London-listed online gaming operator Stride Gaming has confirmed that its subsidiary Daub Alderney has been fined £7.1m by the UK Gambling Commission (UKGC).

The fine relates to failings in its anti-money laundering and social responsibility procedures, with Stride Gaming having made a provision of £4m for the penalty after being notified by the UKGC earlier this year.

In a statement Tuesday, Stride Gaming confirmed the fine would be higher than expected at £7.1m and said that while it believes the UKGC fine to be "excessive and disproportionate", it was not in the interests of its stakeholders to appeal the UKGC's findings or penalty.

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