b2u logo2 (1)

Ladbrokes Coral Group fined by the Gambling Commission - £5.9 million

Gambling Commission

Ladbrokes Coral Group and its new owner GVC has been fined for a total of £5.9m for not protecting vulnerable customers and for failings in its anti-money laundering measures and further investigations are ongoing. The Gambling Commission notified that a system error in Ladbrokes Coral Group leads to a penalty package. The investigation was carried out by the Gaming Commission between November 2014 and October 2017 and Gambling Commission found that Ladbrokes and Coral failed to implement effective safeguards to prevent consumers from suffering from gambling damage and money laundering.

As a part of this settlement

The Ladbrokes Coral Group’s new owners GVC will pay £4.8m in lieu of a financial penalty and will divest £1.1m gained from customers as a result of its failings. Additionally, GVC will review their top 50 clients from 2015 to 2017 to consider whether any further failings can be identified and if so, they will divest themselves of profit accordingly. It was also made clear that GVC has committed to making some improvements to the business including overhauling its responsible gaming and customer interaction processes, retraining staff, and hiring new staff.

GVC chief executive Kenneth Alexander: "acknowledges and regrets" that certain legacy systems and processes in place at Ladbrokes and Coral "did not adequately meet the regulatory requirements". 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."