Paddy Power Betfair fined after stolen cash is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen money being gambled through its site and for failing to safeguard customers revealing indications of issue gambling.
The Gambling Commission stated the bookmaker's failings implied "considerable quantities of taken cash flowed through their exchange".
One client utilized cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually enhanced its procedures.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Gaming Commission examination, external also found that the bookie stopped working to properly interact with clients who were displaying signs of issue betting.
"These failings all originate from one simple concept - operators should understand their customer," said Richard Watson, Gambling Commission executive director.
"If they know their consumer and ask the right concerns then they place themselves in a strong position to satisfy their anti-money laundering and social obligation 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, education and treatment services to reduce gambling-related damage in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have an obligation to step in when our clients show signs of issue gaming. In these five cases our interventions were ineffective and we are really sorry that this promotion code happened.
"Recently, we have actually bought an extensive programme of work to strengthen our resources and systems in accountable betting and customer protection. We are encouraged that the Gambling Commission has acknowledged substantial enhancement because the time of these cases in 2016."
The commission's query centred on 5 consumers in 2016, including 2 who were enabled to bet stolen cash - among whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was primary executive of the pets home, and his other half Alayna admitted cheating the charity of ₤ 894,754 to money his betting addiction.
Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was provided a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the yohaig code canines home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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