Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website
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Paddy Power Betfair fined after stolen cash is gambled through its site
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being gambled through its website and for stopping working to secure consumers revealing indications of problem betting.
The Gambling Commission stated the bookie's failings suggested "significant quantities of taken cash streamed through their exchange".
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One client used money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had enhanced its treatments.
The Paddy Power Betfair's behaviour was simply not acceptable.
A Gambling Commission investigation, external also discovered that the bookie failed to adequately interact with customers who were showing indications of problem gaming.
"These failings all stem from one basic concept - operators need to know their customer," said Richard Watson, Gambling Commission executive director.
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"If they understand their client and ask the best questions then they position themselves in a strong position to fulfill their anti-money laundering and social responsibility commitments."
'Very sorry'
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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 harm in the UK.
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Paddy Power Betfair chief executive Peter Jackson stated: "We have an obligation to step in when our consumers reveal signs of issue betting. In these five cases our interventions were ineffective and we are extremely sorry that this promotion code occurred.
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"Over the last few years, we have actually invested in a comprehensive program of work to strengthen our resources and systems in responsible gaming and customer defense. We are encouraged that the Gambling Commission has actually recognised significant enhancement since the time of these cases in 2016."
The commission's inquiry centred on five customers in 2016, including two who were allowed to bet stolen cash - one of whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the dogs home, and his spouse Alayna confessed cheating the charity of ₤ 894,754 to fund his betting addiction.
Mr Price was imprisoned for 5 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 cash will be gone back to the pet dogs home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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