Casino Operator Caesars Hit With Record ₤ 13m Penalty
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 responsibility and cash laundering failures.
The penalty is the biggest enforced by the commission to date.
The regulator exposed "severe methodical failings" at Caesars, which operates 11 gambling establishments 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" clients in between January 2016 and December 2018.
VIP schemes reward individuals who bet large amounts of cash. The Gambling Commission stated it has reached a contract with wagering companies to age-restrict VIP incentive plans to those aged 25 years old and above.
Among the failings the commission uncovered, external were:
inadequate interaction with one consumer who lost ₤ 323,000 in a 12-month period and had actually shown signs of problem betting
inadequate interaction with, and source of funds examine, a customer who identified as a retired postman and lost ₤ 15,000 in 44 days
insufficient source of funds checks on a customer who wagered ₤ 3.5 m and lost ₤ 1.6 m over a three-month duration
In addition to the monetary charge, three senior supervisors at Caesars have actually given up their individual licences.
"The failings in this case are very severe," said the Gambling Commission's primary executive, Neil McArthur.
"A culture of putting customer security at the heart of organization choices should be set from the very top of every company and Caesars failed to do this.
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 responsibility and cash laundering failures.
The penalty is the biggest enforced by the commission to date.
The regulator exposed "severe methodical failings" at Caesars, which operates 11 gambling establishments 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" clients in between January 2016 and December 2018.
VIP schemes reward individuals who bet large amounts of cash. The Gambling Commission stated it has reached a contract with wagering companies to age-restrict VIP incentive plans to those aged 25 years old and above.
Among the failings the commission uncovered, external were:
inadequate interaction with one consumer who lost ₤ 323,000 in a 12-month period and had actually shown signs of problem betting
inadequate interaction with, and source of funds examine, a customer who identified as a retired postman and lost ₤ 15,000 in 44 days
insufficient source of funds checks on a customer who wagered ₤ 3.5 m and lost ₤ 1.6 m over a three-month duration
In addition to the monetary charge, three senior supervisors at Caesars have actually given up their individual licences.
"The failings in this case are very severe," said the Gambling Commission's primary executive, Neil McArthur.
"A culture of putting customer security at the heart of organization choices should be set from the very top of every company and Caesars failed to do this.