Paddy Power Betfair fined after stolen money 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 bet through its site and for failing to safeguard clients showing signs of problem gambling.
The Gambling Commission stated the bookie's failings indicated "considerable amounts of taken cash streamed through their exchange".
One consumer used money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had reinforced its procedures.
The regulator stated Paddy Power Betfair's behaviour was merely not acceptable.
A Gaming Commission examination, external also discovered that the bookie stopped working to properly connect with consumers who were displaying signs of issue gaming.
"These failings all originate from one easy concept - operators must know their consumer," said Richard Watson, Gambling Commission executive director.
"If they understand their customer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social responsibility obligations."
'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 reduce gambling-related damage in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a responsibility to intervene when our clients show signs of issue gambling. In these five cases our interventions were ineffective and we are very sorry that this promotion code occurred.
"In recent years, we have purchased an extensive programme of work to strengthen our resources and systems in responsible gaming and customer defense. We are encouraged that the Gambling Commission has actually acknowledged considerable improvement considering that the time of these cases in 2016."
The commission's inquiry centred on five clients in 2016, consisting of 2 who were allowed to bet taken cash - one of whom had defrauded his company, Birmingham Dogs Home.
Simon Price, who was president of the dogs home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to fund his gambling addiction.
Mr Price was jailed for 5 years at the yohaig code end of 2017, while Mrs Price was given a two-year suspended term.
As part of Paddy Power's settlement with the yohaig code Gambling Commission, the yohaig code cash will be returned to the pets home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
