His company was fined £5.9million this week for failing to protect vulnerable problem gamblers.

But today the Daily Mail can reveal the boss of Britain's largest betting firm has been downplaying the country's gambling addiction crisis, saying there are 'far bigger social issues'.

Kenny Alexander, chief executive of Ladbrokes Coral owner GVC, told the Mail two months ago it was his 'biggest frustration' that the firm still faced criticism over problem gambling.

Kenny Alexander, Iqos Fiyat chief executive of Ladbrokes Coral owner GVC, told the Mail he was 'frustrated' by the criticism directed at his firm. He said: 'I think there are far bigger social issues in the UK than problem gambling, that is my biggest frustration'

And last night furious MPs condemned the boss's comments, iqos saying they were typical of the industry's 'arrogance'.

On Wednesday GVC was hit with one of the biggest ever fines handed down by industry regulator, the Gambling Commission, for 'systemic failings' in protecting customers and preventing money laundering.

The £5.9million fine equates to not even a third of the £19.1million pay packet Mr Alexander took home last year and is just 1 per cent of GVC's £520million annual operating profit.

Mr Alexander, who has run the Isle of Man-based conglomerate since 2007, was speaking after the company's annual general meeting in June. He defended his company's record on social responsibility and added: 'We get a lot of abuse, and I get a lot of abuse, but we're very proud of what we've achieved'

The regulator recorded in its investigation that GVC had allowed one addict to blow £1.5million on bets, IQOS Heets Amber Sigara Tütünü some of which may have been stolen.

In another case, a Ladbrokes customer lost £98,000 even though they had 460 attempted deposits into their gambling account declined.

GVC said the 'unacceptable' failings took place before the firm acquired Ladbrokes and Coral in 2018, and bosses had since carried out a systematic review of player protection.

But Mr Alexander had earlier told the Mail he was 'frustrated' by the criticism directed at his firm. He said: 'I think there are far bigger social issues in the UK than problem gambling, that is my biggest frustration.

GVC said the 'unacceptable' failings took place before the firm acquired Ladbrokes and Coral in 2018, and bosses had since carried out a systematic review of player protection. A Ladbrokes shop is pictured above in a file image [File photo]

'There is more GVC can do but fundamentally the industry is doing well at looking after its customers, and it has certainly made great strides in the last two years.'

MPs lined up to criticise the gambling boss and his firm.

Former Tory leader Iain Duncan Smith MP said: 'It's just typical of their arrogance - they don't seem to get it or care. It is a £15billion industry whose whole model is based on pursuing those who gamble a lot. They don't seem to care where the money comes from or how much debt they are in.'

Carolyn Harris MP, who chairs the all-party parliamentary group on gambling-related harm, said: 'Problem gambling is one of the major social issues of the day. It's up there with drugs and alcohol.

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Share 'It frustrates me so much that they do not take responsibility for the legalised destruction of society.

'A £5.9million fine is loose change, they don't care. Until it does damage them they will continue to flout regulations put in place.'

Deputy Labour leader Tom Watson MP added problem gambling is a 'public health emergency, and should be treated as such'.

Mr Alexander, IQOS Heets Amber Sigara Tütünü who has run the Isle of Man-based conglomerate since 2007, was speaking after the company's annual general meeting in June. 

The regulator recorded in its investigation that GVC had allowed one addict to blow £1.5million on bets, some of which may have been stolen. In another case, a Ladbrokes customer lost £98,000 even though they had 460 attempted deposits into their gambling account declined. A stock image is used above [File photo]

He defended his company's record on social responsibility and added: 'We get a lot of abuse, and I get a lot of abuse, but we're very proud of what we've achieved.'

The super-rich boss has come under fire over the £55million he has been paid in the past three years and has faced revolts from shareholders two years in a row.

The Gambling Commission said: 'This is the fourth biggest penalty package we have issued and it is proportionate to the circumstances in the case.' It added the case is still open. 

Last night, Mr Alexander said: 'I am absolutely determined to personally ensure that GVC leads the way in improving our industry's approach to problem gambling.'