Friday, September 8, 2017

Whip On 888 Holdings After UKGC Imposes $10 Million Fine On The Company

The 888 Holding casino has hit the headlines following a whip from the UK Gambling commission. The company was fined for not complying with the regulating rules set by the board, particularly in connection with social responsibility. In just a recent scrutiny, it was unearthed that 888 Holding was among the gambling companies that have been exploiting consumers by encouraging problem Gamblers.

in the article 888 Holdings Fined 10 Million Dollars For Problem Gamblers at PlaySlots4RealMoney it says that the primary focus of the company was on 7,000 Gamblers who had deposited an amount estimated at $4.5 Million into their gambling accounts. This came as an indicator to the company that there was indeed a looming issue of problem gambling.

Since the establishment of UK Gambling Commission, such a fine had never been imposed on a gambling company. Apparently, this is the largest fine to have been imposed on any gambling company. The commission justified its move on the grounds of safeguarding vulnerable customers from irresponsible gambling.
888 Casino Holdings Whip On 888 Holdings After UKGC Imposes $10 Million Fine On The Company

In his comments, MP Tom Watson slammed on the company terming its practices as outrageous. He further claimed that the practice of exposing vulnerable consumers is unacceptable and must not be entertained at all.

To back the sentiments of Tom Watson, the UK Gambling Commission Spokesperson said that matters f safeguarding consumers must remain of interest at all times. None of the betting companies should take the responsibility of protecting customers lightly. She said that the penalty imposed on the 888 Holdings Company should serve as a great lesson to other companies that tend to exploit vulnerable consumers. The move by the commission was to mitigate the effects of problem gambling and to ensure that the practice is named before it grows further.

Evidence On Irresponsible Gambling

UK Gambling Commission took the case of one person who had made 850,000 bets worth $1.7 Million in just a period of slightly above one year. To the commission, this is something that the company should have noticed and discouraged early enough. The aftermath was that the customer was charged and sentenced to 16 months since it was revealed that he had the habit of stealing to fund his gambling habits.

The 888 Holding company did not have time to interact with the customer despite noticing the amount of money involved, and the duration it took. This went ahead to raise and alarm hence prompting the commission to act. The board confirmed that it remains vigilant about issues of corporate social responsibility and that any company must play its role.

More Regulatory Measures

The government is expected to extend its whip on casino malpractices come October 2017. This is directed towards ensuring that betting companies do not expose consumers to problem gambling. The move is also prompted by the recent study that revealed 0.2% increase in cases of problem gambling in the UK. The commission and the Government are expected to address issues of fixed-odd betting among other problems.

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