888, the ownership company of British bookmaker William Hill, announced that it is prepared to take responsibility for its subsidiary's past failures.
Earlier today, the UK Gambling Commission fined William Hill £19.2 million ($23.67 million) for breaching anti-money laundering and social responsibility regulations between 2020 and 2021. This is the regulator's largest penalty to date against a UK operator.
The investigation found William Hill guilty of failing to provide sufficient safeguards for customers, allowing players to lose thousands of pounds in single sittings, and failing to verify the source of funds, among other issues. Despite considering revoking William Hill's license, the regulator decided against this due to the operator's cooperation and commitment to improve.
Although William Hill has struggled recently, 888 stated that it will cover the fine and has set funds aside. A spokesperson emphasized that William Hill will improve under 888's management through a rigorous action plan addressing past failures. The spokesperson said the fine relates to William Hill's previous ownership and that 888 shares the UKGC's goal of raising industry standards. As such, 888 will continue working with regulators and stakeholders to prevent future violations.
888 acquired William Hill from Caesars Entertainment for $2.5 billion in late 2020. The acquisition was approved by most 888 shareholders despite changes to the economic and regulatory environment. Soon after, 888 introduced new executive leadership at William Hill.
Although the fine is inconvenient given 888's recent decline in certain metrics and regulatory issues in other markets, 888 was prepared to cover the settlement. The company is committed to William Hill's improvement and compliance.
Earlier today, the UK Gambling Commission fined William Hill £19.2 million ($23.67 million) for breaching anti-money laundering and social responsibility regulations between 2020 and 2021. This is the regulator's largest penalty to date against a UK operator.
The investigation found William Hill guilty of failing to provide sufficient safeguards for customers, allowing players to lose thousands of pounds in single sittings, and failing to verify the source of funds, among other issues. Despite considering revoking William Hill's license, the regulator decided against this due to the operator's cooperation and commitment to improve.
Although William Hill has struggled recently, 888 stated that it will cover the fine and has set funds aside. A spokesperson emphasized that William Hill will improve under 888's management through a rigorous action plan addressing past failures. The spokesperson said the fine relates to William Hill's previous ownership and that 888 shares the UKGC's goal of raising industry standards. As such, 888 will continue working with regulators and stakeholders to prevent future violations.
888 acquired William Hill from Caesars Entertainment for $2.5 billion in late 2020. The acquisition was approved by most 888 shareholders despite changes to the economic and regulatory environment. Soon after, 888 introduced new executive leadership at William Hill.
Although the fine is inconvenient given 888's recent decline in certain metrics and regulatory issues in other markets, 888 was prepared to cover the settlement. The company is committed to William Hill's improvement and compliance.
