Ladbrokes Coral Slapped with £5.9 Million Fine for Problem Gambling Failures
posted at: 02 August 2019
The United Kingdom Gambling Commission (UKGC) has issued a £5.9 million financial penalty to Ladbrokes Coral and cited “systematic failings” in preventing money laundering and problem gambling as reasons for the fine.
According to the UKGC investigation, Coral did not monitor customer who made huge deposits mere weeks after opening their accounts. The bookmaker also sent unwanted promotional offers to players. The Commission said that at one point, Ladbrokes became aware of these issues but did not take sufficient measures to handle them.
The fine will be paid by GVC – the company that bought Ladbrokes Coral in 2018, although the violations were committed between 2014-2017. As much as £4,8 million will go to problem gambling organisations. The remaining £1.1 m will go to the “affected parties”.
Kenny Alexander, GVC Chief Executive, said that GVC discovered serious compliance failures after the takeover. He said that “These historical failings were unacceptable and since the acquisition I have overseen a systematic review of the enlarged group’s player protection procedures and the individuals responsible for these problems have exited the business.”
The Labour MP Carolyn Harris, commented on the matter and said that these failures were not isolated cases and more efforts need to be made towards dealing with the excessive gambling problem.
Tom Watson, deputy leader of the Labour party, called for a full review of all remote gambling licences. “I fear that today’s fine by the Gambling Commission will not be the last,” he said. “We need to get a proper hold on what is happening in the British market.”
The fine levied to GVC is just one of the many the UKGC has issued lately. The Commission continues implementing harsh measures in an attempt to protect the UK casino players and the vulnerable part of the population, in particular.
As CorrectCasinos reposited, 4 casino operators were imposed a fine for AML failures. Stricter age verification checks were also introduced. The next expected restriction will probably be a ban on credit card deposits.