

“This means businesses need to continuously improve their systems to assess risks and monitor for suspicious activity because when controls fall behind, the consequences extend beyond a single company.”

Details of the enforceable undertaking are available on the AUSTRAC website.