Paddy Power Betfair fined after stolen cash is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop taken money being bet through its website and for stopping working to secure customers revealing signs of issue gambling.
The Gambling Commission said the bookmaker's failings indicated "significant amounts of taken cash flowed through their exchange".
One customer used money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually strengthened its procedures.
The regulator stated Paddy Power Betfair's behaviour was simply not appropriate.
A Betting Commission investigation, external also discovered that the bookmaker stopped working to sufficiently communicate with clients who were showing signs of issue gaming.
"These failings all originate from one simple principle - operators should understand their customer," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the best questions then they place themselves in a strong position to satisfy their anti-money laundering and social obligation commitments."
'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, education and treatment services to lower gambling-related harm in the UK.
Paddy Power Betfair chief executive Peter Jackson stated: "We have an obligation to intervene when our customers reveal indications of issue gaming. In these five cases our interventions were ineffective and we are really sorry that this happened.
"In current years, we have bought a substantial program of work to enhance our resources and systems in accountable gaming and client defense. We are encouraged that the yohaig code Gambling Commission has recognised considerable improvement because the time of these cases in 2016."
the yohaig code commission's questions centred on five customers in 2016, consisting of two who were enabled to bet stolen money - one of whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was president of the pet dogs home, and his spouse Alayna confessed cheating the charity of ₤ 894,754 to money his gambling addiction.
Mr Price was imprisoned for 5 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 cash will be gone back to the 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
