LeoVegas Fined £600,000 by the UKGC
Swedish mobile gaming company and provider of online casino and sports betting services LeoVegas has been fined by the United Kingdom Gambling Commission (UKGC).
According to the UKGC, LeoVegas will have to pay a hefty £600,000 for misleading advertisements and failure to protect its customers.
A statement issued by the British gambling watchdog stated the renowned operator had failed to restrict the access to its website to those problem gamblers who had asked to be banned from entering it.
This fine follows a £1m penalty the UKGC imposed on Sky Bet in March, for similar reasons. The regulator then said it would be tougher on those operators whose actions didn’t meet the Commission’s player protection standards.
Detailing the list of offenses made by LeoVegas, the UKGC pointed out the operator hadn’t return funds to more than 11,000 customers who had asked betting firms across the United Kingdom to refuse their services.
And that’s not all, since LeoVegas sent marketing material to nearly 2,000 self-excluded punters, while 413 of them were allowed access to LeoVegas’ website without any previous consultations whatsoever.
Apart from all of this, LeoVegas was responsible for over 40 misleading website ads, which were deemed unclear about the details of its promotional offers.
The UKGC added LeoVegas had since made efforts to resolve the problems.
LeoVegas Willing to Improve
Commenting on the UKGC decision, LeoVegas stated it had high ambitions for compliance with laws and regulations, and added it had continuously improved its procedures and processes.
The operator also announced it had had discussions with the UKGC on suspected cases of breaches of the British gaming rules, and pointed out that a clear majority of cases were attributable to affiliate marketing.
LeoVegas noted it was good the country’s regulator put increased demands on the gaming industry, especially since such an approach represented an advantage for those willing to work seriously in regulated markets.
The fine has come after an excellent first quarter of 2018, where LeoVegas recorded a 76% rise in revenue, with adjusted earnings reaching €9 million.
The Sweden-based company started trading its shares on the main market of Nasdaq Stockholm back in February.