Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website

16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being bet through its website and for failing to secure customers revealing signs of issue gambling.


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 employer, Birmingham Dogs Home.


Paddy Power Betfair apologised and stated it had actually enhanced its treatments.


The regulator stated Paddy Power Betfair's behaviour was simply not acceptable.


A Gaming Commission investigation likewise found that the bookmaker failed to properly communicate with customers who were displaying signs of problem gaming.


"These failings all originate from one easy concept - operators must know their customer," said Richard Watson, Gambling Commission executive director.


"If they know their customer and ask the best concerns then they position themselves in a strong position to meet 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 study, education and to lower gambling-related damage in the UK.


Paddy Power Betfair primary executive Peter Jackson said: "We have a duty to step in when our customers reveal indications of problem gambling. In these five cases our interventions were not effective and we are really sorry that this occurred.


"Recently, we have actually bought an extensive program of work to enhance our resources and systems in accountable gambling and client defense. We are motivated that the Gambling Commission has recognised substantial improvement since the time of these cases in 2016."


The commission's questions centred on 5 customers in 2016, including 2 who were permitted to gamble stolen cash - among whom had actually defrauded his employer, Birmingham Dogs Home.


Simon Price, who was chief executive of the pets home, and his better half Alayna confessed cheating the charity of ₤ 894,754 to money his gambling addiction.


Mr Price was jailed 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 canines home.


Shares in Paddy Power Betfair rose 3.4% in late trading in London.