Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website
16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen money being bet through its site and for stopping working to secure consumers showing signs of problem gambling.
The Gambling Commission stated the bookmaker's failings indicated "substantial quantities of stolen cash flowed through their exchange".
One customer used money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had reinforced its treatments.
The regulator said Paddy Power Betfair's behaviour was merely not appropriate.
A Gaming Commission examination also found that the bookie stopped working to adequately communicate with consumers who were displaying indications of problem gaming.
"These failings all stem from one simple concept - operators need to understand their customer," Watson, Gambling Commission executive director.
"If they understand their client and ask the ideal concerns then they put themselves in a strong position to meet their anti-money laundering and social obligation commitments."
'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 decrease gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have an obligation to intervene when our clients reveal signs of problem gaming. In these 5 cases our interventions were ineffective and we are very sorry that this took place.
"In the last few years, we have actually bought a substantial program of work to reinforce our resources and systems in accountable gaming and consumer defense. We are motivated that the Gambling Commission has identified significant enhancement considering that the time of these cases in 2016."
The commission's questions centred on five customers in 2016, consisting of 2 who were allowed to gamble taken 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 admitted cheating the charity of ₤ 894,754 to fund his betting dependency.
Mr Price was imprisoned for 5 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 dogs home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.