Ladbrokes Coral fined £5.9 million for failing to protect problem gamblers

Ladbrokes Coral have been fined £5.9 million by the Gambling Commission for failing to protect vulnerable customers.

In a series of failures detailed by the regulator, one customer lost £98,000 and had asked the company to stop sending promotions.

The Gambling Commission found over a three-year period, Ladbrokes and Coral had not put effective safeguards in place to "prevent consumers suffering gambling harm and against money laundering".

"These were systemic failings at a large operator which resulted in consumers being harmed and stolen money flowing through the business and this is unacceptable," said the Commission’s executive director Richard Watson.

The failures took place between November 2014 and October 2017, before GVC Holdings bought Ladbrokes Coral in March 2018.

As part of the settlement for one of the largest penalties imposed by the Gambling Commission, GVC will pay £4.8m and divest £1.1m "gained from customers as a result of its failings".

The customer who lost £98,000 did so over a two-and-a-half year period despite having 460 attempted account deposits declined.

Five times the Gambling Commission stung bookmakers

• August 2017 – 888 fined £7.8m for "serious failings" in the safeguarding of their customers.

• February 2018 – William Hill fined £6.2 million for breaching anti-money laundering and social responsibility regulations.

• July 2019 – Ladbrokes Coral fined £5.9m by the Gambling Commission for failing to protect vulnerable customers.

• November 2017 – Ladbrokes Coral fined £2.3m after customers gamble £1.3m of stolen money.

• October 2018 – Paddy Power Betfair fined £2.2 million for failing to protect customers and stop stolen money being gambled

The investigation also highlighted a Coral customer who spent £1.5m over nearly three years, during which time they logged onto their account an average ten times a day for one month and lost £64,000 in one four-week period.

GVC said it acknowledges and regrets that certain legacy systems and processes in place in the Ladbrokes and Coral operations did not adequately meet the regulatory requirements.

The firm's CEO Kenny Alexander said: "These historical failings were unacceptable and since the acquisition I have overseen a systematic review of the enlarged group’s player protection procedures and the individuals responsible for these problems have exited the business."

In recent years, the Commission has cracked down on problem gambling by imposing fines on a number of bookmakers for breaching their licensing obligations.

The tougher stance led to casino firm 888 paying out £7.8m in 2017 after 7,000 customers who had chosen to bar themselves from the website were still able to gamble.

If you are concerned about your gambling and are worried you may have a problem, click here to find advice on how you can receive help