Jul 31, 2019
Ladbrokes Coral owner handed £5.9m fine over ‘systematic failings’
GVC, the owner of the bookmakers Ladbrokes Coral, has been handed down one of the UK Gambling Commission's largest fines to date for failing to monitor money laundering and prevent problem gambling. The Gambling Commission said that the fine resulted from "Systemic failings" at Ladbrokes Coral between 2014 and 2017, with evidence that the issues continued after the group merged with GVC in March 2018. Some of the incidents recorded included Coral not monitoring a customer who deposited £1.5m into their account over nearly three year period, and gambled on some days around 10 times - in one particular month losing £64,000. Others involved a lack of checks to deter money laundering among customers depositing large sums of money in their accounts, and a failure to interact with customers suffering from gambling addiction, including one who asked the gambling group to stop sending promotions. The Gambling Commission has handed out a record number of fines in the past year as it seeks to clamp down on gambling related harm.
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