One of the largest gaming corporations in the world founded in Reno, Nevada and based in Paradise, Nevada; Caesars Entertainment Corporation, has today been fined by the UK gambling commission following a catalogue of social responsibility and money laundering failures, which is the largest imposed penalty by the commission to date.
The firm, which has an estimated annual revenue of four a half billion dollars and operators eleven casino properties in the UK was exposed as having ‘serious systematic failings’ in its activities and operation.
According to reports, the penalty has been accepted by the corporation who agreed that it had ‘fallen short of standards’, including ‘inadequate interaction with one customer who lost £323,000 in a 12-month period and had displayed signs of problem gambling’, ‘inadequate interaction with, and source of funds checks on, a customer who identified as a retired postman and lost £15,000 in 44 days’, and ‘inadequate source of funds checks on a customer who bet £3.5m and lost £1.6m over a three-month period’ as highlighted by a major media news outlet in the UK; BBC.
Neil McArthur of the Gambling Commission commented on the news:
“The failings in this case are extremely serious. A culture of putting customer safety at the heart of business decisions should be set from the very top of every company and Caesars failed to do this. In recent times the online sector has received the greatest scrutiny around VIP practices but VIP practices are found right across the industry and our tough approach to compliance and enforcement will continue, whether a business is on the High Street or online.”
McArthur elaborated on the details of what the commission expects, including protecting potentially vulnerable customers:
“We are absolutely clear about our expectations of operators – whatever type of gambling they offer they must know their customers. They must interact with them and check what they can afford to gamble with – stepping in when they see signs of harm. Consumer safety is non-negotiable.”
In response, Susan Carletta of Caesars Entertainment said:
“Caesars Entertainment UK acknowledges falling short of its standards and accepts the settlement reached with the British Gambling Commission. Since discovering, immediately addressing and reporting deficiencies in 2018, we have enhanced our compliance policies and procedures, and are complying with the licence conditions and commission’s guidance for best practice. We are confident of the efficacy of our compliance initiatives going forward.”
So far, the UK Gambling Commission has handed out more than twenty five million pounds in fines this year and the latest fine follows the previous record of more than eleven million pounds against Betway in March 2020.