Paddy Power Betfair fined after taken money is gambled through its website

16 October 2018

Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen money being gambled through its site and for failing to safeguard customers revealing indications of issue gaming.

The Gambling Commission stated the bookie's failings suggested "substantial amounts of stolen money streamed through their exchange".

One customer utilized cash defrauded from his employer, Birmingham Dogs Home.

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

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

A Gambling Commission examination, external also discovered that the bookie failed to properly connect with clients who were displaying signs of issue betting.

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

"If they understand their customer and ask the best concerns then they place themselves in a strong position to fulfill 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, education and treatment services to decrease gambling-related damage in the UK.

Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our clients reveal signs of problem gaming. In these five cases our interventions were ineffective and we are very sorry that this promotion code happened.

"In the last few years, we have actually invested in an extensive program of work to enhance our resources and systems in accountable betting and consumer security. We are motivated that the yohaig code Gambling Commission has actually acknowledged significant improvement given that the time of these cases in 2016."

The commission's inquiry centred on five clients in 2016, including 2 who were permitted to bet stolen cash - one of whom had defrauded his company, Birmingham Dogs Home.

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

Mr Price was imprisoned for five 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 yohaig code 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.

William Hill fined for lax criminal controls

20 February 2018