GiG subsidiaries to pay fine after UK regulator finds shortcomings

(source: Unsplash/Heidi Sandstrom)

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Betit Operations Ltd and MT SecureTrade Ltd, subsidiaries of Gaming Innovation Group Inc. (GiG), each concluded a regulatory settlement with the UK Gambling Commission (UKGC) for shortcomings the watchdog had found related to anti-money laundering and social responsibility controls during the period of 2014-2017. The two subsidiaries will also pay a fine each, according to a press statement.

The mother company says it identified failures relating to requirements around key event notifications. Betit will pay £1.4m (€1.6m) and MT SecureTrade £700,000 (€800,000+) to responsible gambling charities pursuant to negotiated regulatory settlements, the press release says. The assessments were carried out in 2017 and 2018.

“Each company acknowledged previous weaknesses in its controls to meet social responsibility requirements early in the Gambling Commission process and immediately took steps to address the gaps in its procedures,” said Robin Reed, CEO of GiG. The CEO also praised the transparency of the process and cooperation with the UK watchdog.

“Commencing from the end of 2017, GiG has embarked on an ambitious journey to place player well-being, prevention of money laundering and sustainable business practices at the core of its operators,” Mr Reed added.

“In the last two years, we have invested heavily in automated technology such as artificial intelligence (AI) and machine learning (ML) enabling early prevention, monitoring and other reporting tools. We have also invested in people, building our compliance and player safety teams and ensuring that the necessary tools are available to them to assist in their duties of reducing the risk of business being used to further financial crime and detecting and interacting with players who may be vulnerable or at risk of problem gambling,” Mr Reed said.

The CEO ensured commitment to forming a “safe environment” for players and to “reduce gambling-related harm”. GiG says it envisages an iGaming market that is “fair and fun for all”.

Gaming Innovation Group Inc has operations in Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK.