This story was published more than 4 years ago.
This week UK newspaper The Guardian shared a story that reveals that Ladbrokes paid out nearly £1 million to five people who had money stolen by an addicted Ladbrokes VIP customer who then lost the funds to the company.
The revelation comes as the UK Gambling Commission is investigating the claims, and will reveal their stance on the issue, as facts are still being obtained. The gist of the story is that a VIP gambler stole the funds, which he then used to gamble at Ladbrokes. The company reportedly only made a half-hearted attempt to follow UK laws that require operators to establish that the "source of funds" was legitimate. The VIP customer was given gifts by Ladbrokes to keep him interested in the group, including travel to sporting events, and large credits to his account.
Furthermore, the company reportedly continued contacting the customer after he told a rep that he was struggling with addiction, offering incentives to get him back to gambling with them. Those who had funds stolen were given the money back, although the victims were required to sign a confidentiality agreement to get their restitution that forbade them from talking to the regulator.
No comment from Ladbrokes on the matter was available as of press time.
We'll be following the story and updating readers as we learn more.
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Comments
I thought at first the £1 penalty mentioned in the title paid by Ladbrokes is some kind of a joke but now I understand it's just a misprint.
Are you kidding me...returning the stolen money should be the least Ladbrokes could of done although it's not enough clear whether the steeling has anything to do with the gambling company itself..I assume not...so they still didn't follow the rules and usually some other operators have been fined stiffly for a lot less than that by UKGC so they should concider themselves lucky I guess.
CL - klaw
I think the man needed some help, not a push and shove towards the slot machines.
sharpe
Ladbrokes are going to be in huge trouble over this. They forced the people who had money stolen to sign a non disclosure agreement that forbid them from telling the UKGC what had happened, otherwise they wouldn't get their money back. In other words they were trying to hide what had happened from the regulator.
sharpe
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Yeah, I hope they would be in trouble over this...just returning the stolen money is not acceptable at all.
Never had any experience with Ladbrokes and although they are a famous brand in the gambling world seems like they're often involved in a stories like that include some unloyal practices...hopefully there would be a huge fine in this one.