1 Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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Paddy Power Betfair fined after stolen money is gambled through its website
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16 October 2018

Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop taken cash being bet through its site and for stopping working to protect consumers revealing signs of issue gaming.

The Gambling Commission stated the bookie's failings implied "considerable amounts of taken money flowed through their exchange".
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One customer used money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and said it had actually enhanced its procedures.
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the yohaig code regulator said Paddy Power Betfair's behaviour was merely not appropriate.

A Betting Commission examination, external likewise discovered that the bookmaker stopped working to sufficiently connect with consumers who were displaying indications of issue gaming.

"These failings all come from one simple concept - operators should know their customer," said Richard Watson, executive director.

"If they know their customer and ask the best 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 yohaig code 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 step in when our customers reveal signs of issue gaming. In these 5 cases our interventions were ineffective and we are very sorry that this promotion code happened.

"In the last few years, we have purchased an extensive program of work to strengthen our resources and systems in accountable betting and client security. We are motivated that the Gambling Commission has recognised significant improvement given that the time of these cases in 2016."
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The commission's query centred on 5 clients in 2016, including 2 who were permitted to bet stolen cash - among whom had actually defrauded his company, Birmingham Dogs Home.

Simon Price, who was president of the pets home, and his spouse Alayna admitted cheating the charity of ₤ 894,754 to money his gambling dependency.
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Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was given a two-year suspended term.
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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.
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William Hill fined for lax criminal controls

20 February 2018
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