Commonwealth Bank of Australia Faces AU$150,000 Fine for Increasing Gambling Addict’s Credit Limit

Commonwealth Bank of Australia Faces AU$150,000 Fine for Increasing Gambling Addict’s Credit Limit

The Commonwealth Bank has faced a monetary fine worth AU$150,000 because it was found guilty of increasing a gambling addict’s credit limit with the customer having previously informed it about his problem gambling. At the time, the gambler had also said he was unwilling to get such a credit limit increase because he could not efficiently control his gambling habits. The Federal Court found that, with these actions, the bank had violated the responsible lending provisions of the National Consumer Credit Protection Act. Still, the court revealed that the breach…

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GVC Holdings Sells 106 UK- and Ireland-Based Racecourse Pitches to Exit On-Course Betting Operations

GVC Holdings Sells 106 UK- and Ireland-Based Racecourse Pitches to Exit On-Course Betting Operations

Two of the most popular British betting brands – Ladbrokes and Coral – will no longer operate on the betting rings in the UK and Ireland after it was confirmed that the owner of the two companies, GVC Holdings, has reached an agreement to sell its 106 pitches to a competitor and exit on-course operations. In a statement released on October 27th, the trading director of GVC Holdings, Rom Ritzema, said that it was not an easy decision to make and explained that a number of factors had been taken…

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