Ladbrokes Fined £5.9m By Gambling Commission
The UK Gambling Commission has hit premier oddsmaker Ladbrokes Coral with a £5.9m fine. This follows an investigation that spans a period between November 2014 and October 2017. The gaming regulator established that there were several instances of unacceptable behaviour conducted at the bookies’ stores that are characterized as “systemic failings”. There have also been cited instances of money laundering that has taken place in that period. The most damning criticism has been the record of a customer losing £98,000.
Failure to Protect Gamblers
The regulator conducted a comprehensive report of the investigation that took almost three years to compile. The most outrageous case found was of a customer that had indicated a proclivity to problem gambling. There were 460 documented attempts to deposit funds into their Ladbrokes account that were declined. Nevertheless, the bookmaker continued to tempt the player with promotions. At one point, the player requested the bookmaker to stop sending promotions. Needless to say, this customer lost £98,000 over the period of two-and-a-half years.
‘Systemic Failings’ at Ladbrokes
The executive director of the Gambling Commission, Richard Watson explained that the were operational shortcomings that needed to be addressed by the operator. He explained that “these were systemic failings at a large operator which resulted in consumers being harmed and stolen money flowing through the business and this is unacceptable.” The chief executive of gambling firm GVC, Kenneth Alexande has conceded that has been historic compliance failures. GVC bought the Ladbrokes Coral group in 2018 and inadvertently accepted the financial penalty of £4.8m in lieu.
They have been committed to making amends, and the financial penalty is the first step. There has been a ‘robust and industry-leading to player protection. “GVC is determined to take the lead in the critical area of responsible gambling and is taking decisive, tangible action across a range of initiatives” Alexande promised. For the latest on the gambling news in NZ, keep it locked on Kiwicasinos.nz