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UK betting giant Ladbrokes Coral has been slapped with a huge £5.9 million fine by the UK Gambling Commission over a series of failures related to player protection and anti-money laundering measures.
The fine is among the largest in the country's history and comes after repeated failures that took place from November 2014 to October 2017. The lapses took place with both the Ladbrokes and Coral brand, and new owner GVC Holdings will have to foot the bill for the issues. The group was fined for the following incidents:
Speaking about the huge fine UKGC Executive Director Richard Watson said, "Decision makers at gambling businesses need to invest in the welfare of their customers and the integrity of money being gambled with. 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."
GVC Holdings has said that they'll cooperate in order to become compliant, including using forensic auditors to ensure player fund sources.