Entain the Foxy Bingo site owners have just received the largest ever fine imposed on a gambling company. A fine of over £600 Million is an eye-watering amount that will make companies operating in black markets sit up and notice.
The UK’s Largest-Ever Regulatory Fine
Entain is one of the foremost providers of Online Bingo games to the UK public so it beggars belief that the company copped a fine this large.
Foxy Bingo as well as numerous other bingo brands have moved to the Electracade Bingo software in recent times. It follows on from the company taking over the Cozy Games Bingo platform.
The fine imposed by the Crown Prosecution Service is related to a business that Entain absorbed into its conglomeration of Gambling sites.
Why Was The Fine Imposed
GVC which has subsequently rebranded or incorporated into Entain ran a Turkish gambling business which according to the laws of Turkiye as it is called is illegal. That though is not what the fine is for.
This massive fine is related to the company not having adequate anti-bribery measures in place and an investigation revealed misconduct by previous employees and outside suppliers.
Entain has voluntarily accepted a fine totalling £585 Million. The remainder of the amount is made up of £10 Million in costs and a £20 Million charitable donation.
This is by far the largest fine imposed on a UK Gambling company and it was not even imposed by the UKGC.
Given the seriousness of these crimes, perhaps it is time for the UKGC to get involved and take a look at the business practices of Entain and other large gambling companies.
It seems they chose to flout the laws and regulations governing what markets they could operate in. They were more concerned about creating revenue.
Luckily for Entain, they get to pay this fine in instalments. Another lucky aspect of this issue when so many others are obliged to pay fines in a single instalment.