UK Bookmaker Hides £1 Million Theft & Dodges Being Penalised For It!

The UK Gaming Commission is not very tolerant of operators who choose to go off-book in order to circumvent their regulations. Especially when the matter at hand is an attempt to obfuscate the fraud in excess of £975,000 – which the bookmaker was the sole beneficiary of.

Far from being the plot a wild Vegas-based crime drama, this is how Tony Parente, a Ladbrokes high roller, was funding his £60,000 a day gambling habit. To add insult to injury they then tried to keep it from the Commission through the use of NDA's and cash settlements.

✓Profit Over Protection

The Commission heard how the so-called VIP was encouraged to keep spending at the bookmaker by an overzealous VIP host who crossed many of the regulatory body’s requirements for dealing with potential high-risk players.

One of these is requiring a bank statement from a player to prove that they have the funds on hand to gamble at the level they’re aspiring to. When the player stonewalled the host, he was sent a message simply saying:

“Don’t worry mate won’t need this now.”

This lackadaisical approach to enforcement was accompanied by a slew of bonuses, gift hampers and other enticements to get Parente back in the room and spending big.

✓The Rub

As if Ladbrokes management of Parente’s account wasn't concerning enough, they tried to pull the wool over the Commission’s eyes by agreeing to repay the stolen money on the condition that the victims sign an NDA stating they would not discuss the matter with the UKGC, nor would they assist any other claimant in bringing a case against them before the Commission.

While the Commission has guidelines for the use of such Non-Disclosure Agreements the one provided to Parente and his victims fell within the constraints of such documents, allowing Ladbrokes to avoid any sanctions from the Commission.

However, the Commission has revisited the use of such NDA’s and claim that no such loophole exists any longer:

“We have also ensured that all future NDAs make clear that parties to the agreement can inform the relevant regulator.”

While Ladbrokes has dodged this bullet, they may yet face fines over their heavy-handed use of gifts and bonuses to encourage Parente’s spending behaviours as well as what seems to be an intentional decision to bypass regulatory requirements in order to pad their bottom line.