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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website

Paddy Power fined after stolen money is bet through its site

16 October 2018

Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen cash being bet through its website and for failing to safeguard consumers showing signs of issue gambling.

The Gambling Commission stated the bookie’s failings meant “substantial amounts of stolen cash flowed through their exchange”.

One consumer utilized money defrauded from his company, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had enhanced its procedures.

The regulator said Paddy Power Betfair’s behaviour was merely not appropriate.

A Gaming Commission investigation, external likewise discovered that the bookmaker failed to adequately engage with customers who were showing signs of problem gaming.

“These failings all come from one easy principle – operators should know their consumer,” said Richard Watson, Gambling Commission executive director.

“If they understand their client 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 decrease gambling-related harm in the UK.

Paddy Power Betfair president Peter Jackson stated: “We have a duty to intervene when our customers reveal signs of issue betting. In these 5 cases our interventions were ineffective and we are extremely sorry that this promotion code occurred.

“Recently, we have actually purchased a substantial programme of work to reinforce our resources and systems in accountable gaming and customer defense. We are encouraged that the Gambling Commission has actually acknowledged considerable improvement given that the yohaig code time of these cases in 2016.”

The commission’s questions centred on five clients in 2016, including 2 who were allowed to bet stolen cash – among whom had actually defrauded his company, Birmingham Dogs Home.

Simon Price, who was president of the canines home, and his other half Alayna admitted cheating the charity of ₤ 894,754 to money his betting addiction.

Mr Price was imprisoned for 5 years at the end of 2017, while Mrs Price was given a two-year suspended term.

As part of Paddy Power’s settlement with the Gambling Commission, the cash will be returned to the yohaig code pet dogs home.

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

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20 February 2018