Paddy Power Betfair fined after taken money is bet 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 failing to protect customers revealing signs of problem betting.
The Gambling Commission stated the bookmaker's failings meant "significant quantities of taken cash flowed through their exchange".
One consumer utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually strengthened its treatments.
The regulator stated Paddy Power Betfair's behaviour was just not acceptable.
A Gambling Commission examination, external also found that the bookie stopped working to sufficiently communicate with clients who were showing signs of issue gaming.
"These failings all stem from one simple concept - operators must know 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 fulfill their anti-money laundering and social duty 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 study, education and treatment services to decrease gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson stated: "We have an obligation to intervene when our clients show indications of problem betting. In these five cases our interventions were not efficient and we are really sorry that this happened.
"In the last few years, we have actually bought an extensive programme of work to enhance our resources and systems in accountable gaming and consumer security. We are motivated that the Gambling Commission has recognised considerable enhancement because the time of these cases in 2016."
The commission's query centred on five consumers in 2016, consisting of two who were enabled to gamble stolen cash - one of whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was president of the dogs home, and his wife Alayna admitted cheating the charity of ₤ 894,754 to fund his betting addiction.
Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was given a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the pet dogs home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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20 February 2018
