Casino News Roundup: The Latest From The Casino & Gambling Industry

In a stunning turn of events, TD Bank is facing a potential $3 billion penalty over alleged failures in preventing money laundering connected to drug cartels—and possibly the gambling sector. The Office of the Comptroller of the Currency is not holding back, citing a '$670 million' laundering operation that went unnoticed across '$18.3 trillion' in customer activity between 2014 and 2023.  

As CEO, Bharat Masrani, prepares for his exit in April 2025, the bank's shares have plummeted nearly ‘5%’ following news of its ‘third-quarter loss’. 

U.S. Attorney General, Merrick B. Garland, emphasized that TD Bank 'created an environment that allowed financial crime to flourish. Discussions around potential prosecution for involved staff are ongoing. 

In a move that may cool the UK government’s warm ties with the gambling sector, reports indicate that the Labour government could double tax rates on "higher harm" gambling products, including online casino games. Proposals could generate £2.9 billion by 2025 and £3.4 billion by 2030, according to the Institute for Public Policy Research. 

The new measures, expected to be unveiled in the budget on October 30th, target higher-stakes gaming while leaving the National Lottery and Bingo untouched. Critics warn that such tax hikes could drive gamblers to unregulated markets. 

Grainne Hurst, CEO of the Betting and Gaming Council, has condemned recent calls to raise taxes on the gambling sector as “fantasy economics.” Amid talks from Chancellor Rachel Reeves and various think tanks proposing tax increases—including a potential remote gaming duty rise to 50%—Hurst argued that such measures could hinder industry growth, threaten jobs, and harm horse racing.

She emphasised the sector’s need for stability, especially as it prepares to implement new regulatory measures costing over £1 billion. Hurst also warned that increased taxes could drive customers to the black market, which lacks consumer protections. 

With 22.5 million people engaging in betting monthly, she called for a balanced approach to regulation that supports growth without burdening legitimate operators.

In a heartbreaking story, shocking footage from the tragic death of Ethan Bherwani, a 22-year-old college student who died from a fentanyl-laced cocaine overdose at the Mohegan Sun casino. Surveillance footage captured his final moments while celebrating his graduation. The drug dealer involved, who had previously been banned from the casino, was recently sentenced to eight years in prison. 

(Image: Facebook)

Ethan’s father, Kamal Bherwani, is now advocating for greater awareness around drug issues in casinos through a new nonprofit called ‘Preclivity’, aiming to prevent future tragedies. The family are promoting a new video game, which also tells Ethan’s story and highlights the dangers of drug use.  

(Image: preclivityfdn Instagram page)