The regulator UKGC said that four gambling businesses have to pay a total of €5.1 million in penalty packages.
UK.- The UK Gambling Commission (UKGC) has revealed that as part of an ongoing investigation into the online casino sector, four gambling businesses will have to pay a total of €5.1 million in penalty packages.
The regulator said that the penalty packages are in relation to the businesses failings to put in place an effective scheme to prevent money laundering and keep consumers safe from gambling harm.
Firstly, InTouch Games Limited will pay €2.5 million and Betit Operations Limited will pay €1.6 million. Further, MT Secure Trade will pay €804k in lieu of financial penalties, while BestBet will pay a penalty of €265.5k.
The UKGC said that the new penalty packages set are part of an ongoing investigation. Over the last year and a half, the regulator has conducted assessments of, or engaged with, 123 online operators. Of the 45 told to submit an action plan to raise standards, 38 have already shown signs of improvement.
Furthermore, the UK watchdog said that ever since the investigation started, five operators have given up their licences. Those operators are no longer able to transact with consumers in the territory.
UKGC’s executive director says they will continue to set new standards
Richard Watson, Gambling Commission Executive Director, said: “We have been working hard to raise standards in the online industry to ensure that gambling is crime-free and that the one in five people in Britain who gamble online every month can do so safely.
“But our work will not stop here. As a regulator, we will continue to set and enforce standards that the industry must comply with to protect consumers,” explained Watson after announcing that the UKGC set new penalties. “We expect operators to know their customers and to ask the right questions to make sure they meet anti-money laundering and social responsibility obligations.”
UKGC improves consumer protection measures
Earlier this month, the UKGC published an important new framework. This measures gambling harms among children and young people and improves consumer protection.
A new framework to understand gambling harms experienced by children and young people was published by the commission. Similarly to the new penalties set by the UKGC, the strategy aims to protect consumers.
The report was developed by Ipsos MORI in collaboration with the Gambling Commission, Advisory Board for Safer Gambling and GambleAware. It presents a framework so they can understand better how gambling can impact health, relationships and finances of young people. This way, the UKGC continues with its strategy to improve consumer protection in the UK.