Casino Operator Caesars Hit With Record ₤ 13m Penalty
Casino operator Caesars hit with record ₤ 13m penalty
2 April 2020
Casino operator Caesars Entertainment UK has been struck with a ₤ 13m penalty by the Gambling Commission following a "brochure" of social obligation and cash laundering failures.
The penalty is the biggest enforced by the commission to date.
The regulator exposed "major organized failings" at Caesars, which operates 11 casinos in the UK.
Caesars stated it accepted the settlement and acknowledged it had "disappointed requirements".
The Gambling Commission focused on the treatment of "VIP" clients in between January 2016 and December 2018.
VIP schemes reward people who wager large sums of money. The Gambling Commission stated it has reached an arrangement with betting firms to age-restrict VIP reward schemes to those aged 25 years of ages and above.
Among the failings the commission uncovered, external were:
insufficient interaction with one consumer who lost ₤ 323,000 in a 12-month duration and had actually displayed indications of problem betting
inadequate interaction with, and source of funds look at, a consumer who identified as a retired postman and lost ₤ 15,000 in 44 days
inadequate source of funds checks on a client who bet ₤ 3.5 m and lost ₤ 1.6 m over a three-month duration
In addition to the monetary charge, three senior managers at Caesars have quit their individual licences.
"The failings in this case are very major," said the Gambling Commission's chief executive, Neil McArthur.
"A culture of putting client security at the heart of organization decisions ought to be set from the really leading of every company and Caesars failed to do this.
Casino operator Caesars hit with record ₤ 13m penalty
2 April 2020
Casino operator Caesars Entertainment UK has been struck with a ₤ 13m penalty by the Gambling Commission following a "brochure" of social obligation and cash laundering failures.
The penalty is the biggest enforced by the commission to date.
The regulator exposed "major organized failings" at Caesars, which operates 11 casinos in the UK.
Caesars stated it accepted the settlement and acknowledged it had "disappointed requirements".
The Gambling Commission focused on the treatment of "VIP" clients in between January 2016 and December 2018.
VIP schemes reward people who wager large sums of money. The Gambling Commission stated it has reached an arrangement with betting firms to age-restrict VIP reward schemes to those aged 25 years of ages and above.
Among the failings the commission uncovered, external were:
insufficient interaction with one consumer who lost ₤ 323,000 in a 12-month duration and had actually displayed indications of problem betting
inadequate interaction with, and source of funds look at, a consumer who identified as a retired postman and lost ₤ 15,000 in 44 days
inadequate source of funds checks on a client who bet ₤ 3.5 m and lost ₤ 1.6 m over a three-month duration
In addition to the monetary charge, three senior managers at Caesars have quit their individual licences.
"The failings in this case are very major," said the Gambling Commission's chief executive, Neil McArthur.
"A culture of putting client security at the heart of organization decisions ought to be set from the really leading of every company and Caesars failed to do this.