In 2020, gambling companies have been slapped with £44 million in total fines, or a 175-percent increase, reports GamblingIndustryFines.com.
Industry Faces Numerous Fines in 2020
A new report by GamblingIndustryFines.com, a website that specializes in tracking penalties issued to international gambling operators, has reported over £44 million handed out in fines in the regulated gaming markets globally in 2020.
This is a 175-per cent increase from 2019, the report noted, when sports betting and casino operations had to pay only £16 million. This number has increased three-fold, the website said.
The majority of the fined companies operated under a license by four established regulatory authorities, including the Malta Gaming Authority (MGA), the NSW Liquor & Gaming Agency, the UK Gambling Commission (UKGC) and Swedish Gambling Authority or Spelinspektionen. Stakeholders in jurisdictions outside of the aforementioned were also targeted by regulator action.
Based on GamblingIndustryFines’ data, the first penalty was issued to Blackrock Media by the MGA for a total amount of £2 million over what was described as an unauthorized transaction. Caesars Entertainment in the United Kingdom faced a stiff £13 million for what a Gambling Commission ruling described as “systematic VIP failings.”
Betway had to face a stiff penalty of its own with £11.6 million in penalty payment, for what the British regulator described as “historic” failures involving social responsibility and AML mechanisms.
Even More Penalties in 2020
Last was Kindred Group which faced a Spelinspektionen ruling ending with a decision to pay an £8.3 million fine for repeatedly extending bonuses to consumers. Other fined companies this year include Boyle Sports which faces a £2.8 million fine issued by the UKGC in November.
The Spelinspektionen issued more fines in December, penalizing Spooniker and ATG, ordering each company to pay SEK1 million in penalty over failing to impose SEK5,000 deposit cap in line with the country’s new measures implemented to help protect consumers against excessive spending during the lockdown.
In February, the UKGC issued a penalty to Mr Green to the tune of £3 million citing “systematic failings to address measures related to preventing money laundering and a safer gambling authority.”
While all of these penalties seem hefty, they are mostly relating to periods prior to 2020, and the companies listed have made significant progress in improving their offerings. With a new Gambling Review on its way, stakeholders have every reason to want and comply with established regulation.
Other affected companies this year included GVC Australia, Triplebet Ltd, Glitnor Services Ltd, BGO Entertainment, NetBet, and GAN PLC.