Shares in FDJ United set a new 52-week low on Wednesday as Britain’s Gambling Commission issued a fine of £10 million in relation to the Unibet and Bingo.com brands.
The fine was issued to Platinum Gaming, operator of the Unibet and Bingo.com brands in the United Kingdom, and relates to anti-money laundering (AML) and social responsibility failings.
Alongside the fine, Platinum Gaming has also received a warning and must undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls.
“While industry wide progress has been made in reducing unchecked high spending, the failings at Platinum Gaming are particularly disappointing,” said John Pierce, director of enforcement at the Gambling Commission.
“The case revealed serious shortcomings in customer interaction systems, including failures to identify and act on clear markers of harm. These included consumers losing thousands within hours or days of registration, repeatedly breaching loss limits, and exhibiting patterns of binge and high-velocity gambling without appropriate intervention.”
The failings identified by the Commission include a player who was allowed to lose £5,000 within 24 hours of opening an account, without any intervention by staff, and another who lost over £31,000 within nine months and hit their monthly loss limit on six occasions, again without intervention.
The Commission investigation found that Platinum Gaming had insufficient policies and procedures in place to carry out effective customer due-diligence and enhanced customer due-diligence according to the level of risk displayed by a customer.
The regulator also found no evidence that potential high-risk factors such as high-risk occupation, high levels of transactions through deposits and withdrawals and a high level of loss, had been considered when customer reviews were undertaken.
“Alongside the £10 million financial penalty this operator is required to conduct a follow-up independent audit and internal investigation – providing regular updates to the Commission,” added Pierce. “These added conditions are designed to drive meaningful change, reinforce accountability, and embed a culture of compliance.
“Senior leaders must take ownership of compliance outcomes and ensure lessons are embedded across the organisation, supported by structured reporting and board level oversight – and further regulatory activity will remain a possibility.”
This is the third multi-million pound penalty imposed on Platinum Gaming after the operator was fined £1.6 million in 2019 and £2.9 million in 2023 for social responsibility and anti-money laundering failures.
Shares in Platinum Gaming parent FDJ United (EPA:FDJU) were trading 0.53 per cent lower at €26.08 per share in Paris Wednesday morning, having set a new 52-week low of €25.94 per share earlier in the day.