UK’s Gambling Commission has given online casino operator Casumo a hefty fine of 7 million euros (around 6 million pounds). This fine has been given based on the inspection in 2019 where it was said that Casumo has failed multiple times to comply with some of the key elements within social- and financial concepts revolving around the industry. Before we scold Casumo any further, we have to admit that they have been working hard to correct their wrong doings.
Casumo’s growth between the years of 2019-2020 was so rapid, they neglected few of the key fundamentals of financial reporting, which caused the investigations to start in the first place. Also, UKGC’s report indicates that Casumo failed to comply with the regulations referring to problematic gambling behaviour (basically means that they didn’t work hard enough to battle gambling addiction on their platform).
No other regulatory changes to Casumo’s day-to-day operations
Casumo has taken full responsibility and paid their fines, which means they can get back to business – with improved processes for problematic gambling behaviour of course. Gambling addiction is no joke, and 3rd party organisations that usually regulate online casino operators have made their point very clear: If you don’t comply, you’re going to get fined and in a worst case scenario – you’ll lose your gambling license. UK is a pretty lucrative market for gambling companies and losing their license in the UK could have devastating effects to their business.
Paul Collins is a freelance journalist from Newport, Wales. Paul has worked within the Gaming Industry since 2009. Paul focuses mainly on sports but also covers regulatory and compliance news pieces.