Paddy Power Betfair fined after stolen cash is bet through its website
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen cash being gambled through its site and for failing to secure consumers showing signs of issue betting.
The Gambling Commission said the bookie's failings implied "considerable quantities of stolen cash flowed through their exchange".
One customer utilized money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually enhanced its treatments.
The regulator said Paddy Power Betfair's behaviour was merely not appropriate.
A Betting Commission examination, external also found that the bookmaker failed to properly connect with consumers who were displaying indications of issue gaming.
"These failings all come from one simple concept - operators must know their consumer," stated Richard Watson, Gambling Commission executive director.
"If they know their client and ask the ideal questions then they place themselves in a strong position to fulfill 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, education and treatment services to minimize gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a responsibility to intervene when our clients show indications of issue betting. In these 5 cases our interventions were ineffective and we are extremely sorry that this promotion code occurred.
"In recent years, we have purchased a comprehensive program of work to enhance our resources and systems in accountable betting and client defense. We are encouraged that the Gambling Commission has actually acknowledged significant enhancement because the time of these cases in 2016."
The commission's query centred on 5 customers in 2016, consisting of 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 canines home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to money his betting addiction.
Mr Price was jailed for five 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 canines home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
