Paddy Power Betfair fined after stolen cash is bet through its site
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop taken cash being gambled through its site and for stopping working to secure customers showing indications of issue gambling.
The Gambling Commission stated the bookmaker's failings implied "substantial quantities of taken cash flowed through their exchange".
One consumer used cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually enhanced its procedures.
The regulator stated Paddy Power Betfair's behaviour was simply not appropriate.
A Gambling Commission investigation, external also found that the bookmaker stopped working to effectively connect with clients who were displaying indications of problem betting.
"These failings all originate from one simple principle - operators must know their client," said Richard Watson, Gambling Commission executive director.
"If they understand their customer and ask the best concerns then they place themselves in a strong position to fulfill 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 primary executive Peter Jackson said: "We have a responsibility to intervene when our customers show signs of problem gambling. In these five cases our interventions were not efficient and we are really sorry that this happened.
"In recent years, we have actually bought a comprehensive program of work to strengthen our resources and systems in accountable gaming and consumer protection. We are motivated that the yohaig code Gambling Commission has recognised substantial enhancement since the time of these cases in 2016."
The commission's query centred on five customers in 2016, consisting of two who were allowed to gamble stolen cash - among whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was primary executive of the pets home, and his spouse Alayna confessed cheating the charity of ₤ 894,754 to fund his betting dependency.
Mr Price was imprisoned 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 money will be returned to the canines home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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