Casino operator Caesars struck with record ₤ 13m charge
2 April 2020
Casino operator Caesars Entertainment UK has been hit with a ₤ 13m charge by the Gambling Commission following a "brochure" of social duty and money laundering failures.
The penalty is the biggest enforced by the commission to date.
The regulator exposed "serious systematic failings" at Caesars, which operates 11 casinos in the UK.
Caesars said it accepted the settlement and acknowledged it had actually "disappointed requirements".
The Gambling Commission focused on the treatment of "VIP" customers between January 2016 and December 2018.
VIP schemes reward individuals who wager large amounts of cash. The Gambling Commission stated it has actually reached a contract with wagering firms to age-restrict VIP incentive plans to those aged 25 years of ages and above.
Among the failings the commission exposed, external were:
inadequate interaction with one customer who lost ₤ 323,000 in a 12-month duration and had actually displayed signs of problem gambling
inadequate interaction with, and source of funds examine, a client who identified as a retired postman and lost ₤ 15,000 in 44 days
inadequate source of funds checks on a consumer who wagered ₤ 3.5 m and lost ₤ 1.6 m over a three-month period
In addition to the monetary charge, 3 senior managers at Caesars have given up their personal licences.
"the yohaig code failings in this case are very serious," stated the Gambling Commission's president, Neil McArthur.
"A culture of putting client security at the yohaig code heart of organization choices must be set from the very leading of every business and Caesars stopped working to do this.
"In recent times the online sector has received the best examination around VIP practices but VIP practices are found right throughout the market and our difficult approach to compliance and enforcement will continue, whether an organization is on the High Street or online.
"We are definitely clear about our expectations of operators - whatever kind of betting they use they need to know their consumers. They must engage with them and inspect what they can afford to gamble with - actioning in when they see indications of harm. Consumer safety is non-negotiable."
Caesars primary regulative and compliance officer Susan Carletta stated: "Caesars Entertainment UK acknowledges disappointing its standards and accepts the settlement reached with the British Gambling Commission.
"Since discovering, immediately dealing with and reporting deficiencies in 2018, we have enhanced our compliance policies and procedures, and are complying with the licence conditions and commission's assistance for finest practice. We are confident of the effectiveness of our compliance initiatives moving forward."
The ₤ 13m charge will go towards moneying the National Strategy to Reduce Gambling Harm, external.
The Gambling Commission has been stepping up its actions versus betting business and has enforced charges of ₤ 27m in total this year.
the yohaig code action against Caesars tops the previous record ₤ 11.6 m charge enforced on Betway last month.
Record ₤ 11.6 m penalty for betting firm Betway
