Paddy Power Betfair fined after stolen cash is gambled through its website
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16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop taken cash being gambled through its website and for failing to protect consumers showing indications of issue betting.
The Gambling Commission stated the bookmaker's failings meant "significant amounts of stolen cash flowed through their exchange".
One customer used money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had enhanced its procedures.
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The Paddy Power Betfair's behaviour was merely not acceptable.
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A Gaming Commission examination, external likewise found that the bookie stopped working to effectively interact with clients who were showing indications of issue gambling.
"These failings all come from one basic principle - operators need to understand their customer," stated Richard Watson, Gambling Commission executive director.
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"If they understand their customer and ask the best questions then they position themselves in a strong position to meet their anti-money laundering and social obligation 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 reduce gambling-related harm in the yohaig code UK.
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Paddy Power Betfair president Peter Jackson said: "We have a responsibility to step in when our customers show indications of issue gaming. In these five cases our interventions were not effective and we are extremely sorry that this promotion code took place.
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"In recent years, we have actually bought a comprehensive programme of work to strengthen our resources and systems in accountable gaming and consumer defense. We are encouraged that the yohaig code Gambling Commission has acknowledged significant enhancement given that the time of these cases in 2016."
The commission's questions centred on five clients in 2016, including two who were permitted to bet stolen cash - among whom had defrauded his employer, Birmingham Dogs Home.
Simon Price, who was president of the dogs home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to fund his betting addiction.
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Mr Price was imprisoned for five years at the end of 2017, while Mrs Price was given a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the pet dogs home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
chasvenegas24 edited this page 2025-10-19 08:35:17 +00:00