LADBROKES CORAL FINED BY THE UKGC, WILL HAVE TO PAY £5.9M
Viktor Vangelov | Published 31 Jul 2019, 9:15 p.m.
If you have followed our news in the past several months, you have surely noticed that quite a few casino and betting operators in the UK have been fined by the Gambling Commission and in some instances the fines have been rather hefty. For example, as we reported the total amount paid by UK operators in fines, amounted to £19.6 million last year. The lion’s share of that amount was paid by Daub Alderney, a company that runs a number of brands, including Kitty Bingo and Lucky Pants Bingo.
Gamesys have been hit with a massive fine last month, after it turned out that one of the players registered with Gamesys was allowed to play with stolen money. The total amount that the slot provider and casino operator was required to pay amounted to £1.2 million. And late this summer, this month, another casino was fined by the UK Gambling Commission. The casino in question was Casino 36 and the fine amounted to £300,000, which might seem like a low amount when compared to some of the other fines that were issued but bear in mind that it is a smaller operator and £300,000 is a lot of funds for them.
The fine that was handed to Ladbrokes Coral Group today is one of the highest amounts that a gambling operator has been required to pay.
Ladbrokes Coral Failed To Uphold Standards
One of the largest UK operators will be required to pay almost £6 million, or to be more precise £5.9 million. The company failed to comply to anti-money laundering regulations and didn’t upheld the required social responsibility standards.
Ladbrokes Coral is owned by GVC Holdings, one of the largest betting and casino operators in the UK. Interestingly and almost ironically, GVC is the company that has been pushing for more restrictive marketing rules and they even called for other operators to join their initiative and stop appearing on football shirts.
The Gambling Commission has investigated this particular instance from 2014 to 2017 and it established that Ladbrokes and Coral failed to establish safeguards that would stop punters that had a gambling problem. Moreover, the two brands failed to upheld anti-money laundering regulations.
Punters Wagered Hundreds Of Thousands With Little Or No Checks
There was more than one occasion where the two companies, that are now part of the same Holdings, failed to meet the criteria.
At one point Ladbrokes didn’t carry out any checks and allowed one player to lose over £98,000 over a period of two and a half years, despite the fact that the punter tried and failed to deposit to their account on 460 occasions. This punter even asked the operator to stop sending them promotions, but the operator still proceeded.
The situation with another punter was even more drastic. This player wagered a total of £1.5 million over a period of two years and 10 months with Coral and the brand didn’t even ask for a source of funds and there was no evidence that they conducted any sort of social responsibility checks. There were some clear indications that the punter had a gambling problem, but that didn’t trigger any reaction from the operator.
Ladbrokes failed again in the case of a punter who deposited more than £140,000 in the first four months after they opened an account.