Paddy Power Betfair fined after stolen cash is bet through its website
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen money being gambled through its site and for stopping working to protect consumers showing indications of problem gaming.
The Gambling Commission said the bookie's failings indicated "considerable quantities of taken cash flowed through their exchange".
One client used money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had enhanced its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Betting Commission investigation, external also found that the bookie stopped working to sufficiently interact with clients who were displaying indications of issue betting.
"These failings all stem from one basic concept - operators must know their client," said Richard Watson, Gambling Commission executive director.
"If they know their consumer and ask the ideal questions then they put themselves in a strong position to satisfy their anti-money laundering and social responsibility commitments."
'Very sorry'
As part of the yohaig code 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 lower gambling-related damage in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a responsibility to step in when our customers reveal indications of issue gaming. In these five cases our interventions were ineffective and we are very sorry that this promotion code took place.
"Recently, we have bought a comprehensive programme of work to enhance our resources and systems in responsible gambling and customer security. We are encouraged that the Gambling Commission has actually recognised substantial enhancement because the time of these cases in 2016."
The commission's questions centred on 5 customers in 2016, including two who were permitted to gamble stolen cash - among whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was chief executive of the dogs home, and his other half Alayna admitted cheating the charity of ₤ 894,754 to money his gambling dependency.
Mr Price was jailed for five years at the end of 2017, while Mrs Price was provided a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the money will be gone back to the pet dogs home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
