This story was published more than 1 year 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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