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HomeNews888 Fined $12.4 Million - License Suitability Under Investigation

888 Fined $12.4 Million – License Suitability Under Investigation

One of the world’s leading online betting and gaming companies, 888 Group, has been recently slapped with a whopping $12.4 (£9.4) million for failing to protect vulnerable consumers.

Many consumers suffered massive losses during the Covid-19 pandemic, prompting worries about the gaming giant’s eligibility to keep its UK license.

Could 888 Lose its License?

According to the United Kingdom Gambling Commission, 888 have failed in protecting potentially vulnerable consumers by not conducting any financial checks until they deposited over $52000 (£40000).

Allegedly, one consumer has lost nearly $39000 (£37000) over a six week period during the 2020 right after the UKGC cautioned the gambling sector that more must be done to protect the vulnerable because of the lockdowns during the pandemic.

Another person earning $1800 (£1400) a month was given a $1700 (£1300) deposit limit.

The UKGC’s chief executive, Andrew Rhodes, reminded the industry that this is the second colossal fine imposed against 888 in recent years. For similar breaches, it was fined a record $10.3 (£7.8) million in 2017.

“The circumstances of the last enforcement action may be different but both cases involve failing consumers – and this is something that is not acceptable. Today’s fine is one of our largest to date, and all should be clear that if there is a repeat of the failures at 888 then we have to seriously consider the suitability of the operator to uphold the licensing objectives and keep gambling safe and crime-free. Consumers in Britain deserve to know that when they gamble, they are participating in a leisure activity where operators play their part in keeping them safe and are carrying out checks to ensure money is crime-free.”

888’s CEO, Itai Pazner, acknowledged the company’s mistakes and offered to work more closely with the UKGC to resolve any outstanding issues.

“We recognise our responsibility to make gambling safer and regret that previous implementation of our processes failed to meet required standards in the UK. We accept the findings of the UKGC’s investigation of some of 888’s former policies and procedures and have taken immediate appropriate action to improve and address the failings. Over recent years we have made significant investments in safer gambling, including more than doubling the size of our compliance team since 2019. We will continue to work closely with the UKGC, our peers and other stakeholders to drive continuous improvement in the industry.”

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