Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
Paddy Power Betfair fined after taken cash is gambled through its site
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen money being gambled through its website and for stopping working to protect consumers revealing signs of issue gambling.
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The Gambling Commission said the bookie's failings meant "substantial amounts of taken money flowed through their exchange".
One consumer used money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had strengthened its procedures.
The regulator said Paddy Power Betfair's behaviour was just not acceptable.
A Betting Commission examination, external likewise found that the yohaig code bookmaker stopped working to properly engage with clients who were showing indications of problem gaming.
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"These failings all originate from one basic concept - operators should understand their customer," said Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the right concerns then they place themselves in a strong position to satisfy their anti-money laundering and social responsibility commitments."
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'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research study, education and treatment services to harm in the UK.
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Paddy Power Betfair chief executive Peter Jackson stated: "We have a responsibility to step in when our consumers reveal indications of issue gaming. In these 5 cases our interventions were ineffective and we are really sorry that this promotion code took place.
"Over the last few years, we have invested in a comprehensive programme of work to reinforce our resources and systems in accountable gaming and consumer security. We are encouraged that the Gambling Commission has recognised considerable improvement considering that the time of these cases in 2016."
The commission's inquiry centred on 5 clients in 2016, including two who were allowed to gamble stolen money - one of whom had defrauded his employer, Birmingham Dogs Home.
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Simon Price, who was primary executive of the yohaig code canines home, and his wife Alayna admitted cheating the charity of ₤ 894,754 to money his betting dependency.
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Mr Price was jailed for five years at the end of 2017, while Mrs Price was given a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the dogs home.
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Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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