Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website

16 October 2018
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Paddy Power has been fined ₤ 2.2 m for failing to stop taken money being bet through its site and for failing to protect consumers revealing signs of problem betting.


The Gambling Commission stated the bookie's failings suggested "considerable quantities of stolen cash flowed through their exchange".


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


Paddy Power Betfair apologised and stated it had enhanced its treatments.


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


A Gaming Commission examination also found that the bookie stopped working to sufficiently communicate with clients who were displaying signs of issue gaming.


"These failings all originate from one easy principle - operators must know their consumer," said Richard Watson, Gambling Commission executive director.


"If they understand their customer and ask the right questions then they put 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 lower gambling-related damage in the UK.


Paddy Power Betfair chief executive Peter Jackson said: "We have a duty to intervene when our consumers show indications of problem gambling. In these five cases our interventions were not reliable and we are very sorry that this took place.


"In recent years, we have actually invested in a comprehensive programme of work to reinforce our resources and systems in accountable gaming and customer defense. We are motivated that the Gambling Commission has actually acknowledged substantial enhancement because the time of these cases in 2016."


The commission's query centred on five customers in 2016, consisting of 2 who were allowed to bet taken cash - among whom had actually defrauded his company, Birmingham Dogs Home.


Simon Price, who was president of the canines home, and his wife Alayna admitted cheating the charity of ₤ 894,754 to fund his betting 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 pets home.


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