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.
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 Funds Ladbrokes Fined for Allowing Fraudster to Lose AU$750k Without Checking Source of Funds“Right from the earliest moments of its first interaction with the gambler, Ladbrokes appears to have not given due attention to whether the gambler could afford to gamble to the levels that he was.
Rather than making any inquiries of substance as to whether the gambler could afford to gamble to these levels, Ladbrokes encouraged the gambler to open a betting account with it by providing attractive bonus and deposit rebate incentives as an inducement to open a betting account.”
As 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
