Paddy Power Betfair fined after stolen cash is through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop taken money being gambled through its site and for stopping working to protect clients showing signs of issue betting.
The Gambling Commission stated the bookmaker's failings implied "considerable amounts of taken cash streamed through their exchange".
One customer 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 merely not acceptable.
A Betting Commission investigation, external also discovered that the bookmaker stopped working to sufficiently connect with consumers who were displaying indications of issue gambling.
"These failings all stem from one basic principle - operators must know their customer," said Richard Watson, Gambling Commission executive director.
"If they know their client and ask the ideal concerns then they put themselves in a strong position to satisfy their anti-money laundering and social duty 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 study, education and treatment services to minimize gambling-related damage in the yohaig code UK.
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 reliable and we are extremely sorry that this promotion code took place.
"In recent years, we have bought a comprehensive programme of work to enhance our resources and systems in responsible gaming and customer defense. We are motivated that the Gambling Commission has acknowledged significant enhancement since the time of these cases in 2016."
the yohaig code commission's query centred on 5 clients in 2016, consisting of 2 who were enabled to gamble stolen money - among whom had defrauded his company, Birmingham Dogs Home.
Simon Price, who was president of the pets home, and his better half Alayna confessed cheating the charity of ₤ 894,754 to money his gambling addiction.
Mr Price was imprisoned for five years at the end of 2017, while Mrs Price was offered a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the money will be gone back to the pets home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
