Ladbrokes Betting & Gaming Limited
The Commission carried out an investigation into the Ladbrokes Coral Group (now owned by GVC) which identified that Ladbrokes and Coral had failed to put into place effective safeguards to prevent customers suffering gambling harm and against money laundering.
The investigation found:
- Continual breaches of Licence condition 12.1 to comply with Money Laundering Regulations 2007
- Continual breaches of social responsibility code provision 3.4.1 (customer interaction)
In line with our Statement of principles for licensing and regulation, the Ladbrokes Coral Group has agreed to a regulatory settlement consisting of:
- A payment in lieu of financial penalty of £4.8m which will go to the National Strategy to Reduce Gambling Harms
- A divestment of £1.1m where it has been found, or could reasonably be suspected to be, Proceeds of Crime
- GVC engaging an external UK firm of solicitors to review five further customer accounts identified by the Commission and will divest itself of any GGY as directed
GVC will employ an external UK firm of solicitors to undertake the following within a reasonable time and report findings to the Commission:
- Dip-sample a review Ladbrokes Coral conducted July - October 2017 applying its new processes to all active customer accounts to evaluate whether the review was robust and fit for purpose
- Dip-sample a review to be undertaken by GVC in 2019 of a group of existing customers, to evaluate the robustness of this process.
- Manage and oversee a review of the current processes at the completion of transition and provide independent analysis of the new and updated procedures to ensure they meet or exceed its regulatory obligations.
- Review the top 50 customers by GGY for the years 2015, 2016 and 2017 to consider whether any of the failings identified in this report are evidenced and if so, to divest the GGY accordingly
- Agreement to the publication of a statement of the facts in relation to the case
- Payment towards our investigative costs
For more information, please see the Commission’s public statement which can be found on our website.