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

16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its site and for failing to secure customers revealing signs of issue betting.


The Gambling Commission stated the meant "substantial quantities of taken money 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 Gambling Commission investigation likewise found that the bookie failed to properly communicate with consumers who were displaying indications of issue gambling.


"These failings all stem from one easy principle - operators should understand their client," said Richard Watson, Gambling Commission executive director.


"If they understand their client and ask the best concerns then they position themselves in a strong position to satisfy 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 harm in the UK.


Paddy Power Betfair president Peter Jackson said: "We have a responsibility to step in when our consumers show signs of problem gaming. In these 5 cases our interventions were ineffective and we are extremely sorry that this happened.


"Recently, we have invested in a comprehensive program of work to enhance our resources and systems in accountable gaming and client defense. We are encouraged that the Gambling Commission has actually identified considerable enhancement since the time of these cases in 2016."


The commission's inquiry centred on five clients in 2016, consisting of two who were enabled to bet taken money - among whom had defrauded his company, Birmingham Dogs Home.


Simon Price, who was primary executive of the pets home, and his other half Alayna admitted cheating the charity of ₤ 894,754 to fund his gambling addiction.


Mr Price was imprisoned 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 money will be gone back to the pets home.


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