Companies without UK license

[bodle86]

What would be the punishment for a UK resident getting caught by UK gambling commission or police for betting and making large sums of profit at a company that doesn't have a UK license like Pinnacle.

[Archery1969]

What would be the punishment for a UK resident getting caught by UK gambling commission or police for betting and making large sums of profit at a company that doesn't have a UK license like Pinnacle.

Nothing unless you tried to pay large sums of money into a UK or other entities bank account that had money laundering policies in place.

Not sure now but with UK banks, if you attempted to pay in £10,000+ into an account then they would ask for proof of where the money came from. If it suddenly comes from overseas into your account then a red flag is issued and HMRC informed. If they believe it also came from an illegal entity or from ill gotten gains then Police informed.

Back in 2018 my friend in Cyprus made over £300,000 on golf betting, now he was a PGA pro, who did allot of coaching for Russians at 3 different courses. In 2023 he moved back to the UK and then £380,000 was transfered to his UK account, blocked in a suspense account. HSBC wouldn't transfer from suspense to his account without allot of documentation. In the end he went back to Cyprus and after 8 months money was transfered back.