GVC Holdings fined £5.9 million

[The Buzz]

The U.K. Gambling Commission has handed out a record number of fines in the past year, but one of the most expensive to date was announced this week when GVC Holdings was ordered to pay £5.9 million. Of that sum, £4.8 million will go towards initiatives to prevent harm from gambling with the remaining £1.1 million paid out to the customers affected.

From the UKGC:

An investigation by the Gambling Commission found between November 2014 and October 2017 Ladbrokes and Coral failed to put in place effective safeguards to prevent consumers suffering gambling harm and against money laundering, with this failing continuing after their merger as the Ladbrokes Coral Group.

As a result the following occurred:

• Ladbrokes did not carry out any social responsibility interactions with a customer who lost £98,000 over two-and-a-half years, had 460 attempted deposits into their account declined, and even asked the operator to stop sending promotions.
• Despite one customer spending £1.5m over two-years 10 months, Coral did not ask the customer to evidence their source of funds and could not provide evidence of any social responsibility interactions being carried out. During their time with the operator the customer displayed signs of problem gambling including logging into their account an average of 10 times a day for a month and losing £64,000 in one month alone.
• Ladbrokes could not provide any evidence of carrying out social responsibility interactions with a customer who deposited over £140,000 in the first four months of their account being open.
• Ladbrokes, having identified concerns with a customer, then allowed further significant gambling without taking additional steps to verify the source of funds or consider if the customer could afford to spend and lose that amount of money.

Read more here: http://www.gamblingcommission.gov.uk...oup-to-pay-59m

[FictionNet]

The UKGC is a waste of space and a lying sack of crap but still - HA HA HA HA HA! *** YOU, GVC. Hope you get LOADS more fines to come.

[Triple7]

LOL.

UKGC is annoying crap, especially when their BS infects other markets, but a fine for GVC is nice ofc.

[Sherlock]

Yeah, the fine is great.
Now who will pay it, let me guess:

a. shareholders
b. customers (who are nursed now)
c. remaining affiliates

But whatever.

[Cash Bonus]

What nonsense. This is completely ridiculous! The UKGC really need to sort themselves out.

[sweetbet]

Yeah, the fine is great.
Now who will pay it, let me guess:

a. shareholders
b. customers (who are nursed now)
c. remaining affiliates

But whatever.

That's exactly right.

[Triple7]

Yeah, the fine is great.
Now who will pay it, let me guess:

a. shareholders
b. customers (who are nursed now)
c. remaining affiliates

But whatever.

They've lowered some time ago the RTP on Blueprint Gaming and Red Tiger Gaming slots.

[Sherlock]

Interesting. I guess because they can not get much more from c.

Few years ago, when I thought ok, they stole once and were hit and they are just weird, they told me one weird thing that I now understand. They asked me if they can lower my revenue share from 40% to 30% in France (which was previously set higher after negotiation), because they have lower budget for advertisement in France.

Which is somehow contradicting the whole model of revenue share, where they should not have some ad budget from which they will decide how much they will award to affiliate partners. They should make any budgets they want, but after they pay out what they owe. But from that can be clearly seen, who we are. Just some idiots, who thought about lifetime deals. In fact we are in mercy of CFO and his pencil, where he can always decide to full milking mode and "make necessary cuts".

They also offer different odds across different geos for bwin. Maybe they can start offer 1.2 - 1.2 payouts

[Swedenbetting]

Wow, really hefty fines that. I must have missed but everyone seems to have bad experiences with GVC. Is this common knowledge? Just started working with them so it would be nice to know where I should expect problems...

[Sherlock]

I must have missed but everyone seems to have bad experiences with GVC. Is this common knowledge?

That is one quality trolling

[Swedenbetting]

Im sorry, wasn't meant to be trolling anybody here. Im actually curious in what the problem with them are.

[Sherlock]

Why you do not read this forum about Bwin, Ladbrokes, Coral and so on? Do you think people praise them there? I was maybe the most positive towards them in the past (not positive at all) and yeah, they caught me, I deserve it.

[Swedenbetting]

Okay, will check there instead then! They haven't been on the Swedish market for so long so I wasn't aware of that before I heard it here. But I will do my read up better next time!

[tufty]

Im sorry, wasn't meant to be trolling anybody here. Im actually curious in what the problem with them are.

You don't want to get involved with any GVC brands. They have been closing affiliate accounts, shaving, de-tagging players. GVC is totally corrupt. It is easy for you to avoid them. It is more painful for those of us who have promoted some brands for up to 15 years only to get shafted.

[Sherlock]

They are not easy to avoid unless you do casinos. They are one of few brands that cover most of Europe for sports and who still pay more than approx 0 on Bwin/888 brand. It is just a game when already rogue Bwin will go on way of Ladbrokes, who are beyond rogue.

They are total crap, but still they make some little money.

@Swedenbetting go with bet365 if you can and never look back

[Swedenbetting]

Okay, thanks for the tip! Will make sure to keep a close eye on GVC so nothing fishy is going on.

[casino5torm]

wow, that's great, thanks )