The UK Gambling Commission (UKGC) recently announced that it has fined Videoslots Limited £2 million for failing to comply with the commission’s regulations. The fine was issued after the UKGC conducted an investigation into the company’s operations and found that it had breached a number of regulations.
Videoslots Limited is a UK-based online casino operator that offers a wide range of online gambling services, including slots, table games, and live dealer games. The company has been operating in the UK since 2011 and is licensed by the UKGC.
The UKGC’s investigation found that Videoslots Limited had failed to comply with a number of regulations, including failing to carry out proper customer due diligence checks, failing to ensure that customers were not gambling with stolen funds, and failing to ensure that customers were not gambling with money they could not afford to lose. The commission also found that the company had failed to adequately protect vulnerable customers, such as those with gambling addictions, from harm.
In response to the UKGC’s findings, Videoslots Limited has agreed to pay the £2 million fine and has also agreed to implement a number of measures to ensure that it complies with all of the commission’s regulations in the future. These measures include introducing a new customer due diligence process, strengthening its procedures for protecting vulnerable customers, and improving its anti-money laundering processes.
The UKGC’s decision to fine Videoslots Limited is part of its ongoing efforts to ensure that all gambling operators in the UK comply with the commission’s regulations. The commission has also warned other gambling operators that it will take similar action against them if they fail to comply with its regulations.
The UKGC’s decision to fine Videoslots Limited serves as a reminder to all gambling operators in the UK that they must adhere to the commission’s regulations or face serious consequences. It is also a reminder to customers that they should only gamble with operators that are licensed by the UKGC and that they should always take steps to protect themselves from harm when gambling online.
