Coral owner faces inquiry in Australia

THE owner of Ladbrokes is being investigated in Australia over suspected failures to follow money laundering and terrorism financing rules.

The Australian Transaction Reports and Analysis Centre (Austrac) is looking at whether Entain, which also owns Coral, “has complied with its [gambling] obligations” under Australia’s laws.

Nicole Rose, the watchdog’s chief executive, said: “Reporting entities have a responsibility to ensure they identify, assess and manage risks of money laundering and terrorism financing, develop adequate processes and devote the necessary resources to comply with their obligations.”

The inquiry began after an “extensive supervisory campaign” covering the whole bookmaking sector. Entain is the first British company to be singled out for more intensive investigation but the watchdog did not rule out further action against other operators. Entain said that it was cooperating with the investigation.

Austrac carried out a standard assessment of its Australian business, Entain added, relating to its operations between July 2016 and June 2020. London-listed Entain controls about one sixth of the country’s online betting market.

Last month the UK’S Gambling Commission fined Entain a record £17m and warned that it could lose its licence in Britain unless it tightened up its controls. The regulator flagged several failings, following a government review of gambling laws meant to tackle addiction and prevent money laundering.