Summary
TGP Europe has exited the British gambling market after a Commission investigation revealed serious regulatory breaches. The company surrendered its licence following a £3.3 million penalty for failing to conduct proper due diligence and breaching anti-money laundering (AML) rules.
The investigation highlighted TGP’s deficiencies in checking third-party ownership and funding sources, as well as managing money laundering risks effectively. This isn’t their first scandal, as they were previously fined for similar regulatory failures.
As TGP’s exit raises concerns, several football clubs now find themselves linked with unlicensed operators. The Commission is actively ensuring these clubs comply with regulations to protect consumers from potential harm.
Key Points
- TGP Europe has surrendered its gambling licence in the UK due to regulatory violations.
- The company was fined £3.3 million for inadequate checks on business partners and AML breaches.
- They previously faced a fine of £316,250 for similar regulatory non-compliance in 2023.
- Several football clubs are now associated with unlicensed gambling sites due to TGP’s exit.
- The Commission is urging clubs to conduct rigorous due diligence on their gambling partners to protect consumers.
Why should I read this?
If you’ve got a stake in the gambling industry or just follow it for interest, this news is crucial. It’s not just some regulatory mumbo jumbo – TGP’s departure reflects serious issues in the market that could affect consumers and football clubs. It’s worth knowing what’s going on to stay ahead of the game!
