The UK Gambling Commission has recently imposed a fine of £7.1m on two online gambling firms, 32Red and Unibet. The penalty was levied due to the companies’ failure to protect problem gamblers and to prevent money laundering. According to the watchdog, both firms failed to follow the regulations for customer protection, which led to serious harm to some of their customers.
UK Gambling Commission Fines 32Red and Unibet-Owner
32Red, which is owned by Kindred Group, and Unibet, which is owned by Platinum Gaming, were found to have breached several regulations under the Gambling Act of 2005. The watchdog found that the firms failed to carry out proper customer checks, did not have adequate policies and procedures for dealing with problem gambling, and did not comply with anti-money laundering regulations. The commission also noted that both companies allowed customers to make large deposits without verifying their source of income, which put them at risk of harm.
The investigation into the two firms began in 2018, and the final decision was made after several hearings and assessments. As a result of the investigation, 32Red was fined £2m, while Unibet-Owner Platinum Gaming received a penalty of £4m. The remaining £1.1m was donated to gambling-related charities. The commission warned other gambling firms to take note of the fine and ensure that they are complying with the regulations to protect their customers.
£7.1m Penalty for Failing to Protect Problem Gamblers
The UK Gambling Commission has been tightening regulations on online gambling firms to protect problem gamblers and prevent money laundering. The watchdog has imposed fines on several firms in recent years, including William Hill, Ladbrokes Coral, and Paddy Power. The commission has also introduced new measures, such as a ban on credit card gambling and stricter age verification checks.
The £7.1m penalty on 32Red and Unibet-Owner Platinum Gaming is the latest example of the commission’s efforts to enforce regulations on the industry. The watchdog has emphasized the need for gambling firms to prioritize customer protection and to prevent harm caused by gambling addiction. The penalty should serve as a reminder to all companies in the industry to comply with the regulations and protect their customers from harm.
The UK Gambling Commission’s decision to fine 32Red and Unibet-Owner Platinum Gaming shows that the regulator is serious about enforcing regulations on online gambling. The penalty should send a strong message to other gambling firms to ensure that they are meeting their responsibilities to protect their customers. With the increasing concern over gambling addiction and the need to prevent money laundering, it is essential that firms in this industry take note of the regulations and take steps to prioritize customer protection.