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Ladbrokes Australia Has Been Fined for Violating Gaming Regulations
The Australian Northern Territory Racing Commission (NTRC) said the operator was fined A$78,540 (US$52,747) by the regulator for failing to conduct due diligence on the source of funds for its customers.
A player reported the operator’s violation to NTRC, who said that although he earned an annual salary of 145,000 yuan ($97,338), he was not in a good position to receive funds from the operator. The Australian newspaper The Guardian claimed that the player’s name was Gavin Fineff, but the NTRC chose not to disclose the player’s name and referred to him as a “gambler” in all programs.
According to records, the player initially deposited A$2.2 million (US$1.48 million). In the last two years, Fineff withdrew nearly $1.5 million ($1 million) and lost $758,510 ($508,580).
The vast majority of my bets come from other people. Gavin Fineff
He admitted to fraud.
Gavin Fineff
According to Australian media reports, Fineff is awaiting sentencing in New South Wales after pleading guilty to “multiple criminal offences”. It was also reported that he may have lost up to A$8 million (US$5.35 million) on sports bets. According to sources, he received the money from friends, relatives and clients in his capacity as a financial advisor.
However, Fineff claimed that he was contacted by a salesperson on behalf of Ladbrokes to promote the company’s gambling services and offered him a welcome bonus of an undisclosed total amount estimated to be up to A$20,000 (US$13,400). He then opened an account with Ladbrokes under a pseudonym and received bonuses of A$528,890 (US$353,721.63), A$416,390 (US$27,848.16) and A$112,500 (US$75,150) upon completion of the account creation.
Fineff went on to explain that during his time on the company’s platform, Ladbrokes did not mention any information about responsible gambling, let alone restrict his gaming account. He said his activities were never stopped and that the operator never asked him about his spending. To put it simply, the operator did not conduct any inspections at all, and he even shouted: “Why didn’t you stop me?”
Ladbrokes argued that he had asked Fineff to set a deposit limit on July 5, 2019, but he did not do so.
Fineff also complained that Ladbrokes may not have protected his data, saying Ladbrokes obtained his details and contact information from another bookmaker where he registered his personal information.
Ladbrokes denied this, saying that he obtained Fineff’s details from the public domain, and explained that it took several weeks to open an account because Fineff asked for VIP treatment.
Final verdict
The Commission ultimately found Ladbrokes in breach of licensing regulations by initially contacting Fineff and “encouraging him to start gambling” and without conducting any affordability checks; Second, the company did not succeed in identifying Fineff as a problem gambler. In addition, the Commission found that Ladbrokes knew Fineff’s identity before contacting him, violating data protection agreements.
Ladbrokes was fined three amounts of $26,180 totalling $78,540.
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