888 Holdings hit with record fine by UK gambling authority
Evoke (DI)
61.65p
16:40 31/10/24
The UK Gambling Commission has slapped 888 Holdings with a record fine over the online gaming company’s "serious failings in its handling of vulnerable customers", a day after it was confirmed as joining the FTSE 250 index.
Travel & Leisure
8,111.17
17:14 31/10/24
The £7.8m penalty was issued after "significant flaws" were discovered in 888's social responsibility processes, which aim to protect consumers from gambling-related harm.
An investigation by the UKGC found more than 7,000 customers who had chosen to self-exclude from the online casino, poker and sport platform were still able to access their accounts on their bingo platform.
"888 also failed to recognise visible signs of problem gambling behaviour displayed by an individual customer, which was so significant that it resulted in criminal activity."
One customer staked over £1.3m, including £55,000 stolen from their employer during a 13 month period, where they gambled on average 3-4 hours a day.
"The lack of interaction with the customer, given the frequency, duration and sums of money involved in the gambling, raised serious concerns about 888’s safeguarding of customers at-risk of gambling harm," the commission said.
The company, which is listed on the main market of the London Stock Exchange as is valued at close to £1bn, said it accepted the conclusion of the review and "is committed to providing players with a responsible as well as enjoyable gaming experience".
Overnight it was confirmed that 888 had been promoted to the FTSE 250 index, with the shares having tripled in value over the last five years.