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 failing to stop taken money being bet through its website and for stopping working to secure clients showing indications of issue gaming.


The Gambling Commission said the bookie's failings meant "considerable amounts of taken cash streamed through their exchange".


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


Paddy Power Betfair apologised and said it had actually reinforced its procedures.


The regulator said Paddy Power Betfair's behaviour was merely not acceptable.


A Betting Commission investigation also found that the bookmaker failed to effectively interact with customers who were showing indications of problem gaming.


"These failings all originate from one easy principle - operators need to understand their customer," stated Richard Watson, Gambling Commission executive director.


"If they understand their consumer and ask the ideal questions then they position themselves in a strong position to fulfill 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 reduce gambling-related harm in the UK.


Paddy Power Betfair president Peter Jackson said: "We have a responsibility to intervene when our consumers reveal indications of issue betting. In these five cases our interventions were not efficient and we are very sorry that this occurred.


"Over the last few years, we have a comprehensive programme of work to enhance our resources and systems in responsible gambling and consumer security. We are encouraged that the Gambling Commission has actually identified considerable improvement given that the time of these cases in 2016."


The commission's questions centred on 5 clients in 2016, including two who were enabled to gamble taken cash - among whom had actually defrauded his employer, Birmingham Dogs Home.


Simon Price, who was primary executive of the dogs home, and his better half Alayna confessed cheating the charity of ₤ 894,754 to fund his betting addiction.


Mr Price was jailed 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 money will be returned to the pet dogs home.


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