Paddy Power Betfair fined after stolen cash is bet through its website
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen cash being gambled through its site and for stopping working to safeguard consumers showing signs of problem gaming.
The Gambling Commission said the bookmaker's failings meant "substantial quantities of stolen cash flowed through their exchange".
One customer used money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had enhanced its procedures.
The regulator said Paddy Power Betfair's behaviour was just not acceptable.
A Gambling Commission examination, external also found that the bookie stopped working to adequately connect with customers who were displaying signs of problem gambling.
"These failings all come from one easy concept - operators should understand their client," said Richard Watson, Gambling Commission executive director.
"If they know their consumer and ask the right questions then they put themselves in a strong position to satisfy their anti-money laundering and social duty 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 damage in the UK.
Paddy Power Betfair chief executive Peter Jackson said: "We have an obligation to step in when our consumers show signs of issue gaming. In these five cases our interventions were not effective and we are really sorry that this promotion code happened.
"Over the last few years, we have purchased a substantial programme of work to reinforce our resources and systems in responsible betting and consumer defense. We are encouraged that the Gambling Commission has identified considerable enhancement given that the time of these cases in 2016."
The commission's query centred on 5 consumers in 2016, consisting of 2 who were permitted to bet stolen cash - one of whom had defrauded his employer, Birmingham Dogs Home.
Simon Price, who was primary executive of the pet dogs home, and his wife Alayna confessed cheating the charity of ₤ 894,754 to fund his gambling addiction.
Mr Price was jailed for five 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 gone back to the canines home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
