Paddy Power Betfair fined after stolen cash is bet through its site

16 October 2018

Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being gambled through its site and for failing to safeguard consumers revealing signs of problem gambling.

the yohaig code Gambling Commission said the yohaig code bookmaker's failings meant "significant quantities of taken money streamed through their exchange".

One consumer used cash defrauded from his employer, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had enhanced its procedures.

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

A Betting Commission examination, external likewise discovered that the bookie stopped working to effectively interact with clients who were showing indications of issue gaming.

"These failings all originate from one easy principle - operators need to understand their consumer," stated Richard Watson, Gambling Commission executive director.

"If they understand their consumer and ask the yohaig code ideal 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 study, education and treatment services to minimize gambling-related harm in the UK.

Paddy Power Betfair president Peter Jackson said: "We have a responsibility to intervene when our customers show signs of problem gaming. In these five cases our interventions were ineffective and we are really sorry that this promotion code took place.

"Over the last few years, we have actually purchased a comprehensive program of work to reinforce our resources and systems in accountable gaming and client defense. We are encouraged that the Gambling Commission has actually acknowledged substantial enhancement considering that the time of these cases in 2016."

The commission's questions centred on five clients in 2016, including 2 who were enabled to bet stolen money - one of whom had defrauded his employer, Birmingham Dogs Home.

Simon Price, who was president of the canines home, and his spouse Alayna admitted cheating the charity of ₤ 894,754 to money his betting dependency.

Mr Price was jailed for 5 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 pet dogs home.

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

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20 February 2018