Failing from the Ladbrokes Coral Group has been warranted a £5.9 million penalty payment after the discovery of ineffective safeguards. The investigation came about around the time Ladbrokes is now owned by a new company, GVC. Further investigations will be committed to finding out more from the Personal Management Licence holders.
The UK Gambling Commission issued the investigation from November 2014 until October 2017. The result of this irresponsibility into enforcing these safeguards have increased the risks of gambling-related disorders for all Ladbrokes and Coral customers. Money laundering followed afterwards. The failings of these faulty decisions and implemented systems have continued ever after Ladbrokes merged with Coral to form the Ladbrokes Coral Group.
The following is an accumulation of all that is owned in total:
- The lack of social responsibility with their customer who lost £98.000 within a period of over two years.
- Coral did not ask the customer to provide evidence of their source of funds even after the customer spent £1.5 million on their services. The customer lost £64.000 per month.
- Another customer spent £140.000 within four months, with no concern from the casino to provide evidence.
The main cause of the problem is that Ladbrokes and Coral have offered no social responsibility in making sure that their customers provide evidence of source of money to gamble, to ensure they have no signs of gambling-related disorders.
Commission Executive Director, Richard Watson, issued the following statement. “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”.
Under the GVC, a payment of £4.8 million will be offered as a financial penalty for negligence, £1.1 million gained from the customers will be divested. A review into the top 50 customers of the Ladbrokes Coral Group will be issued to help identify any specific customers who could be suffering from the after-effects.