Betting Firms Wins £1.3m Without a Trace of the Funds

According to specific sources, betting companies won £1.3 million in stolen money from the gambling addict without disclosing the cash’s arrival. On Monday, the Norwich crown court condemned Andy May, 44, to four years in prison. After confessing to siphoning money from the clothes firm, he was promoted to senior management and made roughly £50,000 per year. According to documents, May placed hundreds of wagers totaling more than £50,000 with businesses such as Betfair, BoyleSports, and Betway. Furthermore, corporations provided him with free bets and race tickets to football and rugby tournaments for betting.

However, until May faced losses, these firms did not investigate whether May could afford the habit or where the money was coming from. May was later discovered to have funded his gambling by stealing £1.3 million from the outdoor apparel firm Sealskinz. According to the betting records, May lost more than £600,000 with Betway, and the court determined that £641,000 was stolen money.

During this time, the business requested proof of his wealth after he had lost £116,000. The financial statement, which May forged with the Microsoft Paint program, was approved by the corporation. Bets increased his account balance to £1.2 million in three weeks, which he then lost in 33 days. Every massive wager elicited no more involvement other than the promise of free bets and tickets to the England football match. May had lost about £437,000 with Betfair, of which £268,000 was stolen. When May decided to cease betting, the Betfair VIP manager texted him, stating, “Long time no speak.”

After looking at the internal chat, the Betfair team found out that May lost about £270,000 between 2014 and 2016. On investigating, May disclosed that he sent Gambling Commission details of his entire betting with multiple operators. Gambling campaigners believe that May’s habit of placing huge bets and moving to other operators if challenged could have prevented if stricter regulation were in place. BoyleSports, in its statement, said the company has invested highly in protecting players and supports a single customer view approach but could not comment on individuals. Meanwhile, Betway refunded all the money to Sealskinz and informed the same to the Gambling Commission.