Videoslots Limited faces £2 Million penalty for compliance failures

[News Hound]

Videoslots Limited are the latest UK licensed operator to be hit with a penalty package after the UKGC identifies compliance failures

Read the full article here: Videoslots Limited faces £2 Million penalty for compliance failures

 

[jasonuk]

Looks like there are a couple of links missing:

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  is the UKGC announcement
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  is the "public statement" (commentary / ruling)

Sadly, £2m for breaches spanning 2 1/2 years seems to be in the "cost of doing business" category again - particularly when affiliates like Bandit are broadcasting such incidents on a regular basis, and given this is another S116 review (the last in 2018 resulted in a £1m fine).

 

[Webzcas]

I think this is a more important link - Videoslots to challenge KSA fine

Looks like they are being turned into a kebab by two regulatory authorities!

 

[jasonuk]

I think this is a more important link - Videoslots to challenge KSA fine

Looks like they are being turned into a kebab by two regulatory authorities!

Different (older) story, and I probably wouldn't join the dots here... they are two distinct trajectories:

In the case of the UKGC, they investigated for AML/RG failures between 2019-2022, issued their ruling which VideoSlots have settled and are paying £2m as a result.

In the case of the KSA, the KSA (allegedly) gained illegal access to VS servers using a VPN to demonstrate it was "targeting Dutch customers", then fined them €9.8m for it in March. Understandably Videoslots - and many other operators - are pushing back against such ridiculous penalties and behaviours, a continuation of the thread of the KSA overstepping their legal authority for the past 20 years. That was discussed in detail here and here.

 

[Webzcas]

Bottom line is and the point being, it seems that when it comes to regulatory action, it is a case of sticking a finger in the air and see which way the wind blows