Apr6
bet365 Receives Fine of £582k From the UKGC for Violating AML, and Social Responsibility
UKGC Amerces Rank Group With £500,000
October 15, 2018 Kim Morrison
The Gambling Commission has fined a gambling company from the United Kindgom, Rank Group with £500,000 for not complying with rules to protect problem gamblers. According to the source, a Grosvenor Casino customer lost one million GBP in just 24 hours… which led the Commission to believe that the group failed to adhere to regulations regarding offers of credit and self-exclusion.
UKGC executive director, Richard Watson, said:
“We expect all operators to protect any consumer who maybe experiencing problems with their gambling and operators shouldn’t fall into the trap of thinking that VIP customers don’t experience difficulties.”
A Self-Excluded Overseas Customer
Although Rank operates in Great Britain, Spain and Belgium, the UK represents the operator’s largest market, as it generates approximately 95% of revenue. In this case, however, the client was described as an ‘overseas customer’ of high net value.
Despite the fact that he had excluded himself from the casino for a period of six months in 2016, and was visited at his home by a general manager of Grosvenor, the oversight is directly linked to weaknesses of the system and how it managed problem gambling, added Watson. He later said:
“No matter how wealthy customers are, operators still need to monitor them effectively to ensure they aren’t showing signs of problem gambling. It is certainly not appropriate to visit customers during a period when they are self-excluded.”
A Fault Confessed Is Half Redressed
To prove that a good gambling operator is recognized not only by its games, adverts or services, but fairness as well, Rank Group stepped forward and itted the conclusion that there were certain flaws in how the customer was handled… Watson also said that the penalty package would have been a lot higher if Grosvenor didn’t take action on time and literally self-reported the failures. The company was open and transparent during the investigation, which led to a mulct of ‘only’ $657,400.
Finally, the Gambling Commission issued a warning to other operators, both online and land-based, to check their systems and make sure that all procedures are conducted properly, in accordance with responsible gaming practices and regulations.
A Desperate Move, Perhaps?
The current financial year for Rank Group’s venues isn’t looking bright. Recently, the operator reported a 41,4 per cent year-on-year decline in profit, but it EBITDA also suffered a 6.8% drop and stuck at £120 million. Furthermore, the company’s management said that a disappointing performance at Grosvenor establishments took a financial hit due to a decline in customer visits and a challenging year in general.
The operator is trying to take certain steps and increase the focus on the customer, primarily by g various content agreements with Playtech, as it could accelerate growth in the digital sector and drive cost efficiencies across the entire network.
Source:
“Rank Group fined £500K over protection failures”, Matthew Enderby, igamingbusiness.com, October 10, 2018.
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Perhaps a small price but at least they came out clean out of it. Casinos are usually silent until they get caught… I this and players should be more cautious in the future.