Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website
Paddy Power Betfair fined after stolen money is bet through its site
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16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen cash being bet through its site and for failing to protect customers showing indications of issue betting.
The Gambling Commission stated the bookie's failings implied "significant quantities of stolen cash streamed through their exchange".
One client used money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually reinforced its procedures.
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The regulator stated Paddy Power Betfair's behaviour was simply not appropriate.
A Betting Commission examination, external also discovered that the bookie stopped working to sufficiently engage with customers who were showing indications of issue gambling.
"These failings all originate from one easy concept - operators need to understand their customer," stated Richard Watson, Gambling Commission executive director.
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"If they know their customer and ask the ideal questions then they put themselves in a strong position to satisfy their anti-money laundering and social obligation obligations."
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'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 minimize gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson stated: "We have an obligation to intervene when our clients reveal signs of issue gambling. In these five cases our interventions were not effective and we are very sorry that this promotion code occurred.
"Over the last few years, we have purchased a comprehensive programme of work to enhance our resources and systems in accountable gambling and client defense. We are motivated that the has actually acknowledged considerable improvement given that the time of these cases in 2016."
The commission's questions centred on 5 clients in 2016, including 2 who were permitted to bet stolen money - among whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the yohaig code dogs home, and his wife Alayna admitted cheating the charity of ₤ 894,754 to fund his gambling addiction.
Mr Price was imprisoned for five 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 yohaig code Gambling Commission, the cash will be gone back to the pets home.
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Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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