Australia orders audit of Sportsbet, Bet365

Australia’s financial crime watchdog on Thursday ordered an audit of Sportsbet, the country’s largest online betting house operated by Flutter Entertainment, and British gambling firm Bet365 to assess their compliance with financing laws.

External auditors must report within six months whether the firms are well placed to identify and mitigate money laundering and terrorism financing, conduct risk assessment, and have necessary oversight, the Australian Transaction Reports and Analysis Centre said, reports Reuters.

The push for compliance by regulators comes as online betting has exploded in Australia since the outbreak of the Covid-19 pandemic, when physical gambling shopfronts were forced to shut due to lockdowns.

Highlighting that the appointment of a regulator-authorised auditor is not an enforcement investigation, a Sportsbet spokesperson said the move comes after a periodic compliance assessment of the firm between 2016 and 2020.

“Since then, we have enhanced our program and practices, including conducting an independent review.”