The growth of the gambling industry doesn't always mean a better and cleaner environment. Thus, gambling operators have been fined €49 million in 2020, which is way bigger than a year ago. Login Casino always follows the latest financial news in gambling and explains the situation around the penalties.
According to the sources, the total amount of penalization for gambling operators achieved a €49 million point. That is a 175% growth compared to 2019 when gambling firms have paid about €28 million 'only.'
The sizes and reasons for the fines varied significantly. Thus, some firms were penalized by a few million euros for providing unregistered transactions. Breaking the local advertising rules led to almost a €10M fine for one of the international gambling operators. Another type of fraud was inconsistency with Anti-Money Laundering practices, and the penalty exceeded a €10M point. At the same time, the disparity with licensing conditions could lead to 'only' six-digit fine.
What are the reasons for such dangerous growth?
Among the primary reasons why such an increase took place in 2020 was the growth of the number of gambling operators. The more participants, the bigger will be total amounts of revenues and fines. However, all the countries are reviewing their gambling laws and tightening the related conditions. The variety of requirements across diverse states also creates additional problems for international operators, which have to adjust to different conditions simultaneously.