Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website
Paddy Power Betfair fined after taken money is gambled through its site
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken cash being gambled through its site and for failing to secure consumers showing indications of issue gambling.
The Gambling Commission stated the bookie's failings suggested "significant quantities of taken cash streamed through their exchange".
One customer used cash defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and said it had actually enhanced its procedures.
The regulator said Paddy Power Betfair's behaviour was merely not acceptable.
A Gaming Commission examination, external likewise found that the bookie failed to adequately communicate with customers who were showing signs of issue gaming.
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"These failings all stem from one basic concept - operators should know their customer," said Richard Watson, Gambling Commission executive director.
"If they understand their client and ask the right questions then they put themselves in a strong position to meet their anti-money laundering and social obligation commitments."
'Very sorry'
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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 damage in the UK.
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Paddy Power Betfair chief executive Peter Jackson stated: "We have a responsibility to intervene when our consumers reveal signs of problem gaming. In these five cases our interventions were not effective and we are extremely sorry that this promotion code happened.
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"In the last few years, we have purchased an extensive program of work to enhance our resources and systems in responsible gambling and consumer defense. We are encouraged that the Gambling Commission has recognised significant improvement considering that the time of these cases in 2016."
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the yohaig code commission's questions centred on five consumers in 2016, consisting of 2 who were permitted to bet stolen cash - among whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the dogs home, and his spouse Alayna admitted cheating the charity of ₤ 894,754 to fund his betting addiction.
Mr Price was jailed for five years at the end of 2017, while Mrs Price was offered a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the dogs home.
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Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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William Hill fined for lax criminal controls
20 February 2018