The UK Gambling Commission has fined UK betting giant Ladbrokes Coral a massive amount of £5.9 million which is among the largest in the country’s history.
The fine comes after repeated failures from November 2014 to October 2017 that took place with the Ladbrokes as well as the Coral brand. The new owner GVC Holdings will have to pay the fines for the issues.
The group was fined for-
- Allowing a player to play after asking Ladbrokes to stop sending promotions and not carrying out responsible gambling interactions. That player lost £98,000 over two and a half years.
- Allowing a player to spend £1.5 million over 10 months without asking that player for the source of the funds and not intervening, despite signs of addictive behaviors popping up.
- Not carrying out responsible gaming interactions with a player who deposited £140,000 in four months.
- Allowing a player to continue betting, despite the company having concerns about funds and whether or not the player could afford to lose that sum of money.
- Not conducting money laundering checks on two accounts, where funds were stolen and used to gamble.
Richard Watson, Executive Director at UKGC said that decision makers at gambling businesses need to invest in the welfare of their customers and the integrity of money being gambled with.
Watson added 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.
GVC Holdings has revealed that they intend cooperating in order to become compliant, including using forensic auditors to ensure player fund sources.