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  1. Public register
  2. Regulatory action register
  3. Settlement for Ladbrokes Betting & Gaming Limited
Settlement

Ladbrokes Betting & Gaming Limited

Account number:
1611
Decision date:
17 August 2022
Outcomes:
Payment in lieu of financial penalty, Divestment, Public statement, Variation to apply conditions to licence and Commission costs

Details

This investigation followed a compliance assessment and resulted in the commencement of a section 116 regulatory review1 of Ladbrokes Betting & Gaming Limited (LBG). The regulatory review found failings in LBG’s processes which were aimed at preventing Money Laundering (ML) and safer gambling.

Between December 2019 and October 2020 LBG failed to comply with certain Licence Conditions and Codes of Practice (LCCP), specifically:

  • paragraphs 2 & 3 of licence condition 12.1.1 – Prevention of money laundering and terrorist financing
  • paragraphs 1 & 2 of Social Responsibility Code Provision (SRCP) 3.4.1 – Customer Interaction.

Taking into account remedial action taken by LBG and in line with our Statement of principles for licensing and regulation, LBG will voluntarily divest itself of £212,849.86 and pay £2,787,150.14 in lieu of a financial penalty resulting in a total payment of £3,000,000.

More information about this case can be found on the 

Commission’s website.

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