GVC Shares Slip on Ladbrokes scandal of payoffs to victims of Problem Gambling
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Ladbrokes, a subsidiary of GVC Holdings, had agreed to pay the victims of the problem gambler £1mln in return for a pledge to not inform the industry regulator.
Shares GVC Holdings slipped because of the scandal regarding payoffs to victims of the problem gambler.
The gambler admitted to having stolen the funds, with Ladbrokes agreeing to pay the money to five of the victims who accused the bookmaker of accepting stolen funds.
The company had offered to the victims the incentives including free tickets to Arsenal games, the company box at the Royal Ascot, and return flights from Dubai.
The issue came to light when the gambler reported the issue to the UK Gambling Commission, breaking the terms of the settlement.
An area of particular concern were text messages exchanged between the gambler and an account manager assigned to him, which raised doubts around the company’s compliance with regulations designed to prevent problem gambling and money laundering.
The UKGC, which monitors the industry, said it was investigating the matter to “ascertain the full circumstances” of the revelations.
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