GVC Holdings has copped a £5.9 million fine after its subsidiary company Ladbrokes Coral was found to have systematically flaunted anti-fraud regulations and responsible gambling policies.
According to the UK Gambling Commission (UKGC), the breaches occurred over a three-year period between November 2014 and October 2017.
One Ladbrokes punter lost £98,000 and asked the firm to stop sending promotions and bonus offers, while Coral failed to carry out the required money-laundering checks when a customer deposited £1.5 million into his account over three years.
“These were systemic failings at a large operator which resulted in consumers being harmed and stolen money flowing though the business and this is unacceptable,” said Richard Watson, UKGC executive director.
GVC did not complete its takeover of Ladbrokes Coral until 2018, yet the multi-national gambling giant will pay a £4.8 million fine and divest another £1.1 million accrued from punters as a result of irresponsible practices.
“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,” added Kenneth Alexander, GVC chief executive.
“I am confident that we now have in place a robust and industry-leading approach to player protection.”
The £5.9 million penalty is one of the biggest in the history of the British gambling industry and underlines the UKGC’s commitment to raising consumer protection standards.
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