UK’s Largest iGaming Brand Goes Down the Tubes for Failing Social Responsibility and Money Laundering Policies
One of the world's best performing online gaming companies, 888 Holdings PLC, has hit the skids big time this month, and is ordered to pay a £9.4 million penalty – a Gambling Commission investigation reveals.
The public company with a revenue of 849.7 million USD in 2020 and a network of popular gambling brands and websites, such as 888sport, 888casino and 888poker, has failed to meet social responsibility and money laundering standards – and is now forced to recompense the second largest fine since 2017, when the group cashed out £7.8 miliion for failing vulnerable customers.
Failing Consumers – Not Acceptable
888 UK Limited has immensely grown in size since the foundation in 1997 and now operates 78 websites, including a large and well trusted online casino, sports betting and online poker website 888.com.
It has also been reported that the leading online gambling site has received a warning and will undergo extensive independent auditing by the United Kingdom Gambling Commission in the upcoming period.
The executive non-departmental public body of the Government of the Great Britain has already penalized 888 UK Limited in 2017, when the operator remunerated a £7.8m penalty package for failing vulnerable customers.
“The circumstances of the last enforcement action may be different but both cases involve failing consumers – and this is something that is not acceptable,” explains Andrew Rhodes, Gambling Commission chief executive.
He noted that the second fine is larger due to the repeated failures at 888, which may damage the operator’s suitability to uphold the licensing objectives and keep gambling safe.
According to the regulations, customers in Britain deserve to know that gambling is a leisure activity where operators must keep their money, data and welfare safe, ensuring that payments are crime-free at all times.
What Has Been Breached
As the investigation has showed, social responsibility failures include:
- Non-effective identification of players at risk of harm since their policies specify that financial checks should be carried out after a customer had deposited £40,000
- Overlooking customer interaction with a client who lost £37,000 in a six week period during the Covid-19 pandemic
- Disregarding the Commission’s formal guidance on customer interaction
- Providing a customer from NHS with low income of £1,400 a month with a deposit limit of £1,300
- Poorly conducted interactions regarding responsible gambling tools without a proper customer response
- No proactive restrictions on accounts where social responsibility concerns were raised
- Not ensuring a ban on multiple customer accounts due to Source of Funds (SOF) concerns
In addition, the UK’s biggest gambling brand was also fined for numerous money laundering failures, such as allowing customers to deposit £40,000 before carrying out SOF checks as well as accepting verbal assurances from clients in regard to employment income. The list of penalties also includes:
- Not determining which documents should be requested as part of SOF checks
- Allowing a customer to spend £65,835 in just 5 months without SOF checks
- Not effectively implementing policies about SOF documentation before restricting an account
What is you opinion on the latest UKGC action? Drop a comment below and share your thoughts with us!
Source:
“£9.4m fine for online operator 888”, gamblingcommission.gov.uk, March 1st, 2022.
Eknarin Thuriwan 2 years ago Sr. Member
I had won over 200usd long ago. But withdrawal process not moving elsewhere over 4 days. No live chat . only email support and got reply after I finished all winning
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notorious_rocky17 2 years ago Newbie
I wanted to ask the other commenter why should they be ashamed of themselves? I bet you think Columbine was Marilyn Manson's at McDonald's is responsible for fat people not their own fat self right? Be ashamed of yourself for never taken responsibility and having to blame everything but yourself seems to me like the commission...
I wanted to ask the other commenter why should they be ashamed of themselves? I bet you think Columbine was Marilyn Manson's at McDonald's is responsible for fat people not their own fat self right? Be ashamed of yourself for never taken responsibility and having to blame everything but yourself seems to me like the commission is trying to get a nice payday because this all seems like bull. These commissions make customers seem like they need their hands held and that we customers are mentally retarded and can't think for ourselves. We know what gambling is that's exactly why we go to casinos because if we just wanted to play a game we wouldn't lose money on it if we didn't want to gamble so anyone who need to be reminded over and over should not be in a casino.
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FilipR 2 years ago Moderator
This is just.. What they've done to vulnerable customers is very sad and disappointing, especially during the pandemic. It saddens me to see this happen. They deserve this fine and I hope that people that got caught up in this whole thing get some justice. Shame on 888 for this, hopefully we see some change in the future.
This is just.. What they've done to vulnerable customers is very sad and disappointing, especially during the pandemic. It saddens me to see this happen. They deserve this fine and I hope that people that got caught up in this whole thing get some justice. Shame on 888 for this, hopefully we see some change in the future.
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Dzile 2 years ago Moderator
The penalty is high and I hope they will increase the security of the players. Since this is not their first offense, I am sure they will improve their practice.
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LeeroyJenkins 2 years ago Jr. Member
Oh wow, what a scandal... AND I was here praising them this whole time..yikes!
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SandyOlsson 2 years ago Sr. Newbie
Woh this is really a breach of their own terms and conditions, how can you keep players safe when you can’t even keep up with your own rules? And the worst thing it all happened during the pandemic when people are more vulnerable, shame on you 888!
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