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The British betting and gambling company Ladbrokes Coral is set to escape a fine for telling the victims of a £1m theft by a problem gambler that it would only compensate them if they did not report the case to the regulator.
The Gambling Commission began investigating Ladbrokes after it was revealed that the company encouraged gambling addict Tony Parente – and people he admitted stealing from – to sign a non-disclosure agreement (NDA).
The regulator has issued “guidance” to companies about their use of NDAs, and told Parente it was “satisfied that the NDA you were signatory of did not breach any of our licence conditions or regulatory requirements.”
Ladbrokes showered Parente with thousands of pounds worth of gifts over two years as he lost up to £60,000 a day with money he later admitted he had stolen.
Labour MP Carolyn Harris said the decision that Ladbrokes cannot be fined over the NDA showed the commission was not fit for purpose. “Until we reshape the gambling regulations in this country, the industry will continue to exploit and hold vulnerable gamblers to ransom,” she said.
She added that the commission was “complicit in what is actually abuse – of power and of individuals.”
“In this particular instance the full details were reported by the operator and we have since issued them with advice over their conduct regarding NDAs. We have also ensured that all future NDAs make clear that parties to the agreement can inform the relevant regulator,” the commission said.
Ladbrokes could still be fined for encouraging Parente to keep betting with free gifts, cashback on losses and bonuses. “We are still to conclude all matters relating to this individual and are unable to comment further at this stage,” the commission said.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Ladbrokes Coral Escapes Fine for Secrecy over Gambler’s £1M Theft
