The gambling industry is not just competitive but also strict. Regulatory establishments are aiming to closely follow each step in the market made by the operators, providers, marketers, and even players. GBC Time has listed the biggest iGaming fines of the past decade.
iGaming industry has been successfully reaching all the achievements and goals. Thanks to the growing popularity, the iGaming sector has been growing and improving the inside and outside mechanisms and systems. According to the large audience worldwide, this industry is able to reach even more success in the future.
One of the most essential factors for the success of the industry is the perfect set regulation system. That implies all rules, integrity, and transparency in authorities and operators’ actions should be followed. But what is happening in case of violation?
According to the GamblingIndustryFines.com report of 2020, the regulatory authorities issued over £44 million during the year. The most common reasons for fines were cases in anti-money laundering schemes and social responsibility. Of course, a significant part of the violation included responsible gambling and illegal activities.
You can also find more about gambling regulation in different countries to stay tuned for the updates in gambling legislation. Find more at the link
Malta as the strictest market
In January 2020, Malta Gaming Authority fined Blackrock Media for servicing unauthorized transactions. Considering the total sum, the fine size was £2 million.
Malta Gaming Authority is considered to be one of the strictest regulators worldwide. However, the gambling market in Malta is also one of the most attractive for businesses. You can find more about the online casino business in Malta at the link.
Fines for Kindred Group
Kindred Group is one of the leading gambling companies worldwide. However, with the big popularity, more attention from the authority is coming. Sweden issued a fine of SEK100 million ($9.5 million).
After the regulation authority reformed the legislation system, some of the operators were caught in violation of the new rules.
Eventually, The Kindred Group faced another risk of a fine. At this time, the sum was way higher than the first time. Norwegian Gambling Authority warned the company about a £36 million fine over failure to leave the market.
Even more fines in 2020
2020 was definitely full of regulation changes and reforms. Therefore, a lot of operators and gambling companies faced fines. The list of such companies includes Caesar’s Entertainment UK with a £13 million fine.
As it was already mentioned above, anti-money laundering issues were the common reasons for the penalties. BGO Entertainment was such a company. The business got fined for social responsibility failures. The sum of punishment was £2 million.
Read more: Best Canadian Online Casinos
