Videoslots is required to pay £2 million due to regulatory failures.

The GB Gambling Commission has instructed Videoslots to pay £2 million due to their failure to adhere to social responsibility and anti-money laundering measures. The Commission discovered these regulatory breaches during an investigation that took place from October 2019 to February 2022. Videoslots, who manage Videoslots.com, Videoslots.co.uk, and Mrvegas.com, have agreed to the terms of the settlement with the regulator.

The Commission's findings identified several shortcomings in terms of social responsibility. Videoslots failed to identify customers displaying risk behaviours and potential harm, as responsible gambling reviews were not conducted promptly or thoroughly. Additionally, the operator neglected to assess whether the amounts being deposited or lost by customers were appropriate, allowing individuals showing signs of harm to continue gambling significant sums.

AML failures were also noted, as Videoslots did not effectively implement its risk-based processes, leading to delays in necessary actions. Customer due diligence was not carried out as intended, and the operator needed more AML analysts to process data and conduct account reviews.

Specific breaches outlined by the Commission include violating licence condition 12.1.1(3), which requires licensees to ensure the implementation and regular review of policies, procedures, and controls. Videoslots admitted breaching this licence condition between March 2021 and April 2022. Failures in risk-based processes and customer due diligence were observed during this period, allowing a player to deposit £112,225 without appropriate actions being taken.

Videoslots was found to have failed to comply with the SRCP 3.4.1 Customer Interaction requirements regarding social responsibility. This means they did not interact with users to minimize gambling harm, including identifying and engaging with at-risk players. Videoslots has acknowledged its non-compliance with SRCP 3.4.1 between October 2019 and October 2022. To rectify the situation, Videoslots needed to identify customers displaying risk behaviours, use restrictive measures promptly, and assess the appropriateness of deposit and loss amounts. While Videoslots has taken steps to address the issue and cooperated with the investigation, the GB Gambling Commission has imposed a financial settlement due to the severity of the failures. The settlement includes a £1.5 million payment directed towards socially responsible causes, a divestment of £494,842, and £11,308 to cover investigation costs.