Casino operator Caesars hit with record ₤ 13m penalty
2 April 2020
Casino operator Caesars Entertainment UK has been hit with a ₤ 13m charge by the Gambling Commission following a "catalogue" of social responsibility and cash laundering failures.
The charge is the largest imposed by the commission to date.
The regulator exposed "major organized failings" at Caesars, which runs 11 casinos in the UK.
Caesars stated it accepted the settlement and acknowledged it had actually "disappointed requirements".
The Gambling Commission focused on the treatment of "VIP" clients between January 2016 and December 2018.
VIP plans reward individuals who bet big sums of money. The Gambling Commission said it has reached an agreement with wagering firms to age-restrict VIP reward plans to those aged 25 years old and above.
Among the yohaig code failings the commission exposed, external were:
insufficient interaction with one customer who lost ₤ 323,000 in a 12-month period and had actually shown signs of issue betting
inadequate interaction with, and source of funds look at, a customer who identified as a retired postman and lost ₤ 15,000 in 44 days
inadequate source of funds checks on a consumer who bet ₤ 3.5 m and lost ₤ 1.6 m over a three-month period
In addition to the punitive damages, 3 senior supervisors at Caesars have actually offered up their individual licences.
"The failings in this case are exceptionally serious," stated the Gambling Commission's president, Neil McArthur.
"A culture of putting client safety at the heart of company decisions must be set from the extremely top of every company and Caesars stopped working to do this promotion code.
"In recent times the online sector has actually received the greatest examination around VIP practices however VIP practices are discovered right throughout the market and our tough approach to compliance and enforcement will continue, whether a company is on the High Street or online.
"We are definitely clear about our expectations of operators - whatever kind of gambling they bet9ja's welcome offer they should understand their consumers. They must communicate with them and inspect what they can manage to bet with - stepping in when they see indications of harm. Consumer security is non-negotiable."
Caesars chief regulatory and compliance officer Susan Carletta said: "Caesars Entertainment UK acknowledges falling brief of its standards and accepts the settlement reached with the British Gambling Commission.
"Since discovering, immediately attending to and reporting shortages in 2018, we have actually enhanced our compliance policies and procedures, and are abiding by the licence conditions and commission's guidance for best practice. We are confident of the efficacy of our compliance initiatives moving forward."
The ₤ 13m charge will go towards funding the National Strategy to Reduce Gambling Harm, external.
The Gambling Commission has been stepping up its actions versus wagering companies and has enforced penalties of ₤ 27m in total this year.
The action versus Caesars tops the previous record ₤ 11.6 m penalty troubled Betway last month.
Record ₤ 11.6 m penalty for gambling firm Betway
