Fixed Matches Safe Predictions
Fixed Matches Safe Predictions
29 – JUNE – 2023
SWEDEN: SVENSKA CUPEN
*19:00* Hudiksvall – Gottne IF
Result: 7-0 WON
*** TODAY’S BEST DAILY FIXED MATCH ***
They apparently knew it was coming, but receiving the letter and seeing a £19.2 million fine glaring back at you has had to knock the wind out of your sails.
That’s what occurred to William Hill this morning, who have now surpassed Entain as the bookmaker with the largest ever UK Gambling Commission penalties.
It’s all because of licensing condition failures between May 2020 and October 2021, and it might have been far worse.
The UKGC was this close to having their license suspended (I’m doing that thing with my thumb and index finger) and were only rescued because they responded promptly and are now under new ownership.
The problem is a lack of social responsibility and anti-money laundering measures, but the large fine is due to the extent of the problem.
The list is quite large, and because the William Hill company is made up of multiple technically distinct firms, it is also relatively difficult.
WHG (International) Limited, which runs the William Hill website, Mr. Green Limited, which runs the Mr. Green website owned by William Hill, and William Hill Organisation Limited, which operates their high street premises, are the three elements of the overall William Hill business involved here.
We can observe that the worst of the shortcomings are attributable to WHG (International) Limited, or, in other words, the William Hill internet operation.
They have seized little more than 65% of the fine, Mr Green has to pay slightly more than 19%, and William Hill Organisation Ltd is accountable for the remaining 15.5% or so.
To be more explicit about what went wrong here, it may be simpler to divide it by category.
This relates to instances where William Hill should have recognized potentially dangerous gambling behavior, such as unexpected large bets or unusual betting behavior, and intervened to ensure the consumer could afford it.
Inadequate safeguards are in place to protect new customers, as well as to adequately assess high-velocity expenditure and duration of play until the consumer is exposed to the danger of significant losses in a short period.
Without any checks, one consumer was permitted to establish a new account and spend £23,000 in 20 minutes.
Another consumer was permitted to create an account and spend £18,000 in 24 hours without being subjected to any checks.
Failure to identify specific clients at risk of gambling-related damage and inability to conduct checks early in the customer’s journey – one customer lost £14,902 in 70 minutes.
Allowing consumers to deposit big sums without doing adequate checks – one customer spent and lost £70,134 in a month, another lost £38,000 in five weeks, and another lost £36,000 in four days.
Allowing clients to deposit big sums without doing enough checks – one customer placed £73,535 and lost £14,068 in four months.
Customers were able to stake large sums of money without being adequately monitored or scrutinized – the operator failed to request Source of Funds (SoF) evidence when one customer risked £19,000 in a single bet.
Was unable to obtain documentation from a customer who staked £39,324 and lost £20,360 in 12 days and failed to get SoF evidence from a customer who gambled £276,942 and lost £24,395 over two months.
Policies, procedures, and controls lacked direction on what action to take in response to the results of consumer profiling and how the findings should be used to determine the proper consequence.
Before client risk profiling was completed, procedures and controls lacked firm stops to limit additional spending and reduce money laundering concerns.
AML employee training did not give enough knowledge about risks and how to handle them.
If you didn’t already know, 888 purchased William Hill’s European assets from Caesars in 2022 after Caesars purchased the firm a year earlier.
This implies that 888 is bearing the price for something they had nothing to do with because they did not own William Hill at the time the offenses occurred.
This may be true, but it wasn’t long ago when 888 was hit with a hefty punishment of its own.
This recent financial windfall brings their fine total to £28.6 million in a 12-month period, which is a significant chunk of their yearly revenues, and it comes at a time when the firm is deeply in debt, and the industry’s prospects are unclear.
888’s stock price has plunged in recent months, falling another 11% or more following the announcement.