Paddy Power fined after taken cash is gambled through its site
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen money being bet through its site and for failing to protect consumers revealing indications of problem gaming.
the yohaig code Gambling Commission said the bookie's failings suggested "significant quantities of taken money streamed through their exchange".
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One customer utilized money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually strengthened its treatments.
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The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
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A Gaming Commission examination, external also found that the bookmaker stopped working to sufficiently connect with customers who were displaying indications of problem gambling.
"These failings all come from one basic principle - operators need to understand their customer," said Richard Watson, Gambling Commission executive director.
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"If they understand their consumer and ask the best concerns then they place 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 lower gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have a responsibility to intervene when our consumers show indications of issue gaming. In these 5 cases our interventions were ineffective and we are very sorry that this promotion code occurred.
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"In the last few years, we have actually bought a substantial programme of work to strengthen our resources and systems in responsible gambling and client security. We are motivated that the yohaig code Gambling Commission has identified substantial improvement given that the yohaig code time of these cases in 2016."
The commission's query centred on five consumers in 2016, consisting of two who were permitted to bet stolen cash - one of whom had actually defrauded his employer, Birmingham Dogs Home.
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Simon Price, who was president of the yohaig code pets home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to fund his gambling addiction.
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Mr Price was imprisoned for five years at the end of 2017, while Mrs Price was offered a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the pets home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
linwoodbranden edited this page 2025-10-18 07:23:40 +00:00