Entain-owned bookmaker Ladbrokes has been fined AU$80,000 (€50,000) by the Northern Territory Racing Commission (NTRC) for serious breaches of its licensing conditions.
Ladbrokes allowed Fineff to continue gambling under an alias
The sports betting company was found to have failed in its responsibility to limit the spending of a gambler who had stolen millions of dollars from his clients in order to fund his gambling addiction.
The gambler in question, Gavin Fineff, has since pled guilty on fraud charges in a New South Wales court and is currently awaiting sentencing. According to court records, Fineff lost over AU$8 million (€5.1 million) to sports betting.
According to an investigation carried out by the Northern Territory Racing Commission, Ladbrokes had failed to query Fineff’s ability to afford his losses and did not carry out its due diligence in ascertaining the source of his funds. Instead, the company offered Fineff bonuses and enticements worth AU$528,890 (€334,706).
In statement, the NTRC noted:
Ladbrokes Fined for Allowing Fraudster to Lose AU$750k Without Checking Source of Funds Ladbrokes Fined for Allowing Fraudster to Lose AU$750k Without Checking Source of FundsAs a result of the investigation, the NTRC imposed three fines on Ladbrokes, totaling $78,540 (€49,516) This was the maximum amount possible for each of the breaches.
During the investigation the NTRC found that Ladbrokes had verified that an account Fineff opened using an alias in fact belonged to him. Yet despite the discovery, the company continued to encourage his betting activity. His losses to Ladbrokes amounted to AU$758,510 (€480,004).
Image credit: Danrok / CC BY-SA 3.0
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.